HDFC Multi Asset Allocation Fund vs HDFC NIFTY 100 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Multi Asset Allocation Fund is a Multi Asset fund and HDFC NIFTY 100 Index Fund is an Index fund. In the 3 years to 30-10-2026, HDFC Multi Asset Allocation Fund (Direct) returned 11.1% a year and HDFC NIFTY 100 Index Fund (Direct) returned 8.7% a year. HDFC Multi Asset Allocation Fund charges 1.01% a year and HDFC NIFTY 100 Index Fund 0.36% (Direct plans). Their portfolios overlap 49.1%: they hold 40 of the same securities.
HDFC Multi Asset Allocation Fund
Multi Asset
- 3 year return
- 11.1%
- Expense ratio
- 1.01%
- NAV
- ₹81.63
HDFC NIFTY 100 Index Fund
Index
- 3 year return
- 8.7%
- Expense ratio
- 0.36%
- NAV
- ₹14.33
Which is better, HDFC Multi Asset Allocation or HDFC NIFTY 100 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Multi Asset Allocation returned more over 3 years: 11.1% a year against 8.7%.
- HDFC Multi Asset Allocation returned more over 1 year: −2.3% against −9.0%.
- HDFC NIFTY 100 Index costs less: 0.36% a year against 1.01% (Direct plans).
- HDFC Multi Asset Allocation swung less over 3 years: a standard deviation of 7.6% a year against 13.6%.
- HDFC Multi Asset Allocation fell less in its worst fall since 23-02-2022: −8.9% against −17.3%.
- HDFC NIFTY 100 Index holds more in large companies: 98.0% of the fund in large caps against 56.0%.
- HDFC Multi Asset Allocation is the larger fund: ₹5,782 Cr against ₹457 Cr.
- Their portfolios overlap 49.1%: 40 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 Multi Asset Allocation Fund | HDFC NIFTY 100 Index Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Multi Asset | Index |
| AUM | ₹5,782 Cr (30-09-2026) | ₹457 Cr (30-09-2026) |
| NAV | ₹81.63 (Direct) | ₹14.33 (Direct) |
| Expense ratio (Direct) | 1.01% | 0.36% |
| Expense ratio (Regular) | 2.02% | 0.81% |
| Riskometer | Very High | Very High |
| Benchmark | 65% Nifty 50 TRI + 22.5% Nifty Composite Debt Index + 10% Domestic Price of Gold + 2.5% Domestic Price of Silver | Nifty 100 TRI |
| Launch date | 17-08-2005 | 23-02-2022 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal | Nandita Menezes, Arun Agarwal |
| Exit load | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 12 months. | NIL |
HDFC Multi Asset Allocation vs HDFC NIFTY 100 Index: 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 Multi Asset Allocation Fund (Direct) | −0.73% | −3.58% | −1.86% | −2.29% | +11.12% | +10.21% | +10.99% |
| HDFC NIFTY 100 Index Fund (Direct) | +1.01% | −5.39% | −3.12% | −9.00% | +8.65% | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 37 Multi Asset funds, same plan type.
HDFC Multi Asset Allocation vs HDFC NIFTY 100 Index: Year-wise Returns
| Year | Multi Asset AllocationHDFC Multi Asset Allocation | NIFTY 100 IndexHDFC NIFTY 100 Index |
|---|---|---|
| 2026to date | −3.74% | −9.57% |
| 2025 | +14.45% | +9.87% |
| 2024 | +14.82% | +12.39% |
| 2023 | +19.43% | +20.80% |
| 2022 | +5.77% | -- |
| 2021 | +19.65% | -- |
HDFC Multi Asset Allocation vs HDFC NIFTY 100 Index: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HDFC NIFTY 100 Index Fund
Rolling returns
Every 3-year holding period, 413 of them, one for each trading day from 24-02-2025 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 Multi Asset Allocation Fund (Direct)
HDFC NIFTY 100 Index Fund (Direct)
Nifty 100 TRI
to
Apr 2025Jul 2022
to
Jul 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Jun 2023
to
Jun 2026Sept 2023
to
Sept 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 Multi Asset Allocation | 0.0 | 0.0 | 0.0 | 45.5 | 54.5 | 0.0 | 0.0 | 14.9% | 15.2% | 10.7% | 18.1% | 90% |
| HDFC NIFTY 100 Index | 0.0 | 0.0 | 15.0 | 67.3 | 17.7 | 0.0 | 0.0 | 12.8% | 13.0% | 6.7% | 19.0% | 0% |
| Nifty 100 TRI | 0.0 | 0.0 | 11.1 | 65.1 | 23.7 | 0.0 | 0.0 | 13.2% | 13.5% | 7.1% | 19.6% | -- |
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 100 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 23-02-2022. Past returns do not promise future returns.
