HSBC Midcap Fund vs JM Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Midcap Fund and JM 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 JM Mid Cap Fund (Direct) returned 17.3% a year. HSBC Midcap Fund charges 1.11% a year and JM Mid Cap Fund 0.96% (Direct plans). Their portfolios overlap 27.5%: they hold 25 of the same securities.
Which is better, HSBC Midcap or JM 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 17.3%.
- HSBC Midcap returned more over 1 year: 9.6% against −0.1%.
- JM Mid Cap costs less: 0.96% a year against 1.11% (Direct plans).
- JM Mid Cap swung less over 3 years: a standard deviation of 17.9% a year against 18.7%.
- JM Mid Cap fell less in its worst fall since 28-11-2022: −22.5% against −26.0%.
- HSBC Midcap is the larger fund: ₹16,800 Cr against ₹1,303 Cr.
- Their portfolios overlap 27.5%: 25 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 | JM Mid Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | JM Financial Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹16,800 Cr (30-09-2026) | ₹1,303 Cr (30-09-2026) |
| NAV | ₹502.29 (Direct) | ₹20.79 (Direct) |
| Expense ratio (Direct) | 1.11% | 0.96% |
| Expense ratio (Regular) | 2.18% | 2.47% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 09-08-2004 | 21-11-2022 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar |
| Exit load | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. | In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 180 days from the date of allotment, No Exit Load is payable if Units are redeemed / switched-out after 180 days from the date of allotment, No Entry / Exit Load shall be levied on units allotted on Reinvestment of Income Distribution cum Capital Withdrawal Option, In respect of Systematic Transactions such as SIP,STP, SWP, Exit Load, if any, prevailing on the date of registration / enrolment for SIP/STP/SWP shall be levied for all the opted Installments. |
HSBC Midcap vs JM 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% | -- | -- |
| JM Mid Cap Fund (Direct) | −5.08% | −5.86% | +3.24% | −0.08% | +17.31% | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | -- | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
HSBC Midcap vs JM Mid Cap: Year-wise Returns
| Year | HSBC MidcapHSBC Midcap | JM Mid CapJM Mid Cap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | +9.89% | +3.57% | −4.97% |
| 2025 | −0.31% | −1.16% | +5.98% |
| 2024 | +41.24% | +37.77% | +24.46% |
| 2023 | +41.53% | +47.33% | +44.61% |
HSBC Midcap vs JM 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)
JM 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% |
| JM Mid Cap | 0.0 | 0.0 | 0.0 | 0.0 | 16.8 | 48.7 | 34.5 | 23.2% | 24.0% | 15.6% | 27.9% | 100% |
| 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 JM 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% |
| JM Mid CapJM Mid Cap Fund (Direct) | ₹4,80,000 | ₹6,28,057 | ₹1,48,057 | 13.5% |
HSBC MidcapHSBC Midcap Fund (Direct)
JM Mid CapJM 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 JM 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) | JM Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.56% | −0.08% |
| Standard deviation | 17.41% | 18.23% |
| Sharpe ratio | 0.25 | -0.29 |
| Sortino ratio | 0.34 | -0.40 |
| Maximum drawdown | −13.1% (23-10-2026) | −15.2% (23-03-2026) |
| Beta | 0.97 | 1.06 |
| Alpha | +13.62% | +4.83% |
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) | JM Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.64% | +17.31% |
| Standard deviation | 18.73% | 17.89% |
| Sharpe ratio | 0.83 | 0.63 |
| Sortino ratio | 1.12 | 0.85 |
| Maximum drawdown | −26.0% (28-02-2025) | −22.5% (28-02-2025) |
| Beta | 1.04 | 1.00 |
| Alpha | +7.52% | +3.48% |
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) | JM Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.80% | +20.35% |
| Standard deviation | 17.02% | 16.62% |
| Sharpe ratio | 0.92 | 0.85 |
| Sortino ratio | 1.23 | 1.15 |
| Maximum drawdown | −26.0% (28-02-2025) | −22.5% (28-02-2025) |
| Beta | 1.01 | 0.99 |
| Alpha | +5.71% | +4.21% |
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)
JM 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% |
| JM Mid Cap Fund (Direct) | −22.5% | 24-09-2024 | 28-02-2025 | 15-06-2026 | 16 months | −10.1% |
| 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)
JM 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)
JM 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% |
| JM Mid Cap Fund (Direct) | 107% | 91% | 6.15% |
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 JM Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Midcap Fund, September 2026; JM Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 27.5%
