HSBC Large Cap Fund vs Zerodha Nifty 50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Large Cap Fund is a Large Cap fund and Zerodha Nifty 50 Index Fund is an Index fund. In the year to 30-10-2026, HSBC Large Cap Fund (Direct) returned −5.3% and Zerodha Nifty 50 Index Fund (Direct) returned −10.3%. HSBC Large Cap Fund charges 1.42% a year and Zerodha Nifty 50 Index Fund 0.28% (Direct plans). Their portfolios overlap 62.2%: they hold 24 of the same securities.
Zerodha Nifty 50 Index Fund
Index
- 1 year return
- −10.3%
- Expense ratio
- 0.28%
- NAV
- ₹9.24
Which is better, HSBC Large Cap or Zerodha Nifty 50 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 1 year: −5.3% against −10.3%.
- Zerodha Nifty 50 Index costs less: 0.28% a year against 1.42% (Direct plans).
- HSBC Large Cap fell less in its worst fall since 17-10-2025: −13.8% against −15.2%.
- Zerodha Nifty 50 Index holds more in large companies: 99.2% of the fund in large caps against 81.2%.
- HSBC Large Cap is the larger fund: ₹1,755 Cr against ₹75 Cr.
- Their portfolios overlap 62.2%: 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 | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Zerodha Mutual Fund |
| Category | Large Cap | Index |
| AUM | ₹1,755 Cr (30-09-2026) | ₹75 Cr (30-09-2026) |
| NAV | ₹513.79 (Direct) | ₹9.24 (Direct) |
| Expense ratio (Direct) | 1.42% | 0.28% |
| Expense ratio (Regular) | 2.32% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 100 TRI | Nifty 50 TRI |
| Launch date | 10-12-2002 | 14-10-2025 |
| Minimum investment | Rs. 5,000 per application | ₹100 |
| Lock in | None | None |
| Fund managers | Neelotpal Sahai, Mayank Chaturvedi, Dipan S. Parikh | Kedarnath Mirajkar |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. | Nil |
HSBC Large Cap vs Zerodha Nifty 50 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% |
| Zerodha Nifty 50 Index Fund (Direct) | +1.95% | −5.00% | −3.12% | −10.25% | -- | -- | -- |
| 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 Zerodha Nifty 50 Index: Year-wise Returns
| Year | HSBC Large CapHSBC Large Cap | Zerodha Nifty 50 IndexZerodha Nifty 50 Index |
|---|---|---|
| 2026to date | −6.78% | −11.01% |
| 2025 | +5.78% | -- |
| 2024 | +19.42% | -- |
| 2023 | +24.69% | -- |
| 2022 | +1.46% | -- |
| 2021 | +23.86% | -- |
HSBC Large Cap vs Zerodha Nifty 50 Index: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HSBC Large Cap Fund
HSBC Large Cap vs Zerodha Nifty 50 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 01-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Large CapHSBC Large Cap Fund (Direct) | ₹1,30,000 | ₹1,26,379 | −₹3,621 | −4.8% |
| Zerodha Nifty 50 IndexZerodha Nifty 50 Index Fund (Direct) | ₹1,30,000 | ₹1,23,091 | −₹6,909 | −9.1% |
HSBC Large CapHSBC Large Cap Fund (Direct)
Zerodha Nifty 50 IndexZerodha Nifty 50 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 Zerodha Nifty 50 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) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.32% | −10.25% |
| Standard deviation | 14.50% | 13.60% |
| Sharpe ratio | -0.73 | -1.14 |
| Sortino ratio | -0.97 | -1.52 |
| Maximum drawdown | −13.8% (31-03-2026) | −15.2% (30-03-2026) |
| Beta | 1.02 | 1.00 |
| Alpha | +3.62% | −0.28% |
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) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.94% | −9.31% |
| Standard deviation | 16.15% | 13.43% |
| Sharpe ratio | 0.37 | -1.08 |
| Sortino ratio | 0.50 | -1.45 |
| Maximum drawdown | −36.0% (23-03-2020) | −15.2% (30-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.03% | −0.29% |
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)
Zerodha Nifty 50 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) | −13.8% | 11-02-2026 | 31-03-2026 | Not yet | -- | −8.2% |
| Zerodha Nifty 50 Index Fund (Direct) | −15.2% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.7% |
| Nifty 100 TRI | −14.9% | 02-01-2026 | 30-03-2026 | Not yet | -- | −10.1% |
From daily values since 17-10-2025, 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 Large Cap Fund (Direct)
Zerodha Nifty 50 Index Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Large Cap Fund (Direct) | 96% | 81% | 4.06% |
