HSBC Midcap Fund vs Kotak Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Midcap Fund and Kotak 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 Kotak Mid Cap Fund (Direct) returned 15.0% a year. HSBC Midcap Fund charges 1.11% a year and Kotak Mid Cap Fund 0.55% (Direct plans). Their portfolios overlap 16.3%: they hold 20 of the same securities.
Which is better, HSBC Midcap or Kotak 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 15.0%.
- HSBC Midcap returned more over 1 year: 9.6% against −4.5%.
- Kotak Mid Cap costs less: 0.55% a year against 1.11% (Direct plans).
- Kotak Mid Cap swung less over 3 years: a standard deviation of 16.0% a year against 18.7%.
- Kotak Mid Cap fell less in its worst fall since 28-11-2022: −20.9% against −26.0%.
- Kotak Mid Cap is the larger fund: ₹66,613 Cr against ₹16,800 Cr.
- Their portfolios overlap 16.3%: 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 | Kotak Mid Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹16,800 Cr (30-09-2026) | ₹66,613 Cr (30-09-2026) |
| NAV | ₹502.29 (Direct) | ₹155.01 (Direct) |
| Expense ratio (Direct) | 1.11% | 0.55% |
| Expense ratio (Regular) | 2.18% | 1.51% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 09-08-2004 | 30-03-2007 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Atul Bhole |
| 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 365 days |
HSBC Midcap vs Kotak 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% | -- | -- |
| Kotak Mid Cap Fund (Direct) | −3.71% | −8.87% | −3.43% | −4.47% | +14.97% | +14.46% | +16.42% |
| 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 Kotak Mid Cap: Year-wise Returns
| Year | HSBC MidcapHSBC Midcap | Kotak Mid CapKotak Mid Cap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | +9.89% | −2.41% | −4.97% |
| 2025 | −0.31% | +2.89% | +5.98% |
| 2024 | +41.24% | +35.02% | +24.46% |
| 2023 | +41.53% | +33.02% | +44.61% |
| 2022 | -- | +6.44% | +3.91% |
| 2021 | -- | +49.17% | +48.16% |
HSBC Midcap vs Kotak 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)
Kotak 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% |
| Kotak Mid Cap | 0.0 | 0.0 | 0.0 | 2.7 | 20.8 | 76.5 | 0.0 | 20.8% | 21.2% | 13.8% | 24.1% | 44% |
| 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 Kotak 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% |
| Kotak Mid CapKotak Mid Cap Fund (Direct) | ₹4,80,000 | ₹5,94,510 | ₹1,14,510 | 10.7% |
HSBC MidcapHSBC Midcap Fund (Direct)
Kotak Mid CapKotak 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 Kotak 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) | Kotak Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.56% | −4.47% |
| Standard deviation | 17.41% | 16.19% |
| Sharpe ratio | 0.25 | -0.60 |
| Sortino ratio | 0.34 | -0.81 |
| Maximum drawdown | −13.1% (23-10-2026) | −13.4% (23-10-2026) |
| Beta | 0.97 | 0.95 |
| Alpha | +13.62% | −0.57% |
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) | Kotak Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.64% | +14.97% |
| Standard deviation | 18.73% | 16.04% |
| Sharpe ratio | 0.83 | 0.56 |
| Sortino ratio | 1.12 | 0.75 |
| Maximum drawdown | −26.0% (28-02-2025) | −20.9% (28-02-2025) |
| Beta | 1.04 | 0.91 |
| Alpha | +7.52% | +1.87% |
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) | Kotak Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.80% | +18.97% |
| Standard deviation | 17.02% | 15.17% |
| Sharpe ratio | 0.92 | 0.85 |
| Sortino ratio | 1.23 | 1.14 |
| Maximum drawdown | −26.0% (28-02-2025) | −36.0% (24-03-2020) |
| 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)
Kotak 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% |
| Kotak Mid Cap Fund (Direct) | −20.9% | 16-12-2024 | 28-02-2025 | 16-07-2025 | 5 months | −11.0% |
| 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)
Kotak 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)
Kotak 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% |
| Kotak Mid Cap Fund (Direct) | 93% | 86% | 5.56% |
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 Kotak Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Midcap Fund, September 2026; Kotak Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 16.3%
- Held by both
- 20
