DebtCredit Risk FundDirectGrowthModerate

HDFC Credit Risk Fund

Q: What is the NAV of HDFC Credit Risk Fund?

As of 05 Oct 2026, the NAV of HDFC Credit Risk Fund is ₹28.37 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has HDFC Credit Risk Fund delivered?

HDFC Credit Risk Fund has returned +6.82% over 1 year, +8.14% per year over 3 years, +7.10% per year over 5 years and +8.67% 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.

Q: What is the expense ratio of HDFC Credit Risk Fund?

HDFC Credit Risk Fund charges an expense ratio of 1.01% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of HDFC Credit Risk Fund?

HDFC Credit Risk Fund's largest holdings are GMR Airports Limited (4.8%), Nirma Ltd. (3.9%), Indus Infra Trust (3.3%), Triumph Composites Private Limited (3.1%) and Jubilant Beverages Limited (2.8%). Holdings are disclosed monthly and change over time.

Q: How risky is HDFC Credit Risk Fund?

HDFC Credit Risk Fund is rated moderate on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 1.0% and its worst peak-to-trough fall in our sample was -2.6%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 1.66 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HDFC Credit Risk Fund's 1.66 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of HDFC Credit Risk Fund?

HDFC Credit Risk Fund is benchmarked against the Nifty Credit Risk Bond Index B-II. Its alpha and beta on this page are measured against that index.

Q: Who manages HDFC Credit Risk Fund?

HDFC Credit Risk Fund is managed by Praveen Jain, Bhavyesh Divecha and Gopal Agrawal at HDFC.

Q: How is HDFC Credit Risk Fund taxed?

HDFC Credit Risk 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.

HDFC Mutual Fund · Best Credit Risk Mutual Funds

NAV

₹28.37

+0.12% 1D

as of 05 Oct 2026

This is the Direct plan of HDFC Credit Risk 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.

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NAV history

+6.74%absolute

52-week rangePrev NAV ₹28.33

Latest ₹28.37

Low ₹26.5798th percentile of its 52-week rangeHigh ₹28.40

Scorecard

★★★☆☆3/5 vs 12 Credit Risk 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 Credit Risk Fund (same plan and option).

PerformanceBelow avg

3Y CAGR +8.14% · ranks 10 of 12 Credit Risk Funds

RiskLow

Volatility 1.0% vs 2.8% category avg

CostHigh

1.0% expense vs 0.7% category avg

ConsistencyHigh

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 1.66 vs 1.49 Credit Risk Fund average
Less volatile than its Credit Risk Fund peers (1.0% vs 2.8%)
Consistent — positive in 100% of rolling 3-year windows

Concerns

1-year return (+6.82%) trails the Credit Risk Fund average (+8.63%)
3-year return (+8.14%) trails the Credit Risk Fund average (+10.05%)
5-year return (+7.10%) trails the Credit Risk Fund average (+10.38%)
High expense ratio (1.01%) vs the Credit Risk Fund average of 0.70%

Key Metrics

Annual fee charged by the fund, already deducted from NAV

1.01%

Category 0.70%▲0.31%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

—

Category —

Excess return per unit of total volatility (rf = 6.5%)

1.66

Category 1.49▲0.17

Scheme Info

Definitions

Plan

Direct · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

In respect of each purchase / switch-in of Units, upto 15% of the units (“the limit”) may be redeemed without any exit load from the date of allotment. However, please note that the Units will be redeemed on First In First Out (FIFO) basis. - Any redemption in excess of the above limit shall be subject to the following exit load: - - In respect of each purchase/switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/switched-out within 12 months from the date of allotment. - In respect of each purchase/switch-in of Units, an Exit Load of 0.50% is payable if Units are redeemed/switched out after 12 months but within 18 months from the date of allotment. - No Exit Load is payable if Units are redeemed/switched out after 18 months from the date of allotment.