| Zerodha Nifty 50 Index Fund (Direct) | 95% | 105% | 2.02% |
From month-end values since 17-10-2025. 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 Large Cap vs Zerodha Nifty 50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Large Cap Fund, September 2026; Zerodha Nifty 50 Index Fund, September 2026
Holdings in common
- Overlap
- 62.2%
- Held by both
- 24
- Only in HSBC Large Cap
- 13
- Only in Zerodha Nifty 50 Index
- 26
| Security | % of HSBC Large Cap | % of Zerodha Nifty 50 Index |
|---|---|---|
| ICICI Bank Limited | 8.66% | 9.10% |
| HDFC Bank Limited | 8.48% | 10.44% |
| Reliance Industries Limited | 6.26% | 7.63% |
| Larsen & Toubro Limited | 5.36% | 4.23% |
| State Bank of India | 3.83% | 3.81% |
| Bharti Airtel Limited | 3.50% | 5.13% |
| Infosys Limited | 2.83% | 3.37% |
| Axis Bank Limited | 2.79% | 3.39% |
| Mahindra & Mahindra Limited | 2.94% | 2.53% |
| ITC Limited | 2.25% | 2.43% |
| Eternal Limited | 4.56% | 2.23% |
| Bajaj Finance Limited | 2.19% | 2.52% |
| Titan Company Limited | 1.96% | 1.82% |
| Shriram Finance Limited | 4.48% | 1.32% |
| UltraTech Cement Limited | 1.87% | 1.25% |
| NTPC Limited | 1.20% | 1.47% |
| InterGlobe Aviation Limited | 2.84% | 1.08% |
| HCL Technologies Limited | 1.05% | 1.25% |
| Tech Mahindra Limited | 1.09% | 0.93% |
| Trent Limited | 1.01% | 0.84% |
| Apollo Hospitals Enterprise Limited | 2.09% | 0.81% |
| Sun Pharmaceutical Industries Limited | 0.78% | 1.85% |
| 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. 62.2% means 62.2% 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 Zerodha Nifty 50 Index Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 2.95% |
| Tata Consultancy Services Limited | 2.01% |
| Hindustan Unilever Limited | 1.60% |
| Maruti Suzuki India Limited | 1.49% |
| Tata Steel Limited | 1.47% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Large Cap | Zerodha Nifty 50 Index |
|---|---|---|
| Equity | 96.7% | 100.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.3% | -0.6% |
Market cap of stocks
| Market cap | HSBC Large Cap | Zerodha Nifty 50 Index |
|---|---|---|
| Large Cap | 81.2% | 99.2% |
| 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 | Zerodha Nifty 50 Index |
|---|---|---|
| Banks | 23.8% | 29.7% |
| Retailing | 9.8% | 3.1% |
| Petroleum Products | 6.3% | 7.6% |
| IT - Software | 5.0% | 7.6% |
| Automobiles | 5.3% | 6.7% |
| Finance | 6.7% | 5.5% |
| 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 Zerodha Nifty 50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Large Cap Fund | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.42% | 0.28% |
| Base expense ratio (Direct) | 1.03% | 0.10% |
| Total expense ratio (Regular) | 2.32% | Not available |
| Base expense ratio (Regular) | 1.79% | 0.00% |
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
HSBC Large Cap Fund vs Zerodha Nifty 50 Index Fund: Frequently Asked Questions
What is the difference between HSBC Large Cap Fund and Zerodha Nifty 50 Index Fund?
HSBC Large Cap Fund is a Large Cap fund, Zerodha Nifty 50 Index Fund is an Index fund, run by HSBC Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 62.2%. HSBC Large Cap Fund charges 1.42% a year and Zerodha Nifty 50 Index Fund 0.28%.
Which has given higher returns, HSBC Large Cap Fund or Zerodha Nifty 50 Index Fund?
Over 1 year: HSBC Large Cap Fund −5.32%, Zerodha Nifty 50 Index Fund −10.25%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Large Cap Fund or Zerodha Nifty 50 Index Fund?
Zerodha Nifty 50 Index Fund charges less: 0.28% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Large Cap Fund and Zerodha Nifty 50 Index Fund overlap?
62.2%. 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 Zerodha Nifty 50 Index Fund?
On SEBI's riskometer, HSBC Large Cap Fund is rated Very High and Zerodha Nifty 50 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 14.50% and 13.60% a year.
Can I invest in both HSBC Large Cap Fund and Zerodha Nifty 50 Index Fund?
Yes. 62.2% 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 Zerodha Nifty 50 Index Fund?
HSBC Large Cap Fund: Neelotpal Sahai, Mayank Chaturvedi, Dipan S. Parikh. Zerodha Nifty 50 Index Fund: Kedarnath Mirajkar.
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.