HSBC Midcap Fund vs ICICI Prudential Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Midcap Fund and ICICI Prudential Mid Cap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, HSBC Midcap Fund (Direct) returned 21.6% a year and ICICI Prudential Mid Cap Fund (Direct) returned 19.4% a year. HSBC Midcap Fund charges 1.11% a year and ICICI Prudential Mid Cap Fund 1.10% (Direct plans). Their portfolios overlap 20.8%: they hold 20 of the same securities.
ICICI Prudential Mid Cap Fund
Mid Cap
- 3 year return
- 19.4%
- Expense ratio
- 1.10%
- NAV
- ₹351.92
Which is better, HSBC Midcap or ICICI Prudential Mid Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Midcap returned more over 3 years: 21.6% a year against 19.4%.
- HSBC Midcap returned more over 1 year: 9.6% against 0.9%.
- ICICI Prudential Mid Cap costs less: 1.10% a year against 1.11% (Direct plans).
- ICICI Prudential Mid Cap swung less over 3 years: a standard deviation of 17.9% a year against 18.7%.
- ICICI Prudential Mid Cap fell less in its worst fall since 28-11-2022: −21.3% against −26.0%.
- ICICI Prudential Mid Cap holds more in large companies: 20.2% of the fund in large caps against 4.7%.
- HSBC Midcap is the larger fund: ₹16,800 Cr against ₹7,961 Cr.
- Their portfolios overlap 20.8%: 20 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 Midcap Fund | ICICI Prudential Mid Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹16,800 Cr (30-09-2026) | ₹7,961 Cr (30-09-2026) |
| NAV | ₹502.29 (Direct) | ₹351.92 (Direct) |
| Expense ratio (Direct) | 1.11% | 1.10% |
| Expense ratio (Regular) | 2.18% | 1.84% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 09-08-2004 | 28-10-2004 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Lalit Kumar, Sharmila D’silva |
| Exit load | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. | • 1% of the applicable NAV- If the units purchased or switched in from another Scheme of the Fund are redeemed or switched out within 1 year from the date of allotment • NIL - If the units purchased or switched in from another Scheme of the Fund are redeemed or switched out after 1 year from the date of allotment • 1% of the applicable NAV- If the units purchased or switched in from another Scheme of the Fund are redeemed or switched out within 1 year from the date of allotment • NIL - If the units purchased or switched in from another Scheme of the Fund are redeemed or switched out after 1 year from the date of allotment Nil If the amount sought to be redeemed or switched out more than 12 months. |
HSBC Midcap vs ICICI Prudential Mid Cap: 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 Midcap Fund (Direct) | −2.89% | −2.26% | +3.65% | +9.56% | +21.64% | -- | -- |
| ICICI Prudential Mid Cap Fund (Direct) | −5.04% | −7.09% | −5.25% | +0.90% | +19.38% | +14.82% | +15.56% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | +14.07% |
Category average: the average of the 34 Mid Cap funds, same plan type.
HSBC Midcap vs ICICI Prudential Mid Cap: Year-wise Returns
| Year | HSBC MidcapHSBC Midcap | ICICI Prudential Mid CapICICI Prudential Mid Cap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | +9.89% | −0.75% | −4.97% |
| 2025 | −0.31% | +11.94% | +5.98% |
| 2024 | +41.24% | +28.12% | +24.46% |
| 2023 | +41.53% | +33.88% | +44.61% |
| 2022 | -- | +4.12% | +3.91% |
| 2021 | -- | +46.16% | +48.16% |
HSBC Midcap vs ICICI Prudential Mid Cap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 226 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 Midcap Fund (Direct)
ICICI Prudential Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Midcap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 34.1 | 65.9 | 25.7% | 26.0% | 20.2% | 29.3% | 100% |
| ICICI Prudential Mid Cap | 0.0 | 0.0 | 0.0 | 0.0 | 8.0 | 55.3 | 36.7 | 24.2% | 24.4% | 17.9% | 28.4% | 92% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 11.9 | 22.6 | 63.3 | 2.2 | 20.8% | 21.9% | 12.7% | 26.0% | -- |
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 Midcap 150 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 28-11-2022. Past returns do not promise future returns.
