HSBC Gilt Fund vs Union Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Gilt Fund and Union Gilt Fund are both Gilt funds. In the 3 years to 30-10-2026, HSBC Gilt Fund (Direct) returned 5.8% a year and Union Gilt Fund (Direct) returned 4.6% a year. HSBC Gilt Fund charges 0.50% a year and Union Gilt Fund 0.65% (Direct plans). Their portfolios overlap 33.5%: they hold 3 of the same securities.
Which is better, HSBC Gilt or Union Gilt? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Gilt returned more over 3 years: 5.8% a year against 4.6%.
- HSBC Gilt returned more over 1 year: 1.6% against −0.5%.
- HSBC Gilt costs less: 0.50% a year against 0.65% (Direct plans).
- HSBC Gilt swung less over 3 years: a standard deviation of 3.0% a year against 4.0%.
- HSBC Gilt fell less in its worst fall since 28-11-2022: −3.6% against −6.5%.
- HSBC Gilt is the larger fund: ₹152 Cr against ₹75 Cr.
- Their portfolios overlap 33.5%: 3 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 Gilt Fund | Union Gilt Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Union Mutual Fund |
| Category | Gilt | Gilt |
| AUM | ₹152 Cr (30-09-2026) | ₹75 Cr (30-09-2026) |
| NAV | ₹76.84 (Direct) | ₹12.21 (Direct) |
| Expense ratio (Direct) | 0.50% | 0.65% |
| Expense ratio (Regular) | 1.60% | 1.08% |
| Riskometer | Moderate | Moderate |
| Benchmark | Nifty All Duration G-Sec Index | CRISIL Dynamic Gilt Index# #CRISIL Benchmark Disclaimer: CRISIL Indices are the sole property of CRISIL Limited (CRISIL) |
| Launch date | 29-03-2000 | 08-08-2022 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Shriram Ramanathan, Mohd Asif Rizwi | Parijat Agrawal, Anindya Sarkar |
| Exit load | NIL | Nil |
HSBC Gilt vs Union Gilt: 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 Gilt Fund (Direct) | −0.42% | −0.98% | +1.77% | +1.57% | +5.82% | -- | -- |
| Union Gilt Fund (Direct) | −1.30% | −2.22% | +0.49% | −0.46% | +4.58% | -- | -- |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | -- | -- |
Category average: the average of the 28 Gilt funds, same plan type.
HSBC Gilt vs Union Gilt: Year-wise Returns
| Year | HSBCHSBC Gilt | UnionUnion Gilt |
|---|---|---|
| 2026to date | +1.08% | −1.13% |
| 2025 | +4.52% | +3.47% |
| 2024 | +9.53% | +9.28% |
| 2023 | +6.91% | +7.28% |
HSBC Gilt vs Union Gilt: 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 Gilt Fund (Direct)
Union Gilt 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 Gilt | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2% | 6.3% | 5.2% | 7.0% |
| Union Gilt | 0.0 | 23.0 | 77.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.5% | 5.5% | 4.4% | 6.7% |
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 Gilt vs Union Gilt: 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 GiltHSBC Gilt Fund (Direct) | ₹4,80,000 | ₹5,24,713 | ₹44,713 | 4.4% |
| Union GiltUnion Gilt Fund (Direct) | ₹4,80,000 | ₹5,10,555 | ₹30,555 | 3.0% |
HSBC GiltHSBC Gilt Fund (Direct)
Union GiltUnion Gilt 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 Gilt vs Union Gilt: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Gilt Fund (Direct) | Union Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.57% | −0.46% |
| Standard deviation | 3.26% | 5.12% |
| Sharpe ratio | -1.13 | -1.11 |
| Sortino ratio | -1.52 | -1.49 |
| Maximum drawdown | −2.7% (02-04-2026) | −4.5% (02-04-2026) |
| 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 Gilt Fund (Direct) | Union Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.82% | +4.58% |
| Standard deviation | 3.02% | 3.98% |
| Sharpe ratio | -0.07 | -0.36 |
| Sortino ratio | -0.09 | -0.49 |
| Maximum drawdown | −3.6% (02-04-2026) | −6.5% (02-04-2026) |
| 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 Gilt Fund (Direct) | Union Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.64% | +4.74% |
