HSBC Large Cap Fund vs SBI NIFTY Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Large Cap Fund is a Large Cap fund and SBI NIFTY Index Fund is an Index fund. In the 3 years to 30-10-2026, HSBC Large Cap Fund (Direct) returned 10.3% a year and SBI NIFTY Index Fund (Direct) returned 7.3% a year. HSBC Large Cap Fund charges 1.42% a year and SBI NIFTY Index Fund 0.24% (Direct plans). Their portfolios overlap 62.1%: they hold 24 of the same securities.
Which is better, HSBC Large Cap or SBI NIFTY Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Large Cap returned more over 5 years: 8.2% a year against 6.4%.
- HSBC Large Cap returned more over 3 years: 10.3% a year against 7.3%.
- SBI NIFTY Index costs less: 0.24% a year against 1.42% (Direct plans).
- SBI NIFTY Index swung less over 3 years: a standard deviation of 13.2% a year against 14.1%.
- HSBC Large Cap fell less in its worst fall since 02-01-2013: −36.0% against −38.4%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 81.2%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹1,755 Cr.
- Their portfolios overlap 62.1%: 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 Large Cap Fund | SBI NIFTY Index Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | SBI Mutual Fund |
| Category | Large Cap | Index |
| AUM | ₹1,755 Cr (30-09-2026) | ₹13,190 Cr (30-09-2026) |
| NAV | ₹513.79 (Direct) | ₹215.76 (Direct) |
| Expense ratio (Direct) | 1.42% | 0.24% |
| Expense ratio (Regular) | 2.32% | 0.44% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 100 TRI | Nifty 50 TRI |
| Launch date | 10-12-2002 | 17-01-2002 |
| Minimum investment | Rs. 5,000 per application | ₹5,000 |
| Lock in | None | None |
| Fund managers | Neelotpal Sahai, Mayank Chaturvedi, Dipan S. Parikh | Raviprakash Sharma |
| 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 0.25% if redeemed within 30 days |
HSBC Large Cap vs SBI NIFTY 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 Large Cap Fund (Direct) | 0.00% | −3.95% | −0.25% | −5.32% | +10.25% | +8.24% | +11.64% |
| SBI NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | +11.81% |
Category average: the average of the 35 Large Cap funds, same plan type.
HSBC Large Cap vs SBI NIFTY Index: Year-wise Returns
| Year | HSBC Large CapHSBC Large Cap | SBI NIFTY IndexSBI NIFTY Index |
|---|---|---|
| 2026to date | −6.78% | −11.09% |
| 2025 | +5.78% | +11.58% |
| 2024 | +19.42% | +9.80% |
| 2023 | +24.69% | +21.04% |
| 2022 | +1.46% | +5.43% |
| 2021 | +23.86% | +25.10% |
HSBC Large Cap vs SBI NIFTY Index: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HSBC Large Cap Fund
Rolling returns
Every 3-year holding period, 2,666 of them, one for each trading day from 04-01-2016 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 Large Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 100 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 Large Cap | 1.0 | 4.9 | 9.7 | 46.1 | 31.1 | 7.0 | 0.3 | 13.7% | 13.8% | −4.7% | 28.7% | 49% |
| SBI NIFTY Index | 0.9 | 3.3 | 22.7 | 45.2 | 21.8 | 4.4 | 1.6 | 12.7% | 12.9% | −4.9% | 31.8% | 21% |
| Nifty 100 TRI | 0.9 | 3.8 | 11.1 | 47.2 | 30.6 | 5.1 | 1.4 | 13.6% | 13.8% | −5.0% | 31.4% | -- |
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 100 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 02-01-2013. Past returns do not promise future returns.
