HDFC Gilt Fund vs HDFC Long Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Gilt Fund is a Gilt fund and HDFC Long Term Fund is a Long Duration fund. In the 3 years to 30-10-2026, HDFC Gilt Fund (Direct) returned 6.1% a year and HDFC Long Term Fund (Direct) returned 5.7% a year. HDFC Gilt Fund charges 0.46% a year and HDFC Long Term Fund 0.28% (Direct plans). Their portfolios overlap 25.3%: they hold 6 of the same securities.
Which is better, HDFC Gilt or HDFC Long Term? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Gilt returned more over 3 years: 6.1% a year against 5.7%.
- HDFC Gilt returned more over 1 year: 2.0% against −0.0%.
- HDFC Long Term costs less: 0.28% a year against 0.46% (Direct plans).
- HDFC Gilt swung less over 3 years: a standard deviation of 2.7% a year against 4.1%.
- HDFC Gilt fell less in its worst fall since 20-01-2023: −3.0% against −6.0%.
- HDFC Long Term is the larger fund: ₹2,577 Cr against ₹1,885 Cr.
- Their portfolios overlap 25.3%: 6 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 Gilt Fund | HDFC Long Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Gilt | Long Duration |
| AUM | ₹1,885 Cr (30-09-2026) | ₹2,577 Cr (30-09-2026) |
| NAV | ₹59.78 (Direct) | ₹12.28 (Direct) |
| Expense ratio (Direct) | 0.46% | 0.28% |
| Expense ratio (Regular) | 0.82% | 0.62% |
| Riskometer | Moderate | Moderately High |
| Benchmark | Nifty All Duration G-Sec Index | NIFTY Long Duration Debt Index A-III |
| Launch date | 25-07-2001 | 20-01-2023 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Anil Bamboli, Gopal Agrawal | Amar Kalkundrikar, Gopal Agrawal |
| Exit load | NIL | Nil |
HDFC Gilt vs HDFC Long Term: 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 Gilt Fund (Direct) | −0.57% | −1.32% | +1.63% | +1.97% | +6.10% | +5.27% | +5.77% |
| HDFC Long Term Fund (Direct) | −1.53% | −2.48% | +0.53% | −0.02% | +5.68% | -- | -- |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
| Long Duration average | −1.14% | −2.16% | +0.90% | +0.63% | +5.83% | -- | -- |
Category average: the average of the 28 Gilt funds and the 11 Long Duration funds, same plan type.
HDFC Gilt vs HDFC Long Term: Year-wise Returns
| Year | GiltHDFC Gilt | Long TermHDFC Long Term |
|---|---|---|
| 2026to date | +1.42% | −0.54% |
| 2025 | +5.58% | +3.41% |
| 2024 | +9.22% | +11.77% |
| 2023 | +7.57% | -- |
| 2022 | +2.16% | -- |
| 2021 | +2.66% | -- |
HDFC Gilt vs HDFC Long Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 187 of them, one for each trading day from 20-01-2026 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 Gilt Fund (Direct)
HDFC Long Term Fund (Direct)
to
Feb 2026Mar 2023
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Mar 2026May 2023
to
May 2026Jul 2023
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Jul 2026Aug 2023
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Aug 2026Oct 2023
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Gilt | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.6% | 5.9% | 7.5% |
| HDFC Long Term | 0.0 | 2.7 | 97.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.2% | 4.7% | 7.4% |
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 20-01-2023. Past returns do not promise future returns.