HDFC Multi Asset Allocation vs HDFC NIFTY 100 Index: 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 01-02-2022 to 30-10-2026: 57 instalments, ₹5,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct) | ₹5,70,000 | ₹7,07,894 | ₹1,37,894 | 9.1% |
| HDFC NIFTY 100 IndexHDFC NIFTY 100 Index Fund (Direct) | ₹5,70,000 | ₹6,47,968 | ₹77,968 | 5.4% |
HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct)
HDFC NIFTY 100 IndexHDFC NIFTY 100 Index 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 Multi Asset Allocation vs HDFC NIFTY 100 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Multi Asset Allocation Fund (Direct) | HDFC NIFTY 100 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.29% | −9.00% |
| Standard deviation | 9.51% | 13.87% |
| Sharpe ratio | -0.79 | -1.03 |
| Sortino ratio | -1.05 | -1.37 |
| Maximum drawdown | −8.9% (23-03-2026) | −15.0% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.33% |
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 Multi Asset Allocation Fund (Direct) | HDFC NIFTY 100 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.12% | +8.65% |
| Standard deviation | 7.64% | 13.63% |
| Sharpe ratio | 0.67 | 0.19 |
| Sortino ratio | 0.91 | 0.27 |
| Maximum drawdown | −8.9% (23-03-2026) | −17.3% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.42% |
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 Multi Asset Allocation Fund (Direct) | HDFC NIFTY 100 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.06% | +8.00% |
| Standard deviation | 7.94% | 13.63% |
| Sharpe ratio | 0.63 | 0.15 |
| Sortino ratio | 0.85 | 0.21 |
| Maximum drawdown | −27.1% (23-03-2020) | −17.3% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.44% |
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 Multi Asset Allocation Fund (Direct)
HDFC NIFTY 100 Index Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Multi Asset Allocation Fund (Direct) | −8.9% | 29-01-2026 | 23-03-2026 | Not yet | -- | −6.2% |
| HDFC NIFTY 100 Index Fund (Direct) | −17.3% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.7% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 23-02-2022, 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 Multi Asset Allocation Fund (Direct)
HDFC NIFTY 100 Index Fund (Direct)
Nifty 100 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 Multi Asset Allocation Fund (Direct)
HDFC NIFTY 100 Index Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Multi Asset Allocation Fund (Direct) | 63% | 31% | 7.64% |
| HDFC NIFTY 100 Index Fund (Direct) | 99% | 100% | 0.11% |
From month-end values since 23-02-2022. 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 Multi Asset Allocation vs HDFC NIFTY 100 Index: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Multi Asset Allocation Fund, September 2026; HDFC NIFTY 100 Index Fund, September 2026
Holdings in common
- Overlap
- 49.1%
- Held by both
- 40
- Only in HDFC Multi Asset Allocation
- 73
- Only in HDFC NIFTY 100 Index
- 60
| Security | % of HDFC Multi Asset Allocation | % of HDFC NIFTY 100 Index |
|---|---|---|
| HDFC Bank Ltd. | 6.86% | 8.42% |
| Reliance Industries Ltd. | 4.86% | 6.15% |
| ICICI Bank Ltd. | 4.74% | 7.35% |
| Bharti Airtel Ltd. | 2.89% | 4.14% |
| Axis Bank Ltd. | 2.54% | 2.73% |
| Kotak Mahindra Bank Limited | 2.60% | 2.38% |
| Sun Pharmaceutical Industries Ltd. | 1.72% | 1.49% |
| Infosys Limited | 1.29% | 2.72% |
| State Bank of India | 1.24% | 3.07% |
| Tata Consultancy Services Ltd. | 1.24% | 1.62% |
| Maruti Suzuki India Limited | 1.94% | 1.21% |
| NTPC Limited | 1.87% | 1.19% |
| Tata Steel Ltd. | 1.21% | 1.19% |
| Larsen and Toubro Ltd. | 1.17% | 3.41% |
| Hindustan Unilever Ltd. | 0.93% | 1.29% |
| Divis Laboratories Ltd. | 1.61% | 0.92% |
| Power Grid Corporation of India Ltd. | 1.02% | 0.91% |
| Eternal Limited | 0.89% | 1.80% |
| InterGlobe Aviation Ltd. | 1.29% | 0.87% |
| HCL Technologies Ltd. | 0.85% | 1.00% |
| Bajaj Finserv Ltd. | 1.07% | 0.78% |
| Oil & Natural Gas Corporation Ltd. | 0.98% | 0.68% |
| ITC LIMITED | 0.68% | 1.96% |
| Bajaj Auto Limited | 0.66% | 0.92% |
| Apollo Hospitals Enterprise Ltd. | 0.66% | 0.65% |
| Eicher Motors Ltd. | 0.65% | 0.76% |
| SBI Life Insurance Company Ltd. | 0.88% | 0.59% |
| Cipla Ltd. | 0.54% | 0.59% |
| Tech Mahindra Ltd. | 0.53% | 0.75% |
| Tata Motors Limited | 0.51% | 0.68% |
