HDFC ELSS - Tax Saver Fund vs HDFC Retirement Fund - Hybrid-Equity Plan
Direct Plan, Growth option · Data as on 30-10-2026
HDFC ELSS - Tax Saver Fund is an ELSS fund and HDFC Retirement Fund - Hybrid-Equity Plan is a Solution fund. In the 3 years to 30-10-2026, HDFC ELSS - Tax Saver Fund (Direct) returned 12.7% a year and HDFC Retirement Fund - Hybrid-Equity Plan (Direct) returned 7.3% a year. HDFC ELSS - Tax Saver Fund charges 1.20% a year and HDFC Retirement Fund - Hybrid-Equity Plan 1.12% (Direct plans). Their portfolios overlap 43.4%: they hold 22 of the same securities.
HDFC ELSS - Tax Saver Fund
ELSS
- 3 year return
- 12.7%
- Expense ratio
- 1.20%
- NAV
- ₹1,434.92
HDFC Retirement Fund - Hybrid-Equity Plan
Solution
- 3 year return
- 7.3%
- Expense ratio
- 1.12%
- NAV
- ₹41.17
Which is better, HDFC ELSS - Tax Saver or HDFC Retirement Fund - Hybrid-Equity Plan? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC ELSS - Tax Saver returned more over 5 years: 13.0% a year against 8.6%.
- HDFC ELSS - Tax Saver returned more over 3 years: 12.7% a year against 7.3%.
- HDFC Retirement Fund - Hybrid-Equity Plan costs less: 1.12% a year against 1.20% (Direct plans).
- HDFC Retirement Fund - Hybrid-Equity Plan swung less over 3 years: a standard deviation of 9.5% a year against 12.4%.
- HDFC Retirement Fund - Hybrid-Equity Plan fell less in its worst fall since 26-02-2016: −27.5% against −44.1%.
- HDFC ELSS - Tax Saver holds more in large companies: 78.4% of the fund in large caps against 44.8%.
- HDFC ELSS - Tax Saver is the larger fund: ₹14,949 Cr against ₹1,530 Cr.
- Their portfolios overlap 43.4%: 22 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 ELSS - Tax Saver Fund | HDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | ELSS | Solution |
| AUM | ₹14,949 Cr (30-09-2026) | ₹1,530 Cr (30-09-2026) |
| NAV | ₹1,434.92 (Direct) | ₹41.17 (Direct) |
| Expense ratio (Direct) | 1.20% | 1.12% |
| Expense ratio (Regular) | 1.76% | 2.14% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) |
| Launch date | 31-03-1996 | 25-02-2016 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | 3 years | 5 years, or until retirement if earlier |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal | Anupam Joshi, Arun Agarwal, Nandita Menezes, Chirag Setalvad, Gopal Agrawal |
| Exit load | NIL | Nil |
HDFC ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: 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 ELSS - Tax Saver Fund (Direct) | +1.27% | −4.75% | −0.92% | −9.55% | +12.73% | +12.97% | +12.64% |
| HDFC Retirement Fund - Hybrid-Equity Plan (Direct) | +0.09% | −4.73% | −2.46% | −8.32% | +7.29% | +8.64% | +12.00% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 50 ELSS funds, same plan type.
