HSBC Multi Asset Allocation Fund vs SBI ESG Exclusionary Strategy Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Multi Asset Allocation Fund is a Multi Asset fund and SBI ESG Exclusionary Strategy Fund is a Thematic fund. In the year to 30-10-2026, HSBC Multi Asset Allocation Fund (Direct) returned 4.7% and SBI ESG Exclusionary Strategy Fund (Direct) returned −6.7%. HSBC Multi Asset Allocation Fund charges 0.96% a year and SBI ESG Exclusionary Strategy Fund 1.47% (Direct plans). Their portfolios overlap 26.5%: they hold 18 of the same securities.
HSBC Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.7%
- Expense ratio
- 0.96%
- NAV
- ₹13.76
SBI ESG Exclusionary Strategy Fund
Thematic
- 1 year return
- −6.7%
- Expense ratio
- 1.47%
- NAV
- ₹251.86
Which is better, HSBC Multi Asset Allocation or SBI ESG Exclusionary Strategy? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Multi Asset Allocation returned more over 1 year: 4.7% against −6.7%.
- HSBC Multi Asset Allocation costs less: 0.96% a year against 1.47% (Direct plans).
- SBI ESG Exclusionary Strategy fell less in its worst fall since 01-03-2024: −16.0% against −18.7%.
- SBI ESG Exclusionary Strategy holds more in large companies: 65.7% of the fund in large caps against 35.2%.
- SBI ESG Exclusionary Strategy is the larger fund: ₹4,984 Cr against ₹3,141 Cr.
- Their portfolios overlap 26.5%: 18 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 Multi Asset Allocation Fund | SBI ESG Exclusionary Strategy Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | SBI Mutual Fund |
| Category | Multi Asset | Thematic |
| AUM | ₹3,141 Cr (30-09-2026) | ₹4,984 Cr (30-09-2026) |
| NAV | ₹13.76 (Direct) | ₹251.86 (Direct) |
| Expense ratio (Direct) | 0.96% | 1.47% |
| Expense ratio (Regular) | 2.26% | 2.02% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 200 TRI 65% + NIFTY Short Duration Debt Index 20% +Domestic Price of Gold (10%)+Domestic Price of Silver 5% | Nifty 100 ESG TRI |
| Launch date | 28-02-2024 | 01-01-1991 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan | Rohit Shimpi |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. | Exit load of 1% if redeemed within 1 year |
HSBC Multi Asset Allocation vs SBI ESG Exclusionary Strategy: 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 Multi Asset Allocation Fund (Direct) | −1.17% | −2.66% | −0.56% | +4.70% | -- | -- | -- |
| SBI ESG Exclusionary Strategy Fund (Direct) | +0.78% | −5.24% | −0.94% | −6.69% | +8.99% | +6.93% | +11.32% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | +13.76% |
Category average: the average of the 37 Multi Asset funds and the 235 Thematic funds, same plan type.
HSBC Multi Asset Allocation vs SBI ESG Exclusionary Strategy: Year-wise Returns
| Year | HSBC Multi Asset AllocationHSBC Multi Asset Allocation | SBI ESG Exclusionary StrategySBI ESG Exclusionary Strategy |
|---|---|---|
| 2026to date | +1.96% | −6.96% |
| 2025 | +9.81% | +8.06% |
| 2024 | -- | +12.84% |
| 2023 | -- | +25.44% |
| 2022 | -- | −1.68% |
| 2021 | -- | +31.35% |
HSBC Multi Asset Allocation vs SBI ESG Exclusionary Strategy: Rolling Returns
Every holding period of both funds, against NIFTY100 ESG TRI, the benchmark of SBI ESG Exclusionary Strategy Fund
Rolling returns
Every 1-year holding period, 409 of them, one for each trading day from 03-03-2025 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 Multi Asset Allocation Fund (Direct)
SBI ESG Exclusionary Strategy Fund (Direct)
NIFTY100 ESG TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 Multi Asset Allocation | 0.7 | 18.1 | 28.9 | 12.0 | 19.8 | 11.5 | 9.0 | 12.9% | 10.7% | −1.2% | 37.0% | 79% |
| SBI ESG Exclusionary Strategy | 31.1 | 32.0 | 29.2 | 7.5 | 0.2 | 0.0 | 0.0 | 3.0% | 2.8% | −9.4% | 15.1% | 17% |
| NIFTY100 ESG TRI | 23.5 | 30.3 | 27.6 | 15.6 | 2.9 | 0.0 | 0.0 | 4.5% | 4.2% | −7.7% | 16.4% | -- |
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 NIFTY100 ESG 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 01-03-2024. Past returns do not promise future returns.