- Held by both
- 25
- Only in HSBC Midcap
- 40
- Only in JM Mid Cap
- 47
| Security | % of HSBC Midcap | % of JM Mid Cap |
|---|---|---|
| Bharat Forge Limited | 2.61% | 2.24% |
| Mankind Pharma Limited | 2.22% | 2.89% |
| Lenskart Solutions Limited | 5.08% | 2.21% |
| Multi Commodity Exchange of India Ltd. | 1.62% | 2.28% |
| Radico Khaitan Limited | 2.89% | 1.51% |
| Ashok Leyland Limited | 1.48% | 2.27% |
| AVALON TECHNOLOGIES LIMITED | 1.48% | 3.08% |
| One 97 Communications Limited | 1.47% | 3.60% |
| AU Small Finance Bank Limited | 2.34% | 1.43% |
| Godfrey Phillips India Limited | 1.25% | 2.86% |
| Thermax Limited | 1.67% | 1.22% |
| APAR INDUSTRIES LTD | 3.16% | 1.18% |
| Piramal Finance Ltd | 3.56% | 1.11% |
| Hitachi Energy India Limited | 2.28% | 1.05% |
| Prestige Estates Projects Limited | 1.09% | 1.02% |
| FSN E-Commerce Ventures Limited | 3.38% | 0.98% |
| Aditya Infotech Limited | 3.64% | 0.91% |
| ACME Solar Holdings Ltd. | 1.33% | 0.91% |
| Mahindra & Mahindra Financial Serv Ltd. | 2.03% | 0.82% |
| PB Fintech Limited | 1.45% | 0.74% |
| Navin Fluorine International Limited | 2.01% | 0.58% |
| IDFC First Bank Limited | 0.03% | 2.84% |
| Dixon Technologies (India) Limited | 0.02% | 1.47% |
| JK Cement Limited | 0.02% | 1.81% |
| SWIGGY LIMITED | 0.01% | 0.58% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.5% means 27.5% 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 Midcap Fund
| Security | % of fund |
|---|---|
| Meesho Limited | 5.04% |
| The Federal Bank Limited | 3.90% |
| GE Vernova T&D India Limited | 3.09% |
| Ather Energy Limited | 3.03% |
| Dhoot Transmission Limited | 2.91% |
Largest holdings only in JM Mid Cap Fund
| Security | % of fund |
|---|---|
| Bank of Maharashtra | 2.81% |
| Marico Limited | 2.74% |
| Glenmark Pharmaceuticals Limited | 2.66% |
| Sona BLW Precision Forgings Limited | 2.39% |
| Acutaas Chemicals Limited | 2.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Midcap | JM Mid Cap |
|---|---|---|
| Equity | 99.2% | 98.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 1.6% |
Market cap of stocks
| Market cap | HSBC Midcap | JM Mid Cap |
|---|---|---|
| Large Cap | 4.7% | 4.9% |
| Mid Cap | 65.3% | 67.6% |
| Small Cap | 25.0% | 24.4% |
| Not on AMFI's list | 4.2% | 1.5% |
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 | JM Mid Cap |
|---|---|---|
| Electrical Equipment | 15.4% | 9.1% |
| Retailing | 13.5% | 5.0% |
| Pharmaceuticals & Biotechnology | 7.9% | 12.4% |
| Banks | 11.0% | 7.9% |
| Auto Components | 5.5% | 10.1% |
| Capital Markets | 5.1% | 8.7% |
| Finance | 7.3% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Midcap vs JM Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Midcap Fund | JM Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.11% | 0.96% |
| Base expense ratio (Direct) | 0.54% | 0.57% |
| Total expense ratio (Regular) | 2.18% | 2.47% |
| Base expense ratio (Regular) | 1.44% | 1.87% |
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
HSBC Midcap Fund vs JM Mid Cap Fund: Frequently Asked Questions
What is the difference between HSBC Midcap Fund and JM Mid Cap Fund?
Both are Mid Cap funds, run by HSBC Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 27.5%. HSBC Midcap Fund charges 1.11% a year and JM Mid Cap Fund 0.96%.
Which has given higher returns, HSBC Midcap Fund or JM Mid Cap Fund?
Over 1 year: HSBC Midcap Fund +9.56%, JM Mid Cap Fund −0.08%. Over 3 years: HSBC Midcap Fund +21.64% a year, JM Mid Cap Fund +17.31% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Midcap Fund or JM Mid Cap Fund?
JM Mid Cap Fund charges less: 0.96% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Midcap Fund and JM Mid Cap Fund overlap?
27.5%. They hold 25 of the same securities, the largest shared ones being BHARATFORG, MANKIND, LENSKART. From each fund's latest monthly portfolio.
Which is riskier, HSBC Midcap Fund or JM Mid Cap Fund?
On SEBI's riskometer, HSBC Midcap Fund is rated Very High and JM Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.73% and 17.89% a year.
Which is better for SIP, HSBC Midcap Fund or JM 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 ₹4,13,587 in JM Mid Cap Fund (XIRR 7.2% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Midcap Fund and JM Mid Cap Fund?
Yes. 27.5% 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 JM Mid Cap Fund?
HSBC Midcap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. JM Mid Cap Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar.
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.