HDFC ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: Year-wise Returns
| Year | ELSS - Tax SaverHDFC ELSS - Tax Saver | Retirement Fund - Hybrid-Equity PlanHDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| 2026to date | −9.15% | −8.74% |
| 2025 | +10.94% | +6.58% |
| 2024 | +22.07% | +15.35% |
| 2023 | +34.02% | +26.44% |
| 2022 | +11.14% | +6.09% |
| 2021 | +36.05% | +26.22% |
HDFC ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HDFC ELSS - Tax Saver Fund
Rolling returns
Every 3-year holding period, 1,889 of them, one for each trading day from 26-02-2019 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 ELSS - Tax Saver Fund (Direct)
HDFC Retirement Fund - Hybrid-Equity Plan (Direct)
Nifty 500 TRI
to
Oct 2019Jan 2018
to
Jan 2021May 2019
to
May 2022Sept 2020
to
Sept 2023Dec 2021
to
Dec 2024Mar 2023
to
Mar 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC ELSS - Tax Saver | 10.6 | 4.2 | 12.5 | 14.3 | 19.4 | 17.2 | 21.7 | 15.6% | 16.6% | −11.0% | 36.3% | 50% |
| HDFC Retirement Fund - Hybrid-Equity Plan | 0.2 | 5.3 | 13.1 | 22.4 | 48.4 | 8.9 | 1.7 | 14.7% | 15.8% | −0.6% | 28.5% | 41% |
| Nifty 500 TRI | 2.7 | 6.1 | 8.1 | 26.5 | 38.5 | 14.0 | 4.1 | 15.1% | 15.7% | −6.3% | 33.5% | -- |
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. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 26-02-2016. Past returns do not promise future returns.
HDFC ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: 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 01-02-2016 to 30-10-2026: 129 instalments, ₹12,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC ELSS - Tax SaverHDFC ELSS - Tax Saver Fund (Direct) | ₹12,90,000 | ₹27,74,503 | ₹14,84,503 | 13.6% |
| HDFC Retirement Fund - Hybrid-Equity PlanHDFC Retirement Fund - Hybrid-Equity Plan (Direct) | ₹12,90,000 | ₹24,61,191 | ₹11,71,191 | 11.5% |
HDFC ELSS - Tax SaverHDFC ELSS - Tax Saver Fund (Direct)
HDFC Retirement Fund - Hybrid-Equity PlanHDFC Retirement Fund - Hybrid-Equity Plan (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 ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC ELSS - Tax Saver Fund (Direct) | HDFC Retirement Fund - Hybrid-Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | −9.55% | −8.32% |
| Standard deviation | 13.16% | 10.08% |
| Sharpe ratio | -1.12 | -1.35 |
| Sortino ratio | -1.48 | -1.76 |
| Maximum drawdown | −14.7% (31-03-2026) | −12.1% (30-03-2026) |
| Beta | 0.88 | -- |
| Alpha | −3.71% | -- |
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 ELSS - Tax Saver Fund (Direct) | HDFC Retirement Fund - Hybrid-Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +12.73% | +7.29% |
| Standard deviation | 12.37% | 9.45% |
| Sharpe ratio | 0.54 | 0.13 |
| Sortino ratio | 0.76 | 0.18 |
| Maximum drawdown | −14.8% (31-03-2026) | −12.3% (03-03-2025) |
| Beta | 0.83 | -- |
| Alpha | +3.24% | -- |
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 ELSS - Tax Saver Fund (Direct) | HDFC Retirement Fund - Hybrid-Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +12.97% | +8.64% |
| Standard deviation | 12.63% | 9.47% |
| Sharpe ratio | 0.57 | 0.30 |
| Sortino ratio | 0.79 | 0.40 |
| Maximum drawdown | −14.8% (31-03-2026) | −12.3% (03-03-2025) |
| Beta | 0.84 | -- |
| Alpha | +4.63% | -- |
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 ELSS - Tax Saver Fund (Direct) | HDFC Retirement Fund - Hybrid-Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +13.59% | +14.17% |
| Standard deviation | 15.87% | 10.66% |
| Sharpe ratio | 0.48 | 0.82 |
