HSBC Midcap Fund vs TRUSTMF Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Midcap Fund and TRUSTMF Mid Cap Fund are both Mid Cap funds. HSBC Midcap Fund charges 1.11% a year and TRUSTMF Mid Cap Fund 1.91% (Direct plans). Their portfolios overlap 26.9%: they hold 21 of the same securities.
Which is better, HSBC Midcap or TRUSTMF 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 costs less: 1.11% a year against 1.91% (Direct plans).
- TRUSTMF Mid Cap fell less in its worst fall since 24-03-2026: −12.0% against −13.1%.
- HSBC Midcap is the larger fund: ₹16,800 Cr against ₹687 Cr.
- Their portfolios overlap 26.9%: 21 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 | TRUSTMF Mid Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Trust Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹16,800 Cr (30-09-2026) | ₹687 Cr (30-09-2026) |
| NAV | ₹502.29 (Direct) | ₹11.46 (Direct) |
| Expense ratio (Direct) | 1.11% | 1.91% |
| Expense ratio (Regular) | 2.18% | 3.55% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty Midcap 150 TRI | Not available |
| Launch date | 09-08-2004 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Not available |
| Exit load | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 1 year. | Not available |
HSBC Midcap vs TRUSTMF 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% | -- | -- |
| TRUSTMF Mid Cap Fund (Direct) | −2.72% | −3.54% | +6.80% | -- | -- | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | -- | -- | -- | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
HSBC Midcap vs TRUSTMF Mid Cap: Year-wise Returns
| Year | HSBC MidcapHSBC Midcap | TRUSTMF Mid CapTRUSTMF Mid Cap | Nifty Midcap 150 TRI |
|---|---|---|---|
| 2026to date | +9.89% | -- | −4.97% |
| 2025 | −0.31% | -- | +5.98% |
| 2024 | +41.24% | -- | +24.46% |
| 2023 | +41.53% | -- | +44.61% |
HSBC Midcap vs TRUSTMF Mid Cap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of both
HSBC Midcap vs TRUSTMF 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) | TRUSTMF Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.80% | +25.18% |
| Standard deviation | 17.02% | 14.73% |
| Sharpe ratio | 0.92 | 1.35 |
| Sortino ratio | 1.23 | 1.89 |
| Maximum drawdown | −26.0% (28-02-2025) | −12.0% (23-10-2026) |
| Beta | 1.01 | 0.85 |
| Alpha | +5.71% | +15.71% |
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)
TRUSTMF 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) | −13.1% | 31-08-2026 | 23-10-2026 | Not yet | -- | −9.5% |
| TRUSTMF Mid Cap Fund (Direct) | −12.0% | 26-08-2026 | 23-10-2026 | Not yet | -- | −8.8% |
| Nifty Midcap 150 TRI | −12.5% | 31-08-2026 | 23-10-2026 | Not yet | -- | −10.5% |
From daily values since 24-03-2026, the first day every fund has.
HSBC Midcap vs TRUSTMF Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Midcap Fund, September 2026; TRUSTMF Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 26.9%
- Held by both
- 21
- Only in HSBC Midcap
- 44
- Only in TRUSTMF Mid Cap
- 43
| Security | % of HSBC Midcap | % of TRUSTMF Mid Cap |
|---|---|---|
| Lenskart Solutions Limited | 5.08% | 3.20% |
| Radico Khaitan Limited | 2.89% | 2.90% |
| The Federal Bank Limited | 3.90% | 2.29% |
| AU Small Finance Bank Limited | 2.34% | 2.21% |
| FSN E-Commerce Ventures Limited | 3.38% | 1.69% |
| Multi Commodity Exchange of India Ltd. | 1.62% | 4.01% |
| Data Patterns (India) Limited | 1.71% | 1.55% |
| One 97 Communications Limited | 1.47% | 2.19% |
| PB Fintech Limited | 1.45% | 1.87% |
| APAR INDUSTRIES LTD | 3.16% | 1.34% |
| Piramal Finance Ltd | 3.56% | 1.33% |
| GE Vernova T&D India Limited | 3.09% | 1.22% |
| Aditya Birla Capital Limited | 1.66% | 1.12% |
| Ashok Leyland Limited | 1.48% | 1.02% |
| Ather Energy Limited | 3.03% | 1.00% |
| Navin Fluorine International Limited | 2.01% | 0.74% |
| JSW Energy Limited | 0.95% | 0.70% |
| Dixon Technologies (India) Limited | 0.02% | 3.57% |
| JK Cement Limited | 0.02% | 0.87% |
| Bharti Hexacom Limited | 0.01% | 1.67% |
| SWIGGY LIMITED | 0.01% | 2.25% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.9% means 26.9% 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% |
| Dhoot Transmission Limited | 2.91% |
| Zydus Lifesciences Limited | 2.82% |
| Bharat Forge Limited | 2.61% |
Largest holdings only in TRUSTMF Mid Cap Fund
| Security | % of fund |
|---|---|
| Aurobindo Pharma Limited | 2.99% |
| Laurus Labs Limited | 2.71% |
| Kalyan Jewellers India Limited | 2.54% |
| The Phoenix Mills Limited | 2.48% |
| ITC Hotels Limited | 2.18% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Midcap | TRUSTMF Mid Cap |
|---|---|---|
| Equity | 99.2% | 94.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 5.8% |
Market cap of stocks
| Market cap | HSBC Midcap | TRUSTMF Mid Cap |
|---|---|---|
| Large Cap | 4.7% | 5.2% |
| Mid Cap | 65.3% | 66.4% |
| Small Cap | 25.0% | 19.9% |
| Not on AMFI's list | 4.2% | 2.7% |
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 | TRUSTMF Mid Cap |
|---|---|---|
| Electrical Equipment | 15.4% | 5.7% |
| Retailing | 13.5% | 10.2% |
| Banks | 11.0% | 6.6% |
| Pharmaceuticals & Biotechnology | 7.9% | 8.4% |
| Consumer Durables | 0.1% | 8.0% |
| Finance | 7.3% | 3.0% |
| Capital Markets | 5.1% | 6.4% |
| Aerospace & Defense | 1.7% | 5.9% |
| Auto Components | 5.5% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Midcap vs TRUSTMF Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Midcap Fund | TRUSTMF Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.11% | 1.91% |
| Base expense ratio (Direct) | 0.54% | 0.57% |
| Total expense ratio (Regular) | 2.18% | 3.55% |
| Base expense ratio (Regular) | 1.44% | 2.04% |
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 TRUSTMF Mid Cap Fund: Frequently Asked Questions
What is the difference between HSBC Midcap Fund and TRUSTMF Mid Cap Fund?
Both are Mid Cap funds, run by HSBC Mutual Fund and Trust Mutual Fund. Their portfolios overlap 26.9%. HSBC Midcap Fund charges 1.11% a year and TRUSTMF Mid Cap Fund 1.91%.
Which has the lower expense ratio, HSBC Midcap Fund or TRUSTMF Mid Cap Fund?
HSBC Midcap Fund charges less: 1.11% a year against 1.91%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Midcap Fund and TRUSTMF Mid Cap Fund overlap?
26.9%. They hold 21 of the same securities, the largest shared ones being LENSKART, RADICO, FEDERALBNK. From each fund's latest monthly portfolio.
Can I invest in both HSBC Midcap Fund and TRUSTMF Mid Cap Fund?
Yes. 26.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.