HSBC Flexi Cap Fund vs ITI Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Flexi Cap Fund and ITI Flexi Cap Fund are both Flexi Cap funds. In the 3 years to 30-10-2026, HSBC Flexi Cap Fund (Direct) returned 14.8% a year and ITI Flexi Cap Fund (Direct) returned 18.3% a year. HSBC Flexi Cap Fund charges 1.31% a year and ITI Flexi Cap Fund 0.88% (Direct plans). Their portfolios overlap 37.3%: they hold 30 of the same securities.
Which is better, HSBC Flexi Cap or ITI Flexi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Flexi Cap returned more over 3 years: 18.3% a year against 14.8%.
- ITI Flexi Cap returned more over 1 year: 6.4% against −1.6%.
- ITI Flexi Cap costs less: 0.88% a year against 1.31% (Direct plans).
- HSBC Flexi Cap swung less over 3 years: a standard deviation of 15.7% a year against 16.3%.
- HSBC Flexi Cap fell less in its worst fall since 22-02-2023: −20.5% against −21.4%.
- HSBC Flexi Cap is the larger fund: ₹5,749 Cr against ₹1,588 Cr.
- Their portfolios overlap 37.3%: 30 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 Flexi Cap Fund | ITI Flexi Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | ITI Mutual Fund |
| Category | Flexi Cap | Flexi Cap |
| AUM | ₹5,749 Cr (30-09-2026) | ₹1,588 Cr (30-09-2026) |
| NAV | ₹248.80 (Direct) | ₹20.35 (Direct) |
| Expense ratio (Direct) | 1.31% | 0.88% |
| Expense ratio (Regular) | 2.10% | 2.32% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 24-02-2004 | 17-02-2023 |
| Minimum investment | Rs. 5,000 per application | ₹5,000 |
| Lock in | None | None |
| Fund managers | Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh | Dhimant Shah, Nilay Dalal |
| 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 0.50%, if redeemed within 3 months. |
HSBC Flexi Cap vs ITI Flexi Cap: 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 Flexi Cap Fund (Direct) | −2.94% | −2.70% | +1.11% | −1.57% | +14.84% | +11.82% | +12.72% |
| ITI Flexi Cap Fund (Direct) | −1.70% | −0.27% | +7.12% | +6.40% | +18.32% | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | -- | -- |
Category average: the average of the 46 Flexi Cap funds, same plan type.
HSBC Flexi Cap vs ITI Flexi Cap: Year-wise Returns
| Year | HSBCHSBC Flexi Cap | ITIITI Flexi Cap | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −0.04% | +5.44% | −7.51% |
| 2025 | +2.15% | +4.71% | +7.76% |
| 2024 | +29.58% | +28.10% | +16.24% |
| 2023 | +32.84% | -- | +26.91% |
| 2022 | −3.48% | -- | +4.25% |
| 2021 | +35.51% | -- | +31.60% |
HSBC Flexi Cap vs ITI Flexi Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 168 of them, one for each trading day from 23-02-2026 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 Flexi Cap Fund (Direct)
ITI Flexi Cap Fund (Direct)
Nifty 500 TRI
to
Mar 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Jul 2023
to
Jul 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 Flexi Cap | 0.0 | 0.0 | 0.0 | 10.7 | 83.3 | 6.0 | 0.0 | 17.4% | 17.6% | 13.7% | 20.4% | 100% |
| ITI Flexi Cap | 0.0 | 0.0 | 0.0 | 0.0 | 35.1 | 64.9 | 0.0 | 20.3% | 20.3% | 16.7% | 24.4% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 11.3 | 64.9 | 23.8 | 0.0 | 0.0 | 13.3% | 13.2% | 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 22-02-2023. Past returns do not promise future returns.
