HSBC Medium Term Fund vs JM Medium to Long Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Medium Term Fund is a Medium Duration fund and JM Medium to Long Term Fund is a Medium to Long Duration fund. In the 3 years to 30-10-2026, HSBC Medium Term Fund (Direct) returned 7.5% a year and JM Medium to Long Term Fund (Direct) returned 6.3% a year. HSBC Medium Term Fund charges 0.41% a year and JM Medium to Long Term Fund 0.60% (Direct plans). Their portfolios overlap 21.9%: they hold 3 of the same securities.
HSBC Medium Term Fund
Medium Duration
- 3 year return
- 7.5%
- Expense ratio
- 0.41%
- NAV
- ₹23.78
JM Medium to Long Term Fund
Medium to Long Duration
- 3 year return
- 6.3%
- Expense ratio
- 0.60%
- NAV
- ₹71.35
Which is better, HSBC Medium Term or JM Medium to Long Term? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Medium Term returned more over 3 years: 7.5% a year against 6.3%.
- HSBC Medium Term returned more over 1 year: 4.3% against 1.8%.
- HSBC Medium Term costs less: 0.41% a year against 0.60% (Direct plans).
- HSBC Medium Term swung less over 3 years: a standard deviation of 1.2% a year against 2.0%.
- HSBC Medium Term fell less in its worst fall since 28-11-2022: −1.0% against −2.0%.
- HSBC Medium Term is the larger fund: ₹684 Cr against ₹29 Cr.
- Their portfolios overlap 21.9%: 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 Medium Term Fund | JM Medium to Long Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | JM Financial Mutual Fund |
| Category | Medium Duration | Medium to Long Duration |
| AUM | ₹684 Cr (31-08-2026) | ₹29 Cr (30-09-2026) |
| NAV | ₹23.78 (Direct) | ₹71.35 (Direct) |
| Expense ratio (Direct) | 0.41% | 0.60% |
| Expense ratio (Regular) | 1.12% | 1.03% |
| Riskometer | Moderately High | Moderate |
| Benchmark | NIFTY Medium Duration Debt Index A-III | CRISIL Medium to Long Duration Debt A-III Index |
| Launch date | 02-02-2015 | 01-04-1995 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Shriram Ramanathan | Killol Pandya, Ruchi Fozdar, Jayant Dhoot |
| Exit load | Nil | Nil |
HSBC Medium Term vs JM Medium to Long Term: 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 Medium Term Fund (Direct) | −0.30% | −0.25% | +2.20% | +4.26% | +7.50% | -- | -- |
| JM Medium to Long Term Fund (Direct) | −0.70% | −1.30% | +0.95% | +1.77% | +6.28% | +5.14% | +4.44% |
| Medium Duration average | −0.34% | −0.09% | +2.51% | +4.72% | +7.66% | -- | -- |
| Medium to Long Duration average | −0.59% | −0.88% | +1.83% | +2.86% | +6.52% | +5.71% | +6.19% |
Category average: the average of the 13 Medium Duration funds and the 13 Medium to Long Duration funds, same plan type.
HSBC Medium Term vs JM Medium to Long Term: Year-wise Returns
| Year | HSBC MediumHSBC Medium Term | JM Medium to LongJM Medium to Long Term |
|---|---|---|
| 2026to date | +3.33% | +1.26% |
| 2025 | +8.57% | +7.01% |
| 2024 | +8.99% | +8.52% |
| 2023 | +7.72% | +7.19% |
| 2022 | -- | +1.23% |
| 2021 | -- | +2.59% |
HSBC Medium Term vs JM Medium to Long Term: 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 Medium Term Fund (Direct)
JM Medium to Long Term 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 Medium Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0% | 8.0% | 7.5% | 8.5% |
| JM Medium to Long Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 6.9% | 6.1% | 7.8% |
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 Medium Term vs JM Medium to Long Term: 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 Medium TermHSBC Medium Term Fund (Direct) | ₹4,80,000 | ₹5,49,938 | ₹69,938 | 6.8% |
| JM Medium to Long TermJM Medium to Long Term Fund (Direct) | ₹4,80,000 | ₹5,32,094 | ₹52,094 | 5.1% |
HSBC Medium TermHSBC Medium Term Fund (Direct)
JM Medium to Long TermJM Medium to Long Term 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 Medium Term vs JM Medium to Long Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Medium Term Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.26% | +1.77% |
| Standard deviation | 1.39% | 2.10% |
| Sharpe ratio | -0.71 | -1.66 |
| Sortino ratio | -0.94 | -2.23 |
| Maximum drawdown | −1.0% (23-10-2026) | −2.0% (23-10-2026) |
| 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 Medium Term Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.50% | +6.28% |
| Standard deviation | 1.23% | 2.04% |
| Sharpe ratio | 1.20 | 0.13 |
| Sortino ratio | 1.76 | 0.18 |
| Maximum drawdown | −1.0% (23-10-2026) | −2.0% (23-10-2026) |
| 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 Medium Term Fund (Direct) | JM Medium to Long Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.40% | +5.45% |
