HSBC Multi Cap Fund vs Mirae Asset Multicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Multi Cap Fund and Mirae Asset Multicap 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 Mirae Asset Multicap Fund (Direct) returned 12.1% a year. HSBC Multi Cap Fund charges 0.80% a year and Mirae Asset Multicap Fund 0.89% (Direct plans). Their portfolios overlap 23.5%: they hold 24 of the same securities.
Mirae Asset Multicap Fund
Multi Cap
- 3 year return
- 12.1%
- Expense ratio
- 0.89%
- NAV
- ₹14.30
Which is better, HSBC Multi Cap or Mirae Asset Multicap? 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 12.1%.
- HSBC Multi Cap returned more over 1 year: −0.1% against −6.8%.
- HSBC Multi Cap costs less: 0.80% a year against 0.89% (Direct plans).
- Mirae Asset Multicap swung less over 3 years: a standard deviation of 14.5% a year against 16.2%.
- Mirae Asset Multicap fell less in its worst fall since 22-08-2023: −18.2% against −20.1%.
- HSBC Multi Cap is the larger fund: ₹6,380 Cr against ₹5,379 Cr.
- Their portfolios overlap 23.5%: 24 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 | Mirae Asset Multicap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Mirae Asset Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹6,380 Cr (30-09-2026) | ₹5,379 Cr (30-09-2026) |
| NAV | ₹19.86 (Direct) | ₹14.30 (Direct) |
| Expense ratio (Direct) | 0.80% | 0.89% |
| Expense ratio (Regular) | 2.04% | 2.27% |
| 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 | 21-08-2023 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh | Ankit Jain |
| 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 365 days. |
HSBC Multi Cap vs Mirae Asset Multicap: 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% | -- | -- |
| Mirae Asset Multicap Fund (Direct) | −3.90% | −7.35% | −2.30% | −6.78% | +12.13% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
HSBC Multi Cap vs Mirae Asset Multicap: Year-wise Returns
| Year | HSBC Multi CapHSBC Multi Cap | Mirae Asset MulticapMirae Asset Multicap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | +0.60% | −6.61% | −5.56% |
| 2025 | +2.42% | +9.84% | +5.29% |
| 2024 | +30.28% | +18.89% | +19.34% |
HSBC Multi Cap vs Mirae Asset Multicap: 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, 45 of them, one for each trading day from 24-08-2026 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)
Mirae Asset Multicap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Aug 2026Sept 2023
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 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 Multi Cap | 0.0 | 0.0 | 0.0 | 0.0 | 86.7 | 13.3 | 0.0 | 17.9% | 17.5% | 15.1% | 20.8% | 100% |
| Mirae Asset Multicap | 0.0 | 0.0 | 0.0 | 82.2 | 17.8 | 0.0 | 0.0 | 13.4% | 12.9% | 11.5% | 16.0% | 100% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 11.9% | 11.5% | 10.1% | 14.7% | -- |
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 22-08-2023. Past returns do not promise future returns.
HSBC Multi Cap vs Mirae Asset Multicap: 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 01-08-2023 to 30-10-2026: 39 instalments, ₹3,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Multi CapHSBC Multi Cap Fund (Direct) | ₹3,90,000 | ₹4,41,860 | ₹51,860 | 7.7% |
| Mirae Asset MulticapMirae Asset Multicap Fund (Direct) | ₹3,90,000 | ₹4,18,404 | ₹28,404 | 4.3% |
HSBC Multi CapHSBC Multi Cap Fund (Direct)
Mirae Asset MulticapMirae Asset Multicap 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 Mirae Asset Multicap: 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) | Mirae Asset Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.09% | −6.78% |
| Standard deviation | 15.62% | 14.49% |
| Sharpe ratio | -0.34 | -0.83 |
| Sortino ratio | -0.46 | -1.09 |
| Maximum drawdown | −13.1% (23-03-2026) | −14.7% (30-03-2026) |
| Beta | 1.00 | 0.95 |
| Alpha | +6.01% | −1.31% |
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) | Mirae Asset Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.40% | +12.13% |
| Standard deviation | 16.17% | 14.47% |
| Sharpe ratio | 0.64 | 0.42 |
| Sortino ratio | 0.87 | 0.57 |
| Maximum drawdown | −20.1% (28-02-2025) | −18.2% (28-02-2025) |
| Beta | 1.04 | 0.94 |
| Alpha | +4.92% | +1.19% |
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) | Mirae Asset Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.09% | +11.69% |
| Standard deviation | 15.03% | 14.25% |
| Sharpe ratio | 0.93 | 0.39 |
| Sortino ratio | 1.26 | 0.53 |
| Maximum drawdown | −20.1% (28-02-2025) | −18.2% (28-02-2025) |
| Beta | 1.03 | 0.94 |
| Alpha | +5.75% | +1.16% |
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)
Mirae Asset Multicap 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% |
| Mirae Asset Multicap Fund (Direct) | −18.2% | 27-09-2024 | 28-02-2025 | 26-06-2025 | 4 months | −9.1% |
| 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 22-08-2023, 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)
Mirae Asset Multicap 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)
