HSBC Conservative Hybrid Fund vs HSBC Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Conservative Hybrid Fund is a Conservative Hybrid fund and HSBC Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, HSBC Conservative Hybrid Fund (Direct) returned 0.6% and HSBC Multi Asset Allocation Fund (Direct) returned 4.7%. HSBC Conservative Hybrid Fund charges 1.19% a year and HSBC Multi Asset Allocation Fund 0.96% (Direct plans). Their portfolios overlap 18.6%: they hold 22 of the same securities.
HSBC Conservative Hybrid Fund
Conservative Hybrid
- 1 year return
- 0.6%
- Expense ratio
- 1.19%
- NAV
- ₹70.22
HSBC Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.7%
- Expense ratio
- 0.96%
- NAV
- ₹13.76
Which is better, HSBC Conservative Hybrid 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 0.6%.
- HSBC Multi Asset Allocation costs less: 0.96% a year against 1.19% (Direct plans).
- HSBC Conservative Hybrid fell less in its worst fall since 01-03-2024: −6.1% against −18.7%.
- HSBC Multi Asset Allocation holds more in large companies: 35.2% of the fund in large caps against 12.9%.
- HSBC Multi Asset Allocation is the larger fund: ₹3,141 Cr against ₹152 Cr.
- Their portfolios overlap 18.6%: 22 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 Multi Asset Allocation Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Conservative Hybrid | Multi Asset |
| AUM | ₹152 Cr (30-09-2026) | ₹3,141 Cr (30-09-2026) |
| NAV | ₹70.22 (Direct) | ₹13.76 (Direct) |
| Expense ratio (Direct) | 1.19% | 0.96% |
| Expense ratio (Regular) | 2.19% | 2.26% |
| Riskometer | Moderately High | Very High |
| Benchmark | Nifty 50 Hybrid Composite Debt 15:85 Conservative Index | BSE 200 TRI 65% + NIFTY Short Duration Debt Index 20% +Domestic Price of Gold (10%)+Domestic Price of Silver 5% |
| Launch date | 24-02-2004 | 28-02-2024 |
| 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, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan |
| Exit load | Nil | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
HSBC Conservative Hybrid 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 Conservative Hybrid Fund (Direct) | −0.65% | −2.24% | +0.16% | +0.59% | +8.59% | +7.14% | +7.72% |
| HSBC Multi Asset Allocation Fund (Direct) | −1.17% | −2.66% | −0.56% | +4.70% | -- | -- | -- |
| Conservative Hybrid average | −0.46% | −1.48% | +0.87% | +1.02% | +7.61% | +7.13% | +7.52% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 18 Conservative Hybrid funds and the 37 Multi Asset funds, same plan type.
HSBC Conservative Hybrid vs HSBC Multi Asset Allocation: Year-wise Returns
| Year | Conservative HybridHSBC Conservative Hybrid | Multi Asset AllocationHSBC Multi Asset Allocation |
|---|---|---|
| 2026to date | +2.01% | +1.96% |
| 2025 | +2.77% | +9.81% |
| 2024 | +16.93% | -- |
| 2023 | +12.29% | -- |
| 2022 | +1.98% | -- |
| 2021 | +9.85% | -- |
HSBC Conservative Hybrid vs HSBC Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 402 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 Conservative Hybrid Fund (Direct)
HSBC Multi Asset Allocation Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Conservative Hybrid | 0.5 | 39.3 | 47.5 | 12.7 | 0.0 | 0.0 | 0.0 | 6.0% | 5.8% | −0.0% | 12.8% |
| 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% |
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 01-03-2024. Past returns do not promise future returns.
HSBC Conservative Hybrid 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 Conservative HybridHSBC Conservative Hybrid Fund (Direct) | ₹3,20,000 | ₹3,35,891 | ₹15,891 | 3.6% |
| HSBC Multi Asset AllocationHSBC Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,59,652 | ₹39,652 | 8.7% |
HSBC Conservative HybridHSBC Conservative Hybrid 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 Conservative Hybrid 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 Conservative Hybrid Fund (Direct) | HSBC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.59% | +4.70% |
| Standard deviation | 4.29% | 13.60% |
| Sharpe ratio | -1.09 | -0.04 |
| Sortino ratio | -1.43 | -0.05 |
| Maximum drawdown | −3.8% (23-10-2026) | −11.8% (23-03-2026) |
| 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.53% | +12.63% |
| Standard deviation | 4.84% | 14.03% |
| Sharpe ratio | 0.51 | 0.48 |
| Sortino ratio | 0.70 | 0.63 |
| Maximum drawdown | −10.4% (23-03-2020) | −18.7% (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 Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct) | −18.7% | 17-12-2024 | 28-02-2025 | 10-09-2025 | 6 months | −6.4% |
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 Conservative Hybrid Fund (Direct)
HSBC Multi Asset Allocation Fund (Direct)
HSBC Conservative Hybrid vs HSBC Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Conservative Hybrid Fund, September 2026; HSBC Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 18.6%
