HSBC Conservative Hybrid Fund vs HSBC Equity Savings Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Conservative Hybrid Fund is a Conservative Hybrid fund and HSBC Equity Savings Fund is an Equity Savings fund. In the 3 years to 30-10-2026, HSBC Conservative Hybrid Fund (Direct) returned 8.6% a year and HSBC Equity Savings Fund (Direct) returned 12.8% a year. HSBC Conservative Hybrid Fund charges 1.19% a year and HSBC Equity Savings Fund 1.41% (Direct plans). Their portfolios overlap 19.0%: they hold 24 of the same securities.
HSBC Conservative Hybrid Fund
Conservative Hybrid
- 3 year return
- 8.6%
- Expense ratio
- 1.19%
- NAV
- ₹70.22
HSBC Equity Savings Fund
Equity Savings
- 3 year return
- 12.8%
- Expense ratio
- 1.41%
- NAV
- ₹40.76
Which is better, HSBC Conservative Hybrid or HSBC Equity Savings? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Equity Savings returned more over 3 years: 12.8% a year against 8.6%.
- HSBC Equity Savings returned more over 1 year: 6.0% against 0.6%.
- HSBC Conservative Hybrid costs less: 1.19% a year against 1.41% (Direct plans).
- HSBC Conservative Hybrid swung less over 3 years: a standard deviation of 4.8% a year against 7.2%.
- HSBC Conservative Hybrid fell less in its worst fall since 28-11-2022: −6.1% against −11.5%.
- HSBC Equity Savings holds more in large companies: 49.2% of the fund in large caps against 12.9%.
- HSBC Equity Savings is the larger fund: ₹1,558 Cr against ₹152 Cr.
- Their portfolios overlap 19.0%: 24 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 Conservative Hybrid Fund | HSBC Equity Savings Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Conservative Hybrid | Equity Savings |
| AUM | ₹152 Cr (30-09-2026) | ₹1,558 Cr (30-09-2026) |
| NAV | ₹70.22 (Direct) | ₹40.76 (Direct) |
| Expense ratio (Direct) | 1.19% | 1.41% |
| Expense ratio (Regular) | 2.19% | 2.40% |
| Riskometer | Moderately High | Low to Moderate |
| Benchmark | Nifty 50 Hybrid Composite Debt 15:85 Conservative Index | Nifty Equity Savings Index |
| Launch date | 24-02-2004 | 18-10-2011 |
| Minimum investment | Rs. 5,000 per application | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mahesh Chhabria, Mohd. Asif Rizwi, Cheenu Gupta, Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh | Cheenu Gupta, Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi, Mayank Chaturvedi, Dipan S. Parikh |
| Exit load | Nil | Exit load for units in excess of 0.50% of the investment,1% will be charged for redemption within 1 month. |
HSBC Conservative Hybrid vs HSBC Equity Savings: 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 Conservative Hybrid Fund (Direct) | −0.65% | −2.24% | +0.16% | +0.59% | +8.59% | +7.14% | +7.72% |
| HSBC Equity Savings Fund (Direct) | +0.23% | −0.42% | +2.72% | +6.04% | +12.81% | -- | -- |
| Conservative Hybrid average | −0.46% | −1.48% | +0.87% | +1.02% | +7.61% | +7.13% | +7.52% |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | -- | -- |
Category average: the average of the 18 Conservative Hybrid funds and the 23 Equity Savings funds, same plan type.
HSBC Conservative Hybrid vs HSBC Equity Savings: Year-wise Returns
| Year | Conservative HybridHSBC Conservative Hybrid | Equity SavingsHSBC Equity Savings |
|---|---|---|
| 2026to date | +2.01% | +6.60% |
| 2025 | +2.77% | +1.76% |
| 2024 | +16.93% | +25.17% |
| 2023 | +12.29% | +18.09% |
| 2022 | +1.98% | -- |
| 2021 | +9.85% | -- |
HSBC Conservative Hybrid vs HSBC Equity Savings: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 222 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 Conservative Hybrid Fund (Direct)
HSBC Equity Savings Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Conservative Hybrid | 0.0 | 0.0 | 46.4 | 53.6 | 0.0 | 0.0 | 0.0 | 9.9% | 10.0% | 8.3% | 11.0% |
| HSBC Equity Savings | 0.0 | 0.0 | 0.0 | 96.5 | 3.5 | 0.0 | 0.0 | 14.0% | 14.1% | 12.0% | 15.1% |
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. Every fund is measured over the days all of them have, from 28-11-2022. Past returns do not promise future returns.