HSBC Midcap vs ICICI Prudential Mid Cap: 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 MidcapHSBC Midcap Fund (Direct) | ₹4,80,000 | ₹6,84,074 | ₹2,04,074 | 18.0% |
| ICICI Prudential Mid CapICICI Prudential Mid Cap Fund (Direct) | ₹4,80,000 | ₹6,27,510 | ₹1,47,510 | 13.5% |
HSBC MidcapHSBC Midcap Fund (Direct)
ICICI Prudential Mid CapICICI Prudential Mid Cap 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 Midcap vs ICICI Prudential Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Midcap Fund (Direct) | ICICI Prudential Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.56% | +0.90% |
| Standard deviation | 17.41% | 18.40% |
| Sharpe ratio | 0.25 | -0.24 |
| Sortino ratio | 0.34 | -0.32 |
| Maximum drawdown | −13.1% (23-10-2026) | −14.9% (23-10-2026) |
| Beta | 0.97 | 1.07 |
| Alpha | +13.62% | +5.91% |
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 Midcap Fund (Direct) | ICICI Prudential Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.64% | +19.38% |
| Standard deviation | 18.73% | 17.86% |
| Sharpe ratio | 0.83 | 0.75 |
| Sortino ratio | 1.12 | 1.01 |
| Maximum drawdown | −26.0% (28-02-2025) | −21.3% (07-04-2025) |
| Beta | 1.04 | 1.01 |
| Alpha | +7.52% | +5.47% |
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 Midcap Fund (Direct) | ICICI Prudential Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.80% | +18.30% |
| Standard deviation | 17.02% | 16.83% |
| Sharpe ratio | 0.92 | 0.73 |
| Sortino ratio | 1.23 | 0.98 |
| Maximum drawdown | −26.0% (28-02-2025) | −44.0% (23-03-2020) |
| Beta | 1.01 | -- |
| Alpha | +5.71% | -- |
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 Midcap Fund (Direct)
ICICI Prudential Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Midcap Fund (Direct) | −26.0% | 17-12-2024 | 28-02-2025 | 20-04-2026 | 14 months | −9.5% |
| ICICI Prudential Mid Cap Fund (Direct) | −21.3% | 24-09-2024 | 07-04-2025 | 26-06-2025 | 3 months | −11.9% |
| Nifty Midcap 150 TRI | −20.9% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.5% |
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 Midcap Fund (Direct)
ICICI Prudential Mid Cap Fund (Direct)
Nifty Midcap 150 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 Midcap Fund (Direct)
ICICI Prudential Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Midcap Fund (Direct) | 109% | 86% | 6.94% |
| ICICI Prudential Mid Cap Fund (Direct) | 101% | 94% | 4.80% |
From month-end values since 28-11-2022. 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 Midcap vs ICICI Prudential Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Midcap Fund, September 2026; ICICI Prudential Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 20.8%
- Held by both
- 20
- Only in HSBC Midcap
- 45
- Only in ICICI Prudential Mid Cap
- 60
| Security | % of HSBC Midcap | % of ICICI Prudential Mid Cap |
|---|---|---|
| APAR INDUSTRIES LTD | 3.16% | 5.98% |
| Bharat Forge Limited | 2.61% | 2.84% |
| Nippon Life India Asset Management Ltd | 2.01% | 2.21% |
| Navin Fluorine International Limited | 2.01% | 1.98% |
| GE Vernova T&D India Limited | 3.09% | 1.89% |
| Hitachi Energy India Limited | 2.28% | 1.78% |
| Multi Commodity Exchange of India Ltd. | 1.62% | 5.43% |
| PB Fintech Limited | 1.45% | 2.68% |
| IndusInd Bank Limited | 1.64% | 1.30% |
| Lenskart Solutions Limited | 5.08% | 1.17% |
| Prestige Estates Projects Limited | 1.09% | 2.68% |
| FSN E-Commerce Ventures Limited | 3.38% | 0.29% |
| Aditya Infotech Limited | 3.64% | 0.14% |
| Thermax Limited | 1.67% | 0.13% |
| Syngene International Limited | 0.06% | 0.19% |
| Muthoot Finance Limited | 0.03% | 2.83% |
| Dixon Technologies (India) Limited | 0.02% | 1.19% |
| JK Cement Limited | 0.02% | 0.09% |
| KEI Industries Limited | 0.02% | 2.45% |
