HDFC Medium to Long Term Fund vs HSBC Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Medium to Long Term Fund is a Medium to Long Duration fund and HSBC Gilt Fund is a Gilt fund. In the 3 years to 30-10-2026, HDFC Medium to Long Term Fund (Direct) returned 6.5% a year and HSBC Gilt Fund (Direct) returned 5.8% a year. HDFC Medium to Long Term Fund charges 0.80% a year and HSBC Gilt Fund 0.50% (Direct plans). Their portfolios overlap 18.5%: they hold 3 of the same securities.
HDFC Medium to Long Term Fund
Medium to Long Duration
- 3 year return
- 6.5%
- Expense ratio
- 0.80%
- NAV
- ₹66.61
Which is better, HDFC Medium to Long Term or HSBC Gilt? 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 to Long Term returned more over 3 years: 6.5% a year against 5.8%.
- HDFC Medium to Long Term returned more over 1 year: 2.8% against 1.6%.
- HSBC Gilt costs less: 0.50% a year against 0.80% (Direct plans).
- HDFC Medium to Long Term swung less over 3 years: a standard deviation of 2.3% a year against 3.0%.
- HDFC Medium to Long Term fell less in its worst fall since 28-11-2022: −2.3% against −3.6%.
- HDFC Medium to Long Term is the larger fund: ₹813 Cr against ₹152 Cr.
- Their portfolios overlap 18.5%: 3 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 to Long Term Fund | HSBC Gilt Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HSBC Mutual Fund |
| Category | Medium to Long Duration | Gilt |
| AUM | ₹813 Cr (30-09-2026) | ₹152 Cr (30-09-2026) |
| NAV | ₹66.61 (Direct) | ₹76.84 (Direct) |
| Expense ratio (Direct) | 0.80% | 0.50% |
| Expense ratio (Regular) | 1.36% | 1.60% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL Medium to Long Duration Debt A-III Index | Nifty All Duration G-Sec Index |
| Launch date | 11-09-2000 | 29-03-2000 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Anupam Joshi, Gopal Agrawal | Shriram Ramanathan, Mohd Asif Rizwi |
| Exit load | NIL | NIL |
HDFC Medium to Long Term vs HSBC 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 Medium to Long Term Fund (Direct) | −0.76% | −1.26% | +1.76% | +2.78% | +6.53% | +5.56% | +5.65% |
| HSBC Gilt Fund (Direct) | −0.42% | −0.98% | +1.77% | +1.57% | +5.82% | -- | -- |
| Medium to Long Duration average | −0.59% | −0.88% | +1.83% | +2.86% | +6.52% | +5.71% | +6.19% |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | -- | -- |
Category average: the average of the 13 Medium to Long Duration funds and the 28 Gilt funds, same plan type.
HDFC Medium to Long Term vs HSBC Gilt: Year-wise Returns
| Year | HDFC Medium to Long TermHDFC Medium to Long Term | HSBC GiltHSBC Gilt |
|---|---|---|
| 2026to date | +1.99% | +1.08% |
| 2025 | +6.14% | +4.52% |
| 2024 | +9.33% | +9.53% |
| 2023 | +7.37% | +6.91% |
| 2022 | +2.46% | -- |
| 2021 | +3.22% | -- |
HDFC Medium to Long Term vs HSBC Gilt: 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 to Long Term Fund (Direct)
HSBC Gilt Fund (Direct)
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 to Long Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.0% | 7.7% |
| HSBC Gilt | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2% | 6.3% | 5.2% | 7.0% |
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 to Long Term vs HSBC 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Medium to Long TermHDFC Medium to Long Term Fund (Direct) | ₹4,80,000 | ₹5,34,487 | ₹54,487 | 5.3% |
| HSBC GiltHSBC Gilt Fund (Direct) | ₹4,80,000 | ₹5,24,713 | ₹44,713 | 4.4% |
HDFC Medium to Long TermHDFC Medium to Long Term Fund (Direct)
HSBC GiltHSBC 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 Medium to Long Term vs HSBC Gilt: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Medium to Long Term Fund (Direct) | HSBC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.78% | +1.57% |
| Standard deviation | 2.64% | 3.26% |
| Sharpe ratio | -0.94 | -1.13 |
| Sortino ratio | -1.28 | -1.52 |
| Maximum drawdown | −2.3% (23-10-2026) | −2.7% (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 Medium to Long Term Fund (Direct) | HSBC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.53% | +5.82% |
| Standard deviation | 2.27% | 3.02% |
| Sharpe ratio | 0.22 | -0.07 |
| Sortino ratio | 0.32 | -0.09 |
| Maximum drawdown | −2.3% (23-10-2026) | −3.6% (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 Medium to Long Term Fund (Direct) | HSBC Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.90% | +5.64% |
