HDFC Long Term Fund vs Nippon India Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Long Term Fund is a Long Duration fund and Nippon India Gilt Fund is a Gilt fund. In the 3 years to 30-10-2026, HDFC Long Term Fund (Direct) returned 5.7% a year and Nippon India Gilt Fund (Direct) returned 6.2% a year. HDFC Long Term Fund charges 0.28% a year and Nippon India Gilt Fund 0.52% (Direct plans). Their portfolios overlap 20.0%: they hold 5 of the same securities.
Which is better, HDFC Long 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.
- Nippon India Gilt returned more over 3 years: 6.2% a year against 5.7%.
- Nippon India Gilt returned more over 1 year: 2.5% against −0.0%.
- HDFC Long Term costs less: 0.28% a year against 0.52% (Direct plans).
- Nippon India Gilt swung less over 3 years: a standard deviation of 3.0% a year against 4.1%.
- Nippon India Gilt fell less in its worst fall since 20-01-2023: −3.7% against −6.0%.
- HDFC Long Term is the larger fund: ₹2,577 Cr against ₹1,487 Cr.
- Their portfolios overlap 20.0%: 5 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 Long Term Fund | Nippon India Gilt Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Nippon India Mutual Fund |
| Category | Long Duration | Gilt |
| AUM | ₹2,577 Cr (30-09-2026) | ₹1,487 Cr (30-09-2026) |
| NAV | ₹12.28 (Direct) | ₹43.95 (Direct) |
| Expense ratio (Direct) | 0.28% | 0.52% |
| Expense ratio (Regular) | 0.62% | 1.21% |
| Riskometer | Moderately High | Moderate |
| Benchmark | NIFTY Long Duration Debt Index A-III | Nifty All Duration G-Sec Index |
| Launch date | 20-01-2023 | 22-08-2008 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal | Pranay Sinha |
| Exit load | Nil | Nil |
HDFC Long 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 Long Term Fund (Direct) | −1.53% | −2.48% | +0.53% | −0.02% | +5.68% | -- | -- |
| Nippon India Gilt Fund (Direct) | −0.64% | −0.96% | +2.08% | +2.49% | +6.20% | +5.44% | +7.15% |
| Long Duration average | −1.14% | −2.16% | +0.90% | +0.63% | +5.83% | -- | -- |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
Category average: the average of the 11 Long Duration funds and the 28 Gilt funds, same plan type.
HDFC Long Term vs Nippon India Gilt: Year-wise Returns
| Year | HDFC Long TermHDFC Long Term | Nippon India GiltNippon India Gilt |
|---|---|---|
| 2026to date | −0.54% | +1.99% |
| 2025 | +3.41% | +4.51% |
| 2024 | +11.77% | +9.76% |
| 2023 | -- | +7.61% |
| 2022 | -- | +3.04% |
| 2021 | -- | +2.79% |
HDFC Long Term vs Nippon India Gilt: 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 Long Term Fund (Direct)
Nippon India Gilt Fund (Direct)
to
Feb 2026Mar 2023
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Mar 2026May 2023
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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 Long Term | 0.0 | 2.7 | 97.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.2% | 4.7% | 7.4% |
| Nippon India Gilt | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.5% | 5.5% | 7.3% |
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 Long 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 20-01-2023 to 30-10-2026: 46 instalments, ₹4,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Long TermHDFC Long Term Fund (Direct) | ₹4,60,000 | ₹4,92,277 | ₹32,277 | 3.5% |
| Nippon India GiltNippon India Gilt Fund (Direct) | ₹4,60,000 | ₹5,04,808 | ₹44,808 | 4.8% |
HDFC Long TermHDFC Long 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 Long 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 Long Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.02% | +2.49% |
| Standard deviation | 4.94% | 3.44% |
| Sharpe ratio | -1.07 | -0.80 |
| Sortino ratio | -1.42 | -1.10 |
| Maximum drawdown | −4.3% (02-04-2026) | −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 Long Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.68% | +6.20% |
| Standard deviation | 4.13% | 2.98% |
| Sharpe ratio | -0.08 | 0.06 |
| Sortino ratio | -0.11 | 0.08 |
| Maximum drawdown | −6.0% (02-04-2026) | −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 Long Term Fund (Direct) | Nippon India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.60% | +8.41% |
| Standard deviation | 4.07% | 4.06% |
| Sharpe ratio | -0.14 | 0.58 |
| Sortino ratio | -0.19 | 0.83 |
| Maximum drawdown | −6.0% (02-04-2026) | −11.8% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 20-01-2023 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.
