HDFC Medium Term Fund vs HSBC Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Medium Term Fund is a Medium Duration fund and HSBC Short Term Fund is a Short Duration fund. In the 3 years to 30-10-2026, HDFC Medium Term Fund (Direct) returned 7.7% a year and HSBC Short Term Fund (Direct) returned −1.1% a year. HDFC Medium Term Fund charges 0.70% a year and HSBC Short Term Fund 0.32% (Direct plans). Their portfolios overlap 13.6%: they hold 9 of the same securities.
HDFC Medium Term Fund
Medium Duration
- 3 year return
- 7.7%
- Expense ratio
- 0.70%
- NAV
- ₹65.92
HSBC Short Term Fund
Short Duration
- 3 year return
- −1.1%
- Expense ratio
- 0.32%
- NAV
- ₹12.24
Which is better, HDFC Medium Term or HSBC Short 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 Medium Term returned more over 3 years: 7.7% a year against −1.1%.
- HDFC Medium Term returned more over 1 year: 5.4% against −3.9%.
- HSBC Short Term costs less: 0.32% a year against 0.70% (Direct plans).
- HSBC Short Term swung less over 3 years: a standard deviation of 1.0% a year against 1.2%.
- HSBC Short Term fell less in its worst fall since 28-11-2022: −0.6% against −0.6%.
- HSBC Short Term is the larger fund: ₹3,881 Cr against ₹3,499 Cr.
- Their portfolios overlap 13.6%: 9 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 Medium Term Fund | HSBC Short Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HSBC Mutual Fund |
| Category | Medium Duration | Short Duration |
| AUM | ₹3,499 Cr (30-09-2026) | ₹3,881 Cr (30-09-2026) |
| NAV | ₹65.92 (Direct) | ₹12.24 (Direct) |
| Expense ratio (Direct) | 0.70% | 0.32% |
| Expense ratio (Regular) | 1.30% | 0.70% |
| Riskometer | Moderately High | Moderate |
| Benchmark | NIFTY Medium Duration Debt Index A-III | NIFTY Short Duration Debt Index A-II |
| Launch date | 06-02-2002 | 27-12-2011 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal | Shriram Ramanathan, Mohd Asif Rizwi |
| Exit load | NIL | Nil |
HDFC Medium Term vs HSBC Short 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 Medium Term Fund (Direct) | −0.13% | +0.40% | +3.01% | +5.43% | +7.71% | +6.68% | +7.36% |
| HSBC Short Term Fund (Direct) | −0.12% | +0.20% | +2.44% | −3.88% | −1.14% | -- | -- |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
| Short Duration average | −0.14% | +0.30% | +2.50% | +4.11% | +6.88% | -- | -- |
Category average: the average of the 13 Medium Duration funds and the 25 Short Duration funds, same plan type.
HDFC Medium Term vs HSBC Short Term: Year-wise Returns
| Year | HDFC MediumHDFC Medium Term | HSBC ShortHSBC Short Term |
|---|---|---|
| 2026to date | +4.40% | −4.56% |
| 2025 | +8.38% | −0.10% |
| 2024 | +8.79% | −0.21% |
| 2023 | +7.50% | −0.26% |
| 2022 | +3.60% | -- |
| 2021 | +5.85% | -- |
HDFC Medium Term vs HSBC Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 222 of them, one for each trading day from 28-11-2025 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 Medium Term Fund (Direct)
HSBC Short Term Fund
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
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 Medium Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0% | 8.0% | 7.4% | 8.3% |
| HSBC Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.5% | 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 28-11-2022. Past returns do not promise future returns.
