HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Retirement Fund - Hybrid-Equity Plan is a Solution fund and Zerodha Nifty 50 Index Fund is an Index fund. In the year to 30-10-2026, HDFC Retirement Fund - Hybrid-Equity Plan (Direct) returned −8.3% and Zerodha Nifty 50 Index Fund (Direct) returned −10.3%. HDFC Retirement Fund - Hybrid-Equity Plan charges 1.12% a year and Zerodha Nifty 50 Index Fund 0.28% (Direct plans). Their portfolios overlap 41.2%: they hold 20 of the same securities.
HDFC Retirement Fund - Hybrid-Equity Plan
Solution
- 1 year return
- −8.3%
- Expense ratio
- 1.12%
- NAV
- ₹41.17
Zerodha Nifty 50 Index Fund
Index
- 1 year return
- −10.3%
- Expense ratio
- 0.28%
- NAV
- ₹9.24
Which is better, HDFC Retirement Fund - Hybrid-Equity Plan or Zerodha Nifty 50 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 Retirement Fund - Hybrid-Equity Plan returned more over 1 year: −8.3% against −10.3%.
- Zerodha Nifty 50 Index costs less: 0.28% a year against 1.12% (Direct plans).
- HDFC Retirement Fund - Hybrid-Equity Plan fell less in its worst fall since 17-10-2025: −12.1% against −15.2%.
- Zerodha Nifty 50 Index holds more in large companies: 99.2% of the fund in large caps against 44.8%.
- HDFC Retirement Fund - Hybrid-Equity Plan is the larger fund: ₹1,530 Cr against ₹75 Cr.
- Their portfolios overlap 41.2%: 20 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 Retirement Fund - Hybrid-Equity Plan | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Zerodha Mutual Fund |
| Category | Solution | Index |
| AUM | ₹1,530 Cr (30-09-2026) | ₹75 Cr (30-09-2026) |
| NAV | ₹41.17 (Direct) | ₹9.24 (Direct) |
| Expense ratio (Direct) | 1.12% | 0.28% |
| Expense ratio (Regular) | 2.14% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 50 Hybrid Composite Debt 65:35 Index (Total Returns Index) | Nifty 50 TRI |
| Launch date | 25-02-2016 | 14-10-2025 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | 5 years, or until retirement if earlier | None |
| Fund managers | Anupam Joshi, Arun Agarwal, Nandita Menezes, Chirag Setalvad, Gopal Agrawal | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 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 Retirement Fund - Hybrid-Equity Plan (Direct) | +0.09% | −4.73% | −2.46% | −8.32% | +7.29% | +8.64% | +12.00% |
| Zerodha Nifty 50 Index Fund (Direct) | +1.95% | −5.00% | −3.12% | −10.25% | -- | -- | -- |
HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index: Year-wise Returns
| Year | HDFC Retirement Fund - Hybrid-Equity PlanHDFC Retirement Fund - Hybrid-Equity Plan | Zerodha Nifty 50 IndexZerodha Nifty 50 Index |
|---|---|---|
| 2026to date | −8.74% | −11.01% |
| 2025 | +6.58% | -- |
| 2024 | +15.35% | -- |
| 2023 | +26.44% | -- |
| 2022 | +6.09% | -- |
| 2021 | +26.22% | -- |
HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of Zerodha Nifty 50 Index Fund
HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 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 01-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Retirement Fund - Hybrid-Equity PlanHDFC Retirement Fund - Hybrid-Equity Plan (Direct) | ₹1,30,000 | ₹1,24,264 | −₹5,736 | −7.6% |
| Zerodha Nifty 50 IndexZerodha Nifty 50 Index Fund (Direct) | ₹1,30,000 | ₹1,23,091 | −₹6,909 | −9.1% |
HDFC Retirement Fund - Hybrid-Equity PlanHDFC Retirement Fund - Hybrid-Equity Plan (Direct)
Zerodha Nifty 50 IndexZerodha Nifty 50 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 Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Retirement Fund - Hybrid-Equity Plan (Direct) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.32% | −10.25% |
| Standard deviation | 10.08% | 13.60% |
| Sharpe ratio | -1.35 | -1.14 |
| Sortino ratio | -1.76 | -1.52 |
| Maximum drawdown | −12.1% (30-03-2026) | −15.2% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.28% |
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 Retirement Fund - Hybrid-Equity Plan (Direct) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.17% | −9.31% |
| Standard deviation | 10.66% | 13.43% |
| Sharpe ratio | 0.82 | -1.08 |
| Sortino ratio | 1.10 | -1.45 |
| Maximum drawdown | −27.5% (23-03-2020) | −15.2% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.29% |
From daily NAVs, 26-02-2016 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 Retirement Fund - Hybrid-Equity Plan (Direct)
Zerodha Nifty 50 Index Fund (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Retirement Fund - Hybrid-Equity Plan (Direct) | −12.1% | 05-01-2026 | 30-03-2026 | Not yet | -- | −9.3% |
| Zerodha Nifty 50 Index Fund (Direct) | −15.2% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.7% |
| Nifty 50 TRI | −15.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.6% |
From daily values since 17-10-2025, 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 Retirement Fund - Hybrid-Equity Plan (Direct)
Zerodha Nifty 50 Index Fund (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Retirement Fund - Hybrid-Equity Plan (Direct) | 69% | 75% | 4.20% |
