HSBC ELSS Tax saver Fund vs UTI - Master Equity Plan Unit Scheme
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HSBC ELSS Tax saver Fund and UTI - Master Equity Plan Unit Scheme are both ELSS funds. In the 3 years to 30-10-2026, HSBC ELSS Tax saver Fund (Direct) returned 15.1% a year and UTI - Master Equity Plan Unit Scheme (Regular) returned 7.2% a year. HSBC ELSS Tax saver Fund charges 1.22% a year and UTI - Master Equity Plan Unit Scheme 1.36%. Their portfolios overlap 33.1%: they hold 24 of the same securities.
HSBC ELSS Tax saver Fund
ELSS
- 3 year return
- 15.1%
- Expense ratio
- 1.22%
- NAV
- ₹146.37
UTI - Master Equity Plan Unit Scheme
ELSS
- 3 year return
- 7.2%
- Expense ratio
- 1.36%
- NAV
- ₹215.44
Which is better, HSBC ELSS Tax saver or UTI - Master Equity Plan Unit Scheme? 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 7.2%.
- HSBC ELSS Tax saver returned more over 1 year: −3.3% against −8.6%.
- HSBC ELSS Tax saver costs less: 1.22% a year against 1.36%.
- UTI - Master Equity Plan Unit Scheme swung less over 3 years: a standard deviation of 12.4% a year against 16.5%.
- UTI - Master Equity Plan Unit Scheme fell less in its worst fall since 28-11-2022: −17.1% against −19.2%.
- UTI - Master Equity Plan Unit Scheme holds more in large companies: 81.4% of the fund in large caps against 47.2%.
- HSBC ELSS Tax saver is the larger fund: ₹3,974 Cr against ₹2,652 Cr.
- Their portfolios overlap 33.1%: 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 ELSS Tax saver Fund | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Fund house | HSBC Mutual Fund | UTI Mutual Fund |
| Category | ELSS | ELSS |
| AUM | ₹3,974 Cr (30-09-2026) | ₹2,652 Cr (30-09-2026) |
| NAV | ₹146.37 (Direct) | ₹215.44 (Regular) |
| Expense ratio (Direct) | 1.22% | Not available |
| Expense ratio (Regular) | 2.00% | 1.36% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty 500 TRI | Not available |
| Launch date | 27-02-2006 | Not available |
| Minimum investment | ₹500 | Not available |
| Lock in | 3 years | Not available |
| Fund managers | Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh | Not available |
| Exit load | Nil | Not available |
HSBC ELSS Tax saver vs UTI - Master Equity Plan Unit Scheme: 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% | -- | -- |
| UTI - Master Equity Plan Unit Scheme (Regular) | +1.76% | −4.05% | −0.82% | −8.63% | +7.20% | +5.98% | +9.29% |
| ELSS average | −2.38% | −5.77% | −2.09% | −6.60% | +9.82% | +9.22% | +11.87% |
Category average: the average of the 50 ELSS funds, same plan type.
