HSBC Financial Services Fund vs Tata NIFTY Capital Markets Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Financial Services Fund is a Thematic fund and Tata NIFTY Capital Markets Index Fund is an Index fund. In the year to 30-10-2026, HSBC Financial Services Fund (Direct) returned −1.9% and Tata NIFTY Capital Markets Index Fund (Direct) returned 13.0%. HSBC Financial Services Fund charges 0.99% a year and Tata NIFTY Capital Markets Index Fund 0.64% (Direct plans). Their portfolios overlap 23.1%: they hold 9 of the same securities.
HSBC Financial Services Fund
Thematic
- 1 year return
- −1.9%
- Expense ratio
- 0.99%
- NAV
- ₹11.77
Tata NIFTY Capital Markets Index Fund
Index
- 1 year return
- 13.0%
- Expense ratio
- 0.64%
- NAV
- ₹13.99
Which is better, HSBC Financial Services or Tata NIFTY Capital Markets Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata NIFTY Capital Markets Index returned more over 1 year: 13.0% against −1.9%.
- Tata NIFTY Capital Markets Index costs less: 0.64% a year against 0.99% (Direct plans).
- Tata NIFTY Capital Markets Index fell less in its worst fall since 04-03-2025: −14.2% against −14.8%.
- HSBC Financial Services holds more in large companies: 51.5% of the fund in large caps against 40.5%.
- Tata NIFTY Capital Markets Index is the larger fund: ₹964 Cr against ₹903 Cr.
- Their portfolios overlap 23.1%: 9 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 Financial Services Fund | Tata NIFTY Capital Markets Index Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Tata Mutual Fund |
| Category | Thematic | Index |
| AUM | ₹903 Cr (30-09-2026) | ₹964 Cr (30-09-2026) |
| NAV | ₹11.77 (Direct) | ₹13.99 (Direct) |
| Expense ratio (Direct) | 0.99% | 0.64% |
| Expense ratio (Regular) | 2.44% | 1.24% |
| Riskometer | Very High | Very High |
| Benchmark | BSE Financial Services TRI | Nifty Capital Markets Index (TRI) |
| Launch date | 27-02-2025 | 24-10-2024 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh | Nitin Sharma, Rakesh Prajapati |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 days. | 0.25% of the applicable NAV, if redeemed on or before 15 days from the date of allotment. |
HSBC Financial Services vs Tata NIFTY Capital Markets Index: 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 Financial Services Fund (Direct) | −2.86% | −6.79% | −4.31% | −1.91% | -- | -- | -- |
| Tata NIFTY Capital Markets Index Fund (Direct) | +0.86% | −1.82% | −1.81% | +13.03% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HSBC Financial Services vs Tata NIFTY Capital Markets Index: Year-wise Returns
| Year | HSBC Financial ServicesHSBC Financial Services | Tata NIFTY Capital Markets IndexTata NIFTY Capital Markets Index |
|---|---|---|
| 2026to date | −4.56% | +10.40% |
| 2025 | -- | +15.70% |
HSBC Financial Services vs Tata NIFTY Capital Markets Index: Rolling Returns
Every holding period of both funds, against BSE Financial Services TRI, the benchmark of HSBC Financial Services Fund
Rolling returns
Every 1-year holding period, 162 of them, one for each trading day from 04-03-2026 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 Financial Services Fund (Direct)
Tata NIFTY Capital Markets Index Fund (Direct)
BSE Financial Services TRI
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
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 Financial Services | 3.7 | 10.5 | 35.8 | 32.1 | 17.3 | 0.6 | 0.0 | 10.1% | 10.0% | −3.5% | 20.9% | 100% |
| Tata NIFTY Capital Markets Index | 0.0 | 0.0 | 2.5 | 7.4 | 21.0 | 25.9 | 43.2 | 27.6% | 23.4% | 6.4% | 56.1% | 100% |
| BSE Financial Services TRI | 46.9 | 40.7 | 4.9 | 4.9 | 2.5 | 0.0 | 0.0 | 0.5% | 0.2% | −11.1% | 19.6% | -- |
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 BSE Financial Services 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 04-03-2025. Past returns do not promise future returns.
