HSBC Business Cycles Fund vs HSBC Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Business Cycles Fund is a Thematic fund and HSBC Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, HSBC Business Cycles Fund (Direct) returned −4.8% and HSBC Multi Asset Allocation Fund (Direct) returned 4.7%. HSBC Business Cycles Fund charges 1.15% a year and HSBC Multi Asset Allocation Fund 0.96% (Direct plans). Their portfolios overlap 28.5%: they hold 27 of the same securities.
HSBC Business Cycles Fund
Thematic
- 1 year return
- −4.8%
- Expense ratio
- 1.15%
- NAV
- ₹45.39
HSBC Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.7%
- Expense ratio
- 0.96%
- NAV
- ₹13.76
Which is better, HSBC Business Cycles or HSBC Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Multi Asset Allocation returned more over 1 year: 4.7% against −4.8%.
- HSBC Multi Asset Allocation costs less: 0.96% a year against 1.15% (Direct plans).
- HSBC Multi Asset Allocation fell less in its worst fall since 01-03-2024: −18.7% against −23.4%.
- HSBC Multi Asset Allocation is the larger fund: ₹3,141 Cr against ₹1,179 Cr.
- Their portfolios overlap 28.5%: 27 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 Multi Asset Allocation Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Thematic | Multi Asset |
| AUM | ₹1,179 Cr (30-09-2026) | ₹3,141 Cr (30-09-2026) |
| NAV | ₹45.39 (Direct) | ₹13.76 (Direct) |
| Expense ratio (Direct) | 1.15% | 0.96% |
| Expense ratio (Regular) | 2.36% | 2.26% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 200 TRI 65% + NIFTY Short Duration Debt Index 20% +Domestic Price of Gold (10%)+Domestic Price of Silver 5% |
| Launch date | 20-08-2014 | 28-02-2024 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh | Cheenu Gupta, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan |
| 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 Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) | −1.17% | −2.66% | −0.56% | +4.70% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 235 Thematic funds and the 37 Multi Asset funds, same plan type.
HSBC Business Cycles vs HSBC Multi Asset Allocation: Year-wise Returns
| Year | Business CyclesHSBC Business Cycles | Multi Asset AllocationHSBC Multi Asset Allocation |
|---|---|---|
| 2026to date | −2.27% | +1.96% |
| 2025 | −1.62% | +9.81% |
| 2024 | +37.79% | -- |
| 2023 | +32.74% | -- |
HSBC Business Cycles vs HSBC Multi Asset Allocation: 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, 409 of them, one for each trading day from 03-03-2025 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 Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 | 32.5 | 26.4 | 27.1 | 10.3 | 3.7 | 0.0 | 0.0 | 3.5% | 3.3% | −8.3% | 18.5% | 54% |
| HSBC Multi Asset Allocation | 0.7 | 18.1 | 28.9 | 12.0 | 19.8 | 11.5 | 9.0 | 12.9% | 10.7% | −1.2% | 37.0% | 88% |
| Nifty 500 TRI | 26.7 | 32.8 | 32.5 | 6.6 | 1.5 | 0.0 | 0.0 | 3.5% | 3.3% | −9.0% | 15.9% | -- |
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 01-03-2024. Past returns do not promise future returns.
HSBC Business Cycles vs HSBC Multi Asset Allocation: 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 01-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Business CyclesHSBC Business Cycles Fund (Direct) | ₹3,20,000 | ₹3,23,142 | ₹3,142 | 0.7% |
| HSBC Multi Asset AllocationHSBC Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,59,652 | ₹39,652 | 8.7% |
HSBC Business CyclesHSBC Business Cycles Fund (Direct)
HSBC Multi Asset AllocationHSBC Multi Asset Allocation 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 Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.83% | +4.70% |
| Standard deviation | 18.00% | 13.60% |
| Sharpe ratio | -0.56 | -0.04 |
| Sortino ratio | -0.76 | -0.05 |
| Maximum drawdown | −16.9% (31-03-2026) | −11.8% (23-03-2026) |
| 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 Business Cycles Fund (Direct) | HSBC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.81% | +12.63% |
| Standard deviation | 16.72% | 14.03% |
| Sharpe ratio | 0.52 | 0.48 |
| Sortino ratio | 0.70 | 0.63 |
| Maximum drawdown | −23.4% (03-03-2025) | −18.7% (28-02-2025) |
| 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 Business Cycles Fund (Direct)
HSBC Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct) | −18.7% | 17-12-2024 | 28-02-2025 | 10-09-2025 | 6 months | −6.4% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 01-03-2024, 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 Multi Asset Allocation Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Business Cycles Fund (Direct) | 141% | 127% | 9.64% |
| HSBC Multi Asset Allocation Fund (Direct) | 96% | 51% | 8.82% |
From month-end values since 01-03-2024. 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 Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Business Cycles Fund, September 2026; HSBC Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 28.5%
- Held by both
- 27
- Only in HSBC Business Cycles
- 43
- Only in HSBC Multi Asset Allocation
- 57