| Standard deviation | 2.80% | 3.54% |
| Sharpe ratio | -0.19 | -0.40 |
| Sortino ratio | -0.26 | -0.54 |
| Maximum drawdown | −3.6% (02-04-2026) | −6.5% (02-04-2026) |
| 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 Gilt Fund (Direct)
Union Gilt Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Gilt Fund (Direct) | −3.6% | 28-05-2025 | 02-04-2026 | 24-06-2026 | 3 months | −2.0% |
| Union Gilt Fund (Direct) | −6.5% | 28-05-2025 | 02-04-2026 | 30-06-2026 | 3 months | −3.8% |
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 Gilt Fund (Direct)
Union Gilt 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 Gilt Fund (Direct)
Union Gilt Fund (Direct)
HSBC Gilt vs Union Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Gilt Fund, September 2026; Union Gilt Fund, September 2026
Holdings in common
- Overlap
- 33.5%
- Held by both
- 3
- Only in HSBC Gilt
- 6
- Only in Union Gilt
- 0
| Security | % of HSBC Gilt | % of Union Gilt |
|---|---|---|
| 6.9% GOI 15-Apr-2065 | 15.86% | 30.03% |
| 7.24% GOI 18-Aug-2055 | 13.30% | 25.41% |
| 7.71% GOI 18-May-2066 | 4.39% | 33.47% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.5% means 33.5% 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 Gilt Fund
| Security | % of fund |
|---|---|
| 364 Days Treasury Bill 10-Dec-2026 | 32.50% |
| 7.72% Maharashtra SDL - 23-Mar-2032 | 6.62% |
| 6.8% Tamil Nadu SDL - 02-Jul-2035 | 4.70% |
| 7.16% Karnataka SDL - 08-Jan-2030 | 3.32% |
| 7.59% Gujarat SDL - 27-Aug-2041 | 0.50% |
Largest holdings only in Union Gilt Fund
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Gilt | Union Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 81.3% | 88.9% |
| Cash and others | 18.7% | 11.1% |
HSBC Gilt vs Union Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Gilt Fund | Union Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.50% | 0.65% |
| Base expense ratio (Direct) | 0.41% | 0.55% |
| Total expense ratio (Regular) | 1.60% | 1.08% |
| Base expense ratio (Regular) | 1.34% | 0.92% |
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 Gilt with
HSBC Gilt Fund vs Union Gilt Fund: Frequently Asked Questions
What is the difference between HSBC Gilt Fund and Union Gilt Fund?
Both are Gilt funds, run by HSBC Mutual Fund and Union Mutual Fund. Their portfolios overlap 33.5%. HSBC Gilt Fund charges 0.50% a year and Union Gilt Fund 0.65%.
Which has given higher returns, HSBC Gilt Fund or Union Gilt Fund?
Over 1 year: HSBC Gilt Fund +1.57%, Union Gilt Fund −0.46%. Over 3 years: HSBC Gilt Fund +5.82% a year, Union Gilt Fund +4.58% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Gilt Fund or Union Gilt Fund?
HSBC Gilt Fund charges less: 0.50% a year against 0.65%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Gilt Fund and Union Gilt Fund overlap?
33.5%. They hold 3 of the same securities, the largest shared ones being 6.9% GOI 15-Apr-2065, 7.24% GOI 18-Aug-2055, 7.71% GOI 18-May-2066. From each fund's latest monthly portfolio.
Which is riskier, HSBC Gilt Fund or Union Gilt Fund?
On SEBI's riskometer, HSBC Gilt Fund is rated Moderate and Union Gilt Fund Moderate. Over 3 years, the standard deviation of daily returns was 3.02% and 3.98% a year.
Which is better for SIP, HSBC Gilt Fund or Union Gilt Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,91,315 in HSBC Gilt Fund (XIRR 3.6% a year) and ₹3,81,293 in Union Gilt Fund (XIRR 1.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Gilt Fund and Union Gilt Fund?
Yes. 33.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Gilt Fund and Union Gilt Fund?
HSBC Gilt Fund: Shriram Ramanathan, Mohd Asif Rizwi. Union Gilt Fund: Parijat Agrawal, Anindya Sarkar.
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.