HDFC Multi Cap Fund vs HDFC Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Multi Cap Fund is a Multi Cap fund and HDFC Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, HDFC Multi Cap Fund (Direct) returned 10.3% a year and HDFC Value Fund (Direct) returned 15.1% a year. HDFC Multi Cap Fund charges 0.96% a year and HDFC Value Fund 1.11% (Direct plans). Their portfolios overlap 49.0%: they hold 46 of the same securities.
Which is better, HDFC Multi Cap or HDFC Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Value returned more over 3 years: 15.1% a year against 10.3%.
- HDFC Value returned more over 1 year: −1.5% against −9.6%.
- HDFC Multi Cap costs less: 0.96% a year against 1.11% (Direct plans).
- HDFC Value swung less over 3 years: a standard deviation of 13.7% a year against 14.7%.
- HDFC Value fell less in its worst fall since 10-12-2021: −18.4% against −20.2%.
- HDFC Value holds more in large companies: 56.6% of the fund in large caps against 43.2%.
- HDFC Multi Cap is the larger fund: ₹19,490 Cr against ₹8,039 Cr.
- Their portfolios overlap 49.0%: 46 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 Cap Fund | HDFC Value Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Multi Cap | Value and Contra |
| AUM | ₹19,490 Cr (30-09-2026) | ₹8,039 Cr (30-09-2026) |
| NAV | ₹18.50 (Direct) | ₹848.85 (Direct) |
| Expense ratio (Direct) | 0.96% | 1.11% |
| Expense ratio (Regular) | 1.79% | 1.88% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 10-12-2021 | 01-02-1994 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar | Anand Laddha, Gopal Agrawal, Bhagyesh Kagalkar |
| Exit load | In respect of each purchase/switch in of units, an Exit load of 1% 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.No Entry / Exit Load shall be levied on bonus units and Units allotted on Reinvestment of Income Distribution cum Capital Withdrawal. | In respect of each purchase / switch-in of units, an Exit Load of 0.25% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment. |
HDFC Multi Cap vs HDFC Value: 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 Cap Fund (Direct) | −2.40% | −6.98% | −3.36% | −9.57% | +10.26% | -- | -- |
| HDFC Value Fund (Direct) | −1.58% | −4.12% | +1.58% | −1.48% | +15.13% | +12.33% | +13.72% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 33 Multi Cap funds and the 30 Value and Contra funds, same plan type.
HDFC Multi Cap vs HDFC Value: Year-wise Returns
| Year | Multi CapHDFC Multi Cap | ValueHDFC Value |
|---|---|---|
| 2026to date | −8.15% | −1.84% |
| 2025 | +3.34% | +9.51% |
| 2024 | +22.21% | +21.73% |
| 2023 | +41.93% | +30.73% |
| 2022 | +11.30% | +4.58% |
| 2021 | -- | +36.87% |
HDFC Multi Cap vs HDFC Value: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of HDFC Multi Cap Fund
Rolling returns
Every 3-year holding period, 466 of them, one for each trading day from 10-12-2024 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 Cap Fund (Direct)
HDFC Value Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Feb 2025May 2022
to
May 2025Sept 2022
to
Sept 2025Jan 2023
to
Jan 2026May 2023
to
May 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 Cap | 0.0 | 0.0 | 1.3 | 15.5 | 20.0 | 48.5 | 14.8 | 20.3% | 21.1% | 9.4% | 30.0% | 81% |
| HDFC Value | 0.0 | 0.0 | 0.0 | 4.5 | 57.7 | 34.5 | 3.2 | 19.2% | 19.2% | 14.0% | 26.8% | 100% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 19.5 | 66.3 | 13.1 | 1.1 | 17.5% | 17.6% | 10.1% | 25.5% | -- |
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 Nifty500 Multicap 50:25:25 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 10-12-2021. Past returns do not promise future returns.
