HDFC Small Cap Fund vs ITI Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Small Cap Fund and ITI Small Cap Fund are both Small Cap funds. In the 3 years to 30-10-2026, HDFC Small Cap Fund (Direct) returned 8.9% a year and ITI Small Cap Fund (Direct) returned 22.1% a year. HDFC Small Cap Fund charges 0.80% a year and ITI Small Cap Fund 0.84% (Direct plans). Their portfolios overlap 7.7%: they hold 7 of the same securities.
Which is better, HDFC Small Cap or ITI Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Small Cap returned more over 5 years: 17.2% a year against 13.1%.
- ITI Small Cap returned more over 3 years: 22.1% a year against 8.9%.
- HDFC Small Cap costs less: 0.80% a year against 0.84% (Direct plans).
- HDFC Small Cap swung less over 3 years: a standard deviation of 15.8% a year against 19.2%.
- HDFC Small Cap fell less in its worst fall since 19-02-2020: −39.0% against −39.9%.
- HDFC Small Cap is the larger fund: ₹40,801 Cr against ₹3,666 Cr.
- Their portfolios overlap 7.7%: 7 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 Small Cap Fund | ITI Small Cap Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | ITI Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹40,801 Cr (30-09-2026) | ₹3,666 Cr (30-09-2026) |
| NAV | ₹148.62 (Direct) | ₹36.08 (Direct) |
| Expense ratio (Direct) | 0.80% | 0.84% |
| Expense ratio (Regular) | 1.57% | 2.21% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 250 Smallcap TRI | Nifty Smallcap 250 TRI |
| Launch date | 03-04-2008 | 17-02-2020 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar | Dhimant Shah, Alok Ranjan |
| 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 of 0.50%, if redeemed within 3 months. |
HDFC Small Cap vs ITI Small Cap: 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 Small Cap Fund (Direct) | −4.90% | −7.14% | −1.36% | −9.85% | +8.90% | +13.07% | +16.39% |
| ITI Small Cap Fund (Direct) | −4.66% | −0.93% | +10.45% | +11.05% | +22.07% | +17.21% | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
HDFC Small Cap vs ITI Small Cap: Year-wise Returns
| Year | HDFCHDFC Small Cap | ITIITI Small Cap |
|---|---|---|
| 2026to date | −5.88% | +15.04% |
| 2025 | +0.25% | −2.54% |
| 2024 | +21.54% | +36.28% |
| 2023 | +46.17% | +54.63% |
| 2022 | +5.64% | −2.37% |
| 2021 | +66.49% | +34.93% |
HDFC Small Cap vs ITI Small Cap: Rolling Returns
Every holding period of both funds, against BSE 250 SmallCap Index TRI, the benchmark of HDFC Small Cap Fund
Rolling returns
Every 3-year holding period, 907 of them, one for each trading day from 20-02-2023 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
BSE 250 SmallCap Index TRI
to
Jun 2023Jan 2021
to
Jan 2024Sept 2021
to
Sept 2024Apr 2022
to
Apr 2025Dec 2022
to
Dec 2025Jul 2023
to
Jul 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 Small Cap | 0.0 | 0.0 | 2.2 | 8.6 | 12.5 | 22.4 | 54.4 | 27.5% | 25.9% | 8.3% | 49.7% | 80% |
| ITI Small Cap | 0.0 | 0.0 | 0.0 | 0.6 | 0.9 | 24.3 | 74.3 | 26.7% | 26.6% | 14.5% | 36.3% | 57% |
| BSE 250 SmallCap Index TRI | 0.0 | 0.0 | 0.1 | 4.7 | 24.3 | 23.4 | 47.5 | 25.5% | 24.3% | 9.9% | 45.1% | -- |
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 BSE 250 SmallCap Index 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 19-02-2020. Past returns do not promise future returns.
