HDFC Mid Cap Fund vs HSBC Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Mid Cap Fund and HSBC Midcap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, HDFC Mid Cap Fund (Direct) returned 15.6% a year and HSBC Midcap Fund (Direct) returned 21.6% a year. HDFC Mid Cap Fund charges 0.74% a year and HSBC Midcap Fund 1.11% (Direct plans). Their portfolios overlap 18.9%: they hold 15 of the same securities.
Which is better, HDFC Mid Cap or HSBC Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Midcap returned more over 3 years: 21.6% a year against 15.6%.
- HSBC Midcap returned more over 1 year: 9.6% against −3.0%.
- HDFC Mid Cap costs less: 0.74% a year against 1.11% (Direct plans).
- HDFC Mid Cap swung less over 3 years: a standard deviation of 14.8% a year against 18.7%.
- HDFC Mid Cap fell less in its worst fall since 28-11-2022: −16.8% against −26.0%.
- HDFC Mid Cap is the larger fund: ₹1,01,856 Cr against ₹16,800 Cr.
- Their portfolios overlap 18.9%: 15 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 Mid Cap Fund | HSBC Midcap Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HSBC Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹1,01,856 Cr (30-09-2026) | ₹16,800 Cr (30-09-2026) |
| NAV | ₹215.99 (Direct) | ₹502.29 (Direct) |
| Expense ratio (Direct) | 0.74% | 1.11% |
| Expense ratio (Regular) | 1.31% | 2.18% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 25-06-2007 | 09-08-2004 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh |
| 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. | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. |
HDFC Mid Cap vs HSBC Midcap: 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 Mid Cap Fund (Direct) | −2.08% | −7.20% | −0.80% | −2.96% | +15.64% | +17.09% | +16.31% |
| HSBC Midcap Fund (Direct) | −2.89% | −2.26% | +3.65% | +9.56% | +21.64% | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | -- | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
HDFC Mid Cap vs HSBC Midcap: Year-wise Returns
| Year | HDFC Mid CapHDFC Mid Cap | HSBC MidcapHSBC Midcap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | −3.90% | +9.89% | −4.97% |
| 2025 | +7.49% | −0.31% | +5.98% |
| 2024 | +29.47% | +41.24% | +24.46% |
| 2023 | +45.45% | +41.53% | +44.61% |
| 2022 | +13.09% | -- | +3.91% |
| 2021 | +40.88% | -- | +48.16% |
HDFC Mid Cap vs HSBC Midcap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 226 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 Mid Cap Fund (Direct)
HSBC Midcap Fund (Direct)
Nifty Midcap 150 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Mid Cap | 0.0 | 0.0 | 0.0 | 0.9 | 23.0 | 43.4 | 32.7 | 22.4% | 23.5% | 14.9% | 28.3% | 100% |
| HSBC Midcap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 34.1 | 65.9 | 25.7% | 26.0% | 20.2% | 29.3% | 100% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 11.9 | 22.6 | 63.3 | 2.2 | 20.8% | 21.9% | 12.7% | 26.0% | -- |
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. The benchmark is Nifty Midcap 150 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 28-11-2022. Past returns do not promise future returns.
HDFC Mid Cap vs HSBC Midcap: 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 Mid CapHDFC Mid Cap Fund (Direct) | ₹4,80,000 | ₹6,07,756 | ₹1,27,756 | 11.8% |
| HSBC MidcapHSBC Midcap Fund (Direct) | ₹4,80,000 | ₹6,84,074 | ₹2,04,074 | 18.0% |
HDFC Mid CapHDFC Mid Cap Fund (Direct)
HSBC MidcapHSBC Midcap 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 Mid Cap vs HSBC Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Mid Cap Fund (Direct) | HSBC Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.96% | +9.56% |
| Standard deviation | 14.21% | 17.41% |
| Sharpe ratio | -0.58 | 0.25 |
| Sortino ratio | -0.77 | 0.34 |
| Maximum drawdown | −12.6% (23-03-2026) | −13.1% (23-10-2026) |
| Beta | 0.83 | 0.97 |
| Alpha | −0.24% | +13.62% |
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 Mid Cap Fund (Direct) | HSBC Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.64% | +21.64% |
| Standard deviation | 14.78% | 18.73% |
| Sharpe ratio | 0.65 | 0.83 |
| Sortino ratio | 0.88 | 1.12 |
| Maximum drawdown | −16.8% (04-03-2025) | −26.0% (28-02-2025) |
| Beta | 0.84 | 1.04 |
| Alpha | +3.08% | +7.52% |
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 Mid Cap Fund (Direct) | HSBC Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +19.31% | +21.80% |
| Standard deviation | 15.40% | 17.02% |
| Sharpe ratio | 0.86 | 0.92 |
| Sortino ratio | 1.15 | 1.23 |
| Maximum drawdown | −39.5% (23-03-2020) | −26.0% (28-02-2025) |
| Beta | -- | 1.01 |
| Alpha | -- | +5.71% |
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 Mid Cap Fund (Direct)
HSBC Midcap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Mid Cap Fund (Direct) | −16.8% | 16-12-2024 | 04-03-2025 | 27-06-2025 | 4 months | −9.1% |
| HSBC Midcap Fund (Direct) | −26.0% | 17-12-2024 | 28-02-2025 | 20-04-2026 | 14 months | −9.5% |