Mirae Asset Multicap 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) | 117% | 98% | 4.82% |
| Mirae Asset Multicap Fund (Direct) | 102% | 99% | 2.34% |
From month-end values since 22-08-2023. 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 Mirae Asset Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Multi Cap Fund, September 2026; Mirae Asset Multicap Fund, September 2026
Holdings in common
- Overlap
- 23.5%
- Held by both
- 24
- Only in HSBC Multi Cap
- 76
- Only in Mirae Asset Multicap
- 58
| Security | % of HSBC Multi Cap | % of Mirae Asset Multicap |
|---|---|---|
| HDFC Bank Limited | 2.85% | 5.51% |
| ICICI Bank Limited | 2.13% | 3.98% |
| Reliance Industries Limited | 1.87% | 1.99% |
| Larsen & Toubro Limited | 1.51% | 1.50% |
| Divi''s Laboratories Limited | 1.48% | 1.56% |
| Hero MotoCorp Limited | 1.37% | 1.96% |
| Sai Life Sciences Ltd. | 2.11% | 1.23% |
| Kotak Mahindra Bank Limited | 1.26% | 1.19% |
| Bharti Airtel Limited | 1.16% | 2.29% |
| Hindustan Aeronautics Limited | 1.04% | 0.97% |
| TD Power Systems Limited | 3.10% | 0.88% |
| Lupin Limited | 0.87% | 1.79% |
| CRAFTSMAN AUTOMATION LIMITED | 0.77% | 0.97% |
| Kirloskar Oil Engines Ltd | 0.74% | 0.86% |
| Karur Vysya Bank Limited | 1.28% | 0.72% |
| Hindalco Industries Limited | 0.61% | 0.98% |
| Delhivery Limited | 0.59% | 2.55% |
| Maruti Suzuki India Limited | 0.59% | 1.24% |
| Multi Commodity Exchange of India Ltd. | 1.39% | 0.55% |
| Bharat Forge Limited | 0.63% | 0.53% |
| PERSISTENT SYSTEMS LTD | 0.32% | 1.67% |
| eClerx Services Limited | 0.64% | 0.29% |
| Jyoti Cnc Automation Ltd | 0.26% | 0.63% |
| State Bank of India | 1.80% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.5% means 23.5% 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 |
|---|---|
| APAR INDUSTRIES LTD | 2.39% |
| The Federal Bank Limited | 2.33% |
| Radico Khaitan Limited | 2.31% |
| Engineers India Limited | 2.27% |
| Navin Fluorine International Limited | 1.89% |
Largest holdings only in Mirae Asset Multicap Fund
| Security | % of fund |
|---|---|
| Axis Bank Ltd. | 3.35% |
| Dalmia Bharat Ltd. | 2.12% |
| Steel Authority of India Ltd. | 2.00% |
| Gland Pharma Ltd. | 1.99% |
| Swiggy Ltd. | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Multi Cap | Mirae Asset Multicap |
|---|---|---|
| Equity | 97.5% | 99.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.5% | 0.5% |
Market cap of stocks
| Market cap | HSBC Multi Cap | Mirae Asset Multicap |
|---|---|---|
| Large Cap | 36.1% | 35.8% |
| Mid Cap | 25.9% | 25.7% |
| Small Cap | 31.1% | 34.3% |
| Not on AMFI's list | 4.5% | 3.7% |
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 Multi Cap | Mirae Asset Multicap |
|---|---|---|
| Banks | 13.7% | 17.4% |
| Electrical Equipment | 11.0% | 0.9% |
| Pharmaceuticals & Biotechnology | 8.6% | 8.5% |
| Industrial Products | 7.4% | 4.8% |
| Consumer Durables | 2.1% | 6.6% |
| Auto Components | 1.4% | 4.6% |
| Capital Markets | 4.5% | 2.6% |
| Automobiles | 4.5% | 3.5% |
| Transport Services | 0.6% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Multi Cap vs Mirae Asset Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Multi Cap Fund | Mirae Asset Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 0.89% |
| Base expense ratio (Direct) | 0.52% | 0.43% |
| Total expense ratio (Regular) | 2.04% | 2.27% |
| Base expense ratio (Regular) | 1.57% | 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
Each fund against the others of its category
Compare HSBC Multi Cap with
HSBC Multi Cap Fund vs Mirae Asset Multicap Fund: Frequently Asked Questions
What is the difference between HSBC Multi Cap Fund and Mirae Asset Multicap Fund?
Both are Multi Cap funds, run by HSBC Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 23.5%. HSBC Multi Cap Fund charges 0.80% a year and Mirae Asset Multicap Fund 0.89%.
Which has given higher returns, HSBC Multi Cap Fund or Mirae Asset Multicap Fund?
Over 1 year: HSBC Multi Cap Fund −0.09%, Mirae Asset Multicap Fund −6.78%. Over 3 years: HSBC Multi Cap Fund +16.40% a year, Mirae Asset Multicap Fund +12.13% 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 Mirae Asset Multicap 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 Mirae Asset Multicap Fund overlap?
23.5%. They hold 24 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HSBC Multi Cap Fund or Mirae Asset Multicap Fund?
On SEBI's riskometer, HSBC Multi Cap Fund is rated Very High and Mirae Asset Multicap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.17% and 14.47% a year.
Which is better for SIP, HSBC Multi Cap Fund or Mirae Asset Multicap 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 ₹3,90,261 in Mirae Asset Multicap Fund (XIRR 3.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Multi Cap Fund and Mirae Asset Multicap Fund?
Yes. 23.5% 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 Mirae Asset Multicap Fund?
HSBC Multi Cap Fund: Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh. Mirae Asset Multicap Fund: Ankit Jain.
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.