HSBC Aggressive Hybrid Fund vs HSBC Business Cycles Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Aggressive Hybrid Fund is an Aggressive Hybrid fund and HSBC Business Cycles Fund is a Thematic fund. In the 3 years to 30-10-2026, HSBC Aggressive Hybrid Fund (Direct) returned 12.8% a year and HSBC Business Cycles Fund (Direct) returned 14.8% a year. HSBC Aggressive Hybrid Fund charges 0.98% a year and HSBC Business Cycles Fund 1.15% (Direct plans). Their portfolios overlap 41.3%: they hold 37 of the same securities.
HSBC Aggressive Hybrid Fund
Aggressive Hybrid
- 3 year return
- 12.8%
- Expense ratio
- 0.98%
- NAV
- ₹65.67
HSBC Business Cycles Fund
Thematic
- 3 year return
- 14.8%
- Expense ratio
- 1.15%
- NAV
- ₹45.39
Which is better, HSBC Aggressive Hybrid or HSBC Business Cycles? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Business Cycles returned more over 3 years: 14.8% a year against 12.8%.
- HSBC Aggressive Hybrid returned more over 1 year: 0.1% against −4.8%.
- HSBC Aggressive Hybrid costs less: 0.98% a year against 1.15% (Direct plans).
- HSBC Aggressive Hybrid swung less over 3 years: a standard deviation of 13.5% a year against 18.2%.
- HSBC Aggressive Hybrid fell less in its worst fall since 28-11-2022: −19.6% against −23.4%.
- HSBC Aggressive Hybrid is the larger fund: ₹5,652 Cr against ₹1,179 Cr.
- Their portfolios overlap 41.3%: 37 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 | HSBC Aggressive Hybrid Fund | HSBC Business Cycles Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Aggressive Hybrid | Thematic |
| AUM | ₹5,652 Cr (30-09-2026) | ₹1,179 Cr (30-09-2026) |
| NAV | ₹65.67 (Direct) | ₹45.39 (Direct) |
| Expense ratio (Direct) | 0.98% | 1.15% |
| Expense ratio (Regular) | 1.99% | 2.36% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 50 Hybrid Composite Debt 65:35 Index | Nifty 500 TRI |
| Launch date | 07-02-2011 | 20-08-2014 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Gautam Bhupal, Shriram Ramanathan, Mohd. Asif Rizwi, Mayank Chaturvedi, Dipan S. Parikh | Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh |
| Exit load | Exit load of 1% if units in excess of 10% are redeemed or switched-out within 1 year | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
HSBC Aggressive Hybrid vs HSBC Business Cycles: 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 |
|---|---|---|---|---|---|---|---|
| HSBC Aggressive Hybrid Fund (Direct) | −2.00% | −1.75% | +3.01% | +0.09% | +12.82% | -- | -- |
| HSBC Business Cycles Fund (Direct) | −4.91% | −4.16% | −2.14% | −4.83% | +14.78% | -- | -- |
| Aggressive Hybrid average | −0.88% | −3.67% | −0.27% | −3.33% | +10.77% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 29 Aggressive Hybrid funds and the 235 Thematic funds, same plan type.
HSBC Aggressive Hybrid vs HSBC Business Cycles: Year-wise Returns
| Year | Aggressive HybridHSBC Aggressive Hybrid | Business CyclesHSBC Business Cycles |
|---|---|---|
| 2026to date | +1.78% | −2.27% |
| 2025 | +2.49% | −1.62% |
| 2024 | +23.98% | +37.79% |
| 2023 | +25.59% | +32.74% |
HSBC Aggressive Hybrid vs HSBC Business Cycles: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HSBC Business Cycles Fund
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.
HSBC Aggressive Hybrid Fund (Direct)
HSBC Business Cycles Fund (Direct)
Nifty 500 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Aggressive Hybrid | 0.0 | 0.0 | 0.0 | 49.6 | 50.4 | 0.0 | 0.0 | 15.1% | 15.0% | 11.5% | 17.8% | 85% |
| HSBC Business Cycles | 0.0 | 0.0 | 0.0 | 2.2 | 68.1 | 29.6 | 0.0 | 18.4% | 18.1% | 13.9% | 23.1% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 8.4 | 48.7 | 42.9 | 0.0 | 0.0 | 14.1% | 14.1% | 8.8% | 18.1% | -- |
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 Nifty 500 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.
HSBC Aggressive Hybrid vs HSBC Business Cycles: 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Aggressive HybridHSBC Aggressive Hybrid Fund (Direct) | ₹4,80,000 | ₹5,81,587 | ₹1,01,587 | 9.6% |
| HSBC Business CyclesHSBC Business Cycles Fund (Direct) | ₹4,80,000 | ₹5,75,761 | ₹95,761 | 9.1% |
HSBC Aggressive HybridHSBC Aggressive Hybrid Fund (Direct)
HSBC Business CyclesHSBC Business Cycles 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.
