HDFC Large & Mid Cap Fund vs HDFC Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Large & Mid Cap Fund is a Large & Mid Cap fund and HDFC Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, HDFC Large & Mid Cap Fund (Direct) returned 12.1% a year and HDFC Multi Cap Fund (Direct) returned 10.3% a year. HDFC Large & Mid Cap Fund charges 0.92% a year and HDFC Multi Cap Fund 0.96% (Direct plans). Their portfolios overlap 49.1%: they hold 79 of the same securities.
HDFC Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 12.1%
- Expense ratio
- 0.92%
- NAV
- ₹344.94
Which is better, HDFC Large & Mid Cap or HDFC Multi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Large & Mid Cap returned more over 3 years: 12.1% a year against 10.3%.
- HDFC Large & Mid Cap returned more over 1 year: −7.0% against −9.6%.
- HDFC Large & Mid Cap costs less: 0.92% a year against 0.96% (Direct plans).
- HDFC Multi Cap swung less over 3 years: a standard deviation of 14.7% a year against 14.9%.
- HDFC Large & Mid Cap fell less in its worst fall since 10-12-2021: −18.7% against −20.2%.
- HDFC Large & Mid Cap is the larger fund: ₹28,543 Cr against ₹19,490 Cr.
- Their portfolios overlap 49.1%: 79 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 Large & Mid Cap Fund | HDFC Multi Cap Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Large & Mid Cap | Multi Cap |
| AUM | ₹28,543 Cr (30-09-2026) | ₹19,490 Cr (30-09-2026) |
| NAV | ₹344.94 (Direct) | ₹18.50 (Direct) |
| Expense ratio (Direct) | 0.92% | 0.96% |
| Expense ratio (Regular) | 1.61% | 1.79% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 18-02-1994 | 10-12-2021 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | In respect of each purchase/ switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed/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. | In respect of each purchase/switch in of units, an Exit load of 1% is payable if units are redeemed/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.No Entry / Exit Load shall be levied on bonus units and Units allotted on Reinvestment of Income Distribution cum Capital Withdrawal. |
HDFC Large & Mid Cap vs HDFC Multi Cap: 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 Large & Mid Cap Fund (Direct) | −1.74% | −6.65% | −1.59% | −6.99% | +12.06% | +12.31% | +14.05% |
| HDFC Multi Cap Fund (Direct) | −2.40% | −6.98% | −3.36% | −9.57% | +10.26% | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | +13.62% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 36 Large & Mid Cap funds and the 33 Multi Cap funds, same plan type.
HDFC Large & Mid Cap vs HDFC Multi Cap: Year-wise Returns
| Year | Large & MidHDFC Large & Mid Cap | MultiHDFC Multi Cap |
|---|---|---|
| 2026to date | −6.39% | −8.15% |
| 2025 | +6.89% | +3.34% |
| 2024 | +20.42% | +22.21% |
| 2023 | +38.87% | +41.93% |
| 2022 | +9.05% | +11.30% |
| 2021 | +43.96% | -- |
HDFC Large & Mid Cap vs HDFC Multi Cap: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of HDFC Large & Mid Cap Fund
Rolling returns
Every 3-year holding period, 466 of them, one for each trading day from 10-12-2024 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 Large & Mid Cap Fund (Direct)
HDFC Multi Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Feb 2025May 2022
to
May 2025Sept 2022
to
Sept 2025Jan 2023
to
Jan 2026May 2023
to
May 2026Sept 2023
to
Sept 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 Large & Mid Cap | 0.0 | 0.0 | 0.0 | 9.9 | 36.9 | 45.7 | 7.5 | 19.8% | 20.3% | 10.8% | 28.0% | 100% |
| HDFC Multi Cap | 0.0 | 0.0 | 1.3 | 15.5 | 20.0 | 48.5 | 14.8 | 20.3% | 21.1% | 9.4% | 30.0% | 77% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 0.0 | 16.5 | 66.7 | 16.3 | 0.4 | 17.7% | 18.0% | 10.1% | 25.5% | -- |
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 LargeMidcap 250 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 10-12-2021. Past returns do not promise future returns.
