HSBC Multi Cap Fund vs HSBC Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Multi Cap Fund is a Multi Cap fund and HSBC Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, HSBC Multi Cap Fund (Direct) returned 16.4% a year and HSBC Value Fund (Direct) returned 14.1% a year. HSBC Multi Cap Fund charges 0.80% a year and HSBC Value Fund 0.89% (Direct plans). Their portfolios overlap 39.8%: they hold 43 of the same securities.
Which is better, HSBC Multi Cap or HSBC Value? 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 Cap returned more over 3 years: 16.4% a year against 14.1%.
- HSBC Multi Cap returned more over 1 year: −0.1% against −5.5%.
- HSBC Multi Cap costs less: 0.80% a year against 0.89% (Direct plans).
- HSBC Value swung less over 3 years: a standard deviation of 15.9% a year against 16.2%.
- HSBC Value fell less in its worst fall since 03-02-2023: −19.6% against −20.1%.
- HSBC Value is the larger fund: ₹14,660 Cr against ₹6,380 Cr.
- Their portfolios overlap 39.8%: 43 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 Cap Fund | HSBC Value Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | HSBC Mutual Fund |
| Category | Multi Cap | Value and Contra |
| AUM | ₹6,380 Cr (30-09-2026) | ₹14,660 Cr (30-09-2026) |
| NAV | ₹19.86 (Direct) | ₹119.88 (Direct) |
| Expense ratio (Direct) | 0.80% | 0.89% |
| Expense ratio (Regular) | 2.04% | 1.85% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 30-01-2023 | 08-01-2010 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh | Venugopal Manghat, Mayank Chaturvedi, Dipan S. Parikh |
| 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 1 year. |
HSBC Multi Cap vs HSBC Value: 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 Cap Fund (Direct) | −3.78% | −3.51% | +0.87% | −0.09% | +16.40% | -- | -- |
| HSBC Value Fund (Direct) | −3.06% | −6.13% | −5.12% | −5.46% | +14.13% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | -- | -- |
Category average: the average of the 33 Multi Cap funds and the 30 Value and Contra funds, same plan type.
HSBC Multi Cap vs HSBC Value: Year-wise Returns
| Year | Multi CapHSBC Multi Cap | ValueHSBC Value |
|---|---|---|
| 2026to date | +0.60% | −6.96% |
| 2025 | +2.42% | +8.02% |
| 2024 | +30.28% | +27.13% |
| 2023 | -- | +40.71% |
HSBC Multi Cap vs HSBC Value: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of HSBC Multi Cap Fund
Rolling returns
Every 3-year holding period, 182 of them, one for each trading day from 03-02-2026 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 Multi Cap Fund (Direct)
HSBC Value Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Feb 2026Apr 2023
to
Apr 2026May 2023
to
May 2026Jul 2023
to
Jul 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 Multi Cap | 0.0 | 0.0 | 0.0 | 0.0 | 23.6 | 70.9 | 5.5 | 21.3% | 21.4% | 15.1% | 25.4% | 100% |
| HSBC Value | 0.0 | 0.0 | 0.0 | 13.2 | 31.3 | 52.7 | 2.7 | 20.1% | 20.6% | 13.6% | 25.3% | 100% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 40.1 | 58.2 | 1.6 | 0.0 | 15.6% | 15.7% | 10.1% | 20.1% | -- |
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 Nifty500 Multicap 50:25:25 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 03-02-2023. Past returns do not promise future returns.
