HSBC Midcap Fund vs LIC MF Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Midcap Fund and LIC MF 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 LIC MF Mid Cap Fund (Direct) returned 13.7% a year. HSBC Midcap Fund charges 1.11% a year and LIC MF Mid Cap Fund 1.99% (Direct plans). Their portfolios overlap 27.6%: they hold 17 of the same securities.
Which is better, HSBC Midcap or LIC MF 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 13.7%.
- HSBC Midcap returned more over 1 year: 9.6% against −3.9%.
- HSBC Midcap costs less: 1.11% a year against 1.99% (Direct plans).
- LIC MF Mid Cap swung less over 3 years: a standard deviation of 16.8% a year against 18.7%.
- LIC MF Mid Cap fell less in its worst fall since 31-07-2023: −21.5% against −26.0%.
- HSBC Midcap is the larger fund: ₹16,800 Cr against ₹369 Cr.
- Their portfolios overlap 27.6%: 17 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 | LIC MF Mid Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | LIC Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹16,800 Cr (30-09-2026) | ₹369 Cr (30-09-2026) |
| NAV | ₹502.29 (Direct) | ₹31.92 (Direct) |
| Expense ratio (Direct) | 1.11% | 1.99% |
| Expense ratio (Regular) | 2.18% | 3.08% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | Nifty Midcap 150 TRI |
| Launch date | 09-08-2004 | 25-01-2017 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Sudhanshu Asthana |
| Exit load | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. | Nil, If units of the Scheme are redeemed or switched out up to 12% of the units (the limit) within 12 months from the date of allotment. 1% of the applicable NAV, If units of the scheme are redeemed or switched out in excess of the limit within 12 months from the date of allotment. Nil, If units of scheme are redeemed or switched out after 12 months from the date of allotment. |
HSBC Midcap vs LIC MF 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% | -- | -- |
| LIC MF Mid Cap Fund (Direct) | −4.94% | −6.90% | −1.22% | −3.88% | +13.70% | -- | -- |
| 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 LIC MF Mid Cap: Year-wise Returns
| Year | HSBC MidcapHSBC Midcap | LIC MF Mid CapLIC MF Mid Cap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | +9.89% | −2.73% | −4.97% |
| 2025 | −0.31% | −0.15% | +5.98% |
| 2024 | +41.24% | +30.30% | +24.46% |
| 2023 | +41.53% | -- | +44.61% |
HSBC Midcap vs LIC MF 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, 61 of them, one for each trading day from 31-07-2026 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)
LIC MF Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
to
Aug 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 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 | 57.4 | 42.6 | 24.2% | 24.5% | 20.2% | 26.5% | 100% |
| LIC MF Mid Cap | 0.0 | 0.0 | 0.0 | 27.9 | 72.1 | 0.0 | 0.0 | 16.5% | 16.5% | 12.8% | 19.3% | 75% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 44.3 | 55.7 | 0.0 | 0.0 | 16.0% | 15.4% | 12.7% | 19.5% | -- |
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 31-07-2023. Past returns do not promise future returns.
HSBC Midcap vs LIC MF 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 03-07-2023 to 30-10-2026: 40 instalments, ₹4,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC MidcapHSBC Midcap Fund (Direct) | ₹4,00,000 | ₹5,09,611 | ₹1,09,611 | 14.7% |
| LIC MF Mid CapLIC MF Mid Cap Fund (Direct) | ₹4,00,000 | ₹4,36,288 | ₹36,288 | 5.2% |
HSBC MidcapHSBC Midcap Fund (Direct)
LIC MF Mid CapLIC MF 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 LIC MF 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) | LIC MF Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.56% | −3.88% |
| Standard deviation | 17.41% | 16.80% |
| Sharpe ratio | 0.25 | -0.54 |
| Sortino ratio | 0.34 | -0.74 |
| Maximum drawdown | −13.1% (23-10-2026) | −15.4% (31-03-2026) |
| Beta | 0.97 | 0.98 |
| Alpha | +13.62% | +0.33% |
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) | LIC MF Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.64% | +13.70% |
| Standard deviation | 18.73% | 16.76% |
| Sharpe ratio | 0.83 | 0.46 |
| Sortino ratio | 1.12 | 0.62 |
| Maximum drawdown | −26.0% (28-02-2025) | −21.5% (07-04-2025) |
| Beta | 1.04 | 0.95 |
| Alpha | +7.52% | +0.29% |
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) | LIC MF Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.80% | +13.52% |
| Standard deviation | 17.02% | 16.38% |
| Sharpe ratio | 0.92 | 0.45 |
| Sortino ratio | 1.23 | 0.61 |
| Maximum drawdown | −26.0% (28-02-2025) | −21.5% (07-04-2025) |
| Beta | 1.01 | 0.94 |
| Alpha | +5.71% | +0.27% |
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)
LIC MF 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% |
| LIC MF Mid Cap Fund (Direct) | −21.5% | 24-09-2024 | 07-04-2025 | 03-08-2026 | 16 months | −11.1% |