HSBC ELSS Tax saver vs UTI - Master Equity Plan Unit Scheme: Year-wise Returns
| Year | HSBC ELSS Tax saverHSBC ELSS Tax saver | UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme |
|---|---|---|
| 2026to date | −1.82% | −9.21% |
| 2025 | +1.44% | +8.50% |
| 2024 | +34.01% | +11.31% |
| 2023 | +29.42% | +21.08% |
| 2022 | -- | +1.24% |
| 2021 | -- | +29.14% |
HSBC ELSS Tax saver vs UTI - Master Equity Plan Unit Scheme: 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)
UTI - Master Equity Plan Unit Scheme (Regular)
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% |
| UTI - Master Equity Plan Unit Scheme | 0.0 | 0.0 | 53.1 | 46.9 | 0.0 | 0.0 | 0.0 | 10.1% | 9.8% | 5.3% | 14.3% | 0% |
| 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 UTI - Master Equity Plan Unit Scheme: 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% |
| UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme (Regular) | ₹4,80,000 | ₹5,13,763 | ₹33,763 | 3.4% |
HSBC ELSS Tax saverHSBC ELSS Tax saver Fund (Direct)
UTI - Master Equity Plan Unit SchemeUTI - Master Equity Plan Unit Scheme (Regular)
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 UTI - Master Equity Plan Unit Scheme: 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) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | −3.32% | −8.63% |
| Standard deviation | 16.10% | 13.24% |
| Sharpe ratio | -0.53 | -1.05 |
| Sortino ratio | -0.72 | -1.39 |
| Maximum drawdown | −13.6% (23-03-2026) | −15.5% (31-03-2026) |
| Beta | 1.07 | 0.95 |
| Alpha | +4.95% | −0.47% |
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) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | +15.09% | +7.20% |
| Standard deviation | 16.54% | 12.36% |
| Sharpe ratio | 0.55 | 0.10 |
| Sortino ratio | 0.74 | 0.13 |
| Maximum drawdown | −19.2% (28-02-2025) | −17.1% (31-03-2026) |
| Beta | 1.12 | 0.90 |
| Alpha | +4.39% | −1.46% |
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) | UTI - Master Equity Plan Unit Scheme (Regular) |
|---|---|---|
| Return (CAGR) | +14.25% | +9.28% |
| Standard deviation | 15.26% | 15.40% |
| Sharpe ratio | 0.53 | 0.20 |
| Sortino ratio | 0.72 | 0.27 |
| Maximum drawdown | −19.2% (28-02-2025) | −38.0% (23-03-2020) |
| Beta | 1.10 | 0.94 |
| Alpha | +4.18% | −0.99% |
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)
UTI - Master Equity Plan Unit Scheme (Regular)
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% |
| UTI - Master Equity Plan Unit Scheme (Regular) | −17.1% | 26-09-2024 | 31-03-2026 | Not yet | -- | −11.4% |
| 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)
UTI - Master Equity Plan Unit Scheme (Regular)
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)
UTI - Master Equity Plan Unit Scheme (Regular)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC ELSS Tax saver Fund (Direct) | 114% | 95% | 5.17% |
| UTI - Master Equity Plan Unit Scheme (Regular) | 79% | 84% | 4.18% |
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 UTI - Master Equity Plan Unit Scheme: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC ELSS Tax saver Fund, September 2026; UTI - Master Equity Plan Unit Scheme, September 2026
Holdings in common
- Overlap
- 33.1%
- Held by both
- 24
- Only in HSBC ELSS Tax saver
- 56
- Only in UTI - Master Equity Plan Unit Scheme
- 43
| Security | % of HSBC ELSS Tax saver | % of UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| ICICI Bank Limited | 3.84% | 8.93% |
| HDFC Bank Limited | 3.34% | 9.10% |
| Reliance Industries Limited | 2.84% | 5.03% |
| Eternal Limited | 2.54% | 2.82% |
| Larsen & Toubro Limited | 2.21% | 4.06% |
| Bharti Airtel Limited | 2.06% | 4.07% |
| Axis Bank Limited | 1.84% | 3.14% |
| Infosys Limited | 1.79% | 3.18% |
| State Bank of India | 1.83% | 1.62% |
| UltraTech Cement Limited | 1.09% | 1.82% |
| Max Healthcare Institute Limited | 1.44% | 1.01% |
| Trent Limited | 1.01% | 1.32% |
| Tata Consumer Products Limited | 0.94% | 1.41% |
| Tech Mahindra Limited | 1.03% | 0.93% |
