HSBC Small Cap Fund vs ITI Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Small Cap Fund and ITI Small Cap Fund are both Small Cap funds. In the 3 years to 30-10-2026, HSBC Small Cap Fund (Direct) returned 11.8% a year and ITI Small Cap Fund (Direct) returned 22.1% a year. HSBC Small Cap Fund charges 0.78% a year and ITI Small Cap Fund 0.84% (Direct plans). Their portfolios overlap 34.1%: they hold 33 of the same securities.
Which is better, HSBC Small Cap or ITI Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Small Cap returned more over 3 years: 22.1% a year against 11.8%.
- ITI Small Cap returned more over 1 year: 11.1% against 2.4%.
- HSBC Small Cap costs less: 0.78% a year against 0.84% (Direct plans).
- HSBC Small Cap swung less over 3 years: a standard deviation of 18.3% a year against 19.2%.
- ITI Small Cap fell less in its worst fall since 28-11-2022: −24.2% against −27.2%.
- HSBC Small Cap is the larger fund: ₹18,513 Cr against ₹3,666 Cr.
- Their portfolios overlap 34.1%: 33 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 Small Cap Fund | ITI Small Cap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | ITI Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹18,513 Cr (30-09-2026) | ₹3,666 Cr (30-09-2026) |
| NAV | ₹93.25 (Direct) | ₹36.08 (Direct) |
| Expense ratio (Direct) | 0.78% | 0.84% |
| Expense ratio (Regular) | 1.79% | 2.21% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | Nifty Smallcap 250 TRI |
| Launch date | 12-05-2014 | 17-02-2020 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mayank Chaturvedi, Dipan S. Parikh | Dhimant Shah, Alok Ranjan |
| 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 0.50%, if redeemed within 3 months. |
HSBC Small Cap vs ITI Small 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 Small Cap Fund (Direct) | −6.97% | −3.04% | +4.17% | +2.35% | +11.75% | -- | -- |
| ITI Small Cap Fund (Direct) | −4.66% | −0.93% | +10.45% | +11.05% | +22.07% | +17.21% | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
HSBC Small Cap vs ITI Small Cap: Year-wise Returns
| Year | HSBCHSBC Small Cap | ITIITI Small Cap | Nifty Smallcap 250 TRI |
|---|---|---|---|
| 2026to date | +6.60% | +15.04% | +1.00% |
| 2025 | −10.63% | −2.54% | −5.48% |
| 2024 | +29.82% | +36.28% | +27.21% |
| 2023 | +47.56% | +54.63% | +49.09% |
| 2022 | -- | −2.37% | −2.64% |
| 2021 | -- | +34.93% | +63.34% |
HSBC Small Cap vs ITI Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 226 of them, one for each trading day from 28-11-2025 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 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 Small Cap | 0.0 | 0.0 | 0.0 | 15.9 | 82.3 | 1.8 | 0.0 | 16.9% | 17.2% | 11.0% | 21.7% | 5% |
| ITI Small Cap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 23.0 | 77.0 | 25.8% | 26.1% | 20.2% | 29.4% | 100% |
| Nifty Smallcap 250 TRI | 0.0 | 0.0 | 0.0 | 12.4 | 46.5 | 41.2 | 0.0 | 19.0% | 19.6% | 11.4% | 23.7% | -- |
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 Nifty Smallcap 250 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 28-11-2022. Past returns do not promise future returns.
