HDFC Gilt Fund
HDFC Mutual Fund · Best Gilt Mutual Funds
This is the Direct plan of HDFC Gilt Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.
NAV history
Scorecard
★★★★☆4/5 vs 24 Gilt Fund peers- Performance 60%
- Risk 15%
- Cost 10%
- Downside 15%
How this is computed
Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Gilt Fund (same plan and option).
3Y CAGR +6.91% · ranks 8 of 24 Gilt Funds
Volatility 2.7% vs 3.1% category avg
0.5% expense vs 0.5% category avg
100% of rolling 3Y windows were positive
Strengths & concerns
Generated from this fund's own numbers against its sub-category — each point names the figure behind it.
Strengths
- Stronger risk-adjusted returns — Sharpe 0.15 vs 0.02 Gilt Fund average
- Less volatile than its Gilt Fund peers (2.7% vs 3.1%)
- Consistent — positive in 100% of rolling 3-year windows
Concerns
No significant concerns identified.
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk
Risk (trailing 3Y)
DefinitionsBenchmark ratios
Not shown for Gilt Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.
Fund vs category average (Gilt Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | +0.22% | +0.21% | +0.01% |
| 3M abs | +3.59% | +3.44% | +0.15% |
| 6M abs | +3.11% | +3.22% | -0.11% |
| 1Y CAGR | +5.05% | +4.82% | +0.23% |
| 3Y CAGR | +6.91% | +6.74% | +0.17% |
| 5Y CAGR | +5.83% | +6.03% | -0.20% |
Category average across peers in Gilt Fund (up to 24 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).
Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.
Category rank
Vs 24 peers in Gilt Fund
Rolling returns
Return for every possible 1Y holding period, not just today’s
152 overlapping 1Y windows, sampled monthly across the fund’s history.
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
60 monthly installments of ₹10,000 into HDFC Gilt Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.
Calendar-year returns
What the fund actually returned in each year, not the smoothed average.
| Year | Fund | |
|---|---|---|
| 2026part | +3.20% | |
| 2025 | +5.58% | |
| 2024 | +9.22% | |
| 2023 | +7.57% | |
| 2022 | +2.16% | |
| 2021 | +2.66% | |
| 2020 | +11.24% | |
| 2019 | +8.95% | |
| 2018 | +5.75% | |
| 2017 | +2.20% |
January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.
Taxation
Taxed as debtThis is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — every rupee of gain is added to your income and taxed at your income-tax slab rate, whatever the holding period.
Your income-tax slab — no LTCG or indexation benefit
Pick your slab to see the rate that applies to you.
Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.
Worst falls, and the wait to get back
How far this fund has dropped from a high, and how long it took to reclaim it.
- -11.9%27 May 2013 → 19 Aug 2013
Fell over 3 months, back to the old high on 05 Jun 2014 — 10 months under water after the low.
- -6.2%24 Nov 2016 → 10 Mar 2017
Fell over 3 months, back to the old high on 03 Aug 2017 — 5 months under water after the low.
Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.
Fund size over time
Quarterly average AUM · AMFIDown +18% from its peak of ₹2,654Cr in January - March 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.
HDFC in the news
Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.
AMFI announces 5 key initiatives to deepen mutual fund participation and strengthen investor awareness
The Economic Times · 34m ago
Gold ETF Inflow Curbs Lifted: HDFC, Axis, And Tata Mutual Funds Reopen Subscriptions
Outlook Money · 8h ago
HDFC Mutual Fund reduces Cyient stake by 2.39% to 2.95%
scanx.trade · 10h ago
News by CNBC TV18 on TradingView, 2026-08-20 — cnbctv:36b32abb2094b:0
TradingView · 22h ago
MF Tracker: HDFC Mid Cap Fund delivers 20% in 5-years. Can the largest midcap fund sustain performance?
The Economic Times · 1d ago
Pidilite Industries to hold analyst meet with HDFC Mutual Fund in Mumbai
scanx.trade · 2d ago
Nationwide Naari Nivesh Yatra Unveiled By HDFC MF
fintechbiznews.com · 3d ago
NFO Alert: Invesco Mutual Fund announces launch of pharma and healthcare fund
The Economic Times · 3d ago
Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.
About Gilt funds
Gilt funds lend only to the government, so they carry no credit risk. Their prices do move with interest rates, though — they can swing when rate expectations change.
Frequently asked questions
What is the NAV of HDFC Gilt Fund?
As of 20 Aug 2026, the NAV of HDFC Gilt Fund is ₹60.83 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has HDFC Gilt Fund delivered?
HDFC Gilt Fund has returned +5.05% over 1 year, +6.91% per year over 3 years, +5.83% per year over 5 years and +7.40% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.
What is the expense ratio of HDFC Gilt Fund?
HDFC Gilt Fund charges an expense ratio of 0.46% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.
What are the top holdings of HDFC Gilt Fund?
Its largest holdings are GOVERNMENT OF INDIA 35840 GOI 15AP65 6.9 FV RS 100 (15.9%), GOVERNMENT OF INDIA 34238 GOI 22AP64 7.34 FV RS 100 (11.5%), GOVERNMENT OF INDIA 33071 GOI 19JU53 7.3 FV RS 100 (10.9%), GOVERNMENT OF INDIA 32584 GOI 06FB33 7.26 FV RS 100 (8.2%) and GOI Sec 7.18 14/08/2033 (6.3%). Holdings are disclosed monthly and change over time.
How risky is HDFC Gilt Fund?
It is rated moderate on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 2.7% and its worst peak-to-trough fall in our sample was -11.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.
What does the Sharpe ratio of 0.15 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HDFC Gilt Fund's 0.15 means it has rewarded its volatility with excess return. Higher is better.
What is the benchmark of HDFC Gilt Fund?
HDFC Gilt Fund is benchmarked against the NIFTY All Duration G-Sec Index. Its alpha and beta on this page are measured against that index.
Who manages HDFC Gilt Fund?
HDFC Gilt Fund is managed by Dhruv Muchhal and Anil Bamboli at HDFC.
How is HDFC Gilt Fund taxed?
HDFC Gilt Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.