HSBC Business Cycles Fund vs HSBC Financial Services Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Business Cycles Fund is a Thematic fund and HSBC Financial Services Fund is a Thematic fund. In the year to 30-10-2026, HSBC Business Cycles Fund (Direct) returned −4.8% and HSBC Financial Services Fund (Direct) returned −1.9%. HSBC Business Cycles Fund charges 1.15% a year and HSBC Financial Services Fund 0.99% (Direct plans). Their portfolios overlap 32.4%: they hold 19 of the same securities.
HSBC Business Cycles Fund
Thematic
- 1 year return
- −4.8%
- Expense ratio
- 1.15%
- NAV
- ₹45.39
HSBC Financial Services Fund
Thematic
- 1 year return
- −1.9%
- Expense ratio
- 0.99%
- NAV
- ₹11.77
Which is better, HSBC Business Cycles or HSBC Financial Services? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Financial Services returned more over 1 year: −1.9% against −4.8%.
- HSBC Financial Services costs less: 0.99% a year against 1.15% (Direct plans).
- HSBC Financial Services fell less in its worst fall since 04-03-2025: −14.8% against −19.4%.
- HSBC Financial Services holds more in large companies: 51.5% of the fund in large caps against 39.7%.
- HSBC Business Cycles is the larger fund: ₹1,179 Cr against ₹903 Cr.
- Their portfolios overlap 32.4%: 19 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 Business Cycles Fund | HSBC Financial Services Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,179 Cr (30-09-2026) | ₹903 Cr (30-09-2026) |
| NAV | ₹45.39 (Direct) | ₹11.77 (Direct) |
| Expense ratio (Direct) | 1.15% | 0.99% |
| Expense ratio (Regular) | 2.36% | 2.44% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE Financial Services TRI |
| Launch date | 20-08-2014 | 27-02-2025 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh | Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 days. |
HSBC Business Cycles vs HSBC Financial Services: 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 Business Cycles Fund (Direct) | −4.91% | −4.16% | −2.14% | −4.83% | +14.78% | -- | -- |
| HSBC Financial Services Fund (Direct) | −2.86% | −6.79% | −4.31% | −1.91% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HSBC Business Cycles vs HSBC Financial Services: Year-wise Returns
| Year | Business CyclesHSBC Business Cycles | Financial ServicesHSBC Financial Services |
|---|---|---|
| 2026to date | −2.27% | −4.56% |
| 2025 | −1.62% | -- |
| 2024 | +37.79% | -- |
| 2023 | +32.74% | -- |
HSBC Business Cycles vs HSBC Financial Services: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HSBC Business Cycles Fund
Rolling returns
Every 1-year holding period, 162 of them, one for each trading day from 04-03-2026 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 Business Cycles Fund (Direct)
HSBC Financial Services Fund (Direct)
Nifty 500 TRI
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
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 Business Cycles | 38.9 | 32.1 | 26.5 | 2.5 | 0.0 | 0.0 | 0.0 | 1.7% | 1.3% | −8.1% | 12.4% | 42% |
| HSBC Financial Services | 3.7 | 10.5 | 35.8 | 32.1 | 17.3 | 0.6 | 0.0 | 10.1% | 10.0% | −3.5% | 20.9% | 100% |
| Nifty 500 TRI | 36.4 | 40.7 | 19.8 | 3.1 | 0.0 | 0.0 | 0.0 | 1.5% | 1.1% | −9.0% | 13.6% | -- |
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 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 04-03-2025. Past returns do not promise future returns.
HSBC Business Cycles vs HSBC Financial Services: 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 03-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Business CyclesHSBC Business Cycles Fund (Direct) | ₹2,00,000 | ₹1,99,357 | −₹643 | −0.4% |
| HSBC Financial ServicesHSBC Financial Services Fund (Direct) | ₹2,00,000 | ₹2,00,701 | ₹701 | 0.4% |
HSBC Business CyclesHSBC Business Cycles Fund (Direct)
HSBC Financial ServicesHSBC Financial Services 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 Business Cycles vs HSBC Financial Services: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Business Cycles Fund (Direct) | HSBC Financial Services Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.83% | −1.91% |
| Standard deviation | 18.00% | 18.35% |
| Sharpe ratio | -0.56 | -0.39 |
| Sortino ratio | -0.76 | -0.55 |
| Maximum drawdown | −16.9% (31-03-2026) | −14.8% (30-03-2026) |
| Beta | 1.17 | 1.03 |
| Alpha | +4.65% | +8.40% |
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 Business Cycles Fund (Direct) | HSBC Financial Services Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.81% | +10.27% |
| Standard deviation | 16.72% | 16.88% |
| Sharpe ratio | 0.52 | 0.29 |
| Sortino ratio | 0.70 | 0.41 |
| Maximum drawdown | −23.4% (03-03-2025) | −14.8% (30-03-2026) |
| Beta | 1.16 | 1.01 |
| Alpha | +4.49% | +3.86% |
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 Business Cycles Fund (Direct)
HSBC Financial Services 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 Business Cycles Fund (Direct) | −19.4% | 01-07-2025 | 31-03-2026 | 12-08-2026 | 4 months | −9.0% |
| HSBC Financial Services Fund (Direct) | −14.8% | 18-02-2026 | 30-03-2026 | 07-05-2026 | 38 days | −10.6% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 04-03-2025, 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.
