HDFC Dynamic Term Fund vs Nippon India Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Dynamic Term Fund is a Dynamic Bond fund and Nippon India Gilt Fund is a Gilt fund. In the 3 years to 30-10-2026, HDFC Dynamic Term Fund (Direct) returned 6.5% a year and Nippon India Gilt Fund (Direct) returned 6.2% a year. HDFC Dynamic Term Fund charges 0.75% a year and Nippon India Gilt Fund 0.52% (Direct plans). Their portfolios overlap 17.2%: they hold 4 of the same securities.
HDFC Dynamic Term Fund
Dynamic Bond
- 3 year return
- 6.5%
- Expense ratio
- 0.75%
- NAV
- ₹102.71
Which is better, HDFC Dynamic Term or Nippon India Gilt? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Dynamic Term returned more over 5 years: 5.7% a year against 5.4%.
- HDFC Dynamic Term returned more over 3 years: 6.5% a year against 6.2%.
- Nippon India Gilt costs less: 0.52% a year against 0.75% (Direct plans).
- HDFC Dynamic Term swung less over 3 years: a standard deviation of 2.3% a year against 3.0%.
- HDFC Dynamic Term fell less in its worst fall since 02-01-2013: −7.5% against −11.8%.
- Nippon India Gilt is the larger fund: ₹1,487 Cr against ₹480 Cr.
- Their portfolios overlap 17.2%: 4 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | HDFC Dynamic Term Fund | Nippon India Gilt Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Nippon India Mutual Fund |
| Category | Dynamic Bond | Gilt |
| AUM | ₹480 Cr (30-09-2026) | ₹1,487 Cr (30-09-2026) |
| NAV | ₹102.71 (Direct) | ₹43.95 (Direct) |
| Expense ratio (Direct) | 0.75% | 0.52% |
| Expense ratio (Regular) | 1.40% | 1.21% |
| Riskometer | Moderately High | Moderate |
| Benchmark | NIFTY Composite Debt Index A-III | Nifty All Duration G-Sec Index |
| Launch date | 28-04-1997 | 22-08-2008 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Anil Bamboli, Gopal Agrawal | Pranay Sinha |
| Exit load | NIL | Nil |
HDFC Dynamic Term vs Nippon India Gilt: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| HDFC Dynamic Term Fund (Direct) | −0.49% | −0.71% | +2.27% | +3.27% | +6.47% | +5.72% | +5.92% |
| Nippon India Gilt Fund (Direct) | −0.64% | −0.96% | +2.08% | +2.49% | +6.20% | +5.44% | +7.15% |
| Dynamic Bond average | −0.48% | −0.66% | +1.80% | +3.05% | +6.70% | +5.98% | +6.68% |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
Category average: the average of the 22 Dynamic Bond funds and the 28 Gilt funds, same plan type.
HDFC Dynamic Term vs Nippon India Gilt: Year-wise Returns
| Year | HDFC Dynamic TermHDFC Dynamic Term | Nippon India GiltNippon India Gilt |
|---|---|---|
| 2026to date | +2.73% | +1.99% |
| 2025 | +5.45% | +4.51% |
| 2024 | +9.25% | +9.76% |
| 2023 | +7.87% | +7.61% |
| 2022 | +2.83% | +3.04% |
| 2021 | +8.16% | +2.79% |
HDFC Dynamic Term vs Nippon India Gilt: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,619 of them, one for each trading day from 04-01-2016 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
HDFC Dynamic Term Fund (Direct)
Nippon India Gilt Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Dynamic Term | 0.0 | 10.3 | 77.1 | 12.7 | 0.0 | 0.0 | 0.0 | 7.5% | 7.1% | 2.9% | 14.4% |
| Nippon India Gilt | 0.0 | 6.7 | 57.4 | 33.8 | 2.0 | 0.0 | 0.0 | 9.0% | 9.2% | 3.9% | 16.5% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 02-01-2013. Past returns do not promise future returns.