HDFC Large & Mid Cap vs HDFC Multi Cap: 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 01-12-2021 to 30-10-2026: 59 instalments, ₹5,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Large & Mid CapHDFC Large & Mid Cap Fund (Direct) | ₹5,90,000 | ₹7,60,849 | ₹1,70,849 | 10.3% |
| HDFC Multi CapHDFC Multi Cap Fund (Direct) | ₹5,90,000 | ₹7,46,953 | ₹1,56,953 | 9.6% |
HDFC Large & Mid CapHDFC Large & Mid Cap Fund (Direct)
HDFC Multi CapHDFC Multi Cap 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 Large & Mid Cap vs HDFC Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Large & Mid Cap Fund (Direct) | HDFC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.99% | −9.57% |
| Standard deviation | 15.08% | 14.37% |
| Sharpe ratio | -0.81 | -1.03 |
| Sortino ratio | -1.08 | -1.37 |
| Maximum drawdown | −15.1% (31-03-2026) | −15.0% (30-03-2026) |
| Beta | 1.00 | 0.95 |
| Alpha | −0.47% | −4.13% |
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 Large & Mid Cap Fund (Direct) | HDFC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.06% | +10.26% |
| Standard deviation | 14.86% | 14.74% |
| Sharpe ratio | 0.41 | 0.29 |
| Sortino ratio | 0.55 | 0.39 |
| Maximum drawdown | −18.7% (28-02-2025) | −20.2% (03-03-2025) |
| Beta | 0.99 | 0.97 |
| Alpha | +0.58% | −0.84% |
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 Large & Mid Cap Fund (Direct) | HDFC Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.34% | +13.36% |
| Standard deviation | 16.43% | 14.40% |
| Sharpe ratio | 0.40 | 0.52 |
| Sortino ratio | 0.54 | 0.70 |
| Maximum drawdown | −39.5% (23-03-2020) | −20.2% (03-03-2025) |
| Beta | -- | 0.95 |
| Alpha | -- | +3.23% |
From daily NAVs, 30-06-2014 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 Large & Mid Cap Fund (Direct)
HDFC Multi Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Large & Mid Cap Fund (Direct) | −18.7% | 27-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −8.4% |
| HDFC Multi Cap Fund (Direct) | −20.2% | 27-09-2024 | 03-03-2025 | Not yet | -- | −11.4% |
| NIFTY LargeMidcap 250 TRI | −18.8% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
From daily values since 10-12-2021, 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 Large & Mid Cap Fund (Direct)
HDFC Multi Cap Fund (Direct)
NIFTY LargeMidcap 250 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 Large & Mid Cap Fund (Direct)
HDFC Multi Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Large & Mid Cap Fund (Direct) | 104% | 93% | 2.13% |
| HDFC Multi Cap Fund (Direct) | 102% | 89% | 3.25% |
From month-end values since 10-12-2021. 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 Large & Mid Cap vs HDFC Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Large & Mid Cap Fund, September 2026; HDFC Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 49.1%
- Held by both
- 79
- Only in HDFC Large & Mid Cap
- 161
- Only in HDFC Multi Cap
- 42
| Security | % of HDFC Large & Mid Cap | % of HDFC Multi Cap |
|---|---|---|
| ICICI Bank Ltd. | 3.66% | 3.66% |
| HDFC Bank Ltd. | 3.64% | 3.93% |
| Axis Bank Ltd. | 1.95% | 2.44% |
| Bharti Airtel Ltd. | 1.79% | 2.13% |
| Reliance Industries Ltd. | 1.42% | 2.41% |
| State Bank of India | 1.42% | 1.77% |
| Kotak Mahindra Bank Limited | 1.23% | 1.92% |
| Eternal Limited | 1.16% | 2.13% |
| Maruti Suzuki India Limited | 1.23% | 1.12% |