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 Long 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 Long Term Fund (Direct) | −6.0% | 28-05-2025 | 02-04-2026 | 25-06-2026 | 3 months | −3.9% |
| Nippon India Gilt Fund (Direct) | −3.7% | 28-05-2025 | 26-08-2025 | 15-06-2026 | 10 months | −2.1% |
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 Long 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 Long Term Fund (Direct)
Nippon India Gilt Fund (Direct)
HDFC Long Term vs Nippon India Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Long Term Fund, September 2026; Nippon India Gilt Fund, September 2026
Holdings in common
- Overlap
- 20.0%
- Held by both
- 5
- Only in HDFC Long Term
- 6
- Only in Nippon India Gilt
- 37
| Security | % of HDFC Long Term | % of Nippon India Gilt |
|---|---|---|
| 7.34% GOI MAT 220464 | 7.82% | 9.15% |
| 6.9% GOI MAT 150465 | 8.44% | 5.43% |
| 7.3% GOI MAT 190653 | 29.06% | 4.52% |
| 6.99% GOI MAT 151251 | 6.46% | 1.24% |
| 7.24% GOI MAT 180855 | 1.66% | 0.96% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.0% means 20.0% 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 Long Term Fund
| Security | % of fund |
|---|---|
| 7.09% GOI MAT 050854 | 19.40% |
| 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% |
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% |
| 6.36% Government of India | 3.63% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Long Term | Nippon India Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.3% | 88.7% |
| Cash and others | 2.7% | 11.3% |
HDFC Long Term vs Nippon India Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Long Term Fund | Nippon India Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.28% | 0.52% |
| Base expense ratio (Direct) | 0.24% | 0.43% |
| Total expense ratio (Regular) | 0.62% | 1.21% |
| Base expense ratio (Regular) | 0.53% | 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 Long Term with
HDFC Long Term Fund vs Nippon India Gilt Fund: Frequently Asked Questions
What is the difference between HDFC Long Term Fund and Nippon India Gilt Fund?
HDFC Long Term Fund is a Long Duration fund, Nippon India Gilt Fund is a Gilt fund, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 20.0%. HDFC Long Term Fund charges 0.28% a year and Nippon India Gilt Fund 0.52%.
Which has given higher returns, HDFC Long Term Fund or Nippon India Gilt Fund?
Over 1 year: HDFC Long Term Fund −0.02%, Nippon India Gilt Fund +2.49%. Over 3 years: HDFC Long Term Fund +5.68% a year, Nippon India Gilt Fund +6.20% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Long Term Fund or Nippon India Gilt Fund?
HDFC Long Term Fund charges less: 0.28% a year against 0.52%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Long Term Fund and Nippon India Gilt Fund overlap?
20.0%. They hold 5 of the same securities, the largest shared ones being 7.34% GOI MAT 220464, 6.9% GOI MAT 150465, 7.3% GOI MAT 190653. From each fund's latest monthly portfolio.
Which is riskier, HDFC Long Term Fund or Nippon India Gilt Fund?
On SEBI's riskometer, HDFC Long Term Fund is rated Moderately High and Nippon India Gilt Fund Moderate. Over 3 years, the standard deviation of daily returns was 4.13% and 2.98% a year.
Which is better for SIP, HDFC Long Term Fund or Nippon India Gilt Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,84,538 in HDFC Long Term Fund (XIRR 2.5% a year) and ₹3,94,604 in Nippon India Gilt Fund (XIRR 4.1% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Long Term Fund and Nippon India Gilt Fund?
Yes. 20.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Long Term Fund and Nippon India Gilt Fund?
HDFC Long Term Fund: Amar Kalkundrikar, 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.