HDFC Multi Cap vs HDFC Value: 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 10-12-2021 to 30-10-2026: 59 instalments, ₹5,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Multi CapHDFC Multi Cap Fund (Direct) | ₹5,90,000 | ₹7,46,953 | ₹1,56,953 | 9.6% |
| HDFC ValueHDFC Value Fund (Direct) | ₹5,90,000 | ₹7,95,816 | ₹2,05,816 | 12.2% |
HDFC Multi CapHDFC Multi Cap Fund (Direct)
HDFC ValueHDFC Value 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 Cap vs HDFC Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Multi Cap Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.57% | −1.48% |
| Standard deviation | 14.37% | 14.15% |
| Sharpe ratio | -1.03 | -0.48 |
| Sortino ratio | -1.37 | -0.65 |
| Maximum drawdown | −15.0% (30-03-2026) | −13.8% (31-03-2026) |
| Beta | 0.95 | 0.97 |
| Alpha | −4.13% | +5.47% |
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 Cap Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.26% | +15.13% |
| Standard deviation | 14.74% | 13.73% |
| Sharpe ratio | 0.29 | 0.66 |
| Sortino ratio | 0.39 | 0.91 |
| Maximum drawdown | −20.2% (03-03-2025) | −18.2% (28-02-2025) |
| Beta | 0.97 | 0.95 |
| Alpha | −0.84% | +5.13% |
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 Cap Fund (Direct) | HDFC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.36% | +15.36% |
| Standard deviation | 14.40% | 15.62% |
| Sharpe ratio | 0.52 | 0.60 |
| Sortino ratio | 0.70 | 0.80 |
| Maximum drawdown | −20.2% (03-03-2025) | −43.9% (23-03-2020) |
| Beta | 0.95 | 0.96 |
| Alpha | +3.23% | +2.76% |
From daily NAVs, 10-12-2021 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.
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 Cap Fund (Direct)
HDFC Value Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Multi Cap Fund (Direct) | −20.2% | 27-09-2024 | 03-03-2025 | Not yet | -- | −11.4% |
| HDFC Value Fund (Direct) | −18.4% | 17-01-2022 | 20-06-2022 | 01-11-2022 | 4 months | −6.2% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 10-12-2021, 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 Cap Fund (Direct)
HDFC Value Fund (Direct)
Nifty500 Multicap 50:25:25 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 Cap Fund (Direct)
HDFC Value Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Multi Cap Fund (Direct) | 100% | 86% | 2.74% |
| HDFC Value Fund (Direct) | 98% | 86% | 3.53% |
From month-end values since 10-12-2021. 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 Cap vs HDFC Value: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Multi Cap Fund, September 2026; HDFC Value Fund, September 2026
Holdings in common
- Overlap
- 49.0%
- Held by both
- 46
- Only in HDFC Multi Cap
- 75
- Only in HDFC Value
- 34
| Security | % of HDFC Multi Cap | % of HDFC Value |
|---|---|---|
| HDFC Bank Ltd. | 3.93% | 4.56% |
| ICICI Bank Ltd. | 3.66% | 6.17% |
| Axis Bank Ltd. | 2.44% | 3.20% |
| Bharti Airtel Ltd. | 2.13% | 2.84% |
| Reliance Industries Ltd. | 2.41% | 1.85% |
| State Bank of India | 1.77% | 3.16% |
| Eternal Limited | 2.13% | 1.75% |
| NTPC Limited | 1.72% | 2.01% |
| PNB Housing Finance Ltd. | 1.38% | 1.33% |
| Sona Blw Precision Forgings | 1.26% | 1.34% |
| Britannia Industries Ltd. | 2.05% | 1.14% |
| Maruti Suzuki India Limited | 1.12% | 1.61% |
| Five-Star Business Finance Limited | 1.11% | 1.43% |
| HCL Technologies Ltd. | 1.08% | 1.38% |
| Au Small Finance Bank Ltd. | 1.01% | 2.19% |
| Bharat Electronics Ltd. | 1.00% | 1.93% |
| Tata Capital Ltd. | 0.98% | 1.31% |
| Prestige Estates Projects Ltd. | 0.95% | 1.46% |
| Tata Communications Limited | 1.15% | 0.94% |
| Hindustan Unilever Ltd. | 1.02% | 0.94% |
| InterGlobe Aviation Ltd. | 1.05% | 0.93% |
| Larsen and Toubro Ltd. | 0.92% | 2.46% |
| Alkem Laboratories Ltd. | 1.19% | 0.90% |
| Divis Laboratories Ltd. | 0.90% | 1.62% |
| UltraTech Cement Limited | 0.90% | 0.96% |
| Max Healthcare Institute Limited | 0.95% | 0.85% |
| Infosys Limited | 0.82% | 1.98% |
| Lupin Ltd. | 0.81% | 1.20% |
| Global Health Limited | 0.79% | 1.46% |
| ACME Solar Holdings Limited | 0.79% | 1.64% |