HSBC Flexi Cap vs ITI Flexi Cap: 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 01-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Flexi CapHSBC Flexi Cap Fund (Direct) | ₹4,50,000 | ₹5,39,773 | ₹89,773 | 9.7% |
| ITI Flexi CapITI Flexi Cap Fund (Direct) | ₹4,50,000 | ₹5,81,922 | ₹1,31,922 | 13.8% |
HSBC Flexi CapHSBC Flexi Cap Fund (Direct)
ITI Flexi CapITI Flexi Cap 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 Flexi Cap vs ITI Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Flexi Cap Fund (Direct) | ITI Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.57% | +6.40% |
| Standard deviation | 16.05% | 15.44% |
| Sharpe ratio | -0.42 | 0.07 |
| Sortino ratio | -0.57 | 0.10 |
| Maximum drawdown | −14.9% (31-03-2026) | −13.0% (31-03-2026) |
| Beta | 1.08 | 1.03 |
| Alpha | +6.75% | +14.15% |
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 Flexi Cap Fund (Direct) | ITI Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.84% | +18.32% |
| Standard deviation | 15.74% | 16.26% |
| Sharpe ratio | 0.56 | 0.76 |
| Sortino ratio | 0.76 | 1.02 |
| Maximum drawdown | −20.5% (28-02-2025) | −21.4% (28-02-2025) |
| Beta | 1.07 | 1.09 |
| Alpha | +4.33% | +7.73% |
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 Flexi Cap Fund (Direct) | ITI Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.46% | +21.51% |
| Standard deviation | 16.75% | 15.22% |
| Sharpe ratio | 0.50 | 1.01 |
| Sortino ratio | 0.68 | 1.36 |
| Maximum drawdown | −39.8% (23-03-2020) | −21.4% (28-02-2025) |
| Beta | 1.03 | 1.07 |
| Alpha | +1.47% | +8.54% |
From daily NAVs, 02-01-2013 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 Flexi Cap Fund (Direct)
ITI Flexi Cap 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 Flexi Cap Fund (Direct) | −20.5% | 24-09-2024 | 28-02-2025 | 22-06-2026 | 16 months | −7.5% |
| ITI Flexi Cap Fund (Direct) | −21.4% | 23-09-2024 | 28-02-2025 | 12-06-2026 | 15 months | −5.0% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 22-02-2023, 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 Flexi Cap Fund (Direct)
ITI Flexi Cap 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 Flexi Cap Fund (Direct)
ITI Flexi Cap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Flexi Cap Fund (Direct) | 115% | 101% | 5.06% |
| ITI Flexi Cap Fund (Direct) | 126% | 92% | 5.71% |
From month-end values since 22-02-2023. 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 Flexi Cap vs ITI Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Flexi Cap Fund, September 2026; ITI Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 37.3%
- Held by both
- 30
- Only in HSBC Flexi Cap
- 54
- Only in ITI Flexi Cap
- 52
| Security | % of HSBC Flexi Cap | % of ITI Flexi Cap |
|---|---|---|
| ICICI Bank Limited | 3.89% | 4.61% |
| Reliance Industries Limited | 2.47% | 3.48% |
| State Bank of India | 1.80% | 2.06% |
| HDFC Bank Limited | 1.79% | 3.56% |
| Bharti Airtel Limited | 1.79% | 2.27% |
| Axis Bank Limited | 1.64% | 1.73% |
| Kotak Mahindra Bank Limited | 2.22% | 1.57% |
| Larsen & Toubro Limited | 1.50% | 2.07% |
| Multi Commodity Exchange of India Ltd. | 1.99% | 1.49% |
| WOCKHARDT LTD | 1.32% | 1.53% |
| Ather Energy Limited | 1.32% | 1.82% |
| Jyoti Cnc Automation Ltd | 1.22% | 1.31% |
| Eternal Limited | 1.60% | 1.19% |
| GE Vernova T&D India Limited | 1.15% | 1.16% |
| TVS Motor Company Limited | 1.09% | 1.11% |
| Divi''s Laboratories Limited | 1.03% | 1.68% |
| Shriram Finance Limited | 1.45% | 0.97% |
| Sun Pharmaceutical Industries Limited | 1.02% | 0.97% |
| UltraTech Cement Limited | 1.16% | 0.92% |
| Varun Beverages Limited | 0.92% | 1.00% |
| InterGlobe Aviation Limited | 1.01% | 0.86% |
| Cholamandalam Invest & Finance Co Ltd | 1.25% | 0.85% |
| Infosys Limited | 0.84% | 0.82% |
| Maruti Suzuki India Limited | 0.90% | 0.81% |