- Held by both
- 22
- Only in HSBC Conservative Hybrid
- 24
- Only in HSBC Multi Asset Allocation
- 62
| Security | % of HSBC Conservative Hybrid | % of HSBC Multi Asset Allocation |
|---|---|---|
| HDFC Bank Limited | 2.83% | 5.06% |
| ICICI Bank Limited | 2.35% | 7.89% |
| Polycab India Limited | 2.65% | 1.93% |
| The Federal Bank Limited | 1.88% | 3.04% |
| Hitachi Energy India Limited | 1.31% | 1.24% |
| GE Vernova T&D India Limited | 1.11% | 2.40% |
| 6.48% GOI 06Oct2035 | 3.90% | 1.02% |
| Dhoot Transmission Limited | 0.88% | 1.40% |
| CG Power And Industrial Solutions Ltd | 0.84% | 1.16% |
| REC Limited | 6.86% | 0.83% |
| 6.94% GOI 11-May-2036 | 3.33% | 0.80% |
| SIDBI | 3.28% | 0.79% |
| 6.01% GOI 21Jul2030 | 2.59% | 0.78% |
| Liquid Gold Series 24 | 1.92% | 0.63% |
| Siemens Limited | 0.61% | 0.24% |
| 6.9% GOI 15-Apr-2065 | 3.06% | 0.15% |
| PERSISTENT SYSTEMS LTD | 0.70% | 0.13% |
| Billionbrains Garage Ventures Ltd. | 0.12% | 1.04% |
| SAFARI INDUSTRIES (INDIA) LIMITED | 0.41% | 0.04% |
| Larsen & Toubro Limited | 0.62% | 0.02% |
| ABB India Limited | 0.02% | 0.85% |
| Bharat Electronics Limited | 0.77% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.6% means 18.6% 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% |
| NABARD | 6.58% |
| 6.53% GOI 07-Sep-2031 | 6.53% |
| 7.10% GOI - 18-Apr-2029 | 3.44% |
| 7.32% GOI - 13-Nov-2030 | 3.44% |
Largest holdings only in HSBC Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HSBC Mutual Fund | 9.02% |
| Lenskart Solutions Limited | 4.51% |
| Meesho Limited | 3.25% |
| Aditya Infotech Limited | 2.67% |
| ITC Limited | 2.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Conservative Hybrid | HSBC Multi Asset Allocation |
|---|---|---|
| Equity | 22.1% | 74.5% |
| Debt | 68.5% | 13.6% |
| Cash and others | 9.4% | 11.9% |
Market cap of stocks
| Market cap | HSBC Conservative Hybrid | HSBC Multi Asset Allocation |
|---|---|---|
| Large Cap | 12.9% | 35.2% |
| Mid Cap | 7.0% | 26.9% |
| Small Cap | 1.3% | 11.0% |
| Not on AMFI's list | 0.9% | 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 Conservative Hybrid | HSBC Multi Asset Allocation |
|---|---|---|
| Banks | 7.1% | 18.1% |
| Retailing | 0.4% | 9.5% |
| Electrical Equipment | 4.5% | 8.1% |
| Capital Markets | 0.1% | 6.4% |
| Pharmaceuticals & Biotechnology | 0.0% | 5.4% |
| Automobiles | 0.0% | 4.3% |
| Industrial Products | 3.6% | 1.9% |
| Auto Components | 0.9% | 3.3% |
| IT - Software | 2.6% | 1.1% |
| Aerospace & Defense | 0.8% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Conservative Hybrid vs HSBC Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Conservative Hybrid Fund | HSBC Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.19% | 0.96% |
| Base expense ratio (Direct) | 0.96% | 0.46% |
| Total expense ratio (Regular) | 2.19% | 2.26% |
| Base expense ratio (Regular) | 1.81% | 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 Conservative Hybrid with
Compare HSBC Multi Asset Allocation with
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HSBC Conservative Hybrid Fund vs HSBC Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between HSBC Conservative Hybrid Fund and HSBC Multi Asset Allocation Fund?
HSBC Conservative Hybrid Fund is a Conservative Hybrid fund, HSBC Multi Asset Allocation Fund is a Multi Asset fund, run by HSBC Mutual Fund. Their portfolios overlap 18.6%. HSBC Conservative Hybrid Fund charges 1.19% a year and HSBC Multi Asset Allocation Fund 0.96%.
Which has given higher returns, HSBC Conservative Hybrid Fund or HSBC Multi Asset Allocation Fund?
Over 1 year: HSBC Conservative Hybrid Fund +0.59%, 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 Conservative Hybrid Fund or HSBC Multi Asset Allocation Fund?
HSBC Multi Asset Allocation Fund charges less: 0.96% a year against 1.19%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Conservative Hybrid Fund and HSBC Multi Asset Allocation Fund overlap?
18.6%. They hold 22 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, POLYCAB. From each fund's latest monthly portfolio.
Which is riskier, HSBC Conservative Hybrid Fund or HSBC Multi Asset Allocation Fund?
On SEBI's riskometer, HSBC Conservative Hybrid Fund is rated Moderately High and HSBC Multi Asset Allocation Fund Very High. Over 1 years, the standard deviation of daily returns was 4.29% and 13.60% a year.
Can I invest in both HSBC Conservative Hybrid Fund and HSBC Multi Asset Allocation Fund?
Yes. 18.6% 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 Multi Asset Allocation Fund?
HSBC Conservative Hybrid Fund: Mahesh Chhabria, Mohd. Asif Rizwi, Cheenu Gupta, Abhishek Gupta, 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.