HSBC Conservative Hybrid vs HSBC Equity Savings: 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Conservative HybridHSBC Conservative Hybrid Fund (Direct) | ₹4,80,000 | ₹5,45,883 | ₹65,883 | 6.4% |
| HSBC Equity SavingsHSBC Equity Savings Fund (Direct) | ₹4,80,000 | ₹5,95,515 | ₹1,15,515 | 10.8% |
HSBC Conservative HybridHSBC Conservative Hybrid Fund (Direct)
HSBC Equity SavingsHSBC Equity Savings 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 Conservative Hybrid vs HSBC Equity Savings: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Conservative Hybrid Fund (Direct) | HSBC Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.59% | +6.04% |
| Standard deviation | 4.29% | 5.81% |
| Sharpe ratio | -1.09 | 0.14 |
| Sortino ratio | -1.43 | 0.19 |
| Maximum drawdown | −3.8% (23-10-2026) | −3.4% (21-01-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Conservative Hybrid Fund (Direct) | HSBC Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.59% | +12.81% |
| Standard deviation | 4.79% | 7.16% |
| Sharpe ratio | 0.53 | 0.95 |
| Sortino ratio | 0.74 | 1.28 |
| Maximum drawdown | −6.1% (03-03-2025) | −11.5% (28-02-2025) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Conservative Hybrid Fund (Direct) | HSBC Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.53% | +12.70% |
| Standard deviation | 4.84% | 6.51% |
| Sharpe ratio | 0.51 | 1.00 |
| Sortino ratio | 0.70 | 1.36 |
| Maximum drawdown | −10.4% (23-03-2020) | −11.5% (28-02-2025) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 11-01-2013 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 Conservative Hybrid Fund (Direct)
HSBC Equity Savings Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Conservative Hybrid Fund (Direct) | −6.1% | 16-12-2024 | 03-03-2025 | 13-05-2025 | 2 months | −3.0% |
| HSBC Equity Savings Fund (Direct) | −11.5% | 02-01-2025 | 28-02-2025 | 10-09-2025 | 6 months | −1.9% |
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 Conservative Hybrid Fund (Direct)
HSBC Equity Savings Fund (Direct)
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 Conservative Hybrid Fund (Direct)
HSBC Equity Savings Fund (Direct)
HSBC Conservative Hybrid vs HSBC Equity Savings: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Conservative Hybrid Fund, September 2026; HSBC Equity Savings Fund, September 2026
Holdings in common
- Overlap
- 19.0%
- Held by both
- 24
- Only in HSBC Conservative Hybrid
- 22
- Only in HSBC Equity Savings
- 88
| Security | % of HSBC Conservative Hybrid | % of HSBC Equity Savings |
|---|---|---|
| HDFC Bank Limited | 2.83% | 4.78% |
| ICICI Bank Limited | 2.35% | 3.64% |
| The Federal Bank Limited | 1.88% | 2.55% |
| Polycab India Limited | 2.65% | 1.64% |
| Indian Railway Finance Corporation Ltd | 3.39% | 1.32% |
| Hitachi Energy India Limited | 1.31% | 1.32% |
| Coforge Limited | 1.73% | 1.12% |
| GE Vernova T&D India Limited | 1.11% | 1.52% |
| Dhoot Transmission Limited | 0.88% | 0.96% |
| 7.32% GOI - 13-Nov-2030 | 3.44% | 0.67% |
| CG Power And Industrial Solutions Ltd | 0.84% | 0.66% |
| SIDBI | 3.28% | 0.64% |
| Cholamandalam Invest & Finance Co Ltd | 0.62% | 0.70% |
| Bharat Electronics Limited | 0.77% | 0.58% |
| Liquid Gold Series 24 | 1.92% | 0.44% |
| 6.01% GOI 21Jul2030 | 2.59% | 0.38% |
| Larsen & Toubro Limited | 0.62% | 0.29% |
| Billionbrains Garage Ventures Ltd. | 0.12% | 0.12% |
| KEI Industries Limited | 0.92% | 0.06% |
| Kaynes Technology India Ltd. | 0.46% | 0.04% |
| TD Power Systems Limited | 0.04% | 0.11% |
| PERSISTENT SYSTEMS LTD | 0.70% | 0.02% |
| ABB India Limited | 0.02% | 0.13% |
| Medi Assist Healthcare Services Limited | 0.01% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.0% means 19.0% 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 Conservative Hybrid Fund
| Security | % of fund |
|---|---|
| 7.72% Maharashtra SDL - 23-Mar-2032 | 9.96% |