HSBC Small Cap vs ITI Small 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Small CapHSBC Small Cap Fund (Direct) | ₹4,80,000 | ₹5,86,721 | ₹1,06,721 | 10.0% |
| ITI Small CapITI Small Cap Fund (Direct) | ₹4,80,000 | ₹7,01,057 | ₹2,21,057 | 19.2% |
HSBC Small CapHSBC Small Cap Fund (Direct)
ITI Small CapITI Small 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 Small Cap vs ITI Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.35% | +11.05% |
| Standard deviation | 18.40% | 18.41% |
| Sharpe ratio | -0.16 | 0.32 |
| Sortino ratio | -0.22 | 0.44 |
| Maximum drawdown | −17.6% (23-03-2026) | −15.2% (23-03-2026) |
| Beta | 0.99 | 0.98 |
| Alpha | +5.42% | +14.07% |
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 Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.75% | +22.07% |
| Standard deviation | 18.34% | 19.22% |
| Sharpe ratio | 0.31 | 0.83 |
| Sortino ratio | 0.42 | 1.12 |
| Maximum drawdown | −27.2% (03-03-2025) | −24.2% (03-03-2025) |
| Beta | 0.93 | 0.98 |
| Alpha | −0.17% | +9.83% |
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 Small Cap Fund (Direct) | ITI Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.18% | +21.13% |
| Standard deviation | 17.11% | 19.88% |
| Sharpe ratio | 0.58 | 0.80 |
| Sortino ratio | 0.79 | 1.04 |
| Maximum drawdown | −27.2% (03-03-2025) | −39.9% (24-03-2020) |
| Beta | 0.92 | 0.94 |
| Alpha | +1.09% | +1.86% |
From daily NAVs, 28-11-2022 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Small Cap Fund (Direct) | −27.2% | 11-12-2024 | 03-03-2025 | 18-08-2026 | 18 months | −10.8% |
| ITI Small Cap Fund (Direct) | −24.2% | 16-12-2024 | 03-03-2025 | 06-05-2026 | 14 months | −8.2% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
From daily values since 28-11-2022, 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
Nifty Smallcap 250 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 Small Cap Fund (Direct)
ITI Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Small Cap Fund (Direct) | 93% | 86% | 5.39% |
| ITI Small Cap Fund (Direct) | 96% | 61% | 6.22% |
From month-end values since 28-11-2022. 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 Small Cap vs ITI Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Small Cap Fund, September 2026; ITI Small Cap Fund, September 2026
Holdings in common
- Overlap
- 34.1%
- Held by both
- 33
- Only in HSBC Small Cap
- 75
- Only in ITI Small Cap
- 53
| Security | % of HSBC Small Cap | % of ITI Small Cap |
|---|---|---|
| Karur Vysya Bank Limited | 2.04% | 1.93% |
| Radico Khaitan Limited | 1.85% | 1.73% |
| APAR INDUSTRIES LTD | 2.66% | 1.68% |
| Sai Life Sciences Ltd. | 2.21% | 1.60% |
| Neuland Laboratories Ltd | 1.86% | 1.57% |
| Navin Fluorine International Limited | 1.88% | 1.53% |
| Laurus Labs Limited | 1.37% | 2.36% |
| PTC INDUSTRIES LIMITED | 1.36% | 1.48% |
| WOCKHARDT LTD | 1.35% | 1.90% |
| Jyoti Cnc Automation Ltd | 1.33% | 1.32% |
| Multi Commodity Exchange of India Ltd. | 1.32% | 1.88% |
| Ather Energy Limited | 1.85% | 1.30% |
| Aster DM Healthcare Limited | 1.43% | 1.25% |
| RBL Bank Limited | 1.21% | 1.17% |
| CRAFTSMAN AUTOMATION LIMITED | 1.53% | 1.16% |
| The Federal Bank Limited | 1.94% | 1.04% |
| CarTrade Tech Limited | 1.03% | 1.79% |
| City Union Bank Limited | 1.40% | 0.95% |
| Kajaria Ceramics Limited | 1.58% | 0.94% |
| Cholamandalam Financial Holdings Limited | 1.04% | 0.92% |
| Sumitomo Chemical India Limited | 1.09% | 0.91% |
| Nippon Life India Asset Management Ltd | 1.22% | 0.79% |
| KFIN Technologies Limited | 1.16% | 0.78% |
| Dhoot Transmission Limited | 1.03% | 0.74% |
| TITAGARH RAIL SYSTEMS LIMITED | 0.72% | 0.90% |
| Mtar Technologies Limited | 1.69% | 0.68% |