HDFC Gilt vs HDFC Long Term: 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 02-01-2023 to 30-10-2026: 46 instalments, ₹4,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC GiltHDFC Gilt Fund (Direct) | ₹4,60,000 | ₹5,04,934 | ₹44,934 | 4.8% |
| HDFC Long TermHDFC Long Term Fund (Direct) | ₹4,60,000 | ₹4,92,277 | ₹32,277 | 3.5% |
HDFC GiltHDFC Gilt Fund (Direct)
HDFC Long TermHDFC Long Term 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 Gilt vs HDFC Long Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Gilt Fund (Direct) | HDFC Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.97% | −0.02% |
| Standard deviation | 3.15% | 4.94% |
| Sharpe ratio | -1.04 | -1.07 |
| Sortino ratio | -1.41 | -1.42 |
| Maximum drawdown | −2.8% (02-04-2026) | −4.3% (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 Gilt Fund (Direct) | HDFC Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.10% | +5.68% |
| Standard deviation | 2.66% | 4.13% |
| Sharpe ratio | 0.03 | -0.08 |
| Sortino ratio | 0.04 | -0.11 |
| Maximum drawdown | −3.0% (26-08-2025) | −6.0% (02-04-2026) |
| 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 Gilt Fund (Direct) | HDFC Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.16% | +5.60% |
| Standard deviation | 3.71% | 4.07% |
| Sharpe ratio | 0.30 | -0.14 |
| Sortino ratio | 0.42 | -0.19 |
| Maximum drawdown | −11.9% (19-08-2013) | −6.0% (02-04-2026) |
| 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 Gilt Fund (Direct)
HDFC Long Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Gilt Fund (Direct) | −3.0% | 28-05-2025 | 26-08-2025 | 24-02-2026 | 6 months | −2.5% |
| HDFC Long Term Fund (Direct) | −6.0% | 28-05-2025 | 02-04-2026 | 25-06-2026 | 3 months | −3.9% |
From daily values since 20-01-2023, 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 Gilt Fund (Direct)
HDFC Long Term 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 Gilt Fund (Direct)
HDFC Long Term Fund (Direct)
HDFC Gilt vs HDFC Long Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Gilt Fund, September 2026; HDFC Long Term Fund, September 2026
Holdings in common
- Overlap
- 25.3%
- Held by both
- 6
- Only in HDFC Gilt
- 30
- Only in HDFC Long Term
- 5
| Security | % of HDFC Gilt | % of HDFC Long Term |
|---|---|---|
| 6.9% GOI MAT 150465 | 16.42% | 8.44% |
| 7.34% GOI MAT 220464 | 10.61% | 7.82% |
| 7.3% GOI MAT 190653 | 6.37% | 29.06% |
| 7.24% GOI MAT 180855 | 1.26% | 1.66% |
| 7.09% GOI MAT 050854 | 1.24% | 19.40% |
| 6.99% GOI MAT 151251 | 0.18% | 6.46% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.3% means 25.3% 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 Gilt Fund
| Security | % of fund |
|---|---|
| 6.94% GOI MAT 110536 | 7.83% |
| 7.18% GOI MAT 140833 | 6.39% |
| 6.97% Karnataka SDL Mat 260228 | 5.77% |
| 7.27% Gujarat SDL ISD 171225 MAT 171234 | 4.12% |
| 7.64% Gujarat SDL ISD 170124 MAT 170133 | 2.61% |
Largest holdings only in HDFC Long Term Fund
| Security | % of fund |
|---|---|
| 7.36% GOI MAT 120952 | 18.69% |
| 6.62% GOI MAT 281151 | 2.72% |
| 7.16% GOI MAT 200950 | 1.83% |
| 6.67% GOI MAT 171250 | 1.22% |
| Corporate Debt Market Development Fund | 0.63% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Gilt | HDFC Long Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 84.2% | 97.3% |
| Cash and others | 15.8% | 2.7% |
HDFC Gilt vs HDFC Long Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Gilt Fund | HDFC Long Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.46% | 0.28% |
| Base expense ratio (Direct) | 0.39% | 0.24% |
| Total expense ratio (Regular) | 0.82% | 0.62% |
| Base expense ratio (Regular) | 0.70% | 0.53% |
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 Gilt with
HDFC Gilt Fund vs HDFC Long Term Fund: Frequently Asked Questions
What is the difference between HDFC Gilt Fund and HDFC Long Term Fund?
HDFC Gilt Fund is a Gilt fund, HDFC Long Term Fund is a Long Duration fund, run by HDFC Mutual Fund. Their portfolios overlap 25.3%. HDFC Gilt Fund charges 0.46% a year and HDFC Long Term Fund 0.28%.
Which has given higher returns, HDFC Gilt Fund or HDFC Long Term Fund?
Over 1 year: HDFC Gilt Fund +1.97%, HDFC Long Term Fund −0.02%. Over 3 years: HDFC Gilt Fund +6.10% a year, HDFC Long Term Fund +5.68% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Gilt Fund or HDFC Long Term Fund?
HDFC Long Term Fund charges less: 0.28% a year against 0.46%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Gilt Fund and HDFC Long Term Fund overlap?
25.3%. They hold 6 of the same securities, the largest shared ones being 6.9% GOI MAT 150465, 7.34% GOI MAT 220464, 7.3% GOI MAT 190653. From each fund's latest monthly portfolio.
Which is riskier, HDFC Gilt Fund or HDFC Long Term Fund?
On SEBI's riskometer, HDFC Gilt Fund is rated Moderate and HDFC Long Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 2.66% and 4.13% a year.
Which is better for SIP, HDFC Gilt Fund or HDFC Long Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,94,691 in HDFC Gilt Fund (XIRR 4.1% a year) and ₹3,84,538 in HDFC Long Term Fund (XIRR 2.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Gilt Fund and HDFC Long Term Fund?
Yes. 25.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Gilt Fund and HDFC Long Term Fund?
HDFC Gilt Fund: Anil Bamboli, Gopal Agrawal. HDFC Long Term Fund: Amar Kalkundrikar, 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.