| Prestige Estates Projects Ltd. | 1.30% | 0.95% |
| Shriram Finance Ltd. | 1.11% | 0.95% |
| Larsen and Toubro Ltd. | 0.96% | 0.92% |
| MphasiS Limited. | 1.16% | 0.87% |
| Coforge Limited | 0.85% | 1.08% |
| InterGlobe Aviation Ltd. | 0.85% | 1.05% |
| HCL Technologies Ltd. | 0.84% | 1.08% |
| Balkrishna Industries Ltd. | 0.83% | 1.07% |
| Infosys Limited | 1.04% | 0.82% |
| Alkem Laboratories Ltd. | 0.82% | 1.19% |
| Lupin Ltd. | 1.00% | 0.81% |
| Divis Laboratories Ltd. | 0.79% | 0.90% |
| NTPC Limited | 0.79% | 1.72% |
| Gland Pharma Ltd. | 1.42% | 0.77% |
| Indian Hotels Company Ltd. | 0.85% | 0.74% |
| Max Financial Services Ltd. | 1.25% | 0.70% |
| Au Small Finance Bank Ltd. | 0.69% | 1.01% |
| Persistent Systems Limited | 0.73% | 0.68% |
| Bharat Electronics Ltd. | 0.68% | 1.00% |
| Eicher Motors Ltd. | 0.87% | 0.66% |
| Ajanta Pharma Limited | 1.14% | 0.65% |
| Ipca Laboratories Ltd. | 0.95% | 0.59% |
| Bandhan Bank Ltd. | 0.58% | 0.76% |
| Tata Steel Ltd. | 0.56% | 1.09% |
| Aster DM Quality Care Limited | 0.55% | 0.84% |
| Bharat Forge Ltd. | 0.91% | 0.52% |
| Max Healthcare Institute Limited | 0.49% | 0.95% |
| Hindustan Unilever Ltd. | 0.49% | 1.02% |
| PNB Housing Finance Ltd. | 0.49% | 1.38% |
| Sona Blw Precision Forgings | 0.48% | 1.26% |
| Five-Star Business Finance Limited | 0.47% | 1.11% |
| Timken India Ltd. | 0.44% | 1.00% |
| Blue Star Ltd. | 0.44% | 0.74% |
| Tata Communications Limited | 0.43% | 1.15% |
| Swiggy Limited | 0.42% | 0.45% |
| ICICI Lombard General Insurance Co | 0.42% | 1.45% |
| Power Finance Corporation Ltd. | 0.40% | 0.91% |
| Apollo Tyres Ltd. | 0.40% | 0.55% |
| Hindustan Petroleum Corp. Ltd. | 0.90% | 0.38% |
| Tata Motors Limited | 0.38% | 0.76% |
| Mahindra & Mahindra Ltd. | 0.37% | 1.32% |
| Endurance Technologies Ltd. | 0.37% | 0.93% |
| Embassy Office Parks REIT | 0.35% | 0.50% |
| Vishal Mega Mart Limited | 0.34% | 0.41% |
| Delhivery Limited | 0.33% | 0.65% |
| Bombay Stock Exchange Limited (BSE) | 0.30% | 0.32% |
| Eris Lifesciences Ltd | 0.28% | 0.41% |
| UltraTech Cement Limited | 0.28% | 0.90% |
| Oil India Limited | 0.27% | 0.53% |
| PB Fintech Limited | 0.27% | 0.93% |
| Carborundum Universal Ltd. | 0.26% | 0.41% |
| Rubicon Research Limited | 0.25% | 0.37% |
| Sai Life Sciences Limited | 0.23% | 0.53% |
| HDFC Life Insurance Company Limited | 0.22% | 0.67% |
| Jubilant Foodworks Limited | 0.20% | 1.00% |
| Devyani International Ltd | 0.20% | 0.76% |
| Supreme Industries Ltd. | 0.19% | 0.77% |
| LTM Limited | 0.18% | 0.31% |
| TVS Motor Company Ltd. | 0.17% | 0.25% |
| Whirlpool of India Ltd. | 0.17% | 0.54% |
| Havells India Ltd. | 0.15% | 0.70% |
| Cholamandalam Financial Holdings Ltd. | 0.14% | 0.76% |
| Tube Investments of India Ltd. | 0.14% | 0.74% |
| 360 ONE WAM LIMITED | 0.13% | 0.61% |
| L&T Technology Services Ltd. | 0.09% | 0.42% |
| Archean Chemical Industries Limited | 0.07% | 0.45% |
| Brigade Enterprises Limited. | 0.06% | 0.59% |
| JSW Infrastructure Limited | 0.05% | 0.42% |
| Dixon Technologies (India) Ltd. | 0.05% | 0.68% |
| Godrej Consumer Products Ltd. | 0.01% | 0.40% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.1% means 49.1% 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 Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Fortis Healthcare Limited | 1.28% |