| Krishna Institute of Medical Science Ltd | 0.66% | 0.90% |
| Kirloskar Oil Engines Ltd | 0.65% | 1.56% |
| ZF Comm. Vehicle Control Systems Ind Ltd | 0.57% | 1.34% |
| GABRIEL INDIA LIMITED | 0.49% | 1.05% |
| INDO-MIM Limited | 0.60% | 0.45% |
| Home First Finance Company India Limited | 0.11% | 0.79% |
| Aditya Birla Real Estate Limited | 0.07% | 0.35% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.1% means 34.1% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Engineers India Limited | 2.18% |
| Welspun Living Limited | 1.98% |
| PNB Housing Finance Limited | 1.96% |
| VIJAYA DIAGNOSTIC CENTRE LIMITED | 1.94% |
| HAPPY FORGINGS LIMITED | 1.82% |
Largest holdings only in ITI Small Cap Fund
| Security | % of fund |
|---|---|
| Acutaas Chemicals Limited | 3.55% |
| Welspun Corp Limited | 2.89% |
| VA Tech Wabag Limited | 1.98% |
| GNG Electronics Ltd | 1.77% |
| Sona BLW Precision Forgings Limited | 1.52% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Small Cap | ITI Small Cap |
|---|---|---|
| Equity | 99.2% | 94.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 5.3% |
Market cap of stocks
| Market cap | HSBC Small Cap | ITI Small Cap |
|---|---|---|
| Large Cap | 1.3% | 7.3% |
| Mid Cap | 21.5% | 20.1% |
| Small Cap | 73.6% | 62.5% |
| Not on AMFI's list | 2.8% | 4.9% |
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 Small Cap | ITI Small Cap |
|---|---|---|
| Industrial Products | 13.4% | 9.8% |
| Pharmaceuticals & Biotechnology | 9.5% | 12.1% |
| Auto Components | 6.3% | 8.6% |
| Banks | 7.6% | 7.8% |
| Electrical Equipment | 6.4% | 7.4% |
| Capital Markets | 6.4% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Small Cap vs ITI Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Small Cap Fund | ITI Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.78% | 0.84% |
| Base expense ratio (Direct) | 0.57% | 0.45% |
| Total expense ratio (Regular) | 1.79% | 2.21% |
| Base expense ratio (Regular) | 1.43% | 1.65% |
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 Small Cap with
HSBC Small Cap Fund vs ITI Small Cap Fund: Frequently Asked Questions
What is the difference between HSBC Small Cap Fund and ITI Small Cap Fund?
Both are Small Cap funds, run by HSBC Mutual Fund and ITI Mutual Fund. Their portfolios overlap 34.1%. HSBC Small Cap Fund charges 0.78% a year and ITI Small Cap Fund 0.84%.
Which has given higher returns, HSBC Small Cap Fund or ITI Small Cap Fund?
Over 1 year: HSBC Small Cap Fund +2.35%, ITI Small Cap Fund +11.05%. Over 3 years: HSBC Small Cap Fund +11.75% a year, ITI Small Cap Fund +22.07% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Small Cap Fund or ITI Small Cap Fund?
HSBC Small Cap Fund charges less: 0.78% a year against 0.84%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Small Cap Fund and ITI Small Cap Fund overlap?
34.1%. They hold 33 of the same securities, the largest shared ones being KARURVYSYA, RADICO, APARINDS. From each fund's latest monthly portfolio.
Which is riskier, HSBC Small Cap Fund or ITI Small Cap Fund?
On SEBI's riskometer, HSBC Small Cap Fund is rated Very High and ITI Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.34% and 19.22% a year.
Which is better for SIP, HSBC Small Cap Fund or ITI Small Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,00,430 in HSBC Small Cap Fund (XIRR 5.1% a year) and ₹4,56,806 in ITI Small Cap Fund (XIRR 13.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Small Cap Fund and ITI Small Cap Fund?
Yes. 34.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Small Cap Fund and ITI Small Cap Fund?
HSBC Small Cap Fund: Mayank Chaturvedi, Dipan S. Parikh. ITI Small Cap Fund: Dhimant Shah, Alok Ranjan.
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.