HDFC Flexi Cap Fund vs HDFC Retirement Fund - Equity Plan
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Flexi Cap Fund is a Flexi Cap fund and HDFC Retirement Fund - Equity Plan is a Solution fund. In the 3 years to 30-10-2026, HDFC Flexi Cap Fund (Direct) returned 15.8% a year and HDFC Retirement Fund - Equity Plan (Direct) returned 9.3% a year. HDFC Flexi Cap Fund charges 0.75% a year and HDFC Retirement Fund - Equity Plan 0.92% (Direct plans). Their portfolios overlap 51.8%: they hold 30 of the same securities.
HDFC Retirement Fund - Equity Plan
Solution
- 3 year return
- 9.3%
- Expense ratio
- 0.92%
- NAV
- ₹53.62
Which is better, HDFC Flexi Cap or HDFC Retirement Fund - 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 Flexi Cap returned more over 5 years: 15.5% a year against 11.2%.
- HDFC Flexi Cap returned more over 3 years: 15.8% a year against 9.3%.
- HDFC Flexi Cap costs less: 0.75% a year against 0.92% (Direct plans).
- HDFC Flexi Cap swung less over 3 years: a standard deviation of 12.0% a year against 12.2%.
- HDFC Retirement Fund - Equity Plan fell less in its worst fall since 26-02-2016: −34.9% against −41.8%.
- HDFC Flexi Cap is the larger fund: ₹1,08,547 Cr against ₹6,645 Cr.
- Their portfolios overlap 51.8%: 30 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 Flexi Cap Fund | HDFC Retirement Fund - Equity Plan |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Flexi Cap | Solution |
| AUM | ₹1,08,547 Cr (30-09-2026) | ₹6,645 Cr (30-09-2026) |
| NAV | ₹2,187.57 (Direct) | ₹53.62 (Direct) |
| Expense ratio (Direct) | 0.75% | 0.92% |
| Expense ratio (Regular) | 1.36% | 1.87% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 01-01-1995 | 25-02-2016 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Amit Ganatra, Gopal Agrawal, Bhagyesh Kagalkar | Anupam Joshi, Arun Agarwal, Nandita Menezes, Chirag Setalvad, Gopal Agrawal |
| Exit load | In respect of each purchase/switch-in of units, an Exit Load of 1.00% is payable if Units are edeemed/switched-out within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed/ switched-out after 1 year from the date of allotment. | Fresh investments by investors including SIP / STP registrations, etc effective June 2, 2018: Exit Load (Upon completion of lock-in period): Nil Existing investments by investors including SIP / STP registrations, etc until June 1, 2018: Exit Load (Upon completion of lock-in period of 5 years) In respect of each purchase/switch-in of units offered under the respective Investment Plan(s) • An Exit Load of 1% is payable if Units are redeemed/ switched-out before completion of 60 years of age • No Exit Load is payable if Units are redeemed / switched-out on or after attainment of 60 years of age. |
HDFC Flexi Cap vs HDFC Retirement Fund - 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 Flexi Cap Fund (Direct) | +0.85% | −3.44% | +2.37% | −4.02% | +15.76% | +15.53% | +15.31% |
| HDFC Retirement Fund - Equity Plan (Direct) | +0.66% | −4.79% | −2.05% | −9.12% | +9.31% | +11.19% | +14.67% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 46 Flexi Cap funds, same plan type.
HDFC Flexi Cap vs HDFC Retirement Fund - Equity Plan: Year-wise Returns
| Year | Flexi CapHDFC Flexi Cap | Retirement Fund - Equity PlanHDFC Retirement Fund - Equity Plan | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −3.74% | −9.06% | −7.51% |
| 2025 | +12.16% | +6.24% | +7.76% |
| 2024 | +24.33% | +19.33% | +16.24% |
| 2023 | +31.45% | +34.15% | +26.91% |
| 2022 | +19.09% | +9.95% | +4.25% |
| 2021 | +37.00% | +44.27% | +31.60% |
HDFC Flexi Cap vs HDFC Retirement Fund - Equity Plan: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
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 Flexi Cap Fund (Direct)
HDFC Retirement Fund - 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 Flexi Cap | 7.1 | 4.5 | 5.9 | 14.7 | 20.0 | 23.0 | 24.7 | 18.2% | 19.3% | −7.7% | 40.2% | 64% |
| HDFC Retirement Fund - Equity Plan | 2.4 | 6.5 | 8.7 | 14.8 | 21.2 | 27.1 | 19.3 | 18.4% | 19.5% | −4.6% | 40.7% | 79% |
| 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 Flexi Cap vs HDFC Retirement Fund - 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 Flexi CapHDFC Flexi Cap Fund (Direct) | ₹12,90,000 | ₹32,77,426 | ₹19,87,426 | 16.4% |