HSBC Aggressive Hybrid vs HSBC Business Cycles: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Aggressive Hybrid Fund (Direct) | HSBC Business Cycles Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.09% | −4.83% |
| Standard deviation | 12.48% | 18.00% |
| Sharpe ratio | -0.41 | -0.56 |
| Sortino ratio | -0.56 | -0.76 |
| Maximum drawdown | −10.7% (23-03-2026) | −16.9% (31-03-2026) |
| Beta | -- | 1.17 |
| Alpha | -- | +4.65% |
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 | HSBC Aggressive Hybrid Fund (Direct) | HSBC Business Cycles Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.82% | +14.78% |
| Standard deviation | 13.55% | 18.20% |
| Sharpe ratio | 0.50 | 0.48 |
| Sortino ratio | 0.67 | 0.65 |
| Maximum drawdown | −19.6% (28-02-2025) | −23.4% (03-03-2025) |
| Beta | -- | 1.19 |
| Alpha | -- | +3.76% |
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 | HSBC Aggressive Hybrid Fund (Direct) | HSBC Business Cycles Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.67% | +14.81% |
| Standard deviation | 12.44% | 16.72% |
| Sharpe ratio | 0.52 | 0.52 |
| Sortino ratio | 0.70 | 0.70 |
| Maximum drawdown | −19.6% (28-02-2025) | −23.4% (03-03-2025) |
| Beta | -- | 1.16 |
| Alpha | -- | +4.49% |
From daily NAVs, 28-11-2022 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.
HSBC Aggressive Hybrid Fund (Direct)
HSBC Business Cycles Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Aggressive Hybrid Fund (Direct) | −19.6% | 16-12-2024 | 28-02-2025 | 17-09-2025 | 7 months | −5.6% |
| HSBC Business Cycles Fund (Direct) | −23.4% | 11-12-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.0% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
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.
HSBC Aggressive Hybrid Fund (Direct)
HSBC Business Cycles Fund (Direct)
Nifty 500 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.
HSBC Aggressive Hybrid Fund (Direct)
HSBC Business Cycles Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Aggressive Hybrid Fund (Direct) | 94% | 72% | 6.01% |
| HSBC Business Cycles Fund (Direct) | 130% | 114% | 8.48% |
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.
HSBC Aggressive Hybrid vs HSBC Business Cycles: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Aggressive Hybrid Fund, September 2026; HSBC Business Cycles Fund, September 2026
Holdings in common
- Overlap
- 41.3%
- Held by both
- 37
- Only in HSBC Aggressive Hybrid
- 60
- Only in HSBC Business Cycles
- 33
| Security | % of HSBC Aggressive Hybrid | % of HSBC Business Cycles |
|---|---|---|
| ICICI Bank Limited | 4.40% | 5.33% |
| HDFC Bank Limited | 3.16% | 2.97% |
| InterGlobe Aviation Limited | 2.16% | 3.38% |
| GE Vernova T&D India Limited | 3.49% | 2.10% |
| Bharat Electronics Limited | 1.93% | 2.22% |
| ICICI Prudential AMC Ltd | 1.80% | 2.26% |
| Eternal Limited | 2.69% | 1.74% |
| Dhoot Transmission Limited | 1.43% | 1.45% |
| Motilal Oswal Financial Services Limited | 1.43% | 1.69% |
| RBL Bank Limited | 1.29% | 2.43% |
| Multi Commodity Exchange of India Ltd. | 1.29% | 1.85% |
| FSN E-Commerce Ventures Limited | 1.30% | 1.14% |
| Hindustan Aeronautics Limited | 1.13% | 2.53% |
| Billionbrains Garage Ventures Ltd. | 1.68% | 1.10% |
| Nippon Life India Asset Management Ltd | 1.41% | 1.09% |
| Sterlite Technologies Limited | 1.07% | 1.42% |
| BLUE STAR LTD | 1.04% | 1.13% |
| Maruti Suzuki India Limited | 1.51% | 1.02% |
| PTC INDUSTRIES LIMITED | 1.55% | 0.94% |
| Pine Labs Limited | 0.84% | 1.19% |
| Lenskart Solutions Limited | 1.43% | 0.80% |
| Cholamandalam Invest & Finance Co Ltd | 1.46% | 0.73% |
| Prudent Corporate Advisory Services Ltd | 0.73% | 1.19% |
| R R Kabel Limited | 0.71% | 1.28% |
| OPTIEMUS INFRACOM LIMITED | 0.66% | 0.76% |
| Diamond Power Infrastructure Limited | 0.64% | 0.68% |
| PB Fintech Limited | 0.63% | 1.08% |
| Meesho Limited | 0.60% | 1.16% |
| Larsen & Toubro Limited | 0.55% | 2.12% |
| Aditya Infotech Limited | 0.54% | 0.55% |
| Mtar Technologies Limited | 0.48% | 3.90% |
| TITAGARH RAIL SYSTEMS LIMITED | 0.42% | 1.12% |
| HDFC Asset Management Company Limited | 0.40% | 0.48% |