| Sortino ratio | 0.65 | 1.10 |
| Maximum drawdown | −44.1% (23-03-2020) | −27.5% (23-03-2020) |
| Beta | 0.96 | -- |
| Alpha | +1.04% | -- |
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 ELSS - Tax Saver Fund (Direct)
HDFC Retirement Fund - Hybrid-Equity Plan (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC ELSS - Tax Saver Fund (Direct) | −44.1% | 23-01-2018 | 23-03-2020 | 08-01-2021 | 10 months | −10.0% |
| HDFC Retirement Fund - Hybrid-Equity Plan (Direct) | −27.5% | 20-02-2020 | 23-03-2020 | 08-10-2020 | 7 months | −9.3% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 26-02-2016, 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 ELSS - Tax Saver Fund (Direct)
HDFC Retirement Fund - Hybrid-Equity Plan (Direct)
Nifty 500 TRI
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 ELSS - Tax Saver Fund (Direct)
HDFC Retirement Fund - Hybrid-Equity Plan (Direct)
Nifty 500 TRI
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 ELSS - Tax Saver Fund (Direct)
HDFC Retirement Fund - Hybrid-Equity Plan (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC ELSS - Tax Saver Fund (Direct) | 98% | 92% | 4.61% |
| HDFC Retirement Fund - Hybrid-Equity Plan (Direct) | 78% | 61% | 5.91% |
From month-end values since 26-02-2016. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
HDFC ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC ELSS - Tax Saver Fund, September 2026; HDFC Retirement Fund - Hybrid-Equity Plan, September 2026
Holdings in common
- Overlap
- 43.4%
- Held by both
- 22
- Only in HDFC ELSS - Tax Saver
- 40
- Only in HDFC Retirement Fund - Hybrid-Equity Plan
- 51
| Security | % of HDFC ELSS - Tax Saver | % of HDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| ICICI Bank Ltd. | 9.06% | 6.05% |
| HDFC Bank Ltd. | 7.87% | 5.56% |
| Kotak Mahindra Bank Limited | 4.88% | 3.54% |
| Axis Bank Ltd. | 6.56% | 3.21% |
| State Bank of India | 4.49% | 3.14% |
| Reliance Industries Ltd. | 2.64% | 3.49% |
| Maruti Suzuki India Limited | 4.40% | 2.35% |
| Bharti Airtel Ltd. | 4.45% | 2.30% |
| HCL Technologies Ltd. | 2.94% | 1.61% |
| Larsen and Toubro Ltd. | 1.59% | 1.84% |
| Dr. Lal Path Labs Ltd | 1.52% | 1.69% |
| SBI Life Insurance Company Ltd. | 3.21% | 1.11% |
| Power Grid Corporation of India Ltd. | 1.09% | 1.70% |
| ICICI Lombard General Insurance Co | 1.10% | 1.04% |
| Alkem Laboratories Ltd. | 1.21% | 1.01% |
| Infosys Limited | 0.96% | 1.95% |
| Cipla Ltd. | 1.11% | 0.88% |
| Bajaj Auto Limited | 1.88% | 0.85% |
| Tata Steel Ltd. | 1.85% | 0.84% |
| United Spirits Limited | 1.03% | 0.80% |
| Havells India Ltd. | 0.73% | 0.86% |
| Godrej Consumer Products Ltd. | 0.74% | 0.56% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.4% means 43.4% 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 ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| Hyundai Motor India Limited | 2.72% |
| Eternal Limited | 2.41% |
| Britannia Industries Ltd. | 1.69% |
| JSW Steel Ltd. | 1.55% |
| Apollo Hospitals Enterprise Ltd. | 1.50% |
Largest holdings only in HDFC Retirement Fund - Hybrid-Equity Plan
| Security | % of fund |
|---|---|
| Bajaj Finance Ltd. | 4.46% |
| 7.26% GOI MAT 220832 | 1.98% |
| 6.1% GOI MAT 120731 | 1.96% |
| 7.18% GOI MAT 140833 | 1.64% |
| 7.18% GOI MAT 240737 | 1.63% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC ELSS - Tax Saver | HDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| Equity | 99.2% | 70.0% |
| Debt | 0.3% | 17.6% |
| Cash and others | 0.4% | 12.5% |
Market cap of stocks