| Titan Company Limited | 0.78% | 0.93% |
| United Spirits Limited | 0.75% | 1.01% |
| National Stock Exchange of India Limited | 0.63% | 0.65% |
| NTPC Limited | 0.62% | 1.19% |
| Diamond Power Infrastructure Limited | 0.92% | 0.61% |
| Bharat Electronics Limited | 0.55% | 0.85% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.3% means 37.3% 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 Flexi Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 2.31% |
| Karnataka Bank Ltd | 2.11% |
| Coforge Limited | 1.95% |
| Samvardhana Motherson International Ltd | 1.91% |
| Tata Steel Limited | 1.84% |
Largest holdings only in ITI Flexi Cap Fund
| Security | % of fund |
|---|---|
| Aditya Infotech Limited | 2.62% |
| Apar Industries Limited | 1.74% |
| VA Tech Wabag Limited | 1.72% |
| Sai Life Sciences Limited | 1.63% |
| PTC Industries Limited | 1.56% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Flexi Cap | ITI Flexi Cap |
|---|---|---|
| Equity | 98.8% | 94.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.2% | 6.0% |
Market cap of stocks
| Market cap | HSBC Flexi Cap | ITI Flexi Cap |
|---|---|---|
| Large Cap | 45.9% | 44.7% |
| Mid Cap | 19.7% | 15.5% |
| Small Cap | 27.5% | 29.2% |
| Not on AMFI's list | 5.7% | 4.7% |
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 Flexi Cap | ITI Flexi Cap |
|---|---|---|
| Banks | 15.2% | 15.9% |
| Finance | 9.4% | 3.4% |
| Electrical Equipment | 8.4% | 3.5% |
| Pharmaceuticals & Biotechnology | 4.8% | 7.5% |
| IT - Software | 6.7% | 1.8% |
| Capital Markets | 6.0% | 2.1% |
| Industrial Products | 1.7% | 5.8% |
| Auto Components | 4.2% | 5.6% |
| Automobiles | 3.3% | 4.4% |
| Chemicals & Petrochemicals | 0.0% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Flexi Cap vs ITI Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Flexi Cap Fund | ITI Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.31% | 0.88% |
| Base expense ratio (Direct) | 0.92% | 0.53% |
| Total expense ratio (Regular) | 2.10% | 2.32% |
| Base expense ratio (Regular) | 1.59% | 1.81% |
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 Flexi Cap with
HSBC Flexi Cap Fund vs ITI Flexi Cap Fund: Frequently Asked Questions
What is the difference between HSBC Flexi Cap Fund and ITI Flexi Cap Fund?
Both are Flexi Cap funds, run by HSBC Mutual Fund and ITI Mutual Fund. Their portfolios overlap 37.3%. HSBC Flexi Cap Fund charges 1.31% a year and ITI Flexi Cap Fund 0.88%.
Which has given higher returns, HSBC Flexi Cap Fund or ITI Flexi Cap Fund?
Over 1 year: HSBC Flexi Cap Fund −1.57%, ITI Flexi Cap Fund +6.40%. Over 3 years: HSBC Flexi Cap Fund +14.84% a year, ITI Flexi Cap Fund +18.32% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Flexi Cap Fund or ITI Flexi Cap Fund?
ITI Flexi Cap Fund charges less: 0.88% a year against 1.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Flexi Cap Fund and ITI Flexi Cap Fund overlap?
37.3%. They hold 30 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, SBIN. From each fund's latest monthly portfolio.
Which is riskier, HSBC Flexi Cap Fund or ITI Flexi Cap Fund?
On SEBI's riskometer, HSBC Flexi Cap Fund is rated Very High and ITI Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.74% and 16.26% a year.
Which is better for SIP, HSBC Flexi Cap Fund or ITI Flexi Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,06,795 in HSBC Flexi Cap Fund (XIRR 6.1% a year) and ₹4,32,787 in ITI Flexi Cap Fund (XIRR 10.2% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Flexi Cap Fund and ITI Flexi Cap Fund?
Yes. 37.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Flexi Cap Fund and ITI Flexi Cap Fund?
HSBC Flexi Cap Fund: Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh. ITI Flexi Cap Fund: Dhimant Shah, Nilay Dalal.
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.