HSBC Multi Cap vs HSBC Value: 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 03-02-2023 to 30-10-2026: 45 instalments, ₹4,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Multi CapHSBC Multi Cap Fund (Direct) | ₹4,50,000 | ₹5,55,886 | ₹1,05,886 | 11.3% |
| HSBC ValueHSBC Value Fund (Direct) | ₹4,50,000 | ₹5,25,157 | ₹75,157 | 8.2% |
HSBC Multi CapHSBC Multi Cap Fund (Direct)
HSBC ValueHSBC Value 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 Cap vs HSBC Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Multi Cap Fund (Direct) | HSBC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.09% | −5.46% |
| Standard deviation | 15.62% | 15.07% |
| Sharpe ratio | -0.34 | -0.71 |
| Sortino ratio | -0.46 | -0.94 |
| Maximum drawdown | −13.1% (23-03-2026) | −12.3% (23-03-2026) |
| Beta | 1.00 | 1.01 |
| Alpha | +6.01% | +1.98% |
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 Cap Fund (Direct) | HSBC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.40% | +14.13% |
| Standard deviation | 16.17% | 15.93% |
| Sharpe ratio | 0.64 | 0.51 |
| Sortino ratio | 0.87 | 0.68 |
| Maximum drawdown | −20.1% (28-02-2025) | −19.6% (03-03-2025) |
| Beta | 1.04 | 1.07 |
| Alpha | +4.92% | +3.61% |
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 Multi Cap Fund (Direct) | HSBC Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.09% | +16.15% |
| Standard deviation | 15.03% | 14.87% |
| Sharpe ratio | 0.93 | 0.67 |
| Sortino ratio | 1.26 | 0.90 |
| Maximum drawdown | −20.1% (28-02-2025) | −19.6% (03-03-2025) |
| Beta | 1.03 | 1.06 |
| Alpha | +5.75% | +6.19% |
From daily NAVs, 03-02-2023 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.
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 Cap Fund (Direct)
HSBC Value Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Multi Cap Fund (Direct) | −20.1% | 16-12-2024 | 28-02-2025 | 06-05-2026 | 14 months | −8.3% |
| HSBC Value Fund (Direct) | −19.6% | 27-09-2024 | 03-03-2025 | 30-06-2025 | 4 months | −8.8% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 03-02-2023, 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 Multi Cap Fund (Direct)
HSBC Value Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multi Cap Fund (Direct)
HSBC Value Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Multi Cap Fund (Direct) | 115% | 95% | 4.84% |
| HSBC Value Fund (Direct) | 103% | 89% | 4.04% |
From month-end values since 03-02-2023. 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 Multi Cap vs HSBC Value: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Multi Cap Fund, September 2026; HSBC Value Fund, September 2026
Holdings in common
- Overlap
- 39.8%
- Held by both
- 43
- Only in HSBC Multi Cap
- 57
- Only in HSBC Value
- 43
| Security | % of HSBC Multi Cap | % of HSBC Value |
|---|---|---|
| HDFC Bank Limited | 2.85% | 5.07% |
| The Federal Bank Limited | 2.33% | 3.15% |
| ICICI Bank Limited | 2.13% | 4.00% |
| Reliance Industries Limited | 1.87% | 2.72% |
| State Bank of India | 1.80% | 3.01% |
| FINOLEX CABLES LTD | 1.58% | 2.97% |
| Larsen & Toubro Limited | 1.51% | 2.10% |
| Multi Commodity Exchange of India Ltd. | 1.39% | 1.50% |
| Shriram Finance Limited | 1.38% | 2.09% |
| Hero MotoCorp Limited | 1.37% | 2.09% |
| Karur Vysya Bank Limited | 1.28% | 3.50% |
| Bharti Airtel Limited | 1.16% | 1.24% |
| GE Vernova T&D India Limited | 1.44% | 1.12% |
| Thangamayil Jewellery Limited | 1.33% | 1.11% |
| Jubilant Foodworks Limited | 1.15% | 1.07% |
| Tech Mahindra Limited | 1.04% | 1.95% |
| Mahindra & Mahindra Financial Serv Ltd. | 1.18% | 1.03% |
| K.P.R. Mill Ltd | 0.98% | 1.29% |
| CCL Products (India) Limited | 0.98% | 0.96% |
| Tata Motors Limited | 1.81% | 0.95% |
| Oberoi Realty Limited | 1.43% | 0.89% |
| Kotak Mahindra Bank Limited | 1.26% | 0.81% |
| Ratnamani Metals & Tubes Limited | 0.73% | 0.99% |
| NTPC Limited | 0.66% | 1.60% |
| Siemens Limited | 0.62% | 0.86% |
| Hindalco Industries Limited | 0.61% | 0.73% |
| POWER MECH PROJECTS LIMITED | 0.60% | 1.20% |
| Maruti Suzuki India Limited | 0.59% | 1.38% |
| Time Technoplast Limited | 0.57% | 0.65% |
| Mahindra & Mahindra Limited | 0.51% | 0.85% |