| Bharat Petroleum Corporation Ltd. | 0.52% | 0.47% |
| HDFC Life Insurance Company Limited | 1.01% | 0.43% |
| Bajaj Finance Ltd. | 0.43% | 2.03% |
| Jindal Steel Limited. | 0.39% | 0.33% |
| Hindalco Industries Ltd. | 0.33% | 1.06% |
| Titan Company Ltd. | 0.27% | 1.47% |
| Godrej Consumer Products Ltd. | 0.95% | 0.26% |
| Mahindra & Mahindra Ltd. | 0.25% | 2.04% |
| Hyundai Motor India Limited | 0.87% | 0.22% |
| Ambuja Cements Ltd. | 0.40% | 0.18% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.1% means 49.1% 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 Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HDFC Gold Exchange Traded Fund | 11.71% |
| HDFC Silver ETF | 1.81% |
| Muthoot Finance Ltd. | 1.29% |
| 7.18% GOI MAT 140833 | 1.20% |
| ICICI Lombard General Insurance Co | 1.15% |
Largest holdings only in HDFC NIFTY 100 Index Fund
| Security | % of fund |
|---|---|
| Adani Ports & Special Economic Zone | 1.09% |
| Bharat Electronics Ltd. | 1.08% |
| Shriram Finance Ltd. | 1.07% |
| UltraTech Cement Limited | 1.01% |
| Bombay Stock Exchange Limited (BSE) | 0.97% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Multi Asset Allocation | HDFC NIFTY 100 Index |
|---|---|---|
| Equity | 69.1% | 100.1% |
| Debt | 11.2% | 0.0% |
| Cash and others | 19.7% | -0.1% |
Market cap of stocks
| Market cap | HDFC Multi Asset Allocation | HDFC NIFTY 100 Index |
|---|---|---|
| Large Cap | 56.0% | 98.0% |
| Mid Cap | 5.3% | 2.0% |
| Small Cap | 7.8% | 0.0% |
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 Multi Asset Allocation | HDFC NIFTY 100 Index |
|---|---|---|
| Banks | 18.0% | 25.1% |
| Petroleum Products | 5.4% | 7.0% |
| IT - Software | 4.1% | 6.7% |
| Automobiles | 5.3% | 6.4% |
| Finance | 2.3% | 6.2% |
| Pharmaceuticals & Biotechnology | 4.6% | 4.3% |
| Telecom - Services | 3.5% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Multi Asset Allocation vs HDFC NIFTY 100 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Multi Asset Allocation Fund | HDFC NIFTY 100 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.01% | 0.36% |
| Base expense ratio (Direct) | 0.73% | 0.25% |
| Total expense ratio (Regular) | 2.02% | 0.81% |
| Base expense ratio (Regular) | 1.58% | 0.64% |
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
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HDFC Multi Asset Allocation Fund vs HDFC NIFTY 100 Index Fund: Frequently Asked Questions
What is the difference between HDFC Multi Asset Allocation Fund and HDFC NIFTY 100 Index Fund?
HDFC Multi Asset Allocation Fund is a Multi Asset fund, HDFC NIFTY 100 Index Fund is an Index fund, run by HDFC Mutual Fund. Their portfolios overlap 49.1%. HDFC Multi Asset Allocation Fund charges 1.01% a year and HDFC NIFTY 100 Index Fund 0.36%.
Which has given higher returns, HDFC Multi Asset Allocation Fund or HDFC NIFTY 100 Index Fund?
Over 1 year: HDFC Multi Asset Allocation Fund −2.29%, HDFC NIFTY 100 Index Fund −9.00%. Over 3 years: HDFC Multi Asset Allocation Fund +11.12% a year, HDFC NIFTY 100 Index Fund +8.65% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Multi Asset Allocation Fund or HDFC NIFTY 100 Index Fund?
HDFC NIFTY 100 Index Fund charges less: 0.36% a year against 1.01%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Multi Asset Allocation Fund and HDFC NIFTY 100 Index Fund overlap?
49.1%. They hold 40 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Multi Asset Allocation Fund or HDFC NIFTY 100 Index Fund?
On SEBI's riskometer, HDFC Multi Asset Allocation Fund is rated Very High and HDFC NIFTY 100 Index Fund Very High. Over 3 years, the standard deviation of daily returns was 7.64% and 13.63% a year.
Which is better for SIP, HDFC Multi Asset Allocation Fund or HDFC NIFTY 100 Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,01,856 in HDFC Multi Asset Allocation Fund (XIRR 5.3% a year) and ₹3,71,127 in HDFC NIFTY 100 Index Fund (XIRR 0.2% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Multi Asset Allocation Fund and HDFC NIFTY 100 Index Fund?
Yes. 49.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Multi Asset Allocation Fund and HDFC NIFTY 100 Index Fund?
HDFC Multi Asset Allocation Fund: Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal. HDFC NIFTY 100 Index Fund: Nandita Menezes, Arun Agarwal.
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.