HSBC Business Cycles Fund vs HSBC Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Business Cycles Fund is a Thematic fund and HSBC Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, HSBC Business Cycles Fund (Direct) returned 14.8% a year and HSBC Flexi Cap Fund (Direct) returned 14.8% a year. HSBC Business Cycles Fund charges 1.15% a year and HSBC Flexi Cap Fund 1.31% (Direct plans). Their portfolios overlap 42.4%: they hold 36 of the same securities.
HSBC Business Cycles Fund
Thematic
- 3 year return
- 14.8%
- Expense ratio
- 1.15%
- NAV
- ₹45.39
Which is better, HSBC Business Cycles or HSBC Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Flexi Cap returned more over 3 years: 14.8% a year against 14.8%.
- HSBC Flexi Cap returned more over 1 year: −1.6% against −4.8%.
- HSBC Business Cycles costs less: 1.15% a year against 1.31% (Direct plans).
- HSBC Flexi Cap swung less over 3 years: a standard deviation of 15.7% a year against 18.2%.
- HSBC Flexi Cap fell less in its worst fall since 28-11-2022: −20.5% against −23.4%.
- HSBC Flexi Cap is the larger fund: ₹5,749 Cr against ₹1,179 Cr.
- Their portfolios overlap 42.4%: 36 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 Flexi Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Thematic | Flexi Cap |
| AUM | ₹1,179 Cr (30-09-2026) | ₹5,749 Cr (30-09-2026) |
| NAV | ₹45.39 (Direct) | ₹248.80 (Direct) |
| Expense ratio (Direct) | 1.15% | 1.31% |
| Expense ratio (Regular) | 2.36% | 2.10% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 20-08-2014 | 24-02-2004 |
| Minimum investment | ₹5,000 | Rs. 5,000 per application |
| Lock in | None | None |
| Fund managers | Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh | Abhishek Gupta, 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 1 year. |
HSBC Business Cycles vs HSBC Flexi 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 |
|---|---|---|---|---|---|---|---|
| HSBC Business Cycles Fund (Direct) | −4.91% | −4.16% | −2.14% | −4.83% | +14.78% | -- | -- |
| HSBC Flexi Cap Fund (Direct) | −2.94% | −2.70% | +1.11% | −1.57% | +14.84% | +11.82% | +12.72% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 235 Thematic funds and the 46 Flexi Cap funds, same plan type.
HSBC Business Cycles vs HSBC Flexi Cap: Year-wise Returns
| Year | Business CyclesHSBC Business Cycles | Flexi CapHSBC Flexi Cap | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −2.27% | −0.04% | −7.51% |
| 2025 | −1.62% | +2.15% | +7.76% |
| 2024 | +37.79% | +29.58% | +16.24% |
| 2023 | +32.74% | +32.84% | +26.91% |
| 2022 | -- | −3.48% | +4.25% |
| 2021 | -- | +35.51% | +31.60% |
HSBC Business Cycles vs HSBC Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
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 Business Cycles Fund (Direct)
HSBC Flexi Cap 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 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% |
| HSBC Flexi Cap | 0.0 | 0.0 | 0.0 | 8.0 | 73.9 | 18.1 | 0.0 | 18.1% | 18.1% | 13.7% | 21.8% | 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 Business Cycles vs HSBC Flexi 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Business CyclesHSBC Business Cycles Fund (Direct) | ₹4,80,000 | ₹5,75,761 | ₹95,761 | 9.1% |
| HSBC Flexi CapHSBC Flexi Cap Fund (Direct) | ₹4,80,000 | ₹5,91,772 | ₹1,11,772 | 10.5% |
HSBC Business CyclesHSBC Business Cycles Fund (Direct)
HSBC Flexi CapHSBC Flexi 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.