HDFC Small Cap vs ITI Small Cap: 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 03-02-2020 to 30-10-2026: 81 instalments, ₹8,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Small CapHDFC Small Cap Fund (Direct) | ₹8,10,000 | ₹14,47,606 | ₹6,37,606 | 17.0% |
| ITI Small CapITI Small Cap Fund (Direct) | ₹8,10,000 | ₹17,16,897 | ₹9,06,897 | 22.0% |
HDFC Small CapHDFC Small Cap Fund (Direct)
ITI Small CapITI Small Cap 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 Small Cap vs ITI Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.85% | +11.05% |
| Standard deviation | 15.23% | 18.41% |
| Sharpe ratio | -0.99 | 0.32 |
| Sortino ratio | -1.34 | 0.44 |
| Maximum drawdown | −18.0% (30-03-2026) | −15.2% (23-03-2026) |
| Beta | 0.81 | 0.98 |
| Alpha | −6.64% | +14.07% |
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 Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.90% | +22.07% |
| Standard deviation | 15.83% | 19.22% |
| Sharpe ratio | 0.18 | 0.83 |
| Sortino ratio | 0.24 | 1.12 |
| Maximum drawdown | −22.6% (03-03-2025) | −24.2% (03-03-2025) |
| Beta | 0.82 | 0.98 |
| Alpha | −1.13% | +9.83% |
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 Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.07% | +17.21% |
| Standard deviation | 15.91% | 18.13% |
| Sharpe ratio | 0.46 | 0.63 |
| Sortino ratio | 0.61 | 0.83 |
| Maximum drawdown | −22.6% (03-03-2025) | −29.2% (20-06-2022) |
| Beta | 0.84 | 0.94 |
| Alpha | +1.86% | +4.52% |
From daily NAVs, 29-10-2021 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.
| Measure | HDFC Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.07% | +21.13% |
| Standard deviation | 16.21% | 19.88% |
| Sharpe ratio | 0.70 | 0.80 |
| Sortino ratio | 0.92 | 1.04 |
| Maximum drawdown | −48.3% (24-03-2020) | −39.9% (24-03-2020) |
| Beta | 0.82 | 0.94 |
| Alpha | +5.62% | +1.86% |
From daily NAVs, 30-06-2014 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
BSE 250 SmallCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Small Cap Fund (Direct) | −39.0% | 20-02-2020 | 24-03-2020 | 12-11-2020 | 8 months | −10.4% |
| ITI Small Cap Fund (Direct) | −39.9% | 19-02-2020 | 24-03-2020 | 26-08-2020 | 5 months | −8.2% |
| BSE 250 SmallCap Index TRI | −42.3% | 20-02-2020 | 24-03-2020 | 15-09-2020 | 6 months | −11.5% |
From daily values since 19-02-2020, 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
BSE 250 SmallCap Index 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
BSE 250 SmallCap Index TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
BSE 250 SmallCap Index TRI
Against BSE 250 SmallCap Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Small Cap Fund (Direct) | 89% | 77% | 5.69% |
| ITI Small Cap Fund (Direct) | 93% | 81% | 6.78% |
From month-end values since 19-02-2020. 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 Small Cap vs ITI Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Small Cap Fund, September 2026; ITI Small Cap Fund, September 2026
Holdings in common
- Overlap
- 7.7%
- Held by both
- 7
- Only in HDFC Small Cap
- 78
- Only in ITI Small Cap
- 79
| Security | % of HDFC Small Cap | % of ITI Small Cap |
|---|---|---|
| Apar Industries Limited | 1.92% | 1.68% |
| Aster DM Quality Care Limited | 3.37% | 1.25% |
| Gabriel India Ltd. | 3.09% | 1.05% |
| The Federal Bank Ltd. | 1.61% | 1.04% |
| City Union Bank Ltd. | 1.48% | 0.95% |
| Krishna Institute Of Medical Sciences Limited | 2.04% | 0.90% |