HSBC Large Cap vs SBI NIFTY 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Large CapHSBC Large Cap Fund (Direct) | ₹16,60,000 | ₹39,62,495 | ₹23,02,495 | 11.8% |
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹16,60,000 | ₹36,28,395 | ₹19,68,395 | 10.6% |
HSBC Large CapHSBC Large Cap Fund (Direct)
SBI NIFTY IndexSBI NIFTY 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 Large Cap vs SBI NIFTY Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Large Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.32% | −10.22% |
| Standard deviation | 14.50% | 13.62% |
| Sharpe ratio | -0.73 | -1.14 |
| Sortino ratio | -0.97 | -1.52 |
| Maximum drawdown | −13.8% (31-03-2026) | −15.1% (31-03-2026) |
| Beta | 1.02 | 1.00 |
| Alpha | +3.62% | −0.23% |
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 Large Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.25% | +7.34% |
| Standard deviation | 14.12% | 13.21% |
| Sharpe ratio | 0.30 | 0.10 |
| Sortino ratio | 0.41 | 0.14 |
| Maximum drawdown | −17.7% (28-02-2025) | −15.5% (04-03-2025) |
| Beta | 1.01 | 1.00 |
| Alpha | +1.14% | −0.29% |
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 Large Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.24% | +6.43% |
| Standard deviation | 14.37% | 13.69% |
| Sharpe ratio | 0.17 | 0.05 |
| Sortino ratio | 0.23 | 0.06 |
| Maximum drawdown | −19.3% (17-06-2022) | −15.9% (17-06-2022) |
| Beta | 1.01 | 1.00 |
| Alpha | +1.01% | −0.27% |
From daily NAVs, 29-10-2021 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 Large Cap Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.94% | +10.95% |
| Standard deviation | 16.15% | 15.84% |
| Sharpe ratio | 0.37 | 0.31 |
| Sortino ratio | 0.50 | 0.42 |
| Maximum drawdown | −36.0% (23-03-2020) | −38.4% (23-03-2020) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.03% | −0.62% |
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 Large Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Large Cap Fund (Direct) | −36.0% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.2% |
| SBI NIFTY Index Fund (Direct) | −38.4% | 14-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −11.8% |
| Nifty 100 TRI | −37.9% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.1% |
From daily values since 02-01-2013, 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 Large Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 100 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 Large Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HSBC Large Cap Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Large Cap Fund (Direct) | 98% | 96% | 3.41% |
| SBI NIFTY Index Fund (Direct) | 96% | 99% | 1.52% |
From month-end values since 02-01-2013. 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 Large Cap vs SBI NIFTY Index: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Large Cap Fund, September 2026; SBI NIFTY Index Fund, September 2026
Holdings in common
- Overlap
- 62.1%
- Held by both
- 24
- Only in HSBC Large Cap
- 13
- Only in SBI NIFTY Index
- 26
| Security | % of HSBC Large Cap | % of SBI NIFTY Index |
|---|---|---|
| ICICI Bank Limited | 8.66% | 9.07% |
| HDFC Bank Limited | 8.48% | 10.40% |
| Reliance Industries Limited | 6.26% | 7.60% |
| Larsen & Toubro Limited | 5.36% | 4.21% |
| State Bank of India | 3.83% | 3.80% |
| Bharti Airtel Limited | 3.50% | 5.12% |
| Infosys Limited | 2.83% | 3.36% |
| Axis Bank Limited | 2.79% | 3.37% |
| Mahindra & Mahindra Limited | 2.94% | 2.52% |
| ITC Limited | 2.25% | 2.43% |
| Eternal Limited | 4.56% | 2.22% |
| Bajaj Finance Limited | 2.19% | 2.51% |
| Titan Company Limited | 1.96% | 1.81% |
| Shriram Finance Limited | 4.48% | 1.32% |
| UltraTech Cement Limited | 1.87% | 1.24% |
| NTPC Limited | 1.20% | 1.47% |
| InterGlobe Aviation Limited | 2.84% | 1.08% |
| HCL Technologies Limited | 1.05% | 1.24% |