HSBC Business Cycles vs HSBC Flexi Cap: 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 Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.83% | −1.57% |
| Standard deviation | 18.00% | 16.05% |
| Sharpe ratio | -0.56 | -0.42 |
| Sortino ratio | -0.76 | -0.57 |
| Maximum drawdown | −16.9% (31-03-2026) | −14.9% (31-03-2026) |
| Beta | 1.17 | 1.08 |
| Alpha | +4.65% | +6.75% |
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 Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.78% | +14.84% |
| Standard deviation | 18.20% | 15.74% |
| Sharpe ratio | 0.48 | 0.56 |
| Sortino ratio | 0.65 | 0.76 |
| Maximum drawdown | −23.4% (03-03-2025) | −20.5% (28-02-2025) |
| Beta | 1.19 | 1.07 |
| Alpha | +3.76% | +4.33% |
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 Business Cycles Fund (Direct) | HSBC Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.81% | +14.46% |
| Standard deviation | 16.72% | 16.75% |
| Sharpe ratio | 0.52 | 0.50 |
| Sortino ratio | 0.70 | 0.68 |
| Maximum drawdown | −23.4% (03-03-2025) | −39.8% (23-03-2020) |
| Beta | 1.16 | 1.03 |
| Alpha | +4.49% | +1.47% |
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 Flexi Cap 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) | −23.4% | 11-12-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.0% |
| HSBC Flexi Cap Fund (Direct) | −20.5% | 24-09-2024 | 28-02-2025 | 22-06-2026 | 16 months | −7.5% |
| 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 Business Cycles Fund (Direct)
HSBC Flexi Cap 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 Business Cycles Fund (Direct)
HSBC Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Business Cycles Fund (Direct) | 130% | 114% | 8.48% |
| HSBC Flexi Cap Fund (Direct) | 115% | 92% | 5.07% |
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 Business Cycles vs HSBC Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Business Cycles Fund, September 2026; HSBC Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 42.4%
- Held by both
- 36
- Only in HSBC Business Cycles
- 34
- Only in HSBC Flexi Cap
- 48
| Security | % of HSBC Business Cycles | % of HSBC Flexi Cap |
|---|---|---|
| ICICI Bank Limited | 5.33% | 3.89% |
| Reliance Industries Limited | 2.58% | 2.47% |
| Kotak Mahindra Bank Limited | 1.95% | 2.22% |
| Multi Commodity Exchange of India Ltd. | 1.85% | 1.99% |
| State Bank of India | 1.86% | 1.80% |
| HDFC Bank Limited | 2.97% | 1.79% |
| Mtar Technologies Limited | 3.90% | 1.77% |
| Eternal Limited | 1.74% | 1.60% |
| PNB Housing Finance Limited | 1.85% | 1.59% |
| Larsen & Toubro Limited | 2.12% | 1.50% |
| Motilal Oswal Financial Services Limited | 1.69% | 1.31% |
| Piramal Finance Ltd | 1.30% | 1.50% |
| RBL Bank Limited | 2.43% | 1.27% |
| Jyoti Cnc Automation Ltd | 1.63% | 1.22% |
| UltraTech Cement Limited | 1.82% | 1.16% |
| GE Vernova T&D India Limited | 2.10% | 1.15% |
| Dhoot Transmission Limited | 1.45% | 1.11% |
| Billionbrains Garage Ventures Ltd. | 1.10% | 1.10% |
| TVS Motor Company Limited | 1.74% | 1.09% |
| InterGlobe Aviation Limited | 3.38% | 1.01% |
| R R Kabel Limited | 1.28% | 0.96% |
| PARADEEP PHOSPHATES LIMITED | 1.70% | 0.93% |
| Maruti Suzuki India Limited | 1.02% | 0.90% |
| Lenskart Solutions Limited | 0.80% | 1.20% |
| Titan Company Limited | 1.13% | 0.78% |
| OPTIEMUS INFRACOM LIMITED | 0.76% | 0.94% |
| Cholamandalam Invest & Finance Co Ltd | 0.73% | 1.25% |
| Devyani International Limited | 0.72% | 1.16% |
| Diamond Power Infrastructure Limited | 0.68% | 0.92% |
| Pitti Engineering Limited | 0.57% | 1.41% |
| Hindustan Aeronautics Limited | 2.53% | 0.55% |
| Bharat Electronics Limited | 2.22% | 0.55% |
| HDFC Asset Management Company Limited | 0.48% | 1.01% |
