HDFC Mid Cap Fund
Direct · GrowthAI Summary
HDFC Mid Cap Fund has delivered strong SIP XIRR across horizons, with 23.35% over 3Y and 22.28% over 5Y, beating category averages of 19.95% and 20.5% respectively. It has consistently outperformed the NIFTY Midcap 150 on a lump-sum basis, with positive alpha across all windows (e.g., 4.75% over 5Y and 4.00% over 15Y). Recent 1Y XIRR of 17.87% also edges past the category average of 16.23%.
The fund shows a defensive risk profile with beta below 1 (0.84-0.89) and downside capture consistently below upside capture (e.g., 89.34% upside vs 84.22% downside over 5Y), indicating better-than-market loss containment. However, it has experienced 7 drawdown events exceeding 10%, and the maximum drawdown lasted 805 days with a 242-day recovery, reflecting the extended pain typical of mid-cap investing. Calmar ratios of roughly 0.47-0.62 across horizons suggest moderate risk-adjusted efficiency.
The fund holds 77 stocks with a well-diversified top 10, where the largest position (Federal Bank) is only 4.21% of NAV. Banks dominate at 15.9%, followed by Pharmaceuticals at 11.7% and Auto Components at 9.6%, giving meaningful but not excessive sector concentration. Exposure spans financials, healthcare, IT, and consumer-facing names like Vishal Mega Mart, providing balanced mid-cap sector spread.
The fund beats category average SIP XIRR at every horizon from 1Y to 12Y, with the widest gaps at 3Y (23.35% vs 19.95%) and 12Y (20.34% vs 18.62%). Calendar year returns show strong consistency in good years (44.14% in 2023, 29.09% in 2024) though 2025's 7.48% and 2026's -2.01% reflect recent mid-cap softness. Its persistent positive alpha versus the NIFTY Midcap 150 across 1Y to 15Y windows underscores sustained peer-leading execution.
This fund suits investors with a high risk tolerance and a horizon of at least 5-7 years, given the 805-day maximum drawdown duration and mid-cap volatility. It is appropriate as a satellite allocation within a diversified portfolio for those seeking long-term capital appreciation via SIP or lump-sum. Investors should be prepared for sharp interim declines, such as the -10.17% calendar year return in 2018.
- SIP XIRR beats category averages at every horizon, including 23.35% over 3Y versus 19.95% for the category
- Consistent positive alpha versus NIFTY Midcap 150 across all measured windows, with 4.75% alpha over 5Y
- Favorable asymmetry with downside capture below upside capture (e.g., 84.22% vs 89.34% over 5Y), aided by a diversified 77-stock portfolio
- Seven drawdown events exceeding 10%, with the maximum drawdown lasting 805 days, highlighting prolonged recovery risk typical of mid-caps
- Recent performance has weakened, with calendar year returns of just 7.48% in 2025 and -2.01% in 2026, and 1Y lump-sum Fund CAGR of only 2.37%
Generated on 09-10-2026, 3:20 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹13.11 L | 25.5% | -54.5% | 119.3% |
| 3 Years | ₹36.00 L | ₹49.51 L | 20.5% | -23.6% | 42.8% |
| 5 Years | ₹60.00 L | ₹97.89 L | 19.6% | -9.0% | 37.8% |
| 7 Years | ₹84.00 L | ₹1.65 Cr | 19.6% | 1.3% | 29.6% |
| 10 Years | ₹1.20 Cr | ₹3.57 Cr | 20.8% | 16.8% | 24.1% |
| 12 Years | ₹1.44 Cr | ₹5.37 Cr | 20.4% | 17.8% | 23.3% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 25.5% | 21.9% | 16.0% | +3.7% |
| 3 Years | 20.5% | 17.2% | 19.8% | +3.3% |
| 5 Years | 19.6% | 16.5% | 20.4% | +3.1% |
| 7 Years | 19.6% | 16.8% | 19.4% | +2.8% |
| 10 Years | 20.8% | 16.6% | 19.3% | +4.1% |
| 12 Years | 20.4% | 16.3% | 18.6% | +4.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 24.4% | 16.9% | -32.5% | 102.6% | 0.68 | 2.81 | 87% | — | — |
| 3 Years | 21.1% | 23.0% | -8.4% | 43.4% | 1.39 | 6.35 | 96% | — | — |
| 5 Years | 19.6% | 18.4% | 0.8% | 37.6% | 1.65 | 23.93 | 100% | — | — |
| 10 Years | 20.2% | 19.7% | 16.3% | 24.5% | 6.98 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +0.72 | 0.84 | 82.7% | 81.0% | 1.1% | -0.8% |
| 3 Years | +3.57 | 0.84 | 85.8% | 81.5% | 15.3% | 12.7% |
| 5 Years | +4.76 | 0.87 | 89.1% | 83.9% | 16.2% | 12.2% |
| 7 Years | +3.36 | 0.89 | 89.6% | 85.9% | 22.6% | 20.8% |
| 10 Years | +2.39 | 0.88 | 88.2% | 85.1% | 16.7% | 15.4% |
| 12 Years | +2.85 | 0.88 | 88.3% | 84.8% | 17.7% | 16.1% |
| 15 Years | +4.03 | 0.87 | 88.2% | 83.2% | 17.8% | 14.9% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | The Federal Bank Ltd. | 3.98% |
| 2 | Au Small Finance Bank Ltd. | 3.94% |
| 3 | Max Financial Services Ltd. | 3.52% |
| 4 | Ipca Laboratories Ltd. | 3.43% |
| 5 | Glenmark Pharmaceuticals Ltd. | 3.07% |
| 6 | Balkrishna Industries Ltd. | 2.98% |
| 7 | Indian Bank | 2.92% |
| 8 | Coforge Limited | 2.68% |
| 9 | Fortis Healthcare Limited | 2.40% |
| 10 | Marico Ltd. | 2.37% |