HSBC Multi Asset Allocation vs SBI ESG Exclusionary Strategy: 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 01-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Multi Asset AllocationHSBC Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,59,652 | ₹39,652 | 8.7% |
| SBI ESG Exclusionary StrategySBI ESG Exclusionary Strategy Fund (Direct) | ₹3,20,000 | ₹3,17,602 | −₹2,398 | −0.5% |
HSBC Multi Asset AllocationHSBC Multi Asset Allocation Fund (Direct)
SBI ESG Exclusionary StrategySBI ESG Exclusionary Strategy 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 Multi Asset Allocation vs SBI ESG Exclusionary Strategy: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Multi Asset Allocation Fund (Direct) | SBI ESG Exclusionary Strategy Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.70% | −6.69% |
| Standard deviation | 13.60% | 14.63% |
| Sharpe ratio | -0.04 | -0.82 |
| Sortino ratio | -0.05 | -1.10 |
| Maximum drawdown | −11.8% (23-03-2026) | −15.5% (31-03-2026) |
| Beta | -- | 0.99 |
| Alpha | -- | −1.05% |
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 Multi Asset Allocation Fund (Direct) | SBI ESG Exclusionary Strategy Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.63% | +12.66% |
| Standard deviation | 14.03% | 15.48% |
| Sharpe ratio | 0.48 | 0.43 |
| Sortino ratio | 0.63 | 0.59 |
| Maximum drawdown | −18.7% (28-02-2025) | −36.7% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-03-2024 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 Multi Asset Allocation Fund (Direct)
SBI ESG Exclusionary Strategy Fund (Direct)
NIFTY100 ESG TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Multi Asset Allocation Fund (Direct) | −18.7% | 17-12-2024 | 28-02-2025 | 10-09-2025 | 6 months | −6.4% |
| SBI ESG Exclusionary Strategy Fund (Direct) | −16.0% | 26-09-2024 | 07-04-2025 | 05-12-2025 | 8 months | −8.1% |
| NIFTY100 ESG TRI | −17.5% | 27-09-2024 | 04-03-2025 | 20-11-2025 | 9 months | −8.8% |
From daily values since 01-03-2024, 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 Multi Asset Allocation Fund (Direct)
SBI ESG Exclusionary Strategy Fund (Direct)
NIFTY100 ESG TRI
Against NIFTY100 ESG TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Multi Asset Allocation Fund (Direct) | 88% | 40% | 10.51% |
| SBI ESG Exclusionary Strategy Fund (Direct) | 93% | 91% | 4.03% |
From month-end values since 01-03-2024. 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 Multi Asset Allocation vs SBI ESG Exclusionary Strategy: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Multi Asset Allocation Fund, September 2026; SBI ESG Exclusionary Strategy Fund, September 2026
Holdings in common
- Overlap
- 26.5%
- Held by both
- 18
- Only in HSBC Multi Asset Allocation
- 66
- Only in SBI ESG Exclusionary Strategy
- 27
| Security | % of HSBC Multi Asset Allocation | % of SBI ESG Exclusionary Strategy |
|---|---|---|
| ICICI Bank Limited | 7.89% | 8.50% |
| HDFC Bank Limited | 5.06% | 7.66% |
| Lenskart Solutions Limited | 4.51% | 2.31% |
| TVS Motor Company Limited | 2.25% | 3.20% |
| JSW Steel Limited | 2.01% | 3.09% |
| FSN E-Commerce Ventures Limited | 1.72% | 1.58% |
| Mankind Pharma Limited | 1.22% | 1.26% |
| Tech Mahindra Limited | 0.94% | 3.23% |
| ABB India Limited | 0.85% | 1.97% |
| KFIN Technologies Limited | 0.68% | 0.96% |
| TENNECO CLEAN AIR INDIA LIMITED | 0.61% | 1.07% |
| Thermax Limited | 0.54% | 1.26% |
| Siemens Limited | 0.24% | 2.18% |
| Divi''s Laboratories Limited | 0.17% | 2.42% |
| Britannia Industries Limited | 0.06% | 1.31% |
| State Bank of India | 0.06% | 3.85% |
| UltraTech Cement Limited | 0.02% | 2.79% |
| Larsen & Toubro Limited | 0.02% | 4.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.5% means 26.5% 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 Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HSBC Mutual Fund | 9.02% |