| Zerodha Nifty 50 Index Fund (Direct) | 99% | 100% | 0.15% |
From month-end values since 17-10-2025. 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 Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Retirement Fund - Hybrid-Equity Plan, September 2026; Zerodha Nifty 50 Index Fund, September 2026
Holdings in common
- Overlap
- 41.2%
- Held by both
- 20
- Only in HDFC Retirement Fund - Hybrid-Equity Plan
- 53
- Only in Zerodha Nifty 50 Index
- 30
| Security | % of HDFC Retirement Fund - Hybrid-Equity Plan | % of Zerodha Nifty 50 Index |
|---|---|---|
| ICICI Bank Ltd. | 6.05% | 9.10% |
| HDFC Bank Ltd. | 5.56% | 10.44% |
| Reliance Industries Ltd. | 3.49% | 7.63% |
| Axis Bank Ltd. | 3.21% | 3.39% |
| State Bank of India | 3.14% | 3.81% |
| Kotak Mahindra Bank Limited | 3.54% | 2.95% |
| Bharti Airtel Ltd. | 2.30% | 5.13% |
| Infosys Limited | 1.95% | 3.37% |
| Larsen and Toubro Ltd. | 1.84% | 4.23% |
| Maruti Suzuki India Limited | 2.35% | 1.49% |
| HCL Technologies Ltd. | 1.61% | 1.25% |
| ITC LIMITED | 1.20% | 2.43% |
| Sun Pharmaceutical Industries Ltd. | 1.19% | 1.85% |
| Power Grid Corporation of India Ltd. | 1.70% | 1.13% |
| Bajaj Auto Limited | 0.85% | 1.14% |
| Tata Steel Ltd. | 0.84% | 1.47% |
| NTPC Limited | 0.74% | 1.47% |
| SBI Life Insurance Company Ltd. | 1.11% | 0.73% |
| Cipla Ltd. | 0.88% | 0.73% |
| HDFC Life Insurance Company Limited | 0.68% | 0.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.2% means 41.2% 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 Retirement Fund - Hybrid-Equity Plan
| Security | % of fund |
|---|---|
| Bajaj Finance Ltd. | 4.46% |
| 7.26% GOI MAT 220832 | 1.98% |
| 6.1% GOI MAT 120731 | 1.96% |
| Dr. Lal Path Labs Ltd | 1.69% |
| 7.18% GOI MAT 140833 | 1.64% |
Largest holdings only in Zerodha Nifty 50 Index Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Limited | 2.53% |
| Bajaj Finance Limited | 2.52% |
| Eternal Limited | 2.23% |
| Tata Consultancy Services Limited | 2.01% |
| Titan Company Limited | 1.82% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Retirement Fund - Hybrid-Equity Plan | Zerodha Nifty 50 Index |
|---|---|---|
| Equity | 70.0% | 100.6% |
| Debt | 17.6% | 0.0% |
| Cash and others | 12.5% | -0.6% |
Market cap of stocks
| Market cap | HDFC Retirement Fund - Hybrid-Equity Plan | Zerodha Nifty 50 Index |
|---|---|---|
| Large Cap | 44.8% | 99.2% |
| Mid Cap | 6.4% | 1.4% |
| Small Cap | 18.7% | 0.0% |
| Not on AMFI's list | 0.1% | 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 Retirement Fund - Hybrid-Equity Plan | Zerodha Nifty 50 Index |
|---|---|---|
| Banks | 23.4% | 29.7% |
| Petroleum Products | 4.1% | 7.6% |
| IT - Software | 4.3% | 7.6% |
| Automobiles | 3.2% | 6.7% |
| Finance | 0.8% | 5.5% |
| Telecom - Services | 2.3% | 5.1% |
| Pharmaceuticals & Biotechnology | 4.6% | 3.3% |
| Insurance | 3.9% | 1.3% |
| Auto Components | 3.8% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Retirement Fund - Hybrid-Equity Plan | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.12% | 0.28% |
| Base expense ratio (Direct) | 0.92% | 0.10% |
| Total expense ratio (Regular) | 2.14% | Not available |
| Base expense ratio (Regular) | 1.81% | 0.00% |
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.
HDFC Retirement Fund - Hybrid-Equity Plan vs Zerodha Nifty 50 Index Fund: Frequently Asked Questions
What is the difference between HDFC Retirement Fund - Hybrid-Equity Plan and Zerodha Nifty 50 Index Fund?
HDFC Retirement Fund - Hybrid-Equity Plan is a Solution fund, Zerodha Nifty 50 Index Fund is an Index fund, run by HDFC Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 41.2%. HDFC Retirement Fund - Hybrid-Equity Plan charges 1.12% a year and Zerodha Nifty 50 Index Fund 0.28%.
Which has given higher returns, HDFC Retirement Fund - Hybrid-Equity Plan or Zerodha Nifty 50 Index Fund?
Over 1 year: HDFC Retirement Fund - Hybrid-Equity Plan −8.32%, Zerodha Nifty 50 Index Fund −10.25%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Retirement Fund - Hybrid-Equity Plan or Zerodha Nifty 50 Index Fund?
Zerodha Nifty 50 Index Fund charges less: 0.28% a year against 1.12%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Retirement Fund - Hybrid-Equity Plan and Zerodha Nifty 50 Index Fund overlap?
41.2%. They hold 20 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HDFC Retirement Fund - Hybrid-Equity Plan or Zerodha Nifty 50 Index Fund?
On SEBI's riskometer, HDFC Retirement Fund - Hybrid-Equity Plan is rated Very High and Zerodha Nifty 50 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 10.08% and 13.60% a year.
Can I invest in both HDFC Retirement Fund - Hybrid-Equity Plan and Zerodha Nifty 50 Index Fund?
Yes. 41.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Retirement Fund - Hybrid-Equity Plan and Zerodha Nifty 50 Index Fund?
HDFC Retirement Fund - Hybrid-Equity Plan: Anupam Joshi, Arun Agarwal, Nandita Menezes, Chirag Setalvad, Gopal Agrawal. Zerodha Nifty 50 Index Fund: Kedarnath Mirajkar.
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.