HSBC Business Cycles Fund (Direct)
HSBC Financial Services Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Business Cycles Fund (Direct) | 134% | 129% | 8.90% |
| HSBC Financial Services Fund (Direct) | 144% | 122% | 6.79% |
From month-end values since 04-03-2025. 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.
HSBC Business Cycles vs HSBC Financial Services: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Business Cycles Fund, September 2026; HSBC Financial Services Fund, September 2026
Holdings in common
- Overlap
- 32.4%
- Held by both
- 19
- Only in HSBC Business Cycles
- 51
- Only in HSBC Financial Services
- 18
| Security | % of HSBC Business Cycles | % of HSBC Financial Services |
|---|---|---|
| ICICI Bank Limited | 5.33% | 9.31% |
| HDFC Bank Limited | 2.97% | 9.30% |
| RBL Bank Limited | 2.43% | 2.40% |
| ICICI Prudential AMC Ltd | 2.26% | 3.42% |
| Kotak Mahindra Bank Limited | 1.95% | 4.60% |
| State Bank of India | 1.86% | 4.45% |
| PNB Housing Finance Limited | 1.85% | 2.37% |
| Multi Commodity Exchange of India Ltd. | 1.85% | 1.89% |
| Motilal Oswal Financial Services Limited | 1.69% | 2.46% |
| Piramal Finance Ltd | 1.30% | 1.75% |
| Prudent Corporate Advisory Services Ltd | 1.19% | 1.92% |
| Pine Labs Limited | 1.19% | 2.41% |
| Canara Robeco Mutual Fund | 1.21% | 1.16% |
| Billionbrains Garage Ventures Ltd. | 1.10% | 3.84% |
| Nippon Life India Asset Management Ltd | 1.09% | 4.91% |
| PB Fintech Limited | 1.08% | 2.07% |
| Home First Finance Company India Limited | 0.93% | 1.89% |
| Cholamandalam Invest & Finance Co Ltd | 0.73% | 2.57% |
| HDFC Asset Management Company Limited | 0.48% | 3.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.4% means 32.4% 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 Business Cycles Fund
| Security | % of fund |
|---|---|
| Mtar Technologies Limited | 3.90% |
| InterGlobe Aviation Limited | 3.38% |
| Reliance Industries Limited | 2.58% |
| Hindustan Aeronautics Limited | 2.53% |
| Bharat Electronics Limited | 2.22% |
Largest holdings only in HSBC Financial Services Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 5.09% |
| Shriram Finance Limited | 4.81% |
| Karur Vysya Bank Limited | 3.24% |
| The Federal Bank Limited | 2.48% |
| KFIN Technologies Limited | 1.89% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Business Cycles | HSBC Financial Services |
|---|---|---|
| Equity | 98.1% | 95.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.9% | 4.3% |
Market cap of stocks
| Market cap | HSBC Business Cycles | HSBC Financial Services |
|---|---|---|
| Large Cap | 39.7% | 51.5% |
| Mid Cap | 18.2% | 21.2% |
| Small Cap | 38.8% | 22.9% |
| Not on AMFI's list | 1.4% | 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 | HSBC Business Cycles | HSBC Financial Services |
|---|---|---|
| Banks | 14.5% | 41.9% |
| Capital Markets | 10.9% | 27.9% |
| Finance | 4.8% | 18.5% |
| Electrical Equipment | 8.8% | 0.0% |
| Retailing | 8.0% | 0.0% |
| Financial Technology (Fintech) | 2.3% | 7.0% |
| Industrial Products | 6.4% | 0.0% |
| Construction | 5.0% | 0.0% |
| Commercial Services & Supplies | 0.3% | 0.5% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Business Cycles vs HSBC Financial Services: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Business Cycles Fund | HSBC Financial Services Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.15% | 0.99% |
| Base expense ratio (Direct) | 0.87% | 0.74% |
| Total expense ratio (Regular) | 2.36% | 2.44% |
| Base expense ratio (Regular) | 1.89% | 1.97% |
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 Business Cycles with
Compare HSBC Financial Services with
HSBC Business Cycles Fund vs HSBC Financial Services Fund: Frequently Asked Questions
What is the difference between HSBC Business Cycles Fund and HSBC Financial Services Fund?
HSBC Business Cycles Fund is a Thematic fund, HSBC Financial Services Fund is a Thematic fund, run by HSBC Mutual Fund. Their portfolios overlap 32.4%. HSBC Business Cycles Fund charges 1.15% a year and HSBC Financial Services Fund 0.99%.
Which has given higher returns, HSBC Business Cycles Fund or HSBC Financial Services Fund?
Over 1 year: HSBC Business Cycles Fund −4.83%, HSBC Financial Services Fund −1.91%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Business Cycles Fund or HSBC Financial Services Fund?
HSBC Financial Services Fund charges less: 0.99% a year against 1.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Business Cycles Fund and HSBC Financial Services Fund overlap?
32.4%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RBLBANK. From each fund's latest monthly portfolio.
Which is riskier, HSBC Business Cycles Fund or HSBC Financial Services Fund?
On SEBI's riskometer, HSBC Business Cycles Fund is rated Very High and HSBC Financial Services Fund Very High. Over 1 years, the standard deviation of daily returns was 18.00% and 18.35% a year.
Can I invest in both HSBC Business Cycles Fund and HSBC Financial Services Fund?
Yes. 32.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Business Cycles Fund and HSBC Financial Services Fund?
HSBC Business Cycles Fund: Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh. HSBC Financial Services 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.