HDFC Medium Term Fund vs SBI Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Medium Term Fund and SBI Medium Term Fund are both Medium Duration funds. In the 3 years to 30-10-2026, HDFC Medium Term Fund (Direct) returned 7.7% a year and SBI Medium Term Fund (Direct) returned 7.4% a year. HDFC Medium Term Fund charges 0.70% a year and SBI Medium Term Fund 0.72% (Direct plans). Their portfolios overlap 10.8%: 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
SBI Medium Term Fund
Medium Duration
- 3 year return
- 7.4%
- Expense ratio
- 0.72%
- NAV
- ₹59.40
Which is better, HDFC Medium Term or SBI Medium 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 5 years: 6.7% a year against 6.7%.
- HDFC Medium Term returned more over 3 years: 7.7% a year against 7.4%.
- HDFC Medium Term costs less: 0.70% a year against 0.72% (Direct plans).
- HDFC Medium Term swung less over 3 years: a standard deviation of 1.2% a year against 1.2%.
- HDFC Medium Term fell less in its worst fall since 29-01-2013: −3.5% against −7.5%.
- SBI Medium Term is the larger fund: ₹6,419 Cr against ₹3,499 Cr.
- Their portfolios overlap 10.8%: 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 | SBI Medium Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Medium Duration | Medium Duration |
| AUM | ₹3,499 Cr (30-09-2026) | ₹6,419 Cr (30-09-2026) |
| NAV | ₹65.92 (Direct) | ₹59.40 (Direct) |
| Expense ratio (Direct) | 0.70% | 0.72% |
| Expense ratio (Regular) | 1.30% | 1.22% |
| Riskometer | Moderately High | Moderately High |
| Benchmark | NIFTY Medium Duration Debt Index A-III | NIFTY Medium Duration Debt Index A-III |
| Launch date | 06-02-2002 | 12-11-2003 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal | Lokesh Mallya, Mohit Jain |
| Exit load | NIL | Exit load of 1%, if redeemed within 3 months. |
HDFC Medium Term vs SBI Medium 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% |
| SBI Medium Term Fund (Direct) | −0.46% | +0.08% | +2.92% | +5.21% | +7.44% | +6.65% | +7.94% |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
Category average: the average of the 13 Medium Duration funds, same plan type.
HDFC Medium Term vs SBI Medium Term: Year-wise Returns
| Year | HDFCHDFC Medium Term | SBISBI Medium Term |
|---|---|---|
| 2026to date | +4.40% | +4.15% |
| 2025 | +8.38% | +8.00% |
| 2024 | +8.79% | +8.69% |
| 2023 | +7.50% | +7.81% |
| 2022 | +3.60% | +3.97% |
| 2021 | +5.85% | +4.41% |
HDFC Medium Term vs SBI Medium Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,601 of them, one for each trading day from 29-01-2016 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)
SBI Medium Term Fund (Direct)
to
Dec 2016Oct 2015
to
Oct 2018Aug 2017
to
Aug 2020Jun 2019
to
Jun 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 | 92.9 | 7.1 | 0.0 | 0.0 | 0.0 | 8.1% | 8.1% | 5.5% | 11.3% |
| SBI Medium Term | 0.0 | 0.0 | 72.0 | 28.0 | 0.0 | 0.0 | 0.0 | 9.0% | 9.3% | 5.3% | 14.1% |
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 29-01-2013. Past returns do not promise future returns.
HDFC Medium Term vs SBI Medium 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Medium TermHDFC Medium Term Fund (Direct) | ₹16,60,000 | ₹28,84,886 | ₹12,24,886 | 7.6% |
| SBI Medium TermSBI Medium Term Fund (Direct) | ₹16,60,000 | ₹29,93,011 | ₹13,33,011 | 8.1% |
HDFC Medium TermHDFC Medium Term Fund (Direct)
SBI Medium TermSBI Medium 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 Medium Term vs SBI Medium 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) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.43% | +5.21% |
| Standard deviation | 1.39% | 1.48% |
| Sharpe ratio | 0.13 | -0.02 |
| Sortino ratio | 0.19 | -0.03 |
| Maximum drawdown | −0.6% (02-04-2026) | −0.9% (23-10-2026) |
| 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) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.71% | +7.44% |
| Standard deviation | 1.16% | 1.22% |
| Sharpe ratio | 1.45 | 1.17 |
| Sortino ratio | 2.14 | 1.72 |
| Maximum drawdown | −0.6% (02-04-2026) | −0.9% (23-10-2026) |
| 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) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.68% | +6.65% |
| Standard deviation | 1.27% | 1.36% |
| Sharpe ratio | 0.69 | 0.62 |
| Sortino ratio | 0.92 | 0.84 |
| Maximum drawdown | −1.9% (06-05-2022) | −1.7% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Medium Term Fund (Direct) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.02% | +8.67% |
| Standard deviation | 1.71% | 2.48% |
| Sharpe ratio | 1.15 | 1.06 |
| Sortino ratio | 1.62 | 1.54 |
| Maximum drawdown | −3.5% (19-08-2013) | −7.5% (28-08-2013) |