| REC Limited | 6.86% |
| NABARD | 6.58% |
| 6.53% GOI 07-Sep-2031 | 6.53% |
| 6.48% GOI 06Oct2035 | 3.90% |
Largest holdings only in HSBC Equity Savings Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 3.45% |
| State Bank of India | 3.14% |
| 7.06% GOI - 10-Apr-2028 | 2.94% |
| Reliance Industries Limited | 2.88% |
| 6.36% GOI 16-Feb-2031 | 2.54% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Conservative Hybrid | HSBC Equity Savings |
|---|---|---|
| Equity | 22.1% | 73.3% |
| Debt | 68.5% | 21.1% |
| Cash and others | 9.4% | 5.6% |
Market cap of stocks
| Market cap | HSBC Conservative Hybrid | HSBC Equity Savings |
|---|---|---|
| Large Cap | 12.9% | 49.2% |
| Mid Cap | 7.0% | 15.9% |
| Small Cap | 1.3% | 7.2% |
| Not on AMFI's list | 0.9% | 1.1% |
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 Conservative Hybrid | HSBC Equity Savings |
|---|---|---|
| Banks | 7.1% | 24.6% |
| Electrical Equipment | 4.5% | 4.5% |
| Retailing | 0.4% | 4.2% |
| Finance | 0.7% | 4.2% |
| Capital Markets | 0.1% | 3.8% |
| Industrial Products | 3.6% | 1.7% |
| Ferrous Metals | 0.0% | 2.9% |
| IT - Software | 2.6% | 1.1% |
| Auto Components | 0.9% | 1.5% |
| Aerospace & Defense | 0.8% | 0.6% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Conservative Hybrid vs HSBC Equity Savings: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Conservative Hybrid Fund | HSBC Equity Savings Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.19% | 1.41% |
| Base expense ratio (Direct) | 0.96% | 0.51% |
| Total expense ratio (Regular) | 2.19% | 2.40% |
| Base expense ratio (Regular) | 1.81% | 1.35% |
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 Conservative Hybrid with
HSBC Conservative Hybrid Fund vs HSBC Equity Savings Fund: Frequently Asked Questions
What is the difference between HSBC Conservative Hybrid Fund and HSBC Equity Savings Fund?
HSBC Conservative Hybrid Fund is a Conservative Hybrid fund, HSBC Equity Savings Fund is an Equity Savings fund, run by HSBC Mutual Fund. Their portfolios overlap 19.0%. HSBC Conservative Hybrid Fund charges 1.19% a year and HSBC Equity Savings Fund 1.41%.
Which has given higher returns, HSBC Conservative Hybrid Fund or HSBC Equity Savings Fund?
Over 1 year: HSBC Conservative Hybrid Fund +0.59%, HSBC Equity Savings Fund +6.04%. Over 3 years: HSBC Conservative Hybrid Fund +8.59% a year, HSBC Equity Savings Fund +12.81% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Conservative Hybrid Fund or HSBC Equity Savings Fund?
HSBC Conservative Hybrid Fund charges less: 1.19% a year against 1.41%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Conservative Hybrid Fund and HSBC Equity Savings Fund overlap?
19.0%. They hold 24 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, FEDERALBNK. From each fund's latest monthly portfolio.
Which is riskier, HSBC Conservative Hybrid Fund or HSBC Equity Savings Fund?
On SEBI's riskometer, HSBC Conservative Hybrid Fund is rated Moderately High and HSBC Equity Savings Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 4.79% and 7.16% a year.
Which is better for SIP, HSBC Conservative Hybrid Fund or HSBC Equity Savings Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,98,262 in HSBC Conservative Hybrid Fund (XIRR 4.7% a year) and ₹4,25,484 in HSBC Equity Savings Fund (XIRR 9.1% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Conservative Hybrid Fund and HSBC Equity Savings Fund?
Yes. 19.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Conservative Hybrid Fund and HSBC Equity Savings Fund?
HSBC Conservative Hybrid Fund: Mahesh Chhabria, Mohd. Asif Rizwi, Cheenu Gupta, Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh. HSBC Equity Savings Fund: Cheenu Gupta, Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi, 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.