| Security | % of HSBC Business Cycles | % of HSBC Multi Asset Allocation |
|---|---|---|
| ICICI Bank Limited | 5.33% | 7.89% |
| HDFC Bank Limited | 2.97% | 5.06% |
| ICICI Prudential AMC Ltd | 2.26% | 2.11% |
| GE Vernova T&D India Limited | 2.10% | 2.40% |
| TVS Motor Company Limited | 1.74% | 2.25% |
| Dhoot Transmission Limited | 1.45% | 1.40% |
| Piramal Finance Ltd | 1.30% | 1.82% |
| Meesho Limited | 1.16% | 3.25% |
| FSN E-Commerce Ventures Limited | 1.14% | 1.72% |
| TITAGARH RAIL SYSTEMS LIMITED | 1.12% | 1.54% |
| PB Fintech Limited | 1.08% | 1.87% |
| Billionbrains Garage Ventures Ltd. | 1.10% | 1.04% |
| Nippon Life India Asset Management Ltd | 1.09% | 0.93% |
| ABB India Limited | 1.30% | 0.85% |
| InterGlobe Aviation Limited | 3.38% | 0.81% |
| Lenskart Solutions Limited | 0.80% | 4.51% |
| Aditya Infotech Limited | 0.55% | 2.67% |
| JSW Steel Limited | 0.53% | 2.01% |
| APAR INDUSTRIES LTD | 0.51% | 1.68% |
| HDFC Asset Management Company Limited | 0.48% | 1.54% |
| PNB Housing Finance Limited | 1.85% | 0.36% |
| State Bank of India | 1.86% | 0.06% |
| Multi Commodity Exchange of India Ltd. | 1.85% | 0.05% |
| Larsen & Toubro Limited | 2.12% | 0.02% |
| UltraTech Cement Limited | 1.82% | 0.02% |
| Reliance Industries Limited | 2.58% | 0.01% |
| Bharat Electronics Limited | 2.22% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.5% means 28.5% 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% |
| Hindustan Aeronautics Limited | 2.53% |
| RBL Bank Limited | 2.43% |
| Kotak Mahindra Bank Limited | 1.95% |
| APL Apollo Tubes Limited | 1.86% |
Largest holdings only in HSBC Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HSBC Mutual Fund | 9.02% |
| The Federal Bank Limited | 3.04% |
| ITC Limited | 2.44% |
| Lupin Limited | 2.04% |
| Polycab India Limited | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Business Cycles | HSBC Multi Asset Allocation |
|---|---|---|
| Equity | 98.1% | 74.5% |
| Debt | 0.0% | 13.6% |
| Cash and others | 1.9% | 11.9% |
Market cap of stocks
| Market cap | HSBC Business Cycles | HSBC Multi Asset Allocation |
|---|---|---|
| Large Cap | 39.7% | 35.2% |
| Mid Cap | 18.2% | 26.9% |
| Small Cap | 38.8% | 11.0% |
| Not on AMFI's list | 1.4% | 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 Business Cycles | HSBC Multi Asset Allocation |
|---|---|---|
| Banks | 14.5% | 18.1% |
| Capital Markets | 10.9% | 6.4% |
| Retailing | 8.0% | 9.5% |
| Electrical Equipment | 8.8% | 8.1% |
| Industrial Products | 6.4% | 1.9% |
| Pharmaceuticals & Biotechnology | 0.0% | 5.4% |
| Construction | 5.0% | 0.0% |
| Automobiles | 2.8% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Business Cycles vs HSBC Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Business Cycles Fund | HSBC Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.15% | 0.96% |
| Base expense ratio (Direct) | 0.87% | 0.46% |
| Total expense ratio (Regular) | 2.36% | 2.26% |
| Base expense ratio (Regular) | 1.89% | 1.56% |
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 Multi Asset Allocation with
- HSBC Multi Asset Allocation vs Quant Multi Asset Allocation
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- HSBC Multi Asset Allocation vs DSP Multi Asset Allocation
- HSBC Multi Asset Allocation vs Kotak Multi Asset Allocation
- HSBC Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
HSBC Business Cycles Fund vs HSBC Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between HSBC Business Cycles Fund and HSBC Multi Asset Allocation Fund?
HSBC Business Cycles Fund is a Thematic fund, HSBC Multi Asset Allocation Fund is a Multi Asset fund, run by HSBC Mutual Fund. Their portfolios overlap 28.5%. HSBC Business Cycles Fund charges 1.15% a year and HSBC Multi Asset Allocation Fund 0.96%.
Which has given higher returns, HSBC Business Cycles Fund or HSBC Multi Asset Allocation Fund?
Over 1 year: HSBC Business Cycles Fund −4.83%, HSBC Multi Asset Allocation Fund +4.70%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Business Cycles Fund or HSBC Multi Asset Allocation Fund?
HSBC Multi Asset Allocation Fund charges less: 0.96% 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 Multi Asset Allocation Fund overlap?
28.5%. They hold 27 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, ICICIAMC. From each fund's latest monthly portfolio.
Which is riskier, HSBC Business Cycles Fund or HSBC Multi Asset Allocation Fund?
On SEBI's riskometer, HSBC Business Cycles Fund is rated Very High and HSBC Multi Asset Allocation Fund Very High. Over 1 years, the standard deviation of daily returns was 18.00% and 13.60% a year.
Can I invest in both HSBC Business Cycles Fund and HSBC Multi Asset Allocation Fund?
Yes. 28.5% 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 Multi Asset Allocation Fund?
HSBC Business Cycles Fund: Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh. HSBC Multi Asset Allocation Fund: Cheenu Gupta, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan.
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.