| Meesho Limited | 3.25% |
| The Federal Bank Limited | 3.04% |
| Aditya Infotech Limited | 2.67% |
| ITC Limited | 2.44% |
Largest holdings only in SBI ESG Exclusionary Strategy Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Ltd. | 4.32% |
| Bajaj Finance Ltd. | 4.04% |
| Maruti Suzuki India Ltd. | 3.70% |
| Asian Paints Ltd. | 2.89% |
| LTM Ltd. | 2.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Multi Asset Allocation | SBI ESG Exclusionary Strategy |
|---|---|---|
| Equity | 74.5% | 98.8% |
| Debt | 13.6% | 0.1% |
| Cash and others | 11.9% | 1.1% |
Market cap of stocks
| Market cap | HSBC Multi Asset Allocation | SBI ESG Exclusionary Strategy |
|---|---|---|
| Large Cap | 35.2% | 65.7% |
| Mid Cap | 26.9% | 20.3% |
| Small Cap | 11.0% | 12.8% |
| Not on AMFI's list | 1.4% | 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 Multi Asset Allocation | SBI ESG Exclusionary Strategy |
|---|---|---|
| Banks | 18.1% | 24.3% |
| Retailing | 9.5% | 3.9% |
| Automobiles | 4.3% | 9.0% |
| Electrical Equipment | 8.1% | 5.4% |
| IT - Software | 1.1% | 6.5% |
| Capital Markets | 6.4% | 3.9% |
| Pharmaceuticals & Biotechnology | 5.4% | 4.7% |
| Consumer Durables | 0.1% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Multi Asset Allocation vs SBI ESG Exclusionary Strategy: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Multi Asset Allocation Fund | SBI ESG Exclusionary Strategy Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.96% | 1.47% |
| Base expense ratio (Direct) | 0.46% | 1.13% |
| Total expense ratio (Regular) | 2.26% | 2.02% |
| Base expense ratio (Regular) | 1.56% | 1.60% |
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
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Compare SBI ESG Exclusionary Strategy with
HSBC Multi Asset Allocation Fund vs SBI ESG Exclusionary Strategy Fund: Frequently Asked Questions
What is the difference between HSBC Multi Asset Allocation Fund and SBI ESG Exclusionary Strategy Fund?
HSBC Multi Asset Allocation Fund is a Multi Asset fund, SBI ESG Exclusionary Strategy Fund is a Thematic fund, run by HSBC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 26.5%. HSBC Multi Asset Allocation Fund charges 0.96% a year and SBI ESG Exclusionary Strategy Fund 1.47%.
Which has given higher returns, HSBC Multi Asset Allocation Fund or SBI ESG Exclusionary Strategy Fund?
Over 1 year: HSBC Multi Asset Allocation Fund +4.70%, SBI ESG Exclusionary Strategy Fund −6.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Multi Asset Allocation Fund or SBI ESG Exclusionary Strategy Fund?
HSBC Multi Asset Allocation Fund charges less: 0.96% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Multi Asset Allocation Fund and SBI ESG Exclusionary Strategy Fund overlap?
26.5%. They hold 18 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, LENSKART. From each fund's latest monthly portfolio.
Which is riskier, HSBC Multi Asset Allocation Fund or SBI ESG Exclusionary Strategy Fund?
On SEBI's riskometer, HSBC Multi Asset Allocation Fund is rated Very High and SBI ESG Exclusionary Strategy Fund Very High. Over 1 years, the standard deviation of daily returns was 13.60% and 14.63% a year.
Can I invest in both HSBC Multi Asset Allocation Fund and SBI ESG Exclusionary Strategy Fund?
Yes. 26.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Multi Asset Allocation Fund and SBI ESG Exclusionary Strategy Fund?
HSBC Multi Asset Allocation Fund: Cheenu Gupta, Mahesh Chhabria, Mohd. Asif Rizwi, Dipan Parikh, Mayank Chaturvedi, Praveen Ayathan. SBI ESG Exclusionary Strategy Fund: Rohit Shimpi.
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.