HSBC Financial Services vs Tata NIFTY Capital Markets Index: 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 04-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Financial ServicesHSBC Financial Services Fund (Direct) | ₹2,00,000 | ₹2,00,701 | ₹701 | 0.4% |
| Tata NIFTY Capital Markets IndexTata NIFTY Capital Markets Index Fund (Direct) | ₹2,00,000 | ₹2,30,480 | ₹30,480 | 17.3% |
HSBC Financial ServicesHSBC Financial Services Fund (Direct)
Tata NIFTY Capital Markets IndexTata NIFTY Capital Markets Index 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 Financial Services vs Tata NIFTY Capital Markets Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Financial Services Fund (Direct) | Tata NIFTY Capital Markets Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.91% | +13.03% |
| Standard deviation | 18.35% | 24.13% |
| Sharpe ratio | -0.39 | 0.32 |
| Sortino ratio | -0.55 | 0.50 |
| Maximum drawdown | −14.8% (30-03-2026) | −14.2% (31-03-2026) |
| Beta | 1.03 | 1.00 |
| Alpha | +8.40% | −0.67% |
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 Financial Services Fund (Direct) | Tata NIFTY Capital Markets Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.27% | +18.59% |
| Standard deviation | 16.88% | 26.76% |
| Sharpe ratio | 0.29 | 0.48 |
| Sortino ratio | 0.41 | 0.72 |
| Maximum drawdown | −14.8% (30-03-2026) | −30.6% (13-03-2025) |
| Beta | 1.01 | 1.00 |
| Alpha | +3.86% | −0.84% |
From daily NAVs, 04-03-2025 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.
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 Financial Services Fund (Direct)
Tata NIFTY Capital Markets Index Fund (Direct)
BSE Financial Services TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Financial Services Fund (Direct) | −14.8% | 18-02-2026 | 30-03-2026 | 07-05-2026 | 38 days | −10.6% |
| Tata NIFTY Capital Markets Index Fund (Direct) | −14.2% | 10-02-2026 | 31-03-2026 | 15-04-2026 | 15 days | −9.3% |
| BSE Financial Services TRI | −17.5% | 18-02-2026 | 30-03-2026 | Not yet | -- | −12.0% |
From daily values since 04-03-2025, 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 Financial Services Fund (Direct)
Tata NIFTY Capital Markets Index Fund (Direct)
BSE Financial Services TRI
Against BSE Financial Services TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Financial Services Fund (Direct) | 122% | 96% | 5.63% |
| Tata NIFTY Capital Markets Index Fund (Direct) | 191% | 79% | 18.72% |
From month-end values since 04-03-2025. 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 Financial Services vs Tata NIFTY Capital Markets Index: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Financial Services Fund, September 2026; Tata NIFTY Capital Markets Index Fund, September 2026
Holdings in common
- Overlap
- 23.1%
- Held by both
- 9
- Only in HSBC Financial Services
- 28
- Only in Tata NIFTY Capital Markets Index
- 8
| Security | % of HSBC Financial Services | % of Tata NIFTY Capital Markets Index |
|---|---|---|
| Nippon Life India Asset Management Ltd | 4.91% | 4.33% |
| Billionbrains Garage Ventures Ltd. | 3.84% | 5.90% |
| ICICI Prudential AMC Ltd | 3.42% | 4.11% |
| HDFC Asset Management Company Limited | 3.08% | 10.44% |
| Motilal Oswal Financial Services Limited | 2.46% | 3.54% |
| Multi Commodity Exchange of India Ltd. | 1.89% | 18.88% |
| KFIN Technologies Limited | 1.89% | 2.52% |
| Angel One Limited | 1.20% | 4.01% |
| 360 ONE WAM LIMITED | 0.97% | 6.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.1% means 23.1% 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 Financial Services Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 9.31% |
