HSBC Multi Cap Fund vs SBI MultiCap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Multi Cap Fund and SBI 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 SBI MultiCap Fund (Direct) returned 11.7% a year. HSBC Multi Cap Fund charges 0.80% a year and SBI MultiCap Fund 1.06% (Direct plans). Their portfolios overlap 21.7%: they hold 19 of the same securities.
Which is better, HSBC Multi Cap or SBI 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 11.7%.
- HSBC Multi Cap returned more over 1 year: −0.1% against −6.8%.
- HSBC Multi Cap costs less: 0.80% a year against 1.06% (Direct plans).
- SBI MultiCap swung less over 3 years: a standard deviation of 13.1% a year against 16.2%.
- SBI MultiCap fell less in its worst fall since 03-02-2023: −15.1% against −20.1%.
- SBI MultiCap is the larger fund: ₹23,456 Cr against ₹6,380 Cr.
- Their portfolios overlap 21.7%: 19 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 | SBI MultiCap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | SBI Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹6,380 Cr (30-09-2026) | ₹23,456 Cr (30-09-2026) |
| NAV | ₹19.86 (Direct) | ₹16.86 (Direct) |
| Expense ratio (Direct) | 0.80% | 1.06% |
| Expense ratio (Regular) | 2.04% | 1.84% |
| 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 | 08-03-2022 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh | R Srinivasan, Saurabh Pant |
| 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 0.25% if redeemed within 30 days and 0.10% if redeemed after 30 days but on or before 90 days. |
HSBC Multi Cap vs SBI 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% | -- | -- |
| SBI MultiCap Fund (Direct) | −3.15% | −5.73% | −1.62% | −6.77% | +11.73% | -- | -- |
| 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 SBI MultiCap: Year-wise Returns
| Year | HSBC Multi CapHSBC Multi Cap | SBI MultiCapSBI MultiCap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | +0.60% | −4.05% | −5.56% |
| 2025 | +2.42% | +3.83% | +5.29% |
| 2024 | +30.28% | +27.02% | +19.34% |
| 2023 | -- | +23.63% | +33.74% |
HSBC Multi Cap vs SBI 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, 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)
SBI MultiCap 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% |
| SBI MultiCap | 0.0 | 0.0 | 0.0 | 38.6 | 61.4 | 0.0 | 0.0 | 15.3% | 15.3% | 10.1% | 18.6% | 38% |
| 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 SBI 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 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% |
| SBI MultiCapSBI MultiCap Fund (Direct) | ₹4,50,000 | ₹5,11,767 | ₹61,767 | 6.8% |
HSBC Multi CapHSBC Multi Cap Fund (Direct)
SBI MultiCapSBI 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 SBI 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) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.09% | −6.77% |
| Standard deviation | 15.62% | 14.08% |
| Sharpe ratio | -0.34 | -0.85 |
| Sortino ratio | -0.46 | -1.13 |
| Maximum drawdown | −13.1% (23-03-2026) | −14.6% (31-03-2026) |
| Beta | 1.00 | 0.90 |
| Alpha | +6.01% | −1.84% |
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) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.40% | +11.73% |
| Standard deviation | 16.17% | 13.09% |
| Sharpe ratio | 0.64 | 0.44 |
| Sortino ratio | 0.87 | 0.59 |
| Maximum drawdown | −20.1% (28-02-2025) | −15.1% (31-03-2026) |
| Beta | 1.04 | 0.81 |
| Alpha | +4.92% | +1.43% |
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) | SBI MultiCap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +20.09% | +11.52% |
| Standard deviation | 15.03% | 12.18% |
| Sharpe ratio | 0.93 | 0.45 |
| Sortino ratio | 1.26 | 0.61 |
| Maximum drawdown | −20.1% (28-02-2025) | −15.1% (31-03-2026) |
| Beta | 1.03 | 0.79 |
| Alpha | +5.75% | +0.26% |
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)
SBI 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% |
| SBI MultiCap Fund (Direct) | −15.1% | 23-07-2025 | 31-03-2026 | 20-08-2026 | 5 months | −8.0% |
| 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)
SBI 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)
SBI 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) | 115% | 95% | 4.84% |
| SBI MultiCap Fund (Direct) | 87% | 78% | 4.59% |