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹100

Nifty Credit Risk Bond Index B-II

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

25 Mar 2014

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

0.00%

Absolute return over the last 3 months (not annualized)

+1.11%

Absolute return over the last 6 months (not annualized)

+4.26%

Absolute return since 1 Jan of this year (not annualized)

+5.27%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+6.82%

3-year annualized return (CAGR)

+8.14%

5-year annualized return (CAGR)

+7.10%

10-year annualized return (CAGR)

+7.78%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+8.67%

Advanced metrics — risk

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

0.99%

Excess return per unit of total volatility (rf = 6.5%)

1.66

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

2.50

Largest peak-to-trough decline over full history

-2.58%

Benchmark ratios

Not shown for Credit Risk 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 (Credit Risk Fund)

Period	Fund	Category avg.	Diff
1M abs	0.00%	+0.07%	-0.07%
3M abs	+1.11%	+1.10%	+0.01%
6M abs	+4.26%	+5.27%	-1.01%
1Y CAGR	+6.82%	+8.63%	-1.81%
3Y CAGR	+8.14%	+10.05%	-1.91%
5Y CAGR	+7.10%	+10.38%	-3.28%

Category average across peers in Credit Risk Fund (up to 11 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 11 peers in Credit Risk Fund

1Y return

+6.82%

Beats 36.4% · rank #8

3Y return

+8.14%

Beats 18.2% · rank #10

5Y return

+7.10%

Beats 30% · rank #8

Sharpe

1.66

Beats 63.6% · rank #5

Sortino

2.50

Beats 27.3% · rank #9

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.25L

Absolute

+20.83%

XIRR

+7.74%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into HDFC Credit Risk 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	+5.27%
2025	+8.61%
2024	+8.86%
2023	+7.27%
2022	+4.37%
2021	+7.58%
2020	+11.42%
2019	+9.12%
2018	+6.18%
2017	+7.56%

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.

History points

3,024

Expense ratio

1.01%

YTM

8.76%

Macaulay duration

2.40 years

Average maturity

3.30 years

Exit load

Taxation

Taxed as debt

This 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.

Any holding period

30%

Short- and long-term alike

Your income-tax slab — no LTCG or indexation benefit

Your income-tax slab

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.

Peer comparison · Credit Risk Fund

Compare all


HDFC Credit Risk FundThis fund HDFC · Direct · Growth	★★★☆☆	+6.82%	+8.14%	+7.10%	—	1.01%	—
DSP Credit Risk Fund DSP · Direct · Growth	★★★★☆	+10.81%	+16.68%	+13.38%	—	0.43%	₹250.18Cr
Aditya Birla Sun Life Credit Risk Fund Aditya Birla Sun Life · Direct · Growth	★★★★★	+11.89%	+13.05%	+10.88%	—	0.80%	₹1,337Cr
HSBC Credit Risk Fund HSBC · Direct · Growth	★★★★☆	+6.35%	+11.69%	—	—	0.84%	₹473.50Cr
Bank of India Credit Risk Fund Bank of India · Direct · Growth	★★★☆☆	+17.17%	+10.07%	+27.82%	—	0.61%	₹94.09Cr
Invesco India Credit Risk Fund Invesco · Direct · Growth	★★★☆☆	+7.39%	+9.43%	+8.38%	—	0.28%	₹160.21Cr

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Debt87.50%
Real Estate / REITs7.68%
Cash & Equivalents4.49%
Other0.33%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

GMR Airports Limited

4.83%

Nirma Ltd.

3.92%

Indus Infra Trust

3.30%

Triumph Composites Private Limited

3.12%

Jubilant Beverages Limited

2.79%

ADITYA BIRLA RENEWABLES LIMITED

2.74%

Bamboo Hotel and Global Centre (Delhi) Private Limited

2.62%

Kalpataru Projects International Ltd

2.61%

Jubilant Bevco Limited

2.59%

JSW Energy Ltd.

2.29%

AMC Profile

HDFC Mutual Fund is run by HDFC Asset Management, part of the HDFC Bank group and listed on the exchanges since 2018. It has been in business since 1999, absorbed Zurich India's schemes in 2003, and is consistently among the two or three largest fund houses by assets.

