HSBC Medium to Long Term Fund vs JM Ultra Short to Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Medium to Long Term Fund is a Medium to Long Duration fund and JM Ultra Short to Short Term Fund is a Low Duration fund. In the 3 years to 30-10-2026, HSBC Medium to Long Term Fund (Direct) returned 6.5% a year and JM Ultra Short to Short Term Fund (Direct) returned 7.1% a year. HSBC Medium to Long Term Fund charges 0.63% a year and JM Ultra Short to Short Term Fund 0.41% (Direct plans). Their portfolios overlap 11.5%: they hold 4 of the same securities.
HSBC Medium to Long Term Fund
Medium to Long Duration
- 3 year return
- 6.5%
- Expense ratio
- 0.63%
- NAV
- ₹48.61
JM Ultra Short to Short Term Fund
Low Duration
- 3 year return
- 7.1%
- Expense ratio
- 0.41%
- NAV
- ₹41.21
Which is better, HSBC Medium to Long Term or JM Ultra Short to Short Term? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM Ultra Short to Short Term returned more over 5 years: 6.5% a year against 5.2%.
- JM Ultra Short to Short Term returned more over 3 years: 7.1% a year against 6.5%.
- JM Ultra Short to Short Term costs less: 0.41% a year against 0.63% (Direct plans).
- JM Ultra Short to Short Term swung less over 3 years: a standard deviation of 0.5% a year against 2.0%.
- HSBC Medium to Long Term fell less in its worst fall since 25-05-2018: −3.3% against −15.0%.
- JM Ultra Short to Short Term is the larger fund: ₹236 Cr against ₹48 Cr.
- Their portfolios overlap 11.5%: 4 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 to Long Term Fund | JM Ultra Short to Short Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | JM Financial Mutual Fund |
| Category | Medium to Long Duration | Low Duration |
| AUM | ₹48 Cr (30-09-2026) | ₹236 Cr (30-09-2026) |
| NAV | ₹48.61 (Direct) | ₹41.21 (Direct) |
| Expense ratio (Direct) | 0.63% | 0.41% |
| Expense ratio (Regular) | 1.30% | 0.84% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | NIFTY Medium to Long Duration Debt Index A-III | CRISIL Low Duration Debt A-I Index |
| Launch date | 07-01-2013 | 27-09-2006 |
| Minimum investment | Rs. 5,000 per application | ₹1,000 |
| Lock in | None | None |
| Fund managers | Mohd. Asif Rizwi, Shriram Ramanathan | Killol Pandya, Ruchi Fozdar, Jayant Dhoot |
| Exit load | Nil | Nil |
HSBC Medium to Long Term vs JM Ultra Short to Short 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 to Long Term Fund (Direct) | −0.28% | −0.62% | +1.87% | +2.33% | +6.45% | +5.17% | +5.78% |
| JM Ultra Short to Short Term Fund (Direct) | +0.21% | +1.19% | +2.97% | +5.77% | +7.13% | +6.50% | -- |
| Medium to Long Duration average | −0.59% | −0.88% | +1.83% | +2.86% | +6.52% | +5.71% | +6.19% |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | -- |
Category average: the average of the 13 Medium to Long Duration funds and the 25 Low Duration funds, same plan type.
HSBC Medium to Long Term vs JM Ultra Short to Short Term: Year-wise Returns
| Year | HSBC Medium to LongHSBC Medium to Long Term | JM Ultra Short to ShortJM Ultra Short to Short Term |
|---|---|---|
| 2026to date | +1.88% | +4.76% |
| 2025 | +6.32% | +7.64% |
| 2024 | +8.95% | +7.81% |
| 2023 | +6.99% | +7.05% |
| 2022 | +1.37% | +4.58% |
| 2021 | +2.17% | +3.44% |
HSBC Medium to Long Term vs JM Ultra Short to Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,318 of them, one for each trading day from 25-05-2021 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 to Long Term Fund (Direct)
JM Ultra Short to Short Term Fund (Direct)
to
Oct 2021Oct 2019
to
Oct 2022Sept 2020
to
Sept 2023Aug 2021
to
Aug 2024Jul 2022
to
Jul 2025May 2023
to
May 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 to Long Term | 0.0 | 35.5 | 64.5 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.0% | 3.1% | 9.6% |
| JM Ultra Short to Short Term | 0.0 | 17.1 | 70.2 | 12.7 | 0.0 | 0.0 | 0.0 | 7.0% | 6.7% | 4.4% | 11.6% |
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 25-05-2018. Past returns do not promise future returns.
