HSBC Large & Mid Cap Fund vs HSBC Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Large & Mid Cap Fund is a Large & Mid Cap fund and HSBC Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, HSBC Large & Mid Cap Fund (Direct) returned 3.6% and HSBC Multi Asset Allocation Fund (Direct) returned 4.7%. HSBC Large & Mid Cap Fund charges 1.35% a year and HSBC Multi Asset Allocation Fund 0.96% (Direct plans). Their portfolios overlap 58.1%: they hold 50 of the same securities.
HSBC Large & Mid Cap Fund
Large & Mid Cap
- 1 year return
- 3.6%
- Expense ratio
- 1.35%
- NAV
- ₹31.51
HSBC Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.7%
- Expense ratio
- 0.96%
- NAV
- ₹13.76
Which is better, HSBC Large & Mid Cap or HSBC Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Multi Asset Allocation returned more over 1 year: 4.7% against 3.6%.
- HSBC Multi Asset Allocation costs less: 0.96% a year against 1.35% (Direct plans).
- HSBC Multi Asset Allocation fell less in its worst fall since 01-03-2024: −18.7% against −25.1%.
- HSBC Large & Mid Cap is the larger fund: ₹5,784 Cr against ₹3,141 Cr.
- Their portfolios overlap 58.1%: 50 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 & Mid Cap Fund | HSBC Multi Asset Allocation Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Large & Mid Cap | Multi Asset |
| AUM | ₹5,784 Cr (30-09-2026) | ₹3,141 Cr (30-09-2026) |
| NAV | ₹31.51 (Direct) | ₹13.76 (Direct) |
| Expense ratio (Direct) | 1.35% | 0.96% |
| Expense ratio (Regular) | 2.43% | 2.26% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | BSE 200 TRI 65% + NIFTY Short Duration Debt Index 20% +Domestic Price of Gold (10%)+Domestic Price of Silver 5% |
| Launch date | 28-03-2019 | 28-02-2024 |
| Minimum investment | Rs. 5,000 per application | ₹5,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Cheenu Gupta, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
HSBC Large & Mid Cap vs HSBC Multi Asset Allocation: 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 & Mid Cap Fund (Direct) | −1.12% | −2.10% | +2.86% | +3.59% | +17.14% | +13.41% | -- |
| HSBC Multi Asset Allocation Fund (Direct) | −1.17% | −2.66% | −0.56% | +4.70% | -- | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 36 Large & Mid Cap funds and the 37 Multi Asset funds, same plan type.
HSBC Large & Mid Cap vs HSBC Multi Asset Allocation: Year-wise Returns
| Year | Large & Mid CapHSBC Large & Mid Cap | Multi Asset AllocationHSBC Multi Asset Allocation |
|---|---|---|
| 2026to date | +5.15% | +1.96% |
| 2025 | −2.47% | +9.81% |
| 2024 | +39.99% | -- |
| 2023 | +31.69% | -- |
| 2022 | −2.19% | -- |
| 2021 | +37.39% | -- |
HSBC Large & Mid Cap vs HSBC Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of HSBC Large & Mid Cap Fund
Rolling returns
Every 1-year holding period, 409 of them, one for each trading day from 03-03-2025 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 Large & Mid Cap Fund (Direct)
HSBC Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 Large & Mid Cap | 18.6 | 24.4 | 21.5 | 21.3 | 11.5 | 2.7 | 0.0 | 7.0% | 6.8% | −7.8% | 24.2% | 60% |
| HSBC Multi Asset Allocation | 0.7 | 18.1 | 28.9 | 12.0 | 19.8 | 11.5 | 9.0 | 12.9% | 10.7% | −1.2% | 37.0% | 85% |
| NIFTY LargeMidcap 250 TRI | 18.6 | 34.5 | 33.5 | 9.8 | 3.7 | 0.0 | 0.0 | 4.8% | 4.5% | −8.0% | 18.3% | -- |
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 LargeMidcap 250 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 01-03-2024. Past returns do not promise future returns.