| HDFC Retirement Fund - Equity PlanHDFC Retirement Fund - Equity Plan (Direct) | ₹12,90,000 | ₹29,76,443 | ₹16,86,443 | 14.8% |
HDFC Flexi CapHDFC Flexi Cap Fund (Direct)
HDFC Retirement Fund - Equity PlanHDFC Retirement Fund - 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 Flexi Cap vs HDFC Retirement Fund - Equity Plan: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Flexi Cap Fund (Direct) | HDFC Retirement Fund - Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | −4.02% | −9.12% |
| Standard deviation | 13.04% | 12.70% |
| Sharpe ratio | -0.71 | -1.13 |
| Sortino ratio | -0.95 | -1.49 |
| Maximum drawdown | −13.3% (31-03-2026) | −14.0% (31-03-2026) |
| Beta | 0.87 | 0.86 |
| Alpha | +1.73% | −3.52% |
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 Flexi Cap Fund (Direct) | HDFC Retirement Fund - Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +15.76% | +9.31% |
| Standard deviation | 11.98% | 12.19% |
| Sharpe ratio | 0.81 | 0.27 |
| Sortino ratio | 1.14 | 0.37 |
| Maximum drawdown | −13.3% (31-03-2026) | −16.1% (03-03-2025) |
| Beta | 0.80 | 0.84 |
| Alpha | +6.37% | −0.22% |
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 Flexi Cap Fund (Direct) | HDFC Retirement Fund - Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +15.53% | +11.19% |
| Standard deviation | 12.67% | 12.38% |
| Sharpe ratio | 0.77 | 0.44 |
| Sortino ratio | 1.07 | 0.59 |
| Maximum drawdown | −13.3% (31-03-2026) | −16.1% (03-03-2025) |
| Beta | 0.84 | 0.84 |
| Alpha | +7.19% | +2.87% |
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 Flexi Cap Fund (Direct) | HDFC Retirement Fund - Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +15.54% | +17.04% |
| Standard deviation | 16.85% | 13.80% |
| Sharpe ratio | 0.56 | 0.84 |
| Sortino ratio | 0.77 | 1.13 |
| Maximum drawdown | −41.8% (23-03-2020) | −34.9% (23-03-2020) |
| Beta | 1.00 | 0.84 |
| Alpha | +2.65% | +4.02% |
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 Flexi Cap Fund (Direct)
HDFC Retirement Fund - 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 Flexi Cap Fund (Direct) | −41.8% | 04-07-2019 | 23-03-2020 | 09-12-2020 | 9 months | −5.1% |
| HDFC Retirement Fund - Equity Plan (Direct) | −34.9% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.0% |
| 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 Flexi Cap Fund (Direct)
HDFC Retirement Fund - 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 Flexi Cap Fund (Direct)
HDFC Retirement Fund - 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 Flexi Cap Fund (Direct)
HDFC Retirement Fund - Equity Plan (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Flexi Cap Fund (Direct) | 107% | 92% | 5.80% |
| HDFC Retirement Fund - Equity Plan (Direct) | 97% | 79% | 4.38% |
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 Flexi Cap vs HDFC Retirement Fund - Equity Plan: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Flexi Cap Fund, September 2026; HDFC Retirement Fund - Equity Plan, September 2026
Holdings in common
- Overlap
- 51.8%
- Held by both
- 30
- Only in HDFC Flexi Cap
- 54
- Only in HDFC Retirement Fund - Equity Plan
- 43
| Security | % of HDFC Flexi Cap | % of HDFC Retirement Fund - Equity Plan |
|---|---|---|
| ICICI Bank Ltd. | 8.80% | 7.36% |
| HDFC Bank Ltd. | 6.03% | 6.93% |
| Axis Bank Ltd. | 6.11% | 4.43% |
| Kotak Mahindra Bank Limited | 3.40% | 4.39% |
| State Bank of India | 3.94% | 2.89% |
| Bharti Airtel Ltd. | 2.62% | 2.64% |
| Maruti Suzuki India Limited | 2.57% | 2.85% |
| Larsen and Toubro Ltd. | 3.08% | 2.26% |
| InterGlobe Aviation Ltd. | 2.99% | 1.88% |
| HCL Technologies Ltd. | 2.44% | 1.85% |
| Power Grid Corporation of India Ltd. | 2.11% | 1.76% |
| Eicher Motors Ltd. | 2.30% | 1.61% |
| Eternal Limited | 3.46% | 1.44% |
| Reliance Industries Ltd. | 1.40% | 4.64% |
| Divis Laboratories Ltd. | 1.62% | 1.12% |
| Hyundai Motor India Limited | 1.68% | 0.92% |
| Tata Steel Ltd. | 0.88% | 0.97% |
| Apollo Hospitals Enterprise Ltd. | 0.79% | 0.92% |
| Cipla Ltd. | 2.47% | 0.76% |
| Dr. Lal Path Labs Ltd | 0.76% | 2.09% |
| United Spirits Limited | 0.72% | 1.22% |
| Lupin Ltd. | 0.91% | 0.69% |
| Embassy Office Parks REIT | 0.59% | 0.60% |
