HSBC Credit Risk Fund vs SBI Medium Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Credit Risk Fund is a Credit Risk fund and SBI Medium Term Fund is a Medium Duration fund. In the 3 years to 30-10-2026, HSBC Credit Risk Fund (Direct) returned 11.5% a year and SBI Medium Term Fund (Direct) returned 7.4% a year. HSBC Credit Risk Fund charges 0.84% a year and SBI Medium Term Fund 0.72% (Direct plans). Their portfolios overlap 16.1%: they hold 10 of the same securities.
HSBC Credit Risk Fund
Credit Risk
- 3 year return
- 11.5%
- Expense ratio
- 0.84%
- NAV
- ₹37.80
SBI Medium Term Fund
Medium Duration
- 3 year return
- 7.4%
- Expense ratio
- 0.72%
- NAV
- ₹59.40
Which is better, HSBC Credit Risk or SBI Medium Term? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Credit Risk returned more over 3 years: 11.5% a year against 7.4%.
- HSBC Credit Risk returned more over 1 year: 5.7% against 5.2%.
- SBI Medium Term costs less: 0.72% a year against 0.84% (Direct plans).
- SBI Medium Term swung less over 3 years: a standard deviation of 1.2% a year against 6.4%.
- HSBC Credit Risk fell less in its worst fall since 28-11-2022: −0.4% against −0.9%.
- SBI Medium Term is the larger fund: ₹6,419 Cr against ₹441 Cr.
- Their portfolios overlap 16.1%: 10 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 Credit Risk Fund | SBI Medium Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | SBI Mutual Fund |
| Category | Credit Risk | Medium Duration |
| AUM | ₹441 Cr (30-09-2026) | ₹6,419 Cr (30-09-2026) |
| NAV | ₹37.80 (Direct) | ₹59.40 (Direct) |
| Expense ratio (Direct) | 0.84% | 0.72% |
| Expense ratio (Regular) | 1.66% | 1.22% |
| Riskometer | Moderately High | Moderately High |
| Benchmark | NIFTY Credit Risk Bond Index B-II | NIFTY Medium Duration Debt Index A-III |
| Launch date | 08-10-2009 | 12-11-2003 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Shriram Ramanathan | Lokesh Mallya, Mohit Jain |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 Year. | Exit load of 1%, if redeemed within 3 months. |
HSBC Credit Risk vs SBI Medium Term: 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 Credit Risk Fund (Direct) | −0.12% | +0.77% | +2.99% | +5.68% | +11.54% | -- | -- |
| SBI Medium Term Fund (Direct) | −0.46% | +0.08% | +2.92% | +5.21% | +7.44% | +6.65% | +7.94% |
| Credit Risk average | −0.04% | +0.78% | +3.31% | +7.84% | +9.41% | -- | -- |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | +6.88% | +6.78% |
Category average: the average of the 13 Credit Risk funds and the 13 Medium Duration funds, same plan type.
HSBC Credit Risk vs SBI Medium Term: Year-wise Returns
| Year | HSBC Credit RiskHSBC Credit Risk | SBI Medium TermSBI Medium Term |
|---|---|---|
| 2026to date | +4.65% | +4.15% |
| 2025 | +21.22% | +8.00% |
| 2024 | +8.02% | +8.69% |
| 2023 | +7.34% | +7.81% |
| 2022 | -- | +3.97% |
| 2021 | -- | +4.41% |
HSBC Credit Risk vs SBI Medium Term: 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 Credit Risk Fund (Direct)
SBI Medium Term 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 Credit Risk | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 11.8% | 11.8% | 11.5% | 12.1% |
| SBI Medium Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.9% | 7.9% | 7.2% | 8.3% |
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 Credit Risk vs SBI Medium Term: 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 Credit RiskHSBC Credit Risk Fund (Direct) | ₹4,80,000 | ₹5,96,979 | ₹1,16,979 | 10.9% |
| SBI Medium TermSBI Medium Term Fund (Direct) | ₹4,80,000 | ₹5,51,847 | ₹71,847 | 6.9% |
HSBC Credit RiskHSBC Credit Risk Fund (Direct)
SBI Medium TermSBI Medium Term 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 Credit Risk vs SBI Medium Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Credit Risk Fund (Direct) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.68% | +5.21% |
| Standard deviation | 0.92% | 1.48% |
| Sharpe ratio | 0.47 | -0.02 |
| Sortino ratio | 0.67 | -0.03 |
| Maximum drawdown | −0.4% (23-10-2026) | −0.9% (23-10-2026) |
| 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 Credit Risk Fund (Direct) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.54% | +7.44% |
| Standard deviation | 6.43% | 1.22% |
| Sharpe ratio | 0.86 | 1.17 |
| Sortino ratio | 11.11 | 1.72 |
| Maximum drawdown | −0.4% (23-10-2026) | −0.9% (23-10-2026) |
| 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 Credit Risk Fund (Direct) | SBI Medium Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.49% | +8.67% |
| Standard deviation | 5.63% | 2.48% |