| Mahindra & Mahindra Limited | 0.79% | 1.46% |
| LTM Limited | 0.76% | 1.78% |
| Mankind Pharma Limited | 0.73% | 0.90% |
| Oil & Natural Gas Corporation Limited | 0.71% | 0.98% |
| PERSISTENT SYSTEMS LTD | 1.19% | 0.69% |
| Bharat Electronics Limited | 0.86% | 0.60% |
| Hindustan Aeronautics Limited | 0.55% | 1.40% |
| Sun Pharmaceutical Industries Limited | 1.45% | 0.52% |
| Lupin Limited | 0.95% | 0.34% |
| National Stock Exchange of India Limited | 0.61% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.1% means 33.1% 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 ELSS Tax saver Fund
| Security | % of fund |
|---|---|
| AVALON TECHNOLOGIES LIMITED | 4.51% |
| Pearl Global Industries Limited | 2.79% |
| Shriram Finance Limited | 2.26% |
| GE Vernova T&D India Limited | 2.22% |
| Karur Vysya Bank Limited | 2.12% |
Largest holdings only in UTI - Master Equity Plan Unit Scheme
| Security | % of fund |
|---|---|
| EQ - KOTAK MAHINDRA BANK LTD. | 5.04% |
| EQ - BAJAJ FINANCE LTD. | 3.21% |
| EQ - MARUTI SUZUKI INDIA LTD. | 1.48% |
| EQ - POWER GRID CORPORATION OF INDI | 1.40% |
| EQ - HDFC LIFE INSURANCE COMPANY LI | 1.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC ELSS Tax saver | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Equity | 99.3% | 94.1% |
| Debt | 0.0% | 0.4% |
| Cash and others | 0.7% | 5.5% |
Market cap of stocks
| Market cap | HSBC ELSS Tax saver | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Large Cap | 47.2% | 81.4% |
| Mid Cap | 17.7% | 10.2% |
| Small Cap | 31.6% | 2.2% |
| Not on AMFI's list | 2.7% | 0.3% |
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 | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Banks | 15.5% | 28.4% |
| Electrical Equipment | 11.9% | 0.0% |
| IT - Software | 6.4% | 8.1% |
| Finance | 5.5% | 3.8% |
| Automobiles | 3.6% | 5.5% |
| Petroleum Products | 2.8% | 5.4% |
| Retailing | 4.5% | 5.4% |
| Consumer Durables | 5.2% | 2.8% |
| Auto Components | 4.6% | 1.8% |
| Telecom - Services | 2.1% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC ELSS Tax saver vs UTI - Master Equity Plan Unit Scheme: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC ELSS Tax saver Fund | UTI - Master Equity Plan Unit Scheme |
|---|---|---|
| Total expense ratio (Direct) | 1.22% | Not available |
| Base expense ratio (Direct) | 0.98% | 0.00% |
| Total expense ratio (Regular) | 2.00% | 1.36% |
| Base expense ratio (Regular) | 1.64% | 1.00% |
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
Compare UTI - Master Equity Plan Unit Scheme with
HSBC ELSS Tax saver Fund vs UTI - Master Equity Plan Unit Scheme: Frequently Asked Questions
What is the difference between HSBC ELSS Tax saver Fund and UTI - Master Equity Plan Unit Scheme?
Both are ELSS funds, run by HSBC Mutual Fund and UTI Mutual Fund. Their portfolios overlap 33.1%. HSBC ELSS Tax saver Fund charges 1.22% a year and UTI - Master Equity Plan Unit Scheme 1.36%.
Which has given higher returns, HSBC ELSS Tax saver Fund or UTI - Master Equity Plan Unit Scheme?
Over 1 year: HSBC ELSS Tax saver Fund −3.32%, UTI - Master Equity Plan Unit Scheme −8.63%. Over 3 years: HSBC ELSS Tax saver Fund +15.09% a year, UTI - Master Equity Plan Unit Scheme +7.20% 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 UTI - Master Equity Plan Unit Scheme?
HSBC ELSS Tax saver Fund charges less: 1.22% a year against 1.36%. These are the total expense ratios reported to AMFI.
How much do HSBC ELSS Tax saver Fund and UTI - Master Equity Plan Unit Scheme overlap?
33.1%. They hold 24 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is better for SIP, HSBC ELSS Tax saver Fund or UTI - Master Equity Plan Unit Scheme?
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 ₹3,70,159 in UTI - Master Equity Plan Unit Scheme (XIRR 0.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC ELSS Tax saver Fund and UTI - Master Equity Plan Unit Scheme?
Yes. 33.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.