| Standard deviation | 3.38% | 2.80% |
| Sharpe ratio | 0.25 | -0.19 |
| Sortino ratio | 0.35 | -0.26 |
| Maximum drawdown | −10.6% (19-08-2013) | −3.6% (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 Medium to Long Term Fund (Direct)
HSBC Gilt Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Medium to Long Term Fund (Direct) | −2.3% | 14-08-2026 | 23-10-2026 | Not yet | -- | −2.1% |
| HSBC Gilt Fund (Direct) | −3.6% | 28-05-2025 | 02-04-2026 | 24-06-2026 | 3 months | −2.0% |
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 to Long Term Fund (Direct)
HSBC 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 Medium to Long Term Fund (Direct)
HSBC Gilt Fund (Direct)
HDFC Medium to Long Term vs HSBC Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Medium to Long Term Fund, September 2026; HSBC Gilt Fund, September 2026
Holdings in common
- Overlap
- 18.5%
- Held by both
- 3
- Only in HDFC Medium to Long Term
- 31
- Only in HSBC Gilt
- 6
| Security | % of HDFC Medium to Long Term | % of HSBC Gilt |
|---|---|---|
| 7.24% GOI MAT 180855 | 11.68% | 13.30% |
| 6.9% GOI MAT 150465 | 4.97% | 15.86% |
| 7.71% GOI MAT 180566 | 1.85% | 4.39% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.5% means 18.5% 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 to Long Term Fund
| Security | % of fund |
|---|---|
| REC Limited. | 6.11% |
| Small Industries Development Bank | 6.02% |
| 7.23% GOI MAT 150439 | 4.91% |
| HDB Financial Services Ltd. | 4.30% |
| Indian Railways Finance Corp. Ltd. | 4.28% |
Largest holdings only in HSBC Gilt Fund
| Security | % of fund |
|---|---|
| 364 Days Treasury Bill 10-Dec-2026 | 32.50% |
| 7.72% Maharashtra SDL - 23-Mar-2032 | 6.62% |
| 6.8% Tamil Nadu SDL - 02-Jul-2035 | 4.70% |
| 7.16% Karnataka SDL - 08-Jan-2030 | 3.32% |
| 7.59% Gujarat SDL - 27-Aug-2041 | 0.50% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Medium to Long Term | HSBC Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 94.3% | 81.3% |
| Cash and others | 5.7% | 18.7% |
HDFC Medium to Long Term vs HSBC Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Medium to Long Term Fund | HSBC Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 0.50% |
| Base expense ratio (Direct) | 0.68% | 0.41% |
| Total expense ratio (Regular) | 1.36% | 1.60% |
| Base expense ratio (Regular) | 1.17% | 1.34% |
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 to Long Term with
HDFC Medium to Long Term Fund vs HSBC Gilt Fund: Frequently Asked Questions
What is the difference between HDFC Medium to Long Term Fund and HSBC Gilt Fund?
HDFC Medium to Long Term Fund is a Medium to Long Duration fund, HSBC Gilt Fund is a Gilt fund, run by HDFC Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 18.5%. HDFC Medium to Long Term Fund charges 0.80% a year and HSBC Gilt Fund 0.50%.
Which has given higher returns, HDFC Medium to Long Term Fund or HSBC Gilt Fund?
Over 1 year: HDFC Medium to Long Term Fund +2.78%, HSBC Gilt Fund +1.57%. Over 3 years: HDFC Medium to Long Term Fund +6.53% a year, HSBC Gilt Fund +5.82% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Medium to Long Term Fund or HSBC Gilt Fund?
HSBC Gilt Fund charges less: 0.50% a year against 0.80%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Medium to Long Term Fund and HSBC Gilt Fund overlap?
18.5%. They hold 3 of the same securities, the largest shared ones being 7.24% GOI MAT 180855, 6.9% GOI MAT 150465, 7.71% GOI MAT 180566. From each fund's latest monthly portfolio.
Which is riskier, HDFC Medium to Long Term Fund or HSBC Gilt Fund?
On SEBI's riskometer, HDFC Medium to Long Term Fund is rated Moderate and HSBC Gilt Fund Moderate. Over 3 years, the standard deviation of daily returns was 2.27% and 3.02% a year.
Which is better for SIP, HDFC Medium to Long Term Fund or HSBC Gilt Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,97,691 in HDFC Medium to Long Term Fund (XIRR 4.6% a year) and ₹3,91,315 in HSBC Gilt Fund (XIRR 3.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Medium to Long Term Fund and HSBC Gilt Fund?
Yes. 18.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Medium to Long Term Fund and HSBC Gilt Fund?
HDFC Medium to Long Term Fund: Anupam Joshi, Gopal Agrawal. HSBC Gilt 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.