| Home First Finance Company India Ltd | 1.76% | 0.79% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 7.7% means 7.7% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Firstsource Solutions Ltd. | 3.68% |
| eClerx Services Limited | 2.92% |
| Bank of Baroda | 2.65% |
| Indian Bank | 1.91% |
| PEARL GLOBAL INDUSTRIES LIMITED | 1.90% |
Largest holdings only in ITI Small Cap Fund
| Security | % of fund |
|---|---|
| Acutaas Chemicals Limited | 3.55% |
| Welspun Corp Limited | 2.89% |
| Laurus Labs Limited | 2.36% |
| VA Tech Wabag Limited | 1.98% |
| Karur Vysya Bank Limited | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Small Cap | ITI Small Cap |
|---|---|---|
| Equity | 90.1% | 94.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 9.9% | 5.3% |
Market cap of stocks
| Market cap | HDFC Small Cap | ITI Small Cap |
|---|---|---|
| Large Cap | 6.5% | 7.3% |
| Mid Cap | 9.2% | 20.1% |
| Small Cap | 74.1% | 62.5% |
| Not on AMFI's list | 0.3% | 4.9% |
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 Small Cap | ITI Small Cap |
|---|---|---|
| Pharmaceuticals & Biotechnology | 2.5% | 12.1% |
| Auto Components | 11.8% | 8.6% |
| Industrial Products | 3.9% | 9.8% |
| Banks | 8.8% | 7.8% |
| Commercial Services & Supplies | 8.3% | 1.7% |
| Healthcare Services | 8.2% | 2.1% |
| Electrical Equipment | 3.0% | 7.4% |
| Transport Services | 5.4% | 2.5% |
| Capital Markets | 1.0% | 4.8% |
| Consumer Durables | 4.4% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Small Cap vs ITI Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Small Cap Fund | ITI Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 0.84% |
| Base expense ratio (Direct) | 0.65% | 0.45% |
| Total expense ratio (Regular) | 1.57% | 2.21% |
| Base expense ratio (Regular) | 1.30% | 1.65% |
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 Small Cap with
HDFC Small Cap Fund vs ITI Small Cap Fund: Frequently Asked Questions
What is the difference between HDFC Small Cap Fund and ITI Small Cap Fund?
Both are Small Cap funds, run by HDFC Mutual Fund and ITI Mutual Fund. Their portfolios overlap 7.7%. HDFC Small Cap Fund charges 0.80% a year and ITI Small Cap Fund 0.84%.
Which has given higher returns, HDFC Small Cap Fund or ITI Small Cap Fund?
Over 1 year: HDFC Small Cap Fund −9.85%, ITI Small Cap Fund +11.05%. Over 3 years: HDFC Small Cap Fund +8.90% a year, ITI Small Cap Fund +22.07% a year. Over 5 years: HDFC Small Cap Fund +13.07% a year, ITI Small Cap Fund +17.21% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Small Cap Fund or ITI Small Cap Fund?
HDFC Small Cap Fund charges less: 0.80% a year against 0.84%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Small Cap Fund and ITI Small Cap Fund overlap?
7.7%. They hold 7 of the same securities, the largest shared ones being APARINDS, ASTERDM, GABRIEL. From each fund's latest monthly portfolio.
Which is riskier, HDFC Small Cap Fund or ITI Small Cap Fund?
On SEBI's riskometer, HDFC Small Cap Fund is rated Very High and ITI Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.83% and 19.22% a year.
Which is better for SIP, HDFC Small Cap Fund or ITI Small Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,87,811 in HDFC Small Cap Fund (XIRR 10.0% a year) and ₹10,19,021 in ITI Small Cap Fund (XIRR 20.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Small Cap Fund and ITI Small Cap Fund?
Yes. 7.7% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Small Cap Fund and ITI Small Cap Fund?
HDFC Small Cap Fund: Chirag Setalvad, Gopal Agrawal, Bhagyesh Kagalkar. ITI Small Cap Fund: Dhimant Shah, Alok Ranjan.
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.