| Nifty Midcap 150 TRI | −20.9% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.5% |
From daily values since 31-07-2023, 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)
LIC MF 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)
LIC MF Mid Cap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Midcap Fund (Direct) | 114% | 88% | 7.32% |
| LIC MF Mid Cap Fund (Direct) | 100% | 101% | 4.61% |
From month-end values since 31-07-2023. 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 LIC MF Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Midcap Fund, September 2026; LIC MF Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 27.6%
- Held by both
- 17
- Only in HSBC Midcap
- 48
- Only in LIC MF Mid Cap
- 22
| Security | % of HSBC Midcap | % of LIC MF Mid Cap |
|---|---|---|
| FSN E-Commerce Ventures Limited | 3.38% | 2.99% |
| Lenskart Solutions Limited | 5.08% | 2.57% |
| AU Small Finance Bank Limited | 2.34% | 3.98% |
| Coforge Limited | 2.28% | 2.80% |
| The Federal Bank Limited | 3.90% | 2.12% |
| GE Vernova T&D India Limited | 3.09% | 2.03% |
| Nippon Life India Asset Management Ltd | 2.01% | 2.39% |
| Mahindra & Mahindra Financial Serv Ltd. | 2.03% | 1.92% |
| Aditya Birla Capital Limited | 1.66% | 2.79% |
| IndusInd Bank Limited | 1.64% | 2.25% |
| Multi Commodity Exchange of India Ltd. | 1.62% | 2.74% |
| Ashok Leyland Limited | 1.48% | 1.98% |
| One 97 Communications Limited | 1.47% | 2.86% |
| PB Fintech Limited | 1.45% | 1.80% |
| Dixon Technologies (India) Limited | 0.02% | 1.92% |
| PERSISTENT SYSTEMS LTD | 0.01% | 2.78% |
| Anthem Biosciences Limited | 0.01% | 1.75% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.6% means 27.6% 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% |
| Aditya Infotech Limited | 3.64% |
| Piramal Finance Ltd | 3.56% |
| APAR INDUSTRIES LTD | 3.16% |
| Ather Energy Limited | 3.03% |
Largest holdings only in LIC MF Mid Cap Fund
| Security | % of fund |
|---|---|
| INDO-MIM Ltd. | 3.89% |
| Aurobindo Pharma Ltd. | 3.72% |
| Neuland Laboratories Ltd. | 2.99% |
| UNO Minda Ltd. | 2.97% |
| Motilal Oswal Financial Services Ltd. | 2.95% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Midcap | LIC MF Mid Cap |
|---|---|---|
| Equity | 99.2% | 94.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 5.5% |
Market cap of stocks
| Market cap | HSBC Midcap | LIC MF Mid Cap |
|---|---|---|
| Large Cap | 4.7% | 2.7% |
| Mid Cap | 65.3% | 78.2% |
| Small Cap | 25.0% | 9.7% |
| Not on AMFI's list | 4.2% | 3.9% |
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 | LIC MF Mid Cap |
|---|---|---|
| Electrical Equipment | 15.4% | 7.0% |
| Retailing | 13.5% | 8.5% |
| Banks | 11.0% | 8.3% |
| Capital Markets | 5.1% | 9.5% |
| Pharmaceuticals & Biotechnology | 7.9% | 8.5% |
| IT - Software | 2.3% | 7.4% |
| Finance | 7.3% | 4.7% |
| Auto Components | 5.5% | 6.8% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Midcap vs LIC MF Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Midcap Fund | LIC MF Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.11% | 1.99% |
| Base expense ratio (Direct) | 0.54% | 1.15% |
| Total expense ratio (Regular) | 2.18% | 3.08% |
| Base expense ratio (Regular) | 1.44% | 2.10% |
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 LIC MF Mid Cap Fund: Frequently Asked Questions
What is the difference between HSBC Midcap Fund and LIC MF Mid Cap Fund?
Both are Mid Cap funds, run by HSBC Mutual Fund and LIC Mutual Fund. Their portfolios overlap 27.6%. HSBC Midcap Fund charges 1.11% a year and LIC MF Mid Cap Fund 1.99%.
Which has given higher returns, HSBC Midcap Fund or LIC MF Mid Cap Fund?
Over 1 year: HSBC Midcap Fund +9.56%, LIC MF Mid Cap Fund −3.88%. Over 3 years: HSBC Midcap Fund +21.64% a year, LIC MF Mid Cap Fund +13.70% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Midcap Fund or LIC MF Mid Cap Fund?
HSBC Midcap Fund charges less: 1.11% a year against 1.99%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Midcap Fund and LIC MF Mid Cap Fund overlap?
27.6%. They hold 17 of the same securities, the largest shared ones being NYKAA, LENSKART, AUBANK. From each fund's latest monthly portfolio.
Which is riskier, HSBC Midcap Fund or LIC MF Mid Cap Fund?
On SEBI's riskometer, HSBC Midcap Fund is rated Very High and LIC MF Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.73% and 16.76% a year.
Which is better for SIP, HSBC Midcap Fund or LIC MF 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 ₹3,91,511 in LIC MF Mid Cap Fund (XIRR 3.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Midcap Fund and LIC MF Mid Cap Fund?
Yes. 27.6% 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 LIC MF Mid Cap Fund?
HSBC Midcap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. LIC MF Mid Cap Fund: Sudhanshu Asthana.
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.