| Tech Mahindra Limited | 1.09% | 0.93% |
| Trent Limited | 1.01% | 0.84% |
| Apollo Hospitals Enterprise Limited | 2.09% | 0.80% |
| Sun Pharmaceutical Industries Limited | 0.78% | 1.84% |
| SBI Life Insurance Company Limited | 0.97% | 0.73% |
| Tata Consumer Products Limited | 1.08% | 0.59% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 62.1% means 62.1% 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 Large Cap Fund
| Security | % of fund |
|---|---|
| Sterlite Technologies Limited | 5.70% |
| Tata Motors Limited | 2.40% |
| TVS Motor Company Limited | 2.34% |
| Mankind Pharma Limited | 2.14% |
| SWIGGY LIMITED | 2.14% |
Largest holdings only in SBI NIFTY Index Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Ltd. | 2.94% |
| Tata Consultancy Services Ltd. | 2.00% |
| Hindustan Unilever Ltd. | 1.60% |
| Maruti Suzuki India Ltd. | 1.49% |
| Tata Steel Ltd. | 1.46% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Large Cap | SBI NIFTY Index |
|---|---|---|
| Equity | 96.7% | 100.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.3% | -0.2% |
Market cap of stocks
| Market cap | HSBC Large Cap | SBI NIFTY Index |
|---|---|---|
| Large Cap | 81.2% | 98.8% |
| Mid Cap | 7.3% | 1.4% |
| Small Cap | 6.8% | 0.0% |
| Not on AMFI's list | 1.5% | 0.0% |
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 Large Cap | SBI NIFTY Index |
|---|---|---|
| Banks | 23.8% | 29.6% |
| Retailing | 9.8% | 3.1% |
| Petroleum Products | 6.3% | 7.6% |
| IT - Software | 5.0% | 7.5% |
| Finance | 6.7% | 5.5% |
| Automobiles | 5.3% | 6.7% |
| Telecom - Equipment & Accessories | 5.7% | 0.0% |
| Construction | 5.4% | 4.2% |
| Telecom - Services | 3.5% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Large Cap vs SBI NIFTY Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Large Cap Fund | SBI NIFTY Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.42% | 0.24% |
| Base expense ratio (Direct) | 1.03% | 0.16% |
| Total expense ratio (Regular) | 2.32% | 0.44% |
| Base expense ratio (Regular) | 1.79% | 0.33% |
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
HSBC Large Cap Fund vs SBI NIFTY Index Fund: Frequently Asked Questions
What is the difference between HSBC Large Cap Fund and SBI NIFTY Index Fund?
HSBC Large Cap Fund is a Large Cap fund, SBI NIFTY Index Fund is an Index fund, run by HSBC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 62.1%. HSBC Large Cap Fund charges 1.42% a year and SBI NIFTY Index Fund 0.24%.
Which has given higher returns, HSBC Large Cap Fund or SBI NIFTY Index Fund?
Over 1 year: HSBC Large Cap Fund −5.32%, SBI NIFTY Index Fund −10.22%. Over 3 years: HSBC Large Cap Fund +10.25% a year, SBI NIFTY Index Fund +7.34% a year. Over 5 years: HSBC Large Cap Fund +8.24% a year, SBI NIFTY Index Fund +6.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Large Cap Fund or SBI NIFTY Index Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Large Cap Fund and SBI NIFTY Index Fund overlap?
62.1%. They hold 24 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HSBC Large Cap Fund or SBI NIFTY Index Fund?
On SEBI's riskometer, HSBC Large Cap Fund is rated Very High and SBI NIFTY Index Fund Very High. Over 3 years, the standard deviation of daily returns was 14.12% and 13.21% a year.
Which is better for SIP, HSBC Large Cap Fund or SBI NIFTY Index Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,40,216 in HSBC Large Cap Fund (XIRR 7.6% a year) and ₹6,92,459 in SBI NIFTY Index Fund (XIRR 4.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Large Cap Fund and SBI NIFTY Index Fund?
Yes. 62.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HSBC Large Cap Fund and SBI NIFTY Index Fund?
HSBC Large Cap Fund: Neelotpal Sahai, Mayank Chaturvedi, Dipan S. Parikh. SBI NIFTY Index Fund: Raviprakash Sharma.
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.