HDFC Retirement Fund - Hybrid-Equity
This is the Direct plan of HDFC Retirement Fund - Hybrid-Equity — 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.
Performance
Scorecard
★★★☆☆3/5 vs 27 of 28 Retirement 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 Retirement Fund (same plan and option). 27 of the 28 Retirement Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +6.72% · ranks 21 of 27 Retirement Funds
Volatility 9.6% vs 9.1% category avg
1.1% expense vs 1.1% category avg
99% 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
- Consistent — positive in 99% of rolling 3-year windows
Concerns
- Trails the Retirement Fund average on 3M/6M/1Y — 1Y by 7.75pp
- 3-year return (+6.72%) trails the Retirement Fund average (+9.41%)
- Ranks #28 of 29 on 1-year return in its Retirement Fund cohort
- Weaker risk-adjusted returns — Sharpe 0.02 below the Retirement Fund average of 0.23
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk and benchmark ratios
Fund vs category average (Retirement Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | -3.92% | -3.45% | -0.47% |
| 3M abs | -4.77% | -2.58% | -2.19% |
| 6M abs | +1.17% | +6.37% | -5.20% |
| 1Y CAGR | -6.93% | +0.82% | -7.75% |
| 3Y CAGR | +6.72% | +9.41% | -2.69% |
| 5Y CAGR | +8.44% | +8.50% | -0.06% |
Category average across peers in Retirement Fund (up to 28 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 28 peers in Retirement Fund
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 Retirement Fund - Hybrid-Equity, 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 | Nifty 500 TRI | Diff | |
|---|---|---|---|---|
| 2026part | -9.26% | -7.18% | -2.08% | |
| 2025 | +6.58% | +7.94% | -1.36% | |
| 2024 | +15.35% | +16.43% | -1.08% | |
| 2023 | +26.44% | +27.43% | -0.99% | |
| 2022 | +6.09% | +4.34% | +1.75% | |
| 2021 | +26.22% | +31.59% | -5.37% | |
| 2020 | +18.80% | +18.33% | +0.47% | |
| 2019 | +8.71% | +8.95% | -0.24% | |
| 2018 | +1.08% | -2.33% | +3.41% | |
| 2017 | +30.85% | +37.35% | -6.50% |
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; those years show no benchmark comparison.
Recent changes
Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.
- Fund manager change — now managed by Chirag Setalvad, Gopal Agrawal; Srinivasan Ramamurthy, Dhruv Muchhal stepped away07 Sep 2026
Taxation
Taxed as equityThis is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.
Flat, on the whole gain
On gains above ₹1.25 L per financial year
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Equity73.57%
- Debt17.01%
- Cash & Equivalents8.46%
- Real Estate / REITs0.96%
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.
Fund Managers
DMDhruv MuchhalStart date not disclosed
Equity Analyst and Fund Manager for Overseas Investments
• CFA (CFA Collectively over Institute) • Chartered Accountant • B Com. from University of Mumbai
Collectively over 14 years experience in equity research • October 3, 2019 till Date: HDFC Asset Management Company Limited • August 27, 2014 till September 27, 2019: Motilal Oswal Financial Services Limited Last Position Held- Associate Vice President - Research • August 12, 2013 till August 24, 2014: Goldman Sachs (India) Securities Private Limited Last Position Held - Research Analyst • November 8, 2010 till August 8, 2013: Crisil Limited Last Position Held - Senior Research Analyst - Irevna FR-Equity Research
- HDFC Banking & Financial Services Fund
- HDFC Banking and PSU Debt Fund
- HDFC Business Cycle Fund
- HDFC Children's Fund
- HDFC Consumption Fund
- HDFC Corporate Bond Fund
- HDFC Credit Risk Fund
- HDFC Defence Fund
- HDFC DIVIDEND YIELD FUND
- HDFC Dynamic Term Fund
- HDFC Dynamic Term Fund
- HDFC Dynamic Term Fund
- HDFC Flexi Cap Fund
- HDFC Floating Interest Rates Fund
- HDFC Focused Fund
- HDFC Gilt Fund
- HDFC Housing Opportunities Fund
- HDFC INNOVATION FUND
- HDFC Large & Mid Cap Fund
- HDFC Large Cap Fund
- HDFC Liquid Fund
- HDFC Long Term Fund
- HDFC Manufacturing Fund
- HDFC Medium Term Fund
- HDFC Mid Cap Fund
- HDFC Money Market Fund
- HDFC Multi Cap Fund
- HDFC Pharma and Healthcare Fund
- HDFC Retirement Fund - Equity Plan
- HDFC Retirement Fund - Hybrid-Debt Plan
- HDFC Short Term Fund
- HDFC Short Term Fund
- HDFC Small Cap Fund
- HDFC Technology Fund
- HDFC Transportation and Logistics Fund
- HDFC Ultra Short Term Fund
- HDFC Ultra Short to Short Term Fund
- HDFC Value Fund
- HDFC Arbitrage Fund - Direct Plan - Growth Option
- HDFC Balanced Advantage Fund - Direct Plan - Growth Option
- HDFC Equity Savings Fund - Direct Plan - Growth Option
- HDFC Infrastructure Fund - Direct Plan - Growth Option
- HDFC Medium to Long Term Fund - Direct Plan - Growth Option
SMShobhit MehrotraStart date not disclosed
Head - Fixed Income
• B.Text, • M.S. MBA Clemson University, SC, USA
Collectively over 33 years of experience in Fixed Income markets, credit rating etc. Feb 16, 2004 till Date: HDFC Asset Management Company Limited
Fund manager, benchmark and dealing terms from 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.
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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.
From the blog
Frequently asked questions
What is the NAV of HDFC Retirement Fund - Hybrid-Equity?
As of 05 Oct 2026, the NAV of HDFC Retirement Fund - Hybrid-Equity is ₹40.93 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has HDFC Retirement Fund - Hybrid-Equity delivered?
HDFC Retirement Fund - Hybrid-Equity has returned -6.93% over 1 year, +6.72% per year over 3 years, +8.44% per year over 5 years and +14.21% 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 Retirement Fund - Hybrid-Equity?
HDFC Retirement Fund - Hybrid-Equity charges an expense ratio of 1.11% 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 Retirement Fund - Hybrid-Equity?
HDFC Retirement Fund - Hybrid-Equity's largest holdings are ICICI Bank Ltd. (6.3%), HDFC Bank Ltd. (5.3%), Bajaj Finance Ltd. (4.3%), Reliance Industries Ltd. (3.6%) and Kotak Mahindra Bank Limited (3.4%). Holdings are disclosed monthly and change over time.
How risky is HDFC Retirement Fund - Hybrid-Equity?
HDFC Retirement Fund - Hybrid-Equity is rated high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 9.6% and its worst peak-to-trough fall in our sample was -27.5%. 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 0.02 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HDFC Retirement Fund - Hybrid-Equity's 0.02 means it has rewarded its volatility with excess return. Higher is better.
Who manages HDFC Retirement Fund - Hybrid-Equity?
HDFC Retirement Fund - Hybrid-Equity is managed by Dhruv Muchhal and Shobhit Mehrotra at HDFC.
How is HDFC Retirement Fund - Hybrid-Equity taxed?
HDFC Retirement Fund - Hybrid-Equity is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.