HSBC Large & Mid Cap vs HSBC Multi Asset Allocation: 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 01-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Large & Mid CapHSBC Large & Mid Cap Fund (Direct) | ₹3,20,000 | ₹3,51,054 | ₹31,054 | 6.9% |
| HSBC Multi Asset AllocationHSBC Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,59,652 | ₹39,652 | 8.7% |
HSBC Large & Mid CapHSBC Large & Mid Cap Fund (Direct)
HSBC Multi Asset AllocationHSBC Multi Asset Allocation 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 & Mid Cap vs HSBC Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Large & Mid Cap Fund (Direct) | HSBC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.59% | +4.70% |
| Standard deviation | 15.71% | 13.60% |
| Sharpe ratio | -0.11 | -0.04 |
| Sortino ratio | -0.14 | -0.05 |
| Maximum drawdown | −12.2% (23-03-2026) | −11.8% (23-03-2026) |
| Beta | 0.97 | -- |
| Alpha | +9.71% | -- |
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 & Mid Cap Fund (Direct) | HSBC Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.38% | +12.63% |
| Standard deviation | 18.18% | 14.03% |
| Sharpe ratio | 0.62 | 0.48 |
| Sortino ratio | 0.82 | 0.63 |
| Maximum drawdown | −36.1% (23-03-2020) | −18.7% (28-02-2025) |
| Beta | 1.02 | -- |
| Alpha | +1.70% | -- |
From daily NAVs, 04-04-2019 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 & Mid Cap Fund (Direct)
HSBC Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Large & Mid Cap Fund (Direct) | −25.1% | 16-12-2024 | 28-02-2025 | 17-06-2026 | 16 months | −7.3% |
| HSBC Multi Asset Allocation Fund (Direct) | −18.7% | 17-12-2024 | 28-02-2025 | 10-09-2025 | 6 months | −6.4% |
| NIFTY LargeMidcap 250 TRI | −18.8% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
From daily values since 01-03-2024, 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 & Mid Cap Fund (Direct)
HSBC Multi Asset Allocation Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Large & Mid Cap Fund (Direct) | 128% | 101% | 8.35% |
| HSBC Multi Asset Allocation Fund (Direct) | 92% | 55% | 8.57% |
From month-end values since 01-03-2024. 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 & Mid Cap vs HSBC Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Large & Mid Cap Fund, September 2026; HSBC Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 58.1%
- Held by both
- 50
- Only in HSBC Large & Mid Cap
- 29
- Only in HSBC Multi Asset Allocation
- 34
| Security | % of HSBC Large & Mid Cap | % of HSBC Multi Asset Allocation |
|---|---|---|
| ICICI Bank Limited | 6.52% | 7.89% |
| HDFC Bank Limited | 5.81% | 5.06% |
| Lenskart Solutions Limited | 4.96% | 4.51% |
| Meesho Limited | 3.79% | 3.25% |
| The Federal Bank Limited | 3.34% | 3.04% |
| Aditya Infotech Limited | 3.37% | 2.67% |
| GE Vernova T&D India Limited | 2.54% | 2.40% |
| TVS Motor Company Limited | 2.38% | 2.25% |
| Lupin Limited | 2.04% | 2.04% |
| JSW Steel Limited | 2.20% | 2.01% |
| Piramal Finance Ltd | 2.36% | 1.82% |
| FSN E-Commerce Ventures Limited | 2.44% | 1.72% |
| Polycab India Limited | 1.51% | 1.93% |
| APAR INDUSTRIES LTD | 1.46% | 1.68% |
| Dhoot Transmission Limited | 2.60% | 1.40% |
| Gland Pharma Limited | 1.82% | 1.34% |
| Ather Energy Limited | 2.72% | 1.29% |
| Hitachi Energy India Limited | 2.13% | 1.24% |
| City Union Bank Limited | 1.73% | 1.18% |
| CG Power And Industrial Solutions Ltd | 2.31% | 1.16% |
| Mankind Pharma Limited | 1.05% | 1.22% |
| Nippon Life India Asset Management Ltd | 1.56% | 0.93% |
| TITAGARH RAIL SYSTEMS LIMITED | 0.85% | 1.54% |
| Mahindra & Mahindra Financial Serv Ltd. | 1.21% | 0.84% |
| One 97 Communications Limited | 1.77% | 0.83% |
| InterGlobe Aviation Limited | 2.00% | 0.81% |
| PB Fintech Limited | 0.78% | 1.87% |
| KFIN Technologies Limited | 0.68% | 0.68% |
| Sun Pharmaceutical Industries Limited | 1.59% | 0.65% |
| Tech Mahindra Limited | 0.65% | 0.94% |
| HDFC Asset Management Company Limited | 0.56% | 1.54% |
| Thermax Limited | 0.72% | 0.54% |
| Billionbrains Garage Ventures Ltd. | 0.32% | 1.04% |
| Divi''s Laboratories Limited | 1.33% | 0.17% |
| ICICI Prudential AMC Ltd | 0.17% | 2.11% |
| Indian Bank | 0.10% | 0.86% |
| Multi Commodity Exchange of India Ltd. | 1.00% | 0.05% |
