HSBC ELSS Tax saver Fund vs JM Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC ELSS Tax saver Fund is an ELSS fund and JM Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, HSBC ELSS Tax saver Fund (Direct) returned 15.1% a year and JM Value Fund (Direct) returned 9.8% a year. HSBC ELSS Tax saver Fund charges 1.22% a year and JM Value Fund 1.59% (Direct plans). Their portfolios overlap 23.5%: they hold 16 of the same securities.
HSBC ELSS Tax saver Fund
ELSS
- 3 year return
- 15.1%
- Expense ratio
- 1.22%
- NAV
- ₹146.37
Which is better, HSBC ELSS Tax saver or JM Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC ELSS Tax saver returned more over 3 years: 15.1% a year against 9.8%.
- HSBC ELSS Tax saver returned more over 1 year: −3.3% against −9.6%.
- HSBC ELSS Tax saver costs less: 1.22% a year against 1.59% (Direct plans).
- HSBC ELSS Tax saver swung less over 3 years: a standard deviation of 16.5% a year against 17.2%.
- HSBC ELSS Tax saver fell less in its worst fall since 28-11-2022: −19.2% against −26.1%.
- HSBC ELSS Tax saver holds more in large companies: 47.2% of the fund in large caps against 32.3%.
- HSBC ELSS Tax saver is the larger fund: ₹3,974 Cr against ₹780 Cr.
- Their portfolios overlap 23.5%: 16 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 ELSS Tax saver Fund | JM Value Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | JM Financial Mutual Fund |
| Category | ELSS | Value and Contra |
| AUM | ₹3,974 Cr (30-09-2026) | ₹780 Cr (30-09-2026) |
| NAV | ₹146.37 (Direct) | ₹100.86 (Direct) |
| Expense ratio (Direct) | 1.22% | 1.59% |
| Expense ratio (Regular) | 2.00% | 2.75% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 27-02-2006 | 02-06-1997 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar |
| Exit load | Nil | Exit load of 1%, if redeemed within 30 days. |
HSBC ELSS Tax saver vs JM Value: 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 ELSS Tax saver Fund (Direct) | −2.93% | −5.14% | +0.27% | −3.32% | +15.09% | -- | -- |
| JM Value Fund (Direct) | −6.48% | −5.75% | −2.96% | −9.64% | +9.77% | +12.34% | +14.15% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
Category average: the average of the 50 ELSS funds and the 30 Value and Contra funds, same plan type.
HSBC ELSS Tax saver vs JM Value: Year-wise Returns
| Year | HSBC ELSS Tax saverHSBC ELSS Tax saver | JM ValueJM Value |
|---|---|---|
| 2026to date | −1.82% | −7.28% |
| 2025 | +1.44% | −3.20% |
| 2024 | +34.01% | +26.72% |
| 2023 | +29.42% | +48.68% |
| 2022 | -- | +6.05% |
| 2021 | -- | +37.17% |
HSBC ELSS Tax saver vs JM Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HSBC ELSS Tax saver Fund
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 ELSS Tax saver Fund (Direct)
JM Value 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 ELSS Tax saver | 0.0 | 0.0 | 0.0 | 5.3 | 72.6 | 22.1 | 0.0 | 18.3% | 18.3% | 14.0% | 21.9% | 100% |
| JM Value | 0.0 | 0.0 | 1.3 | 28.8 | 40.3 | 29.6 | 0.0 | 17.2% | 17.4% | 9.2% | 23.8% | 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 ELSS Tax saver vs JM Value: 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 ELSS Tax saverHSBC ELSS Tax saver Fund (Direct) | ₹4,80,000 | ₹5,83,624 | ₹1,03,624 | 9.8% |
| JM ValueJM Value Fund (Direct) | ₹4,80,000 | ₹5,37,846 | ₹57,846 | 5.6% |
HSBC ELSS Tax saverHSBC ELSS Tax saver Fund (Direct)
JM ValueJM Value 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 ELSS Tax saver vs JM Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC ELSS Tax saver Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.32% | −9.64% |
| Standard deviation | 16.10% | 17.60% |
| Sharpe ratio | -0.53 | -0.85 |
| Sortino ratio | -0.72 | -1.12 |
| Maximum drawdown | −13.6% (23-03-2026) | −18.5% (31-03-2026) |
| Beta | 1.07 | 1.15 |
| Alpha | +4.95% | +0.02% |
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 ELSS Tax saver Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.09% | +9.77% |
| Standard deviation | 16.54% | 17.15% |
| Sharpe ratio | 0.55 | 0.22 |
| Sortino ratio | 0.74 | 0.29 |
| Maximum drawdown | −19.2% (28-02-2025) | −26.1% (31-03-2026) |
| Beta | 1.12 | 1.13 |
| Alpha | +4.39% | −0.61% |
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 ELSS Tax saver Fund (Direct) | JM Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.25% | +14.98% |
| Standard deviation | 15.26% | 18.46% |
| Sharpe ratio | 0.53 | 0.48 |
| Sortino ratio | 0.72 | 0.66 |
| Maximum drawdown | −19.2% (28-02-2025) | −37.9% (23-03-2020) |
| Beta | 1.10 | 1.11 |
| Alpha | +4.18% | +1.44% |
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 ELSS Tax saver Fund (Direct)
JM Value 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 ELSS Tax saver Fund (Direct) | −19.2% | 16-12-2024 | 28-02-2025 | 18-06-2026 | 16 months | −8.4% |
| JM Value Fund (Direct) | −26.1% | 05-09-2024 | 31-03-2026 | Not yet | -- | −18.1% |
| 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 ELSS Tax saver Fund (Direct)