| Chalet Hotels Ltd. | 0.84% | 0.74% |
| Tube Investments of India Ltd. | 0.74% | 0.84% |
| Max Financial Services Ltd. | 0.70% | 0.95% |
| HDFC Life Insurance Company Limited | 0.67% | 0.97% |
| Eicher Motors Ltd. | 0.66% | 1.33% |
| Balkrishna Industries Ltd. | 1.07% | 0.65% |
| 360 ONE WAM LIMITED | 0.61% | 0.90% |
| MphasiS Limited. | 0.87% | 0.54% |
| Multi Commodity Exchange of India L | 0.51% | 1.02% |
| Apar Industries Limited | 0.42% | 1.34% |
| Godrej Consumer Products Ltd. | 0.40% | 0.97% |
| Hindustan Petroleum Corp. Ltd. | 0.38% | 0.64% |
| Jubilant Ingrevia Limited | 0.37% | 0.81% |
| Rubicon Research Limited | 0.37% | 0.45% |
| Zensar Technologies Ltd. | 0.32% | 0.48% |
| Cummins India Ltd. | 0.24% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.0% means 49.0% 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 Cap Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 1.92% |
| ICICI Lombard General Insurance Co | 1.45% |
| Mahindra & Mahindra Ltd. | 1.32% |
| Tata Steel Ltd. | 1.09% |
| Coforge Limited | 1.08% |
Largest holdings only in HDFC Value Fund
| Security | % of fund |
|---|---|
| Sun Pharmaceutical Industries Ltd. | 2.20% |
| SBI Life Insurance Company Ltd. | 1.85% |
| Bosch Limited | 1.70% |
| Tech Mahindra Ltd. | 1.61% |
| STERLITE TECHNOLOGIES LIMITED | 1.58% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Multi Cap | HDFC Value |
|---|---|---|
| Equity | 97.9% | 98.5% |
| Debt | 0.3% | 0.0% |
| Cash and others | 1.8% | 1.5% |
Market cap of stocks
| Market cap | HDFC Multi Cap | HDFC Value |
|---|---|---|
| Large Cap | 43.2% | 56.6% |
| Mid Cap | 26.3% | 22.7% |
| Small Cap | 27.0% | 18.2% |
| Not on AMFI's list | 1.4% | 1.0% |
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 Cap | HDFC Value |
|---|---|---|
| Banks | 15.5% | 21.9% |
| Finance | 6.9% | 5.7% |
| Pharmaceuticals & Biotechnology | 6.2% | 6.9% |
| Auto Components | 6.1% | 4.7% |
| IT - Software | 5.3% | 6.0% |
| Automobiles | 3.4% | 5.0% |
| Leisure Services | 4.6% | 0.7% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Multi Cap vs HDFC Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Multi Cap Fund | HDFC Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.96% | 1.11% |
| Base expense ratio (Direct) | 0.71% | 0.87% |
| Total expense ratio (Regular) | 1.79% | 1.88% |
| Base expense ratio (Regular) | 1.42% | 1.53% |
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 Multi Cap with
HDFC Multi Cap Fund vs HDFC Value Fund: Frequently Asked Questions
What is the difference between HDFC Multi Cap Fund and HDFC Value Fund?
HDFC Multi Cap Fund is a Multi Cap fund, HDFC Value Fund is a Value and Contra fund, run by HDFC Mutual Fund. Their portfolios overlap 49.0%. HDFC Multi Cap Fund charges 0.96% a year and HDFC Value Fund 1.11%.
Which has given higher returns, HDFC Multi Cap Fund or HDFC Value Fund?
Over 1 year: HDFC Multi Cap Fund −9.57%, HDFC Value Fund −1.48%. Over 3 years: HDFC Multi Cap Fund +10.26% a year, HDFC Value Fund +15.13% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Multi Cap Fund or HDFC Value Fund?
HDFC Multi Cap Fund charges less: 0.96% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Multi Cap Fund and HDFC Value Fund overlap?
49.0%. They hold 46 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, HDFC Multi Cap Fund or HDFC Value Fund?
On SEBI's riskometer, HDFC Multi Cap Fund is rated Very High and HDFC Value Fund Very High. Over 3 years, the standard deviation of daily returns was 14.74% and 13.73% a year.
Which is better for SIP, HDFC Multi Cap Fund or HDFC Value Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,72,503 in HDFC Multi Cap Fund (XIRR 0.4% a year) and ₹4,08,691 in HDFC Value Fund (XIRR 6.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Multi Cap Fund and HDFC Value Fund?
Yes. 49.0% 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 Cap Fund and HDFC Value Fund?
HDFC Multi Cap Fund: Amar Kalkundrikar, Gopal Agrawal, Bhagyesh Kagalkar. HDFC Value Fund: Anand Laddha, Gopal Agrawal, Bhagyesh Kagalkar.
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.