| Manipal Health Enterprises Limited | 0.50% | 0.49% |
| Birla Corporation Limited | 0.43% | 0.61% |
| Senores Pharmaceuticals Limited | 0.62% | 0.41% |
| Trent Limited | 0.40% | 1.20% |
| Infosys Limited | 0.40% | 0.84% |
| Hindustan Unilever Limited | 0.39% | 1.04% |
| Angel One Limited | 0.35% | 1.26% |
| Indian Bank | 0.33% | 1.88% |
| Bharat Bijlee Ltd. | 0.30% | 0.25% |
| Epigral Limited | 0.24% | 0.34% |
| HCL Technologies Limited | 0.24% | 0.48% |
| Godfrey Phillips India Limited | 0.21% | 0.78% |
| Nippon Life India Asset Management Ltd | 1.03% | 0.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.8% means 39.8% 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 Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 3.10% |
| APAR INDUSTRIES LTD | 2.39% |
| Radico Khaitan Limited | 2.31% |
| Engineers India Limited | 2.27% |
| Sai Life Sciences Ltd. | 2.11% |
Largest holdings only in HSBC Value Fund
| Security | % of fund |
|---|---|
| PNB Housing Finance Limited | 2.72% |
| Balrampur Chini Mills Limited | 2.33% |
| Jindal Stainless Limited | 1.74% |
| Welspun Living Limited | 1.68% |
| Pearl Global Industries Limited | 1.51% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Multi Cap | HSBC Value |
|---|---|---|
| Equity | 97.5% | 98.1% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.5% | 1.9% |
Market cap of stocks
| Market cap | HSBC Multi Cap | HSBC Value |
|---|---|---|
| Large Cap | 36.1% | 41.7% |
| Mid Cap | 25.9% | 17.7% |
| Small Cap | 31.1% | 38.3% |
| Not on AMFI's list | 4.5% | 0.5% |
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 Multi Cap | HSBC Value |
|---|---|---|
| Banks | 13.7% | 24.7% |
| Electrical Equipment | 11.0% | 2.2% |
| Pharmaceuticals & Biotechnology | 8.6% | 1.8% |
| Finance | 4.1% | 7.6% |
| Industrial Products | 7.4% | 6.1% |
| Textiles & Apparels | 1.0% | 7.0% |
| Capital Markets | 4.5% | 3.0% |
| Automobiles | 4.5% | 4.3% |
| Construction | 4.4% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Multi Cap vs HSBC Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Multi Cap Fund | HSBC Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 0.89% |
| Base expense ratio (Direct) | 0.52% | 0.65% |
| Total expense ratio (Regular) | 2.04% | 1.85% |
| Base expense ratio (Regular) | 1.57% | 1.46% |
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 Multi Cap with
HSBC Multi Cap Fund vs HSBC Value Fund: Frequently Asked Questions
What is the difference between HSBC Multi Cap Fund and HSBC Value Fund?
HSBC Multi Cap Fund is a Multi Cap fund, HSBC Value Fund is a Value and Contra fund, run by HSBC Mutual Fund. Their portfolios overlap 39.8%. HSBC Multi Cap Fund charges 0.80% a year and HSBC Value Fund 0.89%.
Which has given higher returns, HSBC Multi Cap Fund or HSBC Value Fund?
Over 1 year: HSBC Multi Cap Fund −0.09%, HSBC Value Fund −5.46%. Over 3 years: HSBC Multi Cap Fund +16.40% a year, HSBC Value Fund +14.13% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Multi Cap Fund or HSBC Value Fund?
HSBC Multi Cap Fund charges less: 0.80% a year against 0.89%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Multi Cap Fund and HSBC Value Fund overlap?
39.8%. They hold 43 of the same securities, the largest shared ones being HDFCBANK, FEDERALBNK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, HSBC Multi Cap Fund or HSBC Value Fund?
On SEBI's riskometer, HSBC Multi Cap Fund is rated Very High and HSBC Value Fund Very High. Over 3 years, the standard deviation of daily returns was 16.17% and 15.93% a year.
Which is better for SIP, HSBC Multi Cap Fund or HSBC Value Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,09,644 in HSBC Multi Cap Fund (XIRR 6.6% a year) and ₹3,89,513 in HSBC Value Fund (XIRR 3.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Multi Cap Fund and HSBC Value Fund?
Yes. 39.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Multi Cap Fund and HSBC Value Fund?
HSBC Multi Cap Fund: Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh. HSBC Value Fund: Venugopal Manghat, Mayank Chaturvedi, Dipan S. Parikh.
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.