| Nifty Midcap 150 TRI | −20.9% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.5% |
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 Mid Cap Fund (Direct)
HSBC Midcap Fund (Direct)
Nifty Midcap 150 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 Mid Cap Fund (Direct)
HSBC Midcap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Mid Cap Fund (Direct) | 93% | 76% | 4.24% |
| HSBC Midcap Fund (Direct) | 109% | 86% | 6.94% |
From month-end values since 28-11-2022. 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 Mid Cap vs HSBC Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Mid Cap Fund, September 2026; HSBC Midcap Fund, September 2026
Holdings in common
- Overlap
- 18.9%
- Held by both
- 15
- Only in HDFC Mid Cap
- 64
- Only in HSBC Midcap
- 50
| Security | % of HDFC Mid Cap | % of HSBC Midcap |
|---|---|---|
| The Federal Bank Ltd. | 3.98% | 3.90% |
| Au Small Finance Bank Ltd. | 3.94% | 2.34% |
| Coforge Limited | 2.68% | 2.28% |
| Mahindra & Mahindra Financial Services Ltd. | 2.11% | 2.03% |
| Ipca Laboratories Ltd. | 3.43% | 1.75% |
| Indian Bank | 2.92% | 1.44% |
| Bharat Forge Ltd. | 1.22% | 2.61% |
| PB Fintech Limited | 1.07% | 1.45% |
| Nippon Life India Asset Management Limited | 1.04% | 2.01% |
| Indusind Bank Ltd. | 1.04% | 1.64% |
| City Union Bank Ltd. | 0.74% | 1.66% |
| Max Financial Services Ltd. | 3.52% | 0.03% |
| Dixon Technologies (India) Ltd. | 0.66% | 0.02% |
| Persistent Systems Limited | 1.78% | 0.01% |
| Bharti Hexacom Limited | 0.19% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.9% means 18.9% 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 Mid Cap Fund
| Security | % of fund |
|---|---|
| Glenmark Pharmaceuticals Ltd. | 3.07% |
| Balkrishna Industries Ltd. | 2.98% |
| Fortis Healthcare Limited | 2.40% |
| Marico Ltd. | 2.37% |
| Vishal Mega Mart Limited | 2.24% |
Largest holdings only in HSBC Midcap Fund
| Security | % of fund |
|---|---|
| Lenskart Solutions Limited | 5.08% |
| Meesho Limited | 5.04% |
| Aditya Infotech Limited | 3.64% |
| Piramal Finance Ltd | 3.56% |
| FSN E-Commerce Ventures Limited | 3.38% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Mid Cap | HSBC Midcap |
|---|---|---|
| Equity | 91.7% | 99.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.3% | 0.8% |
Market cap of stocks
| Market cap | HDFC Mid Cap | HSBC Midcap |
|---|---|---|
| Large Cap | 10.4% | 4.7% |
| Mid Cap | 64.1% | 65.3% |
| Small Cap | 17.2% | 25.0% |
| Not on AMFI's list | 0.0% | 4.2% |
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 Mid Cap | HSBC Midcap |
|---|---|---|
| Electrical Equipment | 0.0% | 15.4% |
| Banks | 15.4% | 11.0% |
| Retailing | 3.6% | 13.5% |
| Pharmaceuticals & Biotechnology | 12.1% | 7.9% |
| Auto Components | 9.6% | 5.5% |
| Finance | 2.6% | 7.3% |
| IT - Software | 7.2% | 2.3% |
| Insurance | 5.5% | 0.0% |
| Industrial Products | 5.2% | 0.2% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Mid Cap vs HSBC Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Mid Cap Fund | HSBC Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.74% | 1.11% |
| Base expense ratio (Direct) | 0.60% | 0.54% |
| Total expense ratio (Regular) | 1.31% | 2.18% |
| Base expense ratio (Regular) | 1.09% | 1.44% |
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 Mid Cap with
HDFC Mid Cap Fund vs HSBC Midcap Fund: Frequently Asked Questions
What is the difference between HDFC Mid Cap Fund and HSBC Midcap Fund?
Both are Mid Cap funds, run by HDFC Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 18.9%. HDFC Mid Cap Fund charges 0.74% a year and HSBC Midcap Fund 1.11%.
Which has given higher returns, HDFC Mid Cap Fund or HSBC Midcap Fund?
Over 1 year: HDFC Mid Cap Fund −2.96%, HSBC Midcap Fund +9.56%. Over 3 years: HDFC Mid Cap Fund +15.64% a year, HSBC Midcap Fund +21.64% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Mid Cap Fund or HSBC Midcap Fund?
HDFC Mid Cap Fund charges less: 0.74% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Mid Cap Fund and HSBC Midcap Fund overlap?
18.9%. They hold 15 of the same securities, the largest shared ones being FEDERALBNK, AUBANK, COFORGE. From each fund's latest monthly portfolio.
Which is riskier, HDFC Mid Cap Fund or HSBC Midcap Fund?
On SEBI's riskometer, HDFC Mid Cap Fund is rated Very High and HSBC Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.78% and 18.73% a year.
Which is better for SIP, HDFC Mid Cap Fund or HSBC Midcap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,05,584 in HDFC Mid Cap Fund (XIRR 5.9% a year) and ₹4,52,824 in HSBC Midcap Fund (XIRR 13.2% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Mid Cap Fund and HSBC Midcap Fund?
Yes. 18.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Mid Cap Fund and HSBC Midcap Fund?
HDFC Mid Cap Fund: Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar. HSBC Midcap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh.
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.