HSBC Medium to Long Term vs JM Ultra Short to Short 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 02-05-2018 to 30-10-2026: 102 instalments, ₹10,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Medium to Long TermHSBC Medium to Long Term Fund (Direct) | ₹10,20,000 | ₹13,00,333 | ₹2,80,333 | 5.6% |
| JM Ultra Short to Short TermJM Ultra Short to Short Term Fund (Direct) | ₹10,20,000 | ₹13,72,735 | ₹3,52,735 | 6.8% |
HSBC Medium to Long TermHSBC Medium to Long Term Fund (Direct)
JM Ultra Short to Short TermJM Ultra Short to Short 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 to Long Term vs JM Ultra Short to Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Medium to Long Term Fund (Direct) | JM Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.33% | +5.77% |
| Standard deviation | 2.17% | 0.58% |
| Sharpe ratio | -1.35 | 0.91 |
| Sortino ratio | -1.77 | 1.35 |
| Maximum drawdown | −1.6% (02-04-2026) | −0.2% (21-05-2026) |
| 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 to Long Term Fund (Direct) | JM Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.45% | +7.13% |
| Standard deviation | 2.03% | 0.47% |
| Sharpe ratio | 0.21 | 2.34 |
| Sortino ratio | 0.29 | 4.00 |
| Maximum drawdown | −1.6% (02-04-2026) | −0.2% (21-05-2026) |
| 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 to Long Term Fund (Direct) | JM Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.17% | +6.50% |
| Standard deviation | 2.19% | 0.44% |
| Sharpe ratio | -0.29 | 1.59 |
| Sortino ratio | -0.39 | 2.52 |
| Maximum drawdown | −3.1% (09-05-2022) | −0.3% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Medium to Long Term Fund (Direct) | JM Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.63% | +6.09% |
| Standard deviation | 3.24% | 7.91% |
| Sharpe ratio | 0.18 | 0.10 |
| Sortino ratio | 0.25 | 0.20 |
| Maximum drawdown | −8.8% (19-08-2013) | −15.0% (29-10-2019) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 08-01-2013 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 Medium to Long Term Fund (Direct)
JM Ultra Short to Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Medium to Long Term Fund (Direct) | −3.3% | 05-01-2021 | 12-03-2021 | 12-08-2021 | 5 months | −1.3% |
| JM Ultra Short to Short Term Fund (Direct) | −15.0% | 10-05-2019 | 29-10-2019 | 06-07-2020 | 8 months | 0.0% |
From daily values since 25-05-2018, 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 to Long Term Fund (Direct)
JM Ultra Short to Short 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 to Long Term Fund (Direct)
JM Ultra Short to Short Term Fund (Direct)
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 Medium to Long Term Fund (Direct)
JM Ultra Short to Short Term Fund (Direct)
HSBC Medium to Long Term vs JM Ultra Short to Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Medium to Long Term Fund, September 2026; JM Ultra Short to Short Term Fund, September 2026
Holdings in common
- Overlap
- 11.5%
- Held by both
- 4
- Only in HSBC Medium to Long Term
- 12
- Only in JM Ultra Short to Short Term
- 30
| Security | % of HSBC Medium to Long Term | % of JM Ultra Short to Short Term |
|---|---|---|
| Indian Bank | 8.12% | 7.45% |
| SIDBI | 6.40% | 2.08% |
| Bajaj Housing Finance Ltd | 4.27% | 1.66% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.31% | 0.31% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 11.5% means 11.5% 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 Medium to Long Term Fund
| Security | % of fund |
|---|---|
| 7.71% GOI 18-May-2066 | 7.47% |
| LIC Housing Finance Limited | 5.56% |
| Power Finance Corporation Limited | 5.35% |
