HSBC Multi Cap Fund vs Kotak Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Multi Cap Fund and Kotak Multi Cap Fund are both Multi Cap funds. In the 3 years to 30-10-2026, HSBC Multi Cap Fund (Direct) returned 16.4% a year and Kotak Multi Cap Fund (Direct) returned 15.6% a year. HSBC Multi Cap Fund charges 0.80% a year and Kotak Multi Cap Fund 0.69% (Direct plans). Their portfolios overlap 21.5%: they hold 23 of the same securities.
Which is better, HSBC Multi Cap or Kotak Multi 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 Multi Cap returned more over 3 years: 16.4% a year against 15.6%.
- HSBC Multi Cap returned more over 1 year: −0.1% against −4.6%.
- Kotak Multi Cap costs less: 0.69% a year against 0.80% (Direct plans).
- Kotak Multi Cap swung less over 3 years: a standard deviation of 15.9% a year against 16.2%.
- HSBC Multi Cap fell less in its worst fall since 03-02-2023: −20.1% against −21.0%.
- Kotak Multi Cap is the larger fund: ₹30,335 Cr against ₹6,380 Cr.
- Their portfolios overlap 21.5%: 23 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 | Kotak Multi Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹6,380 Cr (30-09-2026) | ₹30,335 Cr (30-09-2026) |
| NAV | ₹19.86 (Direct) | ₹20.32 (Direct) |
| Expense ratio (Direct) | 0.80% | 0.69% |
| Expense ratio (Regular) | 2.04% | 1.77% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 30-01-2023 | 29-09-2021 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh | Devender Singal, Abhishek Bisen |
| 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 Kotak Multi 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 Multi Cap Fund (Direct) | −3.78% | −3.51% | +0.87% | −0.09% | +16.40% | -- | -- |
| Kotak Multi Cap Fund (Direct) | −3.75% | −5.89% | −2.88% | −4.64% | +15.63% | +15.50% | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
HSBC Multi Cap vs Kotak Multi Cap: Year-wise Returns
| Year | HSBCHSBC Multi Cap | KotakKotak Multi Cap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | +0.60% | −5.28% | −5.56% |
| 2025 | +2.42% | +7.73% | +5.29% |
| 2024 | +30.28% | +28.75% | +19.34% |
| 2023 | -- | +41.89% | +33.74% |
| 2022 | -- | +11.82% | +2.84% |
HSBC Multi Cap vs Kotak Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of both
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)
Kotak Multi Cap 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% |
| Kotak Multi Cap | 0.0 | 0.0 | 0.0 | 1.6 | 37.4 | 50.0 | 11.0 | 21.0% | 21.5% | 14.4% | 26.4% | 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 Kotak Multi 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 03-02-2023 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% |
| Kotak Multi CapKotak Multi Cap Fund (Direct) | ₹4,50,000 | ₹5,42,187 | ₹92,187 | 9.9% |
HSBC Multi CapHSBC Multi Cap Fund (Direct)
Kotak Multi CapKotak Multi 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 Multi Cap vs Kotak Multi Cap: 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) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.09% | −4.64% |
| Standard deviation | 15.62% | 15.80% |
| Sharpe ratio | -0.34 | -0.63 |
| Sortino ratio | -0.46 | -0.83 |
| Maximum drawdown | −13.1% (23-03-2026) | −13.9% (30-03-2026) |
| Beta | 1.00 | 1.03 |
| Alpha | +6.01% | +1.72% |
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) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.40% | +15.63% |
| Standard deviation | 16.17% | 15.91% |
| Sharpe ratio | 0.64 | 0.60 |
| Sortino ratio | 0.87 | 0.82 |
| Maximum drawdown | −20.1% (28-02-2025) | −21.0% (03-03-2025) |
| Beta | 1.04 | 1.02 |
| Alpha | +4.92% | +4.27% |
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) | Kotak Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.09% | +15.00% |
| Standard deviation | 15.03% | 15.36% |
| Sharpe ratio | 0.93 | 0.60 |
| Sortino ratio | 1.26 | 0.81 |
| Maximum drawdown | −20.1% (28-02-2025) | −21.0% (03-03-2025) |
| Beta | 1.03 | 0.99 |
| Alpha | +5.75% | +4.82% |
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)
Kotak Multi Cap 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% |
| Kotak Multi Cap Fund (Direct) | −21.0% | 27-09-2024 | 03-03-2025 | 20-10-2025 | 8 months | −7.4% |
| 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)
Kotak Multi Cap 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)
Kotak Multi Cap 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% |
| Kotak Multi Cap Fund (Direct) | 113% | 96% | 4.02% |
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 Kotak Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Multi Cap Fund, September 2026; Kotak Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 21.5%