| APAR INDUSTRIES LTD | 0.39% | 0.51% |
| Canara Robeco Mutual Fund | 0.37% | 1.21% |
| SWIGGY LIMITED | 0.36% | 1.35% |
| Tata Motors Limited | 0.34% | 0.89% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.3% means 41.3% 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 HSBC Aggressive Hybrid Fund
| Security | % of fund |
|---|---|
| Karur Vysya Bank Limited | 2.73% |
| CG Power And Industrial Solutions Ltd | 2.67% |
| Radico Khaitan Limited | 2.55% |
| TD Power Systems Limited | 1.48% |
| KEI Industries Limited | 1.48% |
Largest holdings only in HSBC Business Cycles Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 2.58% |
| Kotak Mahindra Bank Limited | 1.95% |
| State Bank of India | 1.86% |
| APL Apollo Tubes Limited | 1.86% |
| PNB Housing Finance Limited | 1.85% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Aggressive Hybrid | HSBC Business Cycles |
|---|---|---|
| Equity | 74.6% | 98.1% |
| Debt | 20.3% | 0.0% |
| Cash and others | 5.1% | 1.9% |
Market cap of stocks
| Market cap | HSBC Aggressive Hybrid | HSBC Business Cycles |
|---|---|---|
| Large Cap | 32.5% | 39.7% |
| Mid Cap | 19.9% | 18.2% |
| Small Cap | 18.4% | 38.8% |
| Not on AMFI's list | 3.8% | 1.4% |
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 | HSBC Aggressive Hybrid | HSBC Business Cycles |
|---|---|---|
| Banks | 12.8% | 14.5% |
| Capital Markets | 10.0% | 10.9% |
| Electrical Equipment | 9.2% | 8.8% |
| Retailing | 6.4% | 8.0% |
| Industrial Products | 4.8% | 6.4% |
| Construction | 0.6% | 5.0% |
| Pharmaceuticals & Biotechnology | 4.0% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Aggressive Hybrid vs HSBC Business Cycles: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Aggressive Hybrid Fund | HSBC Business Cycles Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.98% | 1.15% |
| Base expense ratio (Direct) | 0.73% | 0.87% |
| Total expense ratio (Regular) | 1.99% | 2.36% |
| Base expense ratio (Regular) | 1.59% | 1.89% |
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 HSBC Aggressive Hybrid with
HSBC Aggressive Hybrid Fund vs HSBC Business Cycles Fund: Frequently Asked Questions
What is the difference between HSBC Aggressive Hybrid Fund and HSBC Business Cycles Fund?
HSBC Aggressive Hybrid Fund is an Aggressive Hybrid fund, HSBC Business Cycles Fund is a Thematic fund, run by HSBC Mutual Fund. Their portfolios overlap 41.3%. HSBC Aggressive Hybrid Fund charges 0.98% a year and HSBC Business Cycles Fund 1.15%.
Which has given higher returns, HSBC Aggressive Hybrid Fund or HSBC Business Cycles Fund?
Over 1 year: HSBC Aggressive Hybrid Fund +0.09%, HSBC Business Cycles Fund −4.83%. Over 3 years: HSBC Aggressive Hybrid Fund +12.82% a year, HSBC Business Cycles Fund +14.78% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Aggressive Hybrid Fund or HSBC Business Cycles Fund?
HSBC Aggressive Hybrid Fund charges less: 0.98% a year against 1.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Aggressive Hybrid Fund and HSBC Business Cycles Fund overlap?
41.3%. They hold 37 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, INDIGO. From each fund's latest monthly portfolio.
Which is riskier, HSBC Aggressive Hybrid Fund or HSBC Business Cycles Fund?
On SEBI's riskometer, HSBC Aggressive Hybrid Fund is rated Very High and HSBC Business Cycles Fund Very High. Over 3 years, the standard deviation of daily returns was 13.55% and 18.20% a year.
Which is better for SIP, HSBC Aggressive Hybrid Fund or HSBC Business Cycles Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,09,880 in HSBC Aggressive Hybrid Fund (XIRR 6.6% a year) and ₹3,92,681 in HSBC Business Cycles Fund (XIRR 3.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Aggressive Hybrid Fund and HSBC Business Cycles Fund?
Yes. 41.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HSBC Aggressive Hybrid Fund and HSBC Business Cycles Fund?
HSBC Aggressive Hybrid Fund: Gautam Bhupal, Shriram Ramanathan, Mohd. Asif Rizwi, Mayank Chaturvedi, Dipan S. Parikh. HSBC Business Cycles Fund: Gautam Bhupal, 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.