| 6.8% Tamil Nadu SDL - 02-Jul-2035 | 4.95% |
| NABARD | 4.33% |
Largest holdings only in JM Ultra Short to Short Term Fund
| Security | % of fund |
|---|---|
| Canara Bank 29-JAN-2027 | 8.29% |
| Punjab National Bank 04-MAR-2027 | 7.00% |
| Union Bank of India 16-MAR-2027 | 6.99% |
| 7.23% Power Finance Corporation Limited 05-JAN-2027 | 4.66% |
| 8.75% Piramal Finance Ltd 29-OCT-2027 | 4.24% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Medium to Long Term | JM Ultra Short to Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 72.1% | 96.7% |
| Cash and others | 27.9% | 3.3% |
HSBC Medium to Long Term vs JM Ultra Short to Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Medium to Long Term Fund | JM Ultra Short to Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.63% | 0.41% |
| Base expense ratio (Direct) | 0.51% | 0.35% |
| Total expense ratio (Regular) | 1.30% | 0.84% |
| Base expense ratio (Regular) | 1.08% | 0.73% |
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 to Long Term with
Compare JM Ultra Short to Short Term with
- JM Ultra Short to Short Term vs HSBC Ultra Short to Short Term
- JM Ultra Short to Short Term vs Nippon India Ultra Short to Short Term
- JM Ultra Short to Short Term vs Axis Ultra Short to Short Term
- JM Ultra Short to Short Term vs Kotak Ultra Short to Short Term
- JM Ultra Short to Short Term vs Mirae Asset Ultra Short to Short Term
HSBC Medium to Long Term Fund vs JM Ultra Short to Short Term Fund: Frequently Asked Questions
What is the difference between HSBC Medium to Long Term Fund and JM Ultra Short to Short Term Fund?
HSBC Medium to Long Term Fund is a Medium to Long Duration fund, JM Ultra Short to Short Term Fund is a Low Duration fund, run by HSBC Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 11.5%. HSBC Medium to Long Term Fund charges 0.63% a year and JM Ultra Short to Short Term Fund 0.41%.
Which has given higher returns, HSBC Medium to Long Term Fund or JM Ultra Short to Short Term Fund?
Over 1 year: HSBC Medium to Long Term Fund +2.33%, JM Ultra Short to Short Term Fund +5.77%. Over 3 years: HSBC Medium to Long Term Fund +6.45% a year, JM Ultra Short to Short Term Fund +7.13% a year. Over 5 years: HSBC Medium to Long Term Fund +5.17% a year, JM Ultra Short to Short Term Fund +6.50% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Medium to Long Term Fund or JM Ultra Short to Short Term Fund?
JM Ultra Short to Short Term Fund charges less: 0.41% a year against 0.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Medium to Long Term Fund and JM Ultra Short to Short Term Fund overlap?
11.5%. They hold 4 of the same securities, the largest shared ones being Indian Bank, SIDBI, Bajaj Housing Finance Ltd. From each fund's latest monthly portfolio.
Which is riskier, HSBC Medium to Long Term Fund or JM Ultra Short to Short Term Fund?
On SEBI's riskometer, HSBC Medium to Long Term Fund is rated Moderate and JM Ultra Short to Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 2.03% and 0.47% a year.
Which is better for SIP, HSBC Medium to Long Term Fund or JM Ultra Short to Short Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,01,106 in HSBC Medium to Long Term Fund (XIRR 5.4% a year) and ₹7,26,565 in JM Ultra Short to Short Term Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Medium to Long Term Fund and JM Ultra Short to Short Term Fund?
Yes. 11.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Medium to Long Term Fund and JM Ultra Short to Short Term Fund?
HSBC Medium to Long Term Fund: Mohd. Asif Rizwi, Shriram Ramanathan. JM Ultra Short to Short 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.