JM Value 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 ELSS Tax saver Fund (Direct)
JM Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC ELSS Tax saver Fund (Direct) | 114% | 95% | 5.17% |
| JM Value Fund (Direct) | 118% | 99% | 8.42% |
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 ELSS Tax saver vs JM Value: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC ELSS Tax saver Fund, September 2026; JM Value Fund, September 2026
Holdings in common
- Overlap
- 23.5%
- Held by both
- 16
- Only in HSBC ELSS Tax saver
- 64
- Only in JM Value
- 58
| Security | % of HSBC ELSS Tax saver | % of JM Value |
|---|---|---|
| ICICI Bank Limited | 3.84% | 3.78% |
| Shriram Finance Limited | 2.26% | 3.40% |
| Larsen & Toubro Limited | 2.21% | 3.38% |
| Bharti Airtel Limited | 2.06% | 2.70% |
| HDFC Bank Limited | 3.34% | 1.82% |
| Infosys Limited | 1.79% | 2.43% |
| CRAFTSMAN AUTOMATION LIMITED | 1.51% | 1.75% |
| Pine Labs Limited | 1.45% | 2.09% |
| Axis Bank Limited | 1.84% | 1.26% |
| Jindal Saw Ltd | 1.32% | 1.10% |
| Tech Mahindra Limited | 1.03% | 2.52% |
| Amber Enterprises India Limited | 0.94% | 1.16% |
| Diamond Power Infrastructure Limited | 0.81% | 0.80% |
| NTPC Limited | 1.03% | 0.62% |
| Hindustan Aeronautics Limited | 0.55% | 1.02% |
| SBI Funds Management Ltd | 0.42% | 0.29% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.5% means 23.5% 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 ELSS Tax saver Fund
| Security | % of fund |
|---|---|
| AVALON TECHNOLOGIES LIMITED | 4.51% |
| Reliance Industries Limited | 2.84% |
| Pearl Global Industries Limited | 2.79% |
| Eternal Limited | 2.54% |
| GE Vernova T&D India Limited | 2.22% |
Largest holdings only in JM Value Fund
| Security | % of fund |
|---|---|
| Redington Limited | 4.70% |
| Tata Motors Limited | 2.55% |
| Jana Small Finance Bank Ltd | 2.55% |
| JK TYRE & INDUSTRIES LTD | 2.26% |
| Restaurant Brands Asia Limited | 2.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC ELSS Tax saver | JM Value |
|---|---|---|
| Equity | 99.3% | 98.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.7% | 1.2% |
Market cap of stocks
| Market cap | HSBC ELSS Tax saver | JM Value |
|---|---|---|
| Large Cap | 47.2% | 32.3% |
| Mid Cap | 17.7% | 7.0% |
| Small Cap | 31.6% | 55.7% |
| Not on AMFI's list | 2.7% | 3.8% |
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 ELSS Tax saver | JM Value |
|---|---|---|
| Banks | 15.5% | 11.3% |
| Electrical Equipment | 11.9% | 5.2% |
| Finance | 5.5% | 10.8% |
| Auto Components | 4.6% | 7.9% |
| IT - Software | 6.4% | 4.9% |
| Construction | 3.9% | 5.6% |
| Consumer Durables | 5.2% | 2.5% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC ELSS Tax saver vs JM Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC ELSS Tax saver Fund | JM Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.22% | 1.59% |
| Base expense ratio (Direct) | 0.98% | 1.04% |
| Total expense ratio (Regular) | 2.00% | 2.75% |
| Base expense ratio (Regular) | 1.64% | 2.04% |
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 ELSS Tax saver with
HSBC ELSS Tax saver Fund vs JM Value Fund: Frequently Asked Questions
What is the difference between HSBC ELSS Tax saver Fund and JM Value Fund?
HSBC ELSS Tax saver Fund is an ELSS fund, JM Value Fund is a Value and Contra fund, run by HSBC Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 23.5%. HSBC ELSS Tax saver Fund charges 1.22% a year and JM Value Fund 1.59%.
Which has given higher returns, HSBC ELSS Tax saver Fund or JM Value Fund?
Over 1 year: HSBC ELSS Tax saver Fund −3.32%, JM Value Fund −9.64%. Over 3 years: HSBC ELSS Tax saver Fund +15.09% a year, JM Value Fund +9.77% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC ELSS Tax saver Fund or JM Value Fund?
HSBC ELSS Tax saver Fund charges less: 1.22% a year against 1.59%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC ELSS Tax saver Fund and JM Value Fund overlap?
23.5%. They hold 16 of the same securities, the largest shared ones being ICICIBANK, SHRIRAMFIN, LT. From each fund's latest monthly portfolio.
Which is riskier, HSBC ELSS Tax saver Fund or JM Value Fund?
On SEBI's riskometer, HSBC ELSS Tax saver Fund is rated Very High and JM Value Fund Very High. Over 3 years, the standard deviation of daily returns was 16.54% and 17.15% a year.
Which is better for SIP, HSBC ELSS Tax saver Fund or JM Value Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,01,552 in HSBC ELSS Tax saver Fund (XIRR 5.3% a year) and ₹3,62,166 in JM Value Fund (XIRR -1.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC ELSS Tax saver Fund and JM Value Fund?
Yes. 23.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC ELSS Tax saver Fund and JM Value Fund?
HSBC ELSS Tax saver Fund: Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh. JM Value Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar.
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.