| Sharpe ratio | 0.77 | 1.06 |
| Sortino ratio | 9.21 | 1.54 |
| Maximum drawdown | −0.4% (23-10-2026) | −7.5% (28-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Credit Risk Fund (Direct)
SBI Medium Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Credit Risk Fund (Direct) | −0.4% | 06-10-2026 | 23-10-2026 | Not yet | -- | −0.2% |
| SBI Medium Term Fund (Direct) | −0.9% | 09-09-2026 | 23-10-2026 | Not yet | -- | −0.8% |
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 Credit Risk Fund (Direct)
SBI Medium Term 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 Credit Risk Fund (Direct)
SBI Medium Term Fund (Direct)
HSBC Credit Risk vs SBI Medium Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Credit Risk Fund, September 2026; SBI Medium Term Fund, September 2026
Holdings in common
- Overlap
- 16.1%
- Held by both
- 10
- Only in HSBC Credit Risk
- 20
- Only in SBI Medium Term
- 56
| Security | % of HSBC Credit Risk | % of SBI Medium Term |
|---|---|---|
| JSW Kalinga Steel Ltd | 4.72% | 4.38% |
| JTPM Metal Traders | 6.12% | 3.36% |
| Aditya Birla Real Estate Limited | 2.29% | 3.43% |
| Cube Highway Trust | 1.94% | 1.91% |
| 6.48% GOI 06Oct2035 | 1.12% | 2.16% |
| Godrej Seeds & Genetics Limited | 5.67% | 1.00% |
| Raajmarg Infra Investment Trust | 1.23% | 0.89% |
| GOI Floating Rate FRB 22-Sep-2033 | 2.37% | 0.73% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.43% | 0.33% |
| National Highways Infra Trust | 1.55% | 0.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.1% means 16.1% 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 Credit Risk Fund
| Security | % of fund |
|---|---|
| Nuvoco Vistas Corporation Limited | 7.88% |
| 6.01% GOI 21Jul2030 | 6.69% |
| Nirma Limited | 5.97% |
| Power Finance Corporation Limited | 5.84% |
| Power Grid Corporation of India Limited | 5.71% |
Largest holdings only in SBI Medium Term Fund
| Security | % of fund |
|---|---|
| 6.94% CGL 2036 | 6.90% |
| Godrej Properties Ltd. | 4.69% |
| 7.06% CGL 2041 | 4.54% |
| Renew Solar Energy (Jharkhand Five) Pvt. Ltd. | 3.36% |
| Renserv Global Pvt Ltd. | 3.20% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Credit Risk | SBI Medium Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 92.6% | 87.3% |
| Cash and others | 7.4% | 12.7% |
HSBC Credit Risk vs SBI Medium Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Credit Risk Fund | SBI Medium Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.84% | 0.72% |
| Base expense ratio (Direct) | 0.70% | 0.61% |
| Total expense ratio (Regular) | 1.66% | 1.22% |
| Base expense ratio (Regular) | 1.39% | 1.04% |
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 Credit Risk with
HSBC Credit Risk Fund vs SBI Medium Term Fund: Frequently Asked Questions
What is the difference between HSBC Credit Risk Fund and SBI Medium Term Fund?
HSBC Credit Risk Fund is a Credit Risk fund, SBI Medium Term Fund is a Medium Duration fund, run by HSBC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 16.1%. HSBC Credit Risk Fund charges 0.84% a year and SBI Medium Term Fund 0.72%.
Which has given higher returns, HSBC Credit Risk Fund or SBI Medium Term Fund?
Over 1 year: HSBC Credit Risk Fund +5.68%, SBI Medium Term Fund +5.21%. Over 3 years: HSBC Credit Risk Fund +11.54% a year, SBI Medium Term Fund +7.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Credit Risk Fund or SBI Medium Term Fund?
SBI Medium Term Fund charges less: 0.72% a year against 0.84%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Credit Risk Fund and SBI Medium Term Fund overlap?
16.1%. They hold 10 of the same securities, the largest shared ones being JSW Kalinga Steel Ltd, JTPM Metal Traders, Aditya Birla Real Estate Limited. From each fund's latest monthly portfolio.
Which is riskier, HSBC Credit Risk Fund or SBI Medium Term Fund?
On SEBI's riskometer, HSBC Credit Risk Fund is rated Moderately High and SBI Medium Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 6.43% and 1.22% a year.
Which is better for SIP, HSBC Credit Risk Fund or SBI Medium Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,38,265 in HSBC Credit Risk Fund (XIRR 11.0% a year) and ₹4,09,854 in SBI Medium Term Fund (XIRR 6.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Credit Risk Fund and SBI Medium Term Fund?
Yes. 16.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Credit Risk Fund and SBI Medium Term Fund?
HSBC Credit Risk Fund: Shriram Ramanathan. SBI Medium Term Fund: Lokesh Mallya, Mohit Jain.
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.