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 SBI MultiCap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Multi Cap Fund, September 2026; SBI MultiCap Fund, September 2026
Holdings in common
- Overlap
- 21.7%
- Held by both
- 19
- Only in HSBC Multi Cap
- 81
- Only in SBI MultiCap
- 52
| Security | % of HSBC Multi Cap | % of SBI MultiCap |
|---|---|---|
| HDFC Bank Limited | 2.85% | 3.02% |
| ICICI Bank Limited | 2.13% | 3.94% |
| Divi''s Laboratories Limited | 1.48% | 3.37% |
| Lenskart Solutions Limited | 1.38% | 2.19% |
| The Federal Bank Limited | 2.33% | 1.35% |
| Eternal Limited | 1.41% | 1.26% |
| Kotak Mahindra Bank Limited | 1.26% | 2.67% |
| Jubilant Foodworks Limited | 1.15% | 1.97% |
| Navin Fluorine International Limited | 1.89% | 1.05% |
| TVS Motor Company Limited | 1.10% | 1.05% |
| Hindustan Aeronautics Limited | 1.04% | 0.98% |
| K.P.R. Mill Ltd | 0.98% | 3.06% |
| Nippon Life India Asset Management Ltd | 1.03% | 0.97% |
| JSW Steel Limited | 0.86% | 1.19% |
| FSN E-Commerce Ventures Limited | 0.85% | 1.09% |
| CRAFTSMAN AUTOMATION LIMITED | 0.77% | 0.61% |
| Maruti Suzuki India Limited | 0.59% | 1.33% |
| Thangamayil Jewellery Limited | 1.33% | 0.54% |
| PERSISTENT SYSTEMS LTD | 0.32% | 0.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 21.7% means 21.7% 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 SBI MultiCap Fund
| Security | % of fund |
|---|---|
| Adani Power Ltd. | 3.48% |
| Adani Enterprises Ltd. | 3.47% |
| Aether Industries Ltd. | 2.61% |
| Paradeep Phosphates Ltd. | 2.30% |
| Berger Paints India Ltd. | 2.14% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Multi Cap | SBI MultiCap |
|---|---|---|
| Equity | 97.5% | 99.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 2.5% | 0.8% |
Market cap of stocks
| Market cap | HSBC Multi Cap | SBI MultiCap |
|---|---|---|
| Large Cap | 36.1% | 35.1% |
| Mid Cap | 25.9% | 26.3% |
| Small Cap | 31.1% | 33.5% |
| Not on AMFI's list | 4.5% | 4.2% |
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 | SBI MultiCap |
|---|---|---|
| Banks | 13.7% | 12.3% |
| Electrical Equipment | 11.0% | 0.0% |
| Consumer Durables | 2.1% | 8.8% |
| Retailing | 4.0% | 8.6% |
| Pharmaceuticals & Biotechnology | 8.6% | 6.3% |
| Auto Components | 1.4% | 7.5% |
| Industrial Products | 7.4% | 4.0% |
| Power | 0.7% | 6.3% |
| Capital Markets | 4.5% | 2.0% |
| Automobiles | 4.5% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Multi Cap vs SBI MultiCap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Multi Cap Fund | SBI MultiCap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 1.06% |
| Base expense ratio (Direct) | 0.52% | 0.73% |
| Total expense ratio (Regular) | 2.04% | 1.84% |
| Base expense ratio (Regular) | 1.57% | 1.40% |
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 SBI MultiCap Fund: Frequently Asked Questions
What is the difference between HSBC Multi Cap Fund and SBI MultiCap Fund?
Both are Multi Cap funds, run by HSBC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 21.7%. HSBC Multi Cap Fund charges 0.80% a year and SBI MultiCap Fund 1.06%.
Which has given higher returns, HSBC Multi Cap Fund or SBI MultiCap Fund?
Over 1 year: HSBC Multi Cap Fund −0.09%, SBI MultiCap Fund −6.77%. Over 3 years: HSBC Multi Cap Fund +16.40% a year, SBI MultiCap Fund +11.73% 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 SBI MultiCap Fund?
HSBC Multi Cap Fund charges less: 0.80% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Multi Cap Fund and SBI MultiCap Fund overlap?
21.7%. They hold 19 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, DIVISLAB. From each fund's latest monthly portfolio.
Which is riskier, HSBC Multi Cap Fund or SBI MultiCap Fund?
On SEBI's riskometer, HSBC Multi Cap Fund is rated Very High and SBI MultiCap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.17% and 13.09% a year.
Which is better for SIP, HSBC Multi Cap Fund or SBI 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 ₹3,89,595 in SBI MultiCap 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 SBI MultiCap Fund?
Yes. 21.7% 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 SBI MultiCap Fund?
HSBC Multi Cap Fund: Venugopal Manghat, Mahesh Chhabria, Mayank Chaturvedi, Dipan S. Parikh. SBI MultiCap Fund: R Srinivasan, Saurabh Pant.
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.