| Market cap | HDFC ELSS - Tax Saver | HDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| Large Cap | 78.4% | 44.8% |
| Mid Cap | 10.1% | 6.4% |
| Small Cap | 10.6% | 18.7% |
| Not on AMFI's list | 0.1% | 0.1% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | HDFC ELSS - Tax Saver | HDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| Banks | 34.2% | 23.4% |
| Automobiles | 10.9% | 3.2% |
| IT - Software | 5.9% | 4.3% |
| Insurance | 5.9% | 3.9% |
| Pharmaceuticals & Biotechnology | 4.0% | 4.6% |
| Telecom - Services | 4.5% | 2.3% |
| Healthcare Services | 4.2% | 1.7% |
| Petroleum Products | 2.6% | 4.1% |
| Auto Components | 1.4% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC ELSS - Tax Saver vs HDFC Retirement Fund - Hybrid-Equity Plan: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC ELSS - Tax Saver Fund | HDFC Retirement Fund - Hybrid-Equity Plan |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 1.12% |
| Base expense ratio (Direct) | 0.97% | 0.92% |
| Total expense ratio (Regular) | 1.76% | 2.14% |
| Base expense ratio (Regular) | 1.45% | 1.81% |
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
HDFC ELSS - Tax Saver Fund vs HDFC Retirement Fund - Hybrid-Equity Plan: Frequently Asked Questions
What is the difference between HDFC ELSS - Tax Saver Fund and HDFC Retirement Fund - Hybrid-Equity Plan?
HDFC ELSS - Tax Saver Fund is an ELSS fund, HDFC Retirement Fund - Hybrid-Equity Plan is a Solution fund, run by HDFC Mutual Fund. Their portfolios overlap 43.4%. HDFC ELSS - Tax Saver Fund charges 1.20% a year and HDFC Retirement Fund - Hybrid-Equity Plan 1.12%.
Which has given higher returns, HDFC ELSS - Tax Saver Fund or HDFC Retirement Fund - Hybrid-Equity Plan?
Over 1 year: HDFC ELSS - Tax Saver Fund −9.55%, HDFC Retirement Fund - Hybrid-Equity Plan −8.32%. Over 3 years: HDFC ELSS - Tax Saver Fund +12.73% a year, HDFC Retirement Fund - Hybrid-Equity Plan +7.29% a year. Over 5 years: HDFC ELSS - Tax Saver Fund +12.97% a year, HDFC Retirement Fund - Hybrid-Equity Plan +8.64% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC ELSS - Tax Saver Fund or HDFC Retirement Fund - Hybrid-Equity Plan?
HDFC Retirement Fund - Hybrid-Equity Plan charges less: 1.12% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC ELSS - Tax Saver Fund and HDFC Retirement Fund - Hybrid-Equity Plan overlap?
43.4%. They hold 22 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, KOTAKBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC ELSS - Tax Saver Fund or HDFC Retirement Fund - Hybrid-Equity Plan?
On SEBI's riskometer, HDFC ELSS - Tax Saver Fund is rated Very High and HDFC Retirement Fund - Hybrid-Equity Plan Very High. Over 3 years, the standard deviation of daily returns was 12.37% and 9.45% a year.
Which is better for SIP, HDFC ELSS - Tax Saver Fund or HDFC Retirement Fund - Hybrid-Equity Plan?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,97,262 in HDFC ELSS - Tax Saver Fund (XIRR 10.5% a year) and ₹7,17,725 in HDFC Retirement Fund - Hybrid-Equity Plan (XIRR 6.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC ELSS - Tax Saver Fund and HDFC Retirement Fund - Hybrid-Equity Plan?
Yes. 43.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC ELSS - Tax Saver Fund and HDFC Retirement Fund - Hybrid-Equity Plan?
HDFC ELSS - Tax Saver Fund: Amar Kalkundrikar, Gopal Agrawal. HDFC Retirement Fund - Hybrid-Equity Plan: Anupam Joshi, Arun Agarwal, Nandita Menezes, Chirag Setalvad, Gopal Agrawal.
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.