HDFC Mid Cap Fund
Direct · GrowthAI Summary
HDFC Mid Cap Fund has delivered strong SIP XIRR across horizons, with 25.78% over 1Y, 20.70% over 3Y, and 20.81% over 10Y, consistently beating the category average SIP XIRR (21.6%, 19.93%, and 19.41% respectively). On a lump-sum basis, the fund's CAGR has outpaced the NIFTY MIDCAP 150 across all periods, with 3Y CAGR of 20.22% versus 18.08% for the benchmark and 5Y CAGR of 20.85% versus 17.46%. Positive alpha across every measured window, peaking at 4.82% over 5Y, indicates sustained benchmark outperformance.
The fund exhibits a beta of roughly 0.84-0.89 against the NIFTY MIDCAP 150, meaning it moves less than the benchmark in both directions, with downside capture (80-86%) consistently below upside capture (83-90%) — a favorable asymmetry. It has experienced 7 drawdown events exceeding 10%, with a maximum drawdown duration of 805 days and a 242-day recovery, reflecting the extended drawdown cycles typical of mid-cap investing. Calmar ratios between 0.46 and 0.62 across horizons suggest reasonable risk-adjusted returns given the inherent volatility of the mid-cap segment.
The portfolio holds 77 stocks with the top 10 accounting for roughly 32% of NAV, indicating a well-diversified approach with no single stock exceeding 4.36% (Federal Bank). Sector allocation is led by Banks at 15.8%, followed by Pharmaceuticals at 11.0% and Auto Components at 9.7%, providing meaningful exposure to financials and healthcare. The spread across IT, insurance, healthcare services, and consumer names like Marico adds breadth, though the financial sector tilt is a concentration to monitor.
The fund beats the category average SIP XIRR at every measured horizon, with the widest gaps over 1Y (25.78% vs 21.6%) and 12Y (20.51% vs 18.82%), demonstrating long-term consistency. Calendar year returns show strong upside years such as 77.22% in 2014 and 44.14% in 2023, but also a -10.17% loss in 2018, reflecting mid-cap cyclicality. A competitive expense ratio of 0.77% for the direct plan supports net returns relative to peers.
This fund suits investors with a high risk tolerance seeking growth through mid-cap exposure, ideally as a satellite allocation within a diversified portfolio rather than a core holding. A time horizon of at least 5-7 years is advisable, given the 805-day maximum drawdown duration and the volatility evident in calendar year swings. SIP investors benefit most, as the fund's XIRR consistently exceeds both its category and benchmark, rewarding disciplined long-term investing.
- Consistent outperformance versus both the NIFTY MIDCAP 150 benchmark and category average SIP XIRR across 1Y to 12Y horizons
- Favorable capture asymmetry, with downside capture (80-86%) below upside capture (83-90%) across all periods, cushioning losses in weak markets
- Well-diversified 77-stock portfolio with a reasonable 0.77% direct plan expense ratio
- Seven drawdown events exceeding 10% and a maximum drawdown duration of 805 days highlight the potential for prolonged recovery periods
- Significant financial sector concentration at 15.8% in Banks plus 5.7% in Insurance exposes the fund to sector-specific headwinds
Generated on 03-09-2026, 3:09 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 | ₹13.14 L | 25.8% | -54.5% | 119.3% |
| 3 Years | ₹36.00 L | ₹49.61 L | 20.7% | -23.6% | 42.8% |
| 5 Years | ₹60.00 L | ₹98.09 L | 19.6% | -9.0% | 37.8% |
| 7 Years | ₹84.00 L | ₹1.63 Cr | 19.5% | 1.3% | 29.6% |
| 10 Years | ₹1.20 Cr | ₹3.59 Cr | 20.8% | 16.8% | 24.1% |
| 12 Years | ₹1.44 Cr | ₹5.40 Cr | 20.5% | 17.9% | 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 | 25.8% | 22.1% | 21.6% | +3.7% |
| 3 Years | 20.7% | 17.3% | 19.9% | +3.4% |
| 5 Years | 19.6% | 16.5% | 19.4% | +3.1% |
| 7 Years | 19.5% | 16.7% | 19.3% | +2.8% |
| 10 Years | 20.8% | 16.6% | 19.4% | +4.2% |
| 12 Years | 20.5% | 16.3% | 18.8% | +4.2% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 24.6% | 17.4% | -32.5% | 102.6% | 0.69 | 2.83 | 87% | — | — |
| 3 Years | 21.2% | 23.2% | -8.4% | 43.4% | 1.39 | 6.32 | 96% | — | — |
| 5 Years | 19.6% | 18.3% | 0.8% | 37.6% | 1.64 | 23.72 | 100% | — | — |
| 10 Years | 20.3% | 19.8% | 16.6% | 24.5% | 7.29 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +1.42 | 0.84 | 83.1% | 80.2% | 10.7% | 9.9% |
| 3 Years | +3.91 | 0.85 | 86.2% | 81.7% | 20.2% | 18.1% |
| 5 Years | +4.82 | 0.87 | 89.3% | 84.2% | 20.9% | 17.5% |
| 7 Years | +3.55 | 0.89 | 89.7% | 85.9% | 24.0% | 22.1% |
| 10 Years | +2.39 | 0.88 | 88.3% | 85.3% | 17.9% | 16.8% |
| 12 Years | +3.04 | 0.88 | 88.5% | 84.9% | 18.7% | 16.9% |
| 15 Years | +4.05 | 0.87 | 88.2% | 83.2% | 18.3% | 15.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | The Federal Bank Ltd. | 4.36% |
| 2 | Au Small Finance Bank Ltd. | 3.96% |
| 3 | Max Financial Services Ltd. | 3.72% |
| 4 | Balkrishna Industries Ltd. | 3.37% |
| 5 | Ipca Laboratories Ltd. | 3.01% |
| 6 | Indian Bank | 2.93% |
| 7 | Fortis Healthcare Limited | 2.91% |
| 8 | Glenmark Pharmaceuticals Ltd. | 2.85% |
| 9 | Coforge Limited | 2.56% |
| 10 | Marico Ltd. | 2.51% |