| 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)
SBI Medium Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Medium Term Fund (Direct) | −3.5% | 19-06-2013 | 19-08-2013 | 07-10-2013 | 49 days | −0.3% |
| SBI Medium Term Fund (Direct) | −7.5% | 17-05-2013 | 28-08-2013 | 15-01-2014 | 5 months | −0.8% |
From daily values since 29-01-2013, 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)
SBI Medium 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 Medium Term Fund (Direct)
SBI Medium Term Fund (Direct)
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 Medium Term Fund (Direct)
SBI Medium Term Fund (Direct)
HDFC Medium Term vs SBI Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Medium Term Fund, September 2026; SBI Medium Term Fund, September 2026
Holdings in common
- Overlap
- 10.8%
- Held by both
- 9
- Only in HDFC Medium Term
- 56
- Only in SBI Medium Term
- 57
| Security | % of HDFC Medium Term | % of SBI Medium Term |
|---|---|---|
| JTPM Metal Traders Limited | 2.31% | 3.36% |
| 6.94% GOI MAT 110536 | 2.11% | 6.90% |
| Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 4.78% | 1.86% |
| Shivshakti Securitisation Trust (Originator - Sikka Ports & Terminals Limited) | 2.73% | 1.86% |
| Embassy Office Parks REIT | 1.00% | 1.15% |
| RAAJMARG INFRA INVESTMENT TRUST | 1.31% | 0.89% |
| Motilal Oswal Home Fin Ltd. (Erst Aspire Home Fin) | 2.14% | 0.39% |
| Corporate Debt Market Development Fund | 0.36% | 0.33% |
| Capital Infra Trust | 0.56% | 0.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 10.8% means 10.8% 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 Medium Term Fund
| Security | % of fund |
|---|---|
| GMR Airports Limited | 4.55% |
| National Bank for Agri & Rural Dev. | 3.55% |
| 182 Days TBILL MAT 180327 | 3.48% |
| Jubilant Beverages Limited | 3.43% |
| Small Industries Development Bank | 2.86% |
Largest holdings only in SBI Medium Term Fund
| Security | % of fund |
|---|---|
| Godrej Properties Ltd. | 4.69% |
| 7.06% CGL 2041 | 4.54% |
| JSW JFE Kalinga Steel Ltd. | 4.38% |
| Aditya Birla Real Estate Ltd. | 3.43% |
| Renew Solar Energy (Jharkhand Five) Pvt. Ltd. | 3.36% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Medium Term | SBI Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 93.1% | 87.3% |
| Cash and others | 6.9% | 12.7% |
HDFC Medium Term vs SBI Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Medium Term Fund | SBI Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.70% | 0.72% |
| Base expense ratio (Direct) | 0.59% | 0.61% |
| Total expense ratio (Regular) | 1.30% | 1.22% |
| Base expense ratio (Regular) | 1.11% | 1.04% |
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 SBI Medium Term Fund: Frequently Asked Questions
What is the difference between HDFC Medium Term Fund and SBI Medium Term Fund?
Both are Medium Duration funds, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 10.8%. HDFC Medium Term Fund charges 0.70% a year and SBI Medium Term Fund 0.72%.
Which has given higher returns, HDFC Medium Term Fund or SBI Medium Term Fund?
Over 1 year: HDFC Medium Term Fund +5.43%, SBI Medium Term Fund +5.21%. Over 3 years: HDFC Medium Term Fund +7.71% a year, SBI Medium Term Fund +7.44% a year. Over 5 years: HDFC Medium Term Fund +6.68% a year, SBI Medium Term Fund +6.65% 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 SBI Medium Term Fund?
HDFC Medium Term Fund charges less: 0.70% a year against 0.72%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Medium Term Fund and SBI Medium Term Fund overlap?
10.8%. They hold 9 of the same securities, the largest shared ones being JTPM Metal Traders Limited, 6.94% GOI MAT 110536, Siddhivinayak Securitisation Trust (Originator - Sikka Ports & Terminals Limited). From each fund's latest monthly portfolio.
Which is riskier, HDFC Medium Term Fund or SBI Medium Term Fund?
On SEBI's riskometer, HDFC Medium Term Fund is rated Moderately High and SBI Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 1.16% and 1.22% a year.
Which is better for SIP, HDFC Medium Term Fund or SBI Medium Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,31,997 in HDFC Medium Term Fund (XIRR 7.1% a year) and ₹7,29,190 in SBI Medium Term Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Medium Term Fund and SBI Medium Term Fund?
Yes. 10.8% 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 SBI Medium Term Fund?
HDFC Medium Term Fund: Bhavyesh Divecha, Praveen Jain, Anil Bamboli, Gopal Agrawal. SBI Medium Term Fund: Lokesh Mallya, Mohit Jain.
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.