| Standard deviation | 1.19% | 3.97% |
| Sharpe ratio | 1.04 | -0.15 |
| Sortino ratio | 1.52 | -0.17 |
| Maximum drawdown | −1.0% (23-10-2026) | −10.6% (13-12-2019) |
| 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 Medium Term Fund (Direct)
JM Medium to Long Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Medium Term Fund (Direct) | −1.0% | 14-08-2026 | 23-10-2026 | Not yet | -- | −0.8% |
| JM Medium to Long Term Fund (Direct) | −2.0% | 13-08-2026 | 23-10-2026 | Not yet | -- | −1.8% |
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 Medium Term Fund (Direct)
JM Medium to Long Term 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 Medium Term Fund (Direct)
JM Medium to Long Term Fund (Direct)
HSBC Medium Term vs JM Medium to Long Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Medium Term Fund, August 2026; JM Medium to Long Term Fund, September 2026
Holdings in common
- Overlap
- 21.9%
- Held by both
- 3
- Only in HSBC Medium Term
- 27
- Only in JM Medium to Long Term
- 5
| Security | % of HSBC Medium Term | % of JM Medium to Long Term |
|---|---|---|
| 6.94% GOI 11-May-2036 | 17.90% | 34.80% |
| 6.36% GOI 16-Feb-2031 | 3.63% | 13.54% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.35% | 0.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 21.9% means 21.9% 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 Medium Term Fund
| Security | % of fund |
|---|---|
| Delhi International Airport Limited | 4.53% |
| Aditya Birla Renewables Limited | 3.96% |
| JTPM Metal Traders | 3.94% |
| SIDBI | 3.90% |
| JSW Kalinga Steel Ltd | 3.78% |
Largest holdings only in JM Medium to Long Term Fund
| Security | % of fund |
|---|---|
| 6.75% GOI 23-Dec-2029 | 13.80% |
| 7.23% Power Finance Corporation Limited 05-JAN-2027 | 8.63% |
| 7.55% REC Limited 11-MAY-2030 | 8.55% |
| 7.08% Bajaj Housing Finance Ltd 12-JUN-2030 | 8.31% |
| 7.48% NABARD 15-SEP-2028 | 6.87% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Medium Term | JM Medium to Long Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.5% | 94.5% |
| Cash and others | 1.5% | 5.5% |
HSBC Medium Term vs JM Medium to Long Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Medium Term Fund | JM Medium to Long Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.41% | 0.60% |
| Base expense ratio (Direct) | 0.34% | 0.51% |
| Total expense ratio (Regular) | 1.12% | 1.03% |
| Base expense ratio (Regular) | 0.94% | 0.88% |
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 Medium Term with
Compare JM Medium to Long Term with
HSBC Medium Term Fund vs JM Medium to Long Term Fund: Frequently Asked Questions
What is the difference between HSBC Medium Term Fund and JM Medium to Long Term Fund?
HSBC Medium Term Fund is a Medium Duration fund, JM Medium to Long Term Fund is a Medium to Long Duration fund, run by HSBC Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 21.9%. HSBC Medium Term Fund charges 0.41% a year and JM Medium to Long Term Fund 0.60%.
Which has given higher returns, HSBC Medium Term Fund or JM Medium to Long Term Fund?
Over 1 year: HSBC Medium Term Fund +4.26%, JM Medium to Long Term Fund +1.77%. Over 3 years: HSBC Medium Term Fund +7.50% a year, JM Medium to Long Term Fund +6.28% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Medium Term Fund or JM Medium to Long Term Fund?
HSBC Medium Term Fund charges less: 0.41% a year against 0.60%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Medium Term Fund and JM Medium to Long Term Fund overlap?
21.9%. They hold 3 of the same securities, the largest shared ones being 6.94% GOI 11-May-2036, 6.36% GOI 16-Feb-2031, Corp Debt Mkt Devlop Fund (SBI AIF Fund). From each fund's latest monthly portfolio.
Which is riskier, HSBC Medium Term Fund or JM Medium to Long Term Fund?
On SEBI's riskometer, HSBC Medium Term Fund is rated Moderately High and JM Medium to Long Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 1.23% and 2.04% a year.
Which is better for SIP, HSBC Medium Term Fund or JM Medium to Long Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,08,142 in HSBC Medium Term Fund (XIRR 6.3% a year) and ₹3,96,241 in JM Medium to Long Term Fund (XIRR 4.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Medium Term Fund and JM Medium to Long Term Fund?
Yes. 21.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Medium Term Fund and JM Medium to Long Term Fund?
HSBC Medium Term Fund: Shriram Ramanathan. JM Medium to Long Term Fund: Killol Pandya, Ruchi Fozdar, Jayant Dhoot.
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.