| Tata Consumer Products Limited | 0.05% | 0.55% |
| SAFARI INDUSTRIES (INDIA) LIMITED | 0.05% | 0.04% |
| Mahindra & Mahindra Limited | 0.03% | 0.74% |
| Larsen & Toubro Limited | 0.16% | 0.02% |
| BSE Ltd | 0.05% | 0.02% |
| UltraTech Cement Limited | 0.04% | 0.02% |
| The Tata Power Company Limited | 0.02% | 0.02% |
| Bharat Electronics Limited | 0.04% | 0.01% |
| Bharat Heavy Electricals Limited | 0.01% | 0.02% |
| Bharti Airtel Limited | 0.01% | 0.03% |
| Reliance Industries Limited | 0.01% | 0.01% |
| ABB India Limited | 0.01% | 0.85% |
| Siemens Limited | 0.01% | 0.24% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 58.1% means 58.1% 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 & Mid Cap Fund
| Security | % of fund |
|---|---|
| Radico Khaitan Limited | 2.45% |
| AVALON TECHNOLOGIES LIMITED | 1.68% |
| Thyrocare Technologies Limited | 1.60% |
| Coforge Limited | 1.46% |
| Cholamandalam Invest & Finance Co Ltd | 1.42% |
Largest holdings only in HSBC Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HSBC Mutual Fund | 9.02% |
| ITC Limited | 2.44% |
| HDFC MUTUAL FUND | 1.67% |
| Bajaj Housing Finance Ltd | 1.63% |
| NABARD | 1.60% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Large & Mid Cap | HSBC Multi Asset Allocation |
|---|---|---|
| Equity | 97.9% | 74.5% |
| Debt | 0.0% | 13.6% |
| Cash and others | 2.1% | 11.9% |
Market cap of stocks
| Market cap | HSBC Large & Mid Cap | HSBC Multi Asset Allocation |
|---|---|---|
| Large Cap | 35.4% | 35.2% |
| Mid Cap | 40.4% | 26.9% |
| Small Cap | 16.8% | 11.0% |
| Not on AMFI's list | 5.3% | 1.4% |
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 & Mid Cap | HSBC Multi Asset Allocation |
|---|---|---|
| Banks | 17.5% | 18.1% |
| Electrical Equipment | 13.0% | 8.1% |
| Retailing | 11.2% | 9.5% |
| Pharmaceuticals & Biotechnology | 8.6% | 5.4% |
| Finance | 7.2% | 3.0% |
| Capital Markets | 4.7% | 6.4% |
| Automobiles | 5.1% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Large & Mid Cap vs HSBC Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Large & Mid Cap Fund | HSBC Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.35% | 0.96% |
| Base expense ratio (Direct) | 0.66% | 0.46% |
| Total expense ratio (Regular) | 2.43% | 2.26% |
| Base expense ratio (Regular) | 1.58% | 1.56% |
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 Large & Mid Cap with
Compare HSBC Multi Asset Allocation with
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- HSBC Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
HSBC Large & Mid Cap Fund vs HSBC Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between HSBC Large & Mid Cap Fund and HSBC Multi Asset Allocation Fund?
HSBC Large & Mid Cap Fund is a Large & Mid Cap fund, HSBC Multi Asset Allocation Fund is a Multi Asset fund, run by HSBC Mutual Fund. Their portfolios overlap 58.1%. HSBC Large & Mid Cap Fund charges 1.35% a year and HSBC Multi Asset Allocation Fund 0.96%.
Which has given higher returns, HSBC Large & Mid Cap Fund or HSBC Multi Asset Allocation Fund?
Over 1 year: HSBC Large & Mid Cap Fund +3.59%, HSBC Multi Asset Allocation Fund +4.70%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Large & Mid Cap Fund or HSBC Multi Asset Allocation Fund?
HSBC Multi Asset Allocation Fund charges less: 0.96% a year against 1.35%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Large & Mid Cap Fund and HSBC Multi Asset Allocation Fund overlap?
58.1%. They hold 50 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, LENSKART. From each fund's latest monthly portfolio.
Which is riskier, HSBC Large & Mid Cap Fund or HSBC Multi Asset Allocation Fund?
On SEBI's riskometer, HSBC Large & Mid Cap Fund is rated Very High and HSBC Multi Asset Allocation Fund Very High. Over 1 years, the standard deviation of daily returns was 15.71% and 13.60% a year.
Can I invest in both HSBC Large & Mid Cap Fund and HSBC Multi Asset Allocation Fund?
Yes. 58.1% 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 & Mid Cap Fund and HSBC Multi Asset Allocation Fund?
HSBC Large & Mid Cap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. HSBC Multi Asset Allocation Fund: Cheenu Gupta, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan.
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.