- Held by both
- 23
- Only in HSBC Multi Cap
- 77
- Only in Kotak Multi Cap
- 50
| Security | % of HSBC Multi Cap | % of Kotak Multi Cap |
|---|---|---|
| HDFC Bank Limited | 2.85% | 5.66% |
| Radico Khaitan Limited | 2.31% | 2.26% |
| State Bank of India | 1.80% | 3.55% |
| Engineers India Limited | 2.27% | 1.64% |
| Larsen & Toubro Limited | 1.51% | 1.48% |
| Eternal Limited | 1.41% | 3.28% |
| Hero MotoCorp Limited | 1.37% | 3.26% |
| INDO-MIM Limited | 0.92% | 3.33% |
| Shriram Finance Limited | 1.38% | 0.91% |
| RBL Bank Limited | 0.83% | 1.32% |
| Bharti Airtel Limited | 1.16% | 0.78% |
| NTPC Limited | 0.66% | 2.20% |
| Hindalco Industries Limited | 0.61% | 0.59% |
| Maruti Suzuki India Limited | 0.59% | 4.10% |
| Jubilant Foodworks Limited | 1.15% | 0.57% |
| Piramal Finance Ltd | 0.57% | 0.87% |
| UltraTech Cement Limited | 1.01% | 0.52% |
| Billionbrains Garage Ventures Ltd. | 0.68% | 0.52% |
| Hindustan Unilever Limited | 0.39% | 0.88% |
| One 97 Communications Limited | 0.29% | 2.70% |
| Jyoti Cnc Automation Ltd | 0.26% | 1.31% |
| Reliance Industries Limited | 1.87% | 0.23% |
| MphasiS Limited | 0.62% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 21.5% means 21.5% 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 Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 3.10% |
| APAR INDUSTRIES LTD | 2.39% |
| The Federal Bank Limited | 2.33% |
| ICICI Bank Limited | 2.13% |
| Sai Life Sciences Ltd. | 2.11% |
Largest holdings only in Kotak Multi Cap Fund
| Security | % of fund |
|---|---|
| Oracle Financial Services Software Ltd | 3.46% |
| INDUSIND BANK LTD. | 2.97% |
| Indus Towers Ltd. | 2.86% |
| BANK OF BARODA | 2.29% |
| Power Finance Corporation Ltd. | 2.26% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Multi Cap | Kotak Multi Cap |
|---|---|---|
| Equity | 97.5% | 98.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.5% | 1.5% |
Market cap of stocks
| Market cap | HSBC Multi Cap | Kotak Multi Cap |
|---|---|---|
| Large Cap | 36.1% | 39.5% |
| Mid Cap | 25.9% | 25.1% |
| Small Cap | 31.1% | 29.5% |
| Not on AMFI's list | 4.5% | 4.4% |
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 | Kotak Multi Cap |
|---|---|---|
| Banks | 13.7% | 20.4% |
| Electrical Equipment | 11.0% | 0.0% |
| Pharmaceuticals & Biotechnology | 8.6% | 0.0% |
| Finance | 4.1% | 7.5% |
| Industrial Products | 7.4% | 0.6% |
| Automobiles | 4.5% | 7.4% |
| Industrial Manufacturing | 1.7% | 5.7% |
| Construction | 4.4% | 5.2% |
| Telecom - Services | 1.2% | 4.6% |
| Capital Markets | 4.5% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Multi Cap vs Kotak Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Multi Cap Fund | Kotak Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 0.69% |
| Base expense ratio (Direct) | 0.52% | 0.42% |
| Total expense ratio (Regular) | 2.04% | 1.77% |
| Base expense ratio (Regular) | 1.57% | 1.34% |
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 Kotak Multi Cap Fund: Frequently Asked Questions
What is the difference between HSBC Multi Cap Fund and Kotak Multi Cap Fund?
Both are Multi Cap funds, run by HSBC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 21.5%. HSBC Multi Cap Fund charges 0.80% a year and Kotak Multi Cap Fund 0.69%.
Which has given higher returns, HSBC Multi Cap Fund or Kotak Multi Cap Fund?
Over 1 year: HSBC Multi Cap Fund −0.09%, Kotak Multi Cap Fund −4.64%. Over 3 years: HSBC Multi Cap Fund +16.40% a year, Kotak Multi Cap Fund +15.63% 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 Kotak Multi Cap Fund?
Kotak Multi Cap Fund charges less: 0.69% a year against 0.80%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Multi Cap Fund and Kotak Multi Cap Fund overlap?
21.5%. They hold 23 of the same securities, the largest shared ones being HDFCBANK, RADICO, SBIN. From each fund's latest monthly portfolio.
Which is riskier, HSBC Multi Cap Fund or Kotak Multi Cap Fund?
On SEBI's riskometer, HSBC Multi Cap Fund is rated Very High and Kotak Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.17% and 15.91% a year.
Which is better for SIP, HSBC Multi Cap Fund or Kotak Multi Cap 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 ₹3,99,991 in Kotak Multi Cap Fund (XIRR 5.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Multi Cap Fund and Kotak Multi Cap Fund?
Yes. 21.5% 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 Kotak Multi Cap Fund?
HSBC Multi Cap Fund: Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh. Kotak Multi Cap Fund: Devender Singal, Abhishek Bisen.
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.