- Only in HSBC Midcap
- 45
- Only in Kotak Mid Cap
- 51
| Security | % of HSBC Midcap | % of Kotak Mid Cap |
|---|---|---|
| The Federal Bank Limited | 3.90% | 2.62% |
| GE Vernova T&D India Limited | 3.09% | 2.45% |
| IPCA Laboratories Limited | 1.75% | 3.57% |
| Nippon Life India Asset Management Ltd | 2.01% | 1.53% |
| Indian Bank | 1.44% | 2.24% |
| APAR INDUSTRIES LTD | 3.16% | 1.34% |
| Piramal Finance Ltd | 3.56% | 1.22% |
| Bharat Forge Limited | 2.61% | 1.22% |
| Lenskart Solutions Limited | 5.08% | 0.84% |
| AVALON TECHNOLOGIES LIMITED | 1.48% | 0.83% |
| City Union Bank Limited | 1.66% | 0.59% |
| Aditya Infotech Limited | 3.64% | 0.34% |
| Max Financial Services Limited | 0.03% | 1.18% |
| Dixon Technologies (India) Limited | 0.02% | 2.87% |
| JK Cement Limited | 0.02% | 1.08% |
| KEI Industries Limited | 0.02% | 2.45% |
| Bharti Hexacom Limited | 0.01% | 2.00% |
| PERSISTENT SYSTEMS LTD | 0.01% | 1.60% |
| Max Healthcare Institute Limited | 0.01% | 1.01% |
| SWIGGY LIMITED | 0.01% | 1.55% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.3% means 16.3% 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% |
| FSN E-Commerce Ventures Limited | 3.38% |
| Ather Energy Limited | 3.03% |
| Dhoot Transmission Limited | 2.91% |
| Radico Khaitan Limited | 2.89% |
Largest holdings only in Kotak Mid Cap Fund
| Security | % of fund |
|---|---|
| Fortis Healthcare India Ltd | 3.49% |
| VISHAL MEGA MART LIMITED | 3.04% |
| L&T FINANCE LTD | 2.72% |
| Mphasis Ltd | 2.57% |
| Solar Industries India Limited | 2.41% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Midcap | Kotak Mid Cap |
|---|---|---|
| Equity | 99.2% | 98.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 1.4% |
Market cap of stocks
| Market cap | HSBC Midcap | Kotak Mid Cap |
|---|---|---|
| Large Cap | 4.7% | 13.5% |
| Mid Cap | 65.3% | 66.5% |
| Small Cap | 25.0% | 17.8% |
| Not on AMFI's list | 4.2% | 0.8% |
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 | Kotak Mid Cap |
|---|---|---|
| Electrical Equipment | 15.4% | 4.6% |
| Retailing | 13.5% | 7.2% |
| Banks | 11.0% | 7.6% |
| Finance | 7.3% | 10.1% |
| Pharmaceuticals and Biotechnology | 0.0% | 9.6% |
| Healthcare Services | 1.9% | 8.7% |
| Pharmaceuticals & Biotechnology | 7.9% | 0.0% |
| Auto Components | 5.5% | 7.0% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Midcap vs Kotak Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Midcap Fund | Kotak Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.11% | 0.55% |
| Base expense ratio (Direct) | 0.54% | 0.36% |
| Total expense ratio (Regular) | 2.18% | 1.51% |
| Base expense ratio (Regular) | 1.44% | 1.17% |
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 Kotak Mid Cap Fund: Frequently Asked Questions
What is the difference between HSBC Midcap Fund and Kotak Mid Cap Fund?
Both are Mid Cap funds, run by HSBC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 16.3%. HSBC Midcap Fund charges 1.11% a year and Kotak Mid Cap Fund 0.55%.
Which has given higher returns, HSBC Midcap Fund or Kotak Mid Cap Fund?
Over 1 year: HSBC Midcap Fund +9.56%, Kotak Mid Cap Fund −4.47%. Over 3 years: HSBC Midcap Fund +21.64% a year, Kotak Mid Cap Fund +14.97% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Midcap Fund or Kotak Mid Cap Fund?
Kotak Mid Cap Fund charges less: 0.55% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Midcap Fund and Kotak Mid Cap Fund overlap?
16.3%. They hold 20 of the same securities, the largest shared ones being FEDERALBNK, GVT&D, IPCALAB. From each fund's latest monthly portfolio.
Which is riskier, HSBC Midcap Fund or Kotak Mid Cap Fund?
On SEBI's riskometer, HSBC Midcap Fund is rated Very High and Kotak Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.73% and 16.04% a year.
Which is better for SIP, HSBC Midcap Fund or Kotak 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 ₹4,04,063 in Kotak Mid Cap Fund (XIRR 5.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Midcap Fund and Kotak Mid Cap Fund?
Yes. 16.3% 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 Kotak Mid Cap Fund?
HSBC Midcap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. Kotak Mid Cap Fund: Atul Bhole.
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.