| HDFC Bank Limited | 9.30% |
| Axis Bank Limited | 5.09% |
| Shriram Finance Limited | 4.81% |
| Kotak Mahindra Bank Limited | 4.60% |
Largest holdings only in Tata NIFTY Capital Markets Index Fund
| Security | % of fund |
|---|---|
| BSE LTD | 20.02% |
| CENTRAL DEPOSITORY SERVICES (INDIA) LTD | 5.05% |
| ANAND RATHI WEALTH LTD | 4.35% |
| COMPUTER AGE MANAGEMENT SERVICES LTD | 3.62% |
| NUVAMA WEALTH MANAGEMENT LTD | 2.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Financial Services | Tata NIFTY Capital Markets Index |
|---|---|---|
| Equity | 95.7% | 100.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.3% | -0.2% |
Market cap of stocks
| Market cap | HSBC Financial Services | Tata NIFTY Capital Markets Index |
|---|---|---|
| Large Cap | 51.5% | 40.5% |
| Mid Cap | 21.2% | 32.8% |
| Small Cap | 22.9% | 26.9% |
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 Financial Services | Tata NIFTY Capital Markets Index |
|---|---|---|
| Capital Markets | 27.9% | 100.2% |
| Banks | 41.9% | 0.0% |
| Finance | 18.5% | 0.0% |
| Financial Technology (Fintech) | 7.0% | 0.0% |
| Commercial Services & Supplies | 0.5% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Financial Services vs Tata NIFTY Capital Markets Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Financial Services Fund | Tata NIFTY Capital Markets Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.99% | 0.64% |
| Base expense ratio (Direct) | 0.74% | 0.36% |
| Total expense ratio (Regular) | 2.44% | 1.24% |
| Base expense ratio (Regular) | 1.97% | 0.90% |
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 Financial Services with
HSBC Financial Services Fund vs Tata NIFTY Capital Markets Index Fund: Frequently Asked Questions
What is the difference between HSBC Financial Services Fund and Tata NIFTY Capital Markets Index Fund?
HSBC Financial Services Fund is a Thematic fund, Tata NIFTY Capital Markets Index Fund is an Index fund, run by HSBC Mutual Fund and Tata Mutual Fund. Their portfolios overlap 23.1%. HSBC Financial Services Fund charges 0.99% a year and Tata NIFTY Capital Markets Index Fund 0.64%.
Which has given higher returns, HSBC Financial Services Fund or Tata NIFTY Capital Markets Index Fund?
Over 1 year: HSBC Financial Services Fund −1.91%, Tata NIFTY Capital Markets Index Fund +13.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Financial Services Fund or Tata NIFTY Capital Markets Index Fund?
Tata NIFTY Capital Markets Index Fund charges less: 0.64% a year against 0.99%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Financial Services Fund and Tata NIFTY Capital Markets Index Fund overlap?
23.1%. They hold 9 of the same securities, the largest shared ones being NAM-INDIA, GROWW, ICICIAMC. From each fund's latest monthly portfolio.
Which is riskier, HSBC Financial Services Fund or Tata NIFTY Capital Markets Index Fund?
On SEBI's riskometer, HSBC Financial Services Fund is rated Very High and Tata NIFTY Capital Markets Index Fund Very High. Over 1 years, the standard deviation of daily returns was 18.35% and 24.13% a year.
Can I invest in both HSBC Financial Services Fund and Tata NIFTY Capital Markets Index Fund?
Yes. 23.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Financial Services Fund and Tata NIFTY Capital Markets Index Fund?
HSBC Financial Services Fund: Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh. Tata NIFTY Capital Markets Index Fund: Nitin Sharma, Rakesh Prajapati.
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.