| Kalpataru Projects International Ltd | 0.58% | 0.83% |
| Bajaj Auto Limited | 0.48% | 0.98% |
| Infosys Limited | 0.46% | 2.24% |
| Havells India Ltd. | 0.46% | 1.07% |
| Prestige Estates Projects Ltd. | 0.46% | 0.67% |
| PB Fintech Limited | 1.12% | 0.36% |
| Hindustan Petroleum Corp. Ltd. | 0.23% | 0.90% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 51.8% means 51.8% 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 Flexi Cap Fund
| Security | % of fund |
|---|---|
| SBI Life Insurance Company Ltd. | 3.25% |
| Nexus Select Trust REIT | 1.70% |
| Max Healthcare Institute Limited | 1.46% |
| JSW Steel Ltd. | 1.45% |
| Piramal Pharma Limited | 1.37% |
Largest holdings only in HDFC Retirement Fund - Equity Plan
| Security | % of fund |
|---|---|
| Tata Consultancy Services Ltd. | 2.16% |
| ICICI Lombard General Insurance Co | 1.68% |
| ITC LIMITED | 1.30% |
| Alkem Laboratories Ltd. | 1.24% |
| Max Financial Services Ltd. | 1.24% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Flexi Cap | HDFC Retirement Fund - Equity Plan |
|---|---|---|
| Equity | 95.0% | 93.3% |
| Debt | 0.5% | 0.0% |
| Cash and others | 4.6% | 6.7% |
Market cap of stocks
| Market cap | HDFC Flexi Cap | HDFC Retirement Fund - Equity Plan |
|---|---|---|
| Large Cap | 69.9% | 62.6% |
| Mid Cap | 14.5% | 9.9% |
| Small Cap | 9.8% | 20.3% |
| Not on AMFI's list | 0.7% | 0.6% |
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 Flexi Cap | HDFC Retirement Fund - Equity Plan |
|---|---|---|
| Banks | 28.3% | 26.4% |
| Pharmaceuticals & Biotechnology | 8.4% | 4.6% |
| Automobiles | 8.2% | 6.4% |
| IT - Software | 4.9% | 6.8% |
| Retailing | 5.8% | 1.4% |
| Transport Services | 3.0% | 5.8% |
| Petroleum Products | 1.6% | 5.5% |
| Insurance | 3.5% | 4.7% |
| Healthcare Services | 4.1% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Flexi Cap vs HDFC Retirement Fund - Equity Plan: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Flexi Cap Fund | HDFC Retirement Fund - Equity Plan |
|---|---|---|
| Total expense ratio (Direct) | 0.75% | 0.92% |
| Base expense ratio (Direct) | 0.57% | 0.74% |
| Total expense ratio (Regular) | 1.36% | 1.87% |
| Base expense ratio (Regular) | 1.08% | 1.55% |
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 Flexi Cap Fund vs HDFC Retirement Fund - Equity Plan: Frequently Asked Questions
What is the difference between HDFC Flexi Cap Fund and HDFC Retirement Fund - Equity Plan?
HDFC Flexi Cap Fund is a Flexi Cap fund, HDFC Retirement Fund - Equity Plan is a Solution fund, run by HDFC Mutual Fund. Their portfolios overlap 51.8%. HDFC Flexi Cap Fund charges 0.75% a year and HDFC Retirement Fund - Equity Plan 0.92%.
Which has given higher returns, HDFC Flexi Cap Fund or HDFC Retirement Fund - Equity Plan?
Over 1 year: HDFC Flexi Cap Fund −4.02%, HDFC Retirement Fund - Equity Plan −9.12%. Over 3 years: HDFC Flexi Cap Fund +15.76% a year, HDFC Retirement Fund - Equity Plan +9.31% a year. Over 5 years: HDFC Flexi Cap Fund +15.53% a year, HDFC Retirement Fund - Equity Plan +11.19% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Flexi Cap Fund or HDFC Retirement Fund - Equity Plan?
HDFC Flexi Cap Fund charges less: 0.75% a year against 0.92%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Flexi Cap Fund and HDFC Retirement Fund - Equity Plan overlap?
51.8%. They hold 30 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Flexi Cap Fund or HDFC Retirement Fund - Equity Plan?
On SEBI's riskometer, HDFC Flexi Cap Fund is rated Very High and HDFC Retirement Fund - Equity Plan Very High. Over 3 years, the standard deviation of daily returns was 11.98% and 12.19% a year.
Which is better for SIP, HDFC Flexi Cap Fund or HDFC Retirement Fund - Equity Plan?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,59,985 in HDFC Flexi Cap Fund (XIRR 13.5% a year) and ₹7,55,806 in HDFC Retirement Fund - Equity Plan (XIRR 8.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Flexi Cap Fund and HDFC Retirement Fund - Equity Plan?
Yes. 51.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Flexi Cap Fund and HDFC Retirement Fund - Equity Plan?
HDFC Flexi Cap Fund: Amit Ganatra, Gopal Agrawal, Bhagyesh Kagalkar. HDFC Retirement Fund - 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.