Launched

09 Dec 1999

Total AUM

₹9,35,100Cr+0.8% QoQ

Avg AUM · April - June 2026

Website

hdfcfund.com

Fund Managers

PJPraveen JainManaging since 07 Mar 2026

Role

Co-Fund Manager, Senior Credit Analyst and Fixed Income Dealer (Backup)

Education

• B.Com. (Hons.), • Chartered Accountant, • CFA (CFA Institute)

Experience

Collectively over 20 years experience in Credit Research and Treasury • September 26, 2007 till Date: HDFC Asset Management Company Limited

Funds managed (4)

All schemes Praveen Jain runs →

BDBhavyesh DivechaManaging since 07 Mar 2026

Total experience

15 years

Education

• CFA - L3 (CFA Institute, USA), • PGDM (IIM - Ahmedabad), • B.E. Computers,(Mumbai University) • B.Text, • M.S. MBA

Experience

February 6, 2017 till date HDFC Asset Management Company Limited April 1, 2014 to February 2, 2017 L&T Investment Management Limited Last Position Held - Credit Analyst January 4, 2010 to March 28, 2014 ICRA Limited Last Position Held - Senior Analyst April 20, 2009 to December 24, 2009 FinIQ Consulting Private Limited Last Position Held - Financial Engineer July 20, 2005 to May 31, 2007 Tata Consultancy Services Limited Last Position Held - Asst. System Engineer

Funds managed (1)

HDFC Medium Term Fund

All schemes Bhavyesh Divecha runs →

GAGopal AgrawalManaging since 01 Sep 2026

Education

• B.E., • MBM • B.E (Jadavpur University)

Experience

Collectively over 22 years experience in Fund Management and 2.5 years in Equity Research • July 9, 2020 till Date: HDFC Asset Management Company Limited • July 23, 2018 till June 30, 2020: DSP Investment Managers Private Limited Last Position Held: Senior Fund Manager and Head-Macro strategy • April 03, 2017 till July 16, 2018: TATA Asset Management Company Limited Last Position Held: CIO-Equity • October 01, 2007 till March 31, 2017: Mirae Asset Global Investments (India) Pvt. Ltd.. Last Position Held: CIO-Equity and Chief Strategist

Funds managed (3)

All schemes Gopal Agrawal runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Praveen Jain Gopal Agrawal

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.

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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 Credit Risk funds

Credit risk funds must keep at least 65% in corporate bonds rated AA and below. The lower rating is what pays the extra yield, and it is also the risk — a downgrade or default hits the NAV directly, which is not a thing that happens in a gilt fund.

Frequently asked questions

What is the NAV of HDFC Credit Risk Fund?

As of 05 Oct 2026, the NAV of HDFC Credit Risk Fund is ₹28.37 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has HDFC Credit Risk Fund delivered?

HDFC Credit Risk Fund has returned +6.82% over 1 year, +8.14% per year over 3 years, +7.10% per year over 5 years and +8.67% 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 Credit Risk Fund?

HDFC Credit Risk Fund charges an expense ratio of 1.01% 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 Credit Risk Fund?

HDFC Credit Risk Fund's largest holdings are GMR Airports Limited (4.8%), Nirma Ltd. (3.9%), Indus Infra Trust (3.3%), Triumph Composites Private Limited (3.1%) and Jubilant Beverages Limited (2.8%). Holdings are disclosed monthly and change over time.

How risky is HDFC Credit Risk Fund?

HDFC Credit Risk Fund is rated moderate on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 1.0% and its worst peak-to-trough fall in our sample was -2.6%. 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 1.66 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HDFC Credit Risk Fund's 1.66 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of HDFC Credit Risk Fund?

HDFC Credit Risk Fund is benchmarked against the Nifty Credit Risk Bond Index B-II. Its alpha and beta on this page are measured against that index.

Who manages HDFC Credit Risk Fund?

HDFC Credit Risk Fund is managed by Praveen Jain, Bhavyesh Divecha and Gopal Agrawal at HDFC.

How is HDFC Credit Risk Fund taxed?

HDFC Credit Risk 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.