HDFC Dynamic Term vs Nippon India Gilt: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Dynamic TermHDFC Dynamic Term Fund (Direct) | ₹16,60,000 | ₹26,85,159 | ₹10,25,159 | 6.7% |
| Nippon India GiltNippon India Gilt Fund (Direct) | ₹16,60,000 | ₹28,48,937 | ₹11,88,937 | 7.4% |
HDFC Dynamic TermHDFC Dynamic Term Fund (Direct)
Nippon India GiltNippon India Gilt Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
HDFC Dynamic Term vs Nippon India Gilt: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Dynamic Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.27% | +2.49% |
| Standard deviation | 2.67% | 3.44% |
| Sharpe ratio | -0.74 | -0.80 |
| Sortino ratio | -1.00 | -1.10 |
| Maximum drawdown | −2.3% (23-10-2026) | −2.5% (02-04-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | HDFC Dynamic Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.47% | +6.20% |
| Standard deviation | 2.33% | 2.98% |
| Sharpe ratio | 0.19 | 0.06 |
| Sortino ratio | 0.26 | 0.08 |
| Maximum drawdown | −2.6% (26-08-2025) | −3.7% (26-08-2025) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | HDFC Dynamic Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.72% | +5.44% |
| Standard deviation | 2.07% | 2.65% |
| Sharpe ratio | -0.04 | -0.13 |
| Sortino ratio | -0.05 | -0.19 |
| Maximum drawdown | −2.6% (26-08-2025) | −3.7% (26-08-2025) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | HDFC Dynamic Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.36% | +8.41% |
| Standard deviation | 3.33% | 4.06% |
| Sharpe ratio | 0.39 | 0.58 |
| Sortino ratio | 0.60 | 0.83 |
| Maximum drawdown | −7.5% (19-08-2013) | −11.8% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
HDFC Dynamic Term Fund (Direct)
Nippon India Gilt Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Dynamic Term Fund (Direct) | −7.5% | 28-05-2013 | 19-08-2013 | 24-03-2014 | 7 months | −1.9% |
| Nippon India Gilt Fund (Direct) | −11.8% | 04-06-2013 | 19-08-2013 | 29-05-2014 | 9 months | −2.1% |
From daily values since 02-01-2013, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Dynamic Term Fund (Direct)
Nippon India Gilt Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Dynamic Term Fund (Direct)
Nippon India Gilt Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Dynamic Term Fund (Direct)
Nippon India Gilt Fund (Direct)
HDFC Dynamic Term vs Nippon India Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Dynamic Term Fund, September 2026; Nippon India Gilt Fund, September 2026
Holdings in common
- Overlap
- 17.2%
- Held by both
- 4
- Only in HDFC Dynamic Term
- 30
- Only in Nippon India Gilt
- 38
| Security | % of HDFC Dynamic Term | % of Nippon India Gilt |
|---|---|---|
| 7.34% GOI MAT 220464 | 14.70% | 9.15% |
| 6.9% GOI MAT 150465 | 4.67% | 5.43% |
| 6.94% GOI MAT 110536 | 4.10% | 2.65% |
| 7.62% Andhra Pradesh SDL ISD 030925 MAT 030936 | 0.70% | 1.65% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.2% means 17.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in HDFC Dynamic Term Fund
| Security | % of fund |
|---|---|
| REC Limited. | 5.34% |
| National Bank for Agri & Rural Dev. | 5.19% |
| Small Industries Development Bank | 5.09% |
| Union Bank of India | 5.09% |
| Indus Infra Trust | 4.42% |
Largest holdings only in Nippon India Gilt Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill | 6.66% |
| 364 Days Tbill | 6.66% |
| 7.25% Government of India | 6.34% |
| 6.79% Government of India | 5.40% |
| 7.3% Government of India | 4.52% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Dynamic Term | Nippon India Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 73.9% | 88.7% |
| Cash and others | 26.1% | 11.3% |
HDFC Dynamic Term vs Nippon India Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Dynamic Term Fund | Nippon India Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.75% | 0.52% |
| Base expense ratio (Direct) | 0.63% | 0.43% |
| Total expense ratio (Regular) | 1.40% | 1.21% |
| Base expense ratio (Regular) | 1.18% | 1.02% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare HDFC Dynamic Term with
HDFC Dynamic Term Fund vs Nippon India Gilt Fund: Frequently Asked Questions
What is the difference between HDFC Dynamic Term Fund and Nippon India Gilt Fund?
HDFC Dynamic Term Fund is a Dynamic Bond fund, Nippon India Gilt Fund is a Gilt fund, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 17.2%. HDFC Dynamic Term Fund charges 0.75% a year and Nippon India Gilt Fund 0.52%.
Which has given higher returns, HDFC Dynamic Term Fund or Nippon India Gilt Fund?
Over 1 year: HDFC Dynamic Term Fund +3.27%, Nippon India Gilt Fund +2.49%. Over 3 years: HDFC Dynamic Term Fund +6.47% a year, Nippon India Gilt Fund +6.20% a year. Over 5 years: HDFC Dynamic Term Fund +5.72% a year, Nippon India Gilt Fund +5.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Dynamic Term Fund or Nippon India Gilt Fund?
Nippon India Gilt Fund charges less: 0.52% a year against 0.75%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Dynamic Term Fund and Nippon India Gilt Fund overlap?
17.2%. They hold 4 of the same securities, the largest shared ones being 7.34% GOI MAT 220464, 6.9% GOI MAT 150465, 6.94% GOI MAT 110536. From each fund's latest monthly portfolio.
Which is riskier, HDFC Dynamic Term Fund or Nippon India Gilt Fund?
On SEBI's riskometer, HDFC Dynamic Term Fund is rated Moderately High and Nippon India Gilt Fund Moderate. Over 3 years, the standard deviation of daily returns was 2.33% and 2.98% a year.
Which is better for SIP, HDFC Dynamic Term Fund or Nippon India Gilt Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,07,315 in HDFC Dynamic Term Fund (XIRR 5.8% a year) and ₹6,99,070 in Nippon India Gilt Fund (XIRR 5.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Dynamic Term Fund and Nippon India Gilt Fund?
Yes. 17.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Dynamic Term Fund and Nippon India Gilt Fund?
HDFC Dynamic Term Fund: Anil Bamboli, Gopal Agrawal. Nippon India Gilt Fund: Pranay Sinha.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.