HDFC Medium Term vs HSBC Short 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Medium TermHDFC Medium Term Fund (Direct) | ₹4,80,000 | ₹5,54,348 | ₹74,348 | 7.2% |
| HSBC Short TermHSBC Short Term Fund | ₹4,80,000 | ₹5,42,411 | ₹62,411 | 6.1% |
HDFC Medium TermHDFC Medium Term Fund (Direct)
HSBC Short TermHSBC Short Term Fund
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 Medium Term vs HSBC Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Medium Term Fund (Direct) | HSBC Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.43% | +3.88% |
| Standard deviation | 1.39% | 1.17% |
| Sharpe ratio | 0.13 | -1.17 |
| Sortino ratio | 0.19 | -1.61 |
| Maximum drawdown | −0.6% (02-04-2026) | −0.6% (21-05-2026) |
| 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 Medium Term Fund (Direct) | HSBC Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.71% | +6.65% |
| Standard deviation | 1.16% | 0.97% |
| Sharpe ratio | 1.45 | 0.64 |
| Sortino ratio | 2.14 | 0.96 |
| Maximum drawdown | −0.6% (02-04-2026) | −0.6% (21-05-2026) |
| 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 Medium Term Fund (Direct) | HSBC Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.02% | +6.49% |
| Standard deviation | 1.71% | 0.91% |
| Sharpe ratio | 1.15 | 0.34 |
| Sortino ratio | 1.62 | 0.50 |
| Maximum drawdown | −3.5% (19-08-2013) | −0.6% (21-05-2026) |
| 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 Medium Term Fund (Direct)
HSBC Short Term Fund
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Medium Term Fund (Direct) | −0.6% | 11-03-2026 | 02-04-2026 | 08-04-2026 | 6 days | −0.3% |
| HSBC Short Term Fund | −0.6% | 07-05-2026 | 21-05-2026 | 05-06-2026 | 15 days | −0.3% |
From daily values since 28-11-2022, 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 Medium Term Fund (Direct)
HSBC Short Term Fund
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 Medium Term Fund (Direct)
HSBC Short Term Fund
HDFC Medium Term vs HSBC Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Medium Term Fund, September 2026; HSBC Short Term Fund, September 2026
Holdings in common
- Overlap
- 13.6%
- Held by both
- 9
- Only in HDFC Medium Term
- 56
- Only in HSBC Short Term
- 77
| Security | % of HDFC Medium Term | % of HSBC Short Term |
|---|---|---|
| Shivshakti Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 2.73% | 2.58% |
| National Bank for Agri & Rural Dev. | 3.55% | 2.57% |
| 6.94% GOI MAT 110536 | 2.11% | 2.99% |
| Small Industries Development Bank | 2.86% | 2.06% |
| National Bank for Agri & Rural Dev. | 1.42% | 2.01% |
| Power Finance Corporation Ltd. | 2.12% | 1.20% |
| REC Limited. | 0.71% | 1.26% |
| Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 4.78% | 0.62% |
| Corporate Debt Market Development Fund | 0.36% | 0.35% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.6% means 13.6% 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 Medium Term Fund
| Security | % of fund |
|---|---|
| GMR Airports Limited | 4.55% |
| 182 Days TBILL MAT 180327 | 3.48% |
| Jubilant Beverages Limited | 3.43% |
| SK FINANCE LIMITED | 2.86% |
| Kalpataru Projects International Ltd | 2.85% |
Largest holdings only in HSBC Short Term Fund
| Security | % of fund |
|---|---|
| Embassy Office Parks REIT | 2.55% |
| NTPC Limited | 2.08% |
| Hindustan Zinc Limited | 2.01% |
| Bajaj Housing Finance Ltd | 2.00% |
| NABARD | 1.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Medium Term | HSBC Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 93.1% | 96.9% |
| Cash and others | 6.9% | 3.1% |
HDFC Medium Term vs HSBC Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Medium Term Fund | HSBC Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.70% | 0.32% |
| Base expense ratio (Direct) | 0.59% | 0.27% |
| Total expense ratio (Regular) | 1.30% | 0.70% |
| Base expense ratio (Regular) | 1.11% | 0.59% |
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 Medium Term with
HDFC Medium Term Fund vs HSBC Short Term Fund: Frequently Asked Questions
What is the difference between HDFC Medium Term Fund and HSBC Short Term Fund?
HDFC Medium Term Fund is a Medium Duration fund, HSBC Short Term Fund is a Short Duration fund, run by HDFC Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 13.6%. HDFC Medium Term Fund charges 0.70% a year and HSBC Short Term Fund 0.32%.
Which has given higher returns, HDFC Medium Term Fund or HSBC Short Term Fund?
Over 1 year: HDFC Medium Term Fund +5.43%, HSBC Short Term Fund −3.88%. Over 3 years: HDFC Medium Term Fund +7.71% a year, HSBC Short Term Fund −1.14% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Medium Term Fund or HSBC Short Term Fund?
HSBC Short Term Fund charges less: 0.32% a year against 0.70%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Medium Term Fund and HSBC Short Term Fund overlap?
13.6%. They hold 9 of the same securities, the largest shared ones being Shivshakti Securitisation Trust (Originator - Sikka Ports & Terminals Limited), National Bank for Agri & Rural Dev., 6.94% GOI MAT 110536. From each fund's latest monthly portfolio.
Which is riskier, HDFC Medium Term Fund or HSBC Short Term Fund?
On SEBI's riskometer, HDFC Medium Term Fund is rated Moderately High and HSBC Short Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 1.16% and 0.97% a year.
Which is better for SIP, HDFC Medium Term Fund or HSBC Short Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,632 in HDFC Medium Term Fund (XIRR 6.9% a year) and ₹4,04,684 in HSBC Short Term Fund (XIRR 5.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Medium Term Fund and HSBC Short Term Fund?
Yes. 13.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Medium Term Fund and HSBC Short Term Fund?
HDFC Medium Term Fund: Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal. HSBC Short Term Fund: Shriram Ramanathan, Mohd Asif Rizwi.
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.