| Gokaldas Exports Limited | 1.03% | 0.44% |
| Bharat Bijlee Ltd. | 0.32% | 0.55% |
| Awfis Space Solutions Limited | 0.31% | 0.59% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.4% means 42.4% 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 |
|---|---|
| ICICI Prudential AMC Ltd | 2.26% |
| APL Apollo Tubes Limited | 1.86% |
| ELECTRONICS MART INDIA LIMITED | 1.83% |
| Sterlite Technologies Limited | 1.42% |
| SWIGGY LIMITED | 1.35% |
Largest holdings only in HSBC Flexi Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 2.31% |
| Karnataka Bank Ltd | 2.11% |
| Coforge Limited | 1.95% |
| Samvardhana Motherson International Ltd | 1.91% |
| Tata Steel Limited | 1.84% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Business Cycles | HSBC Flexi Cap |
|---|---|---|
| Equity | 98.1% | 98.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.9% | 1.2% |
Market cap of stocks
| Market cap | HSBC Business Cycles | HSBC Flexi Cap |
|---|---|---|
| Large Cap | 39.7% | 45.9% |
| Mid Cap | 18.2% | 19.7% |
| Small Cap | 38.8% | 27.5% |
| Not on AMFI's list | 1.4% | 5.7% |
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 Flexi Cap |
|---|---|---|
| Banks | 14.5% | 15.2% |
| Capital Markets | 10.9% | 6.0% |
| Finance | 4.8% | 9.4% |
| Electrical Equipment | 8.8% | 8.4% |
| Retailing | 8.0% | 2.8% |
| IT - Software | 0.0% | 6.7% |
| Industrial Products | 6.4% | 1.7% |
| Construction | 5.0% | 2.2% |
| Pharmaceuticals & Biotechnology | 0.0% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Business Cycles vs HSBC Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Business Cycles Fund | HSBC Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.15% | 1.31% |
| Base expense ratio (Direct) | 0.87% | 0.92% |
| Total expense ratio (Regular) | 2.36% | 2.10% |
| Base expense ratio (Regular) | 1.89% | 1.59% |
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
HSBC Business Cycles Fund vs HSBC Flexi Cap Fund: Frequently Asked Questions
What is the difference between HSBC Business Cycles Fund and HSBC Flexi Cap Fund?
HSBC Business Cycles Fund is a Thematic fund, HSBC Flexi Cap Fund is a Flexi Cap fund, run by HSBC Mutual Fund. Their portfolios overlap 42.4%. HSBC Business Cycles Fund charges 1.15% a year and HSBC Flexi Cap Fund 1.31%.
Which has given higher returns, HSBC Business Cycles Fund or HSBC Flexi Cap Fund?
Over 1 year: HSBC Business Cycles Fund −4.83%, HSBC Flexi Cap Fund −1.57%. Over 3 years: HSBC Business Cycles Fund +14.78% a year, HSBC Flexi Cap Fund +14.84% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Business Cycles Fund or HSBC Flexi Cap Fund?
HSBC Business Cycles Fund charges less: 1.15% a year against 1.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Business Cycles Fund and HSBC Flexi Cap Fund overlap?
42.4%. They hold 36 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, KOTAKBANK. From each fund's latest monthly portfolio.
Which is riskier, HSBC Business Cycles Fund or HSBC Flexi Cap Fund?
On SEBI's riskometer, HSBC Business Cycles Fund is rated Very High and HSBC Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.20% and 15.74% a year.
Which is better for SIP, HSBC Business Cycles Fund or HSBC Flexi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,92,681 in HSBC Business Cycles Fund (XIRR 3.8% a year) and ₹4,06,795 in HSBC Flexi Cap Fund (XIRR 6.1% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Business Cycles Fund and HSBC Flexi Cap Fund?
Yes. 42.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HSBC Business Cycles Fund and HSBC Flexi Cap Fund?
HSBC Business Cycles Fund: Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh. HSBC Flexi Cap Fund: Abhishek Gupta, 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.