| Aurobindo Pharma Ltd. | 1.27% |
| Indusind Bank Ltd. | 1.19% |
| Mahindra & Mahindra Financial Services Ltd. | 1.12% |
| Bajaj Finance Ltd. | 0.86% |
Largest holdings only in HDFC Multi Cap Fund
| Security | % of fund |
|---|---|
| Britannia Industries Ltd. | 2.05% |
| Tata Capital Ltd. | 0.98% |
| JSW Dulux Limited | 0.91% |
| ABB India Ltd. | 0.90% |
| Mahanagar Gas Ltd. | 0.88% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Large & Mid Cap | HDFC Multi Cap |
|---|---|---|
| Equity | 99.0% | 97.9% |
| Debt | 0.0% | 0.3% |
| Cash and others | 1.0% | 1.8% |
Market cap of stocks
| Market cap | HDFC Large & Mid Cap | HDFC Multi Cap |
|---|---|---|
| Large Cap | 43.5% | 43.2% |
| Mid Cap | 38.7% | 26.3% |
| Small Cap | 16.8% | 27.0% |
| Not on AMFI's list | 0.0% | 1.4% |
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 Large & Mid Cap | HDFC Multi Cap |
|---|---|---|
| Banks | 17.0% | 15.5% |
| Pharmaceuticals & Biotechnology | 11.9% | 6.2% |
| Finance | 7.9% | 6.9% |
| IT - Software | 6.3% | 5.3% |
| Auto Components | 4.5% | 6.1% |
| Leisure Services | 1.4% | 4.6% |
| Automobiles | 3.7% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Large & Mid Cap vs HDFC Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Large & Mid Cap Fund | HDFC Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.92% | 0.96% |
| Base expense ratio (Direct) | 0.77% | 0.71% |
| Total expense ratio (Regular) | 1.61% | 1.79% |
| Base expense ratio (Regular) | 1.36% | 1.42% |
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 Large & Mid Cap with
HDFC Large & Mid Cap Fund vs HDFC Multi Cap Fund: Frequently Asked Questions
What is the difference between HDFC Large & Mid Cap Fund and HDFC Multi Cap Fund?
HDFC Large & Mid Cap Fund is a Large & Mid Cap fund, HDFC Multi Cap Fund is a Multi Cap fund, run by HDFC Mutual Fund. Their portfolios overlap 49.1%. HDFC Large & Mid Cap Fund charges 0.92% a year and HDFC Multi Cap Fund 0.96%.
Which has given higher returns, HDFC Large & Mid Cap Fund or HDFC Multi Cap Fund?
Over 1 year: HDFC Large & Mid Cap Fund −6.99%, HDFC Multi Cap Fund −9.57%. Over 3 years: HDFC Large & Mid Cap Fund +12.06% a year, HDFC Multi Cap Fund +10.26% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Large & Mid Cap Fund or HDFC Multi Cap Fund?
HDFC Large & Mid Cap Fund charges less: 0.92% a year against 0.96%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Large & Mid Cap Fund and HDFC Multi Cap Fund overlap?
49.1%. They hold 79 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Large & Mid Cap Fund or HDFC Multi Cap Fund?
On SEBI's riskometer, HDFC Large & Mid Cap Fund is rated Very High and HDFC Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.86% and 14.74% a year.
Which is better for SIP, HDFC Large & Mid Cap Fund or HDFC Multi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,84,313 in HDFC Large & Mid Cap Fund (XIRR 2.4% a year) and ₹3,72,503 in HDFC Multi Cap Fund (XIRR 0.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Large & Mid Cap Fund and HDFC Multi Cap Fund?
Yes. 49.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Large & Mid Cap Fund and HDFC Multi Cap Fund?
HDFC Large & Mid Cap Fund: Gopal Agarwal, Gopal Agrawal, Bhagyesh Kagalkar. HDFC Multi Cap Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar.
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.