| Bharti Hexacom Limited | 0.01% | 0.83% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.8% means 20.8% 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 Midcap Fund
| Security | % of fund |
|---|---|
| Meesho Limited | 5.04% |
| The Federal Bank Limited | 3.90% |
| Piramal Finance Ltd | 3.56% |
| Ather Energy Limited | 3.03% |
| Dhoot Transmission Limited | 2.91% |
Largest holdings only in ICICI Prudential Mid Cap Fund
| Security | % of fund |
|---|---|
| Hindustan Petroleum Corporation Ltd. | 5.43% |
| Jindal Steel Ltd. | 3.97% |
| APL Apollo Tubes Ltd. | 3.95% |
| BSE Ltd. | 3.93% |
| Jindal Stainless Ltd. | 2.92% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Midcap | ICICI Prudential Mid Cap |
|---|---|---|
| Equity | 99.2% | 97.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 2.1% |
Market cap of stocks
| Market cap | HSBC Midcap | ICICI Prudential Mid Cap |
|---|---|---|
| Large Cap | 4.7% | 20.2% |
| Mid Cap | 65.3% | 68.1% |
| Small Cap | 25.0% | 9.6% |
| Not on AMFI's list | 4.2% | 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 Midcap | ICICI Prudential Mid Cap |
|---|---|---|
| Electrical Equipment | 15.4% | 9.9% |
| Retailing | 13.5% | 1.5% |
| Capital Markets | 5.1% | 13.0% |
| Industrial Products | 0.2% | 12.1% |
| Banks | 11.0% | 1.3% |
| Auto Components | 5.5% | 9.9% |
| Ferrous Metals | 0.0% | 8.3% |
| Pharmaceuticals & Biotechnology | 7.9% | 1.0% |
| Finance | 7.3% | 3.2% |
| Chemicals & Petrochemicals | 2.0% | 6.4% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Midcap vs ICICI Prudential Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Midcap Fund | ICICI Prudential Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.11% | 1.10% |
| Base expense ratio (Direct) | 0.54% | 0.89% |
| Total expense ratio (Regular) | 2.18% | 1.84% |
| Base expense ratio (Regular) | 1.44% | 1.53% |
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 Midcap with
Compare ICICI Prudential Mid Cap with
HSBC Midcap Fund vs ICICI Prudential Mid Cap Fund: Frequently Asked Questions
What is the difference between HSBC Midcap Fund and ICICI Prudential Mid Cap Fund?
Both are Mid Cap funds, run by HSBC Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 20.8%. HSBC Midcap Fund charges 1.11% a year and ICICI Prudential Mid Cap Fund 1.10%.
Which has given higher returns, HSBC Midcap Fund or ICICI Prudential Mid Cap Fund?
Over 1 year: HSBC Midcap Fund +9.56%, ICICI Prudential Mid Cap Fund +0.90%. Over 3 years: HSBC Midcap Fund +21.64% a year, ICICI Prudential Mid Cap Fund +19.38% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Midcap Fund or ICICI Prudential Mid Cap Fund?
ICICI Prudential Mid Cap Fund charges less: 1.10% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Midcap Fund and ICICI Prudential Mid Cap Fund overlap?
20.8%. They hold 20 of the same securities, the largest shared ones being APARINDS, BHARATFORG, NAM-INDIA. From each fund's latest monthly portfolio.
Which is riskier, HSBC Midcap Fund or ICICI Prudential Mid Cap Fund?
On SEBI's riskometer, HSBC Midcap Fund is rated Very High and ICICI Prudential Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.73% and 17.86% a year.
Which is better for SIP, HSBC Midcap Fund or ICICI Prudential Mid Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,52,824 in HSBC Midcap Fund (XIRR 13.2% a year) and ₹4,21,394 in ICICI Prudential Mid Cap Fund (XIRR 8.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Midcap Fund and ICICI Prudential Mid Cap Fund?
Yes. 20.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Midcap Fund and ICICI Prudential Mid Cap Fund?
HSBC Midcap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. ICICI Prudential Mid Cap Fund: Lalit Kumar, Sharmila D’silva.
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.