HSBC Credit Risk Fund
This is the Direct plan of HSBC 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.
NAV history
Scorecard
★★★★☆4/5 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).
3Y CAGR +11.68% · ranks 3 of 12 Credit Risk Funds
Volatility 6.6% vs 2.3% category avg
0.8% expense vs 0.7% 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
- 3-year return (+11.68%) beats the Credit Risk Fund average (+9.72%)
- Consistent — positive in 100% of rolling 3-year windows
Concerns
- 1-year return (+6.36%) trails the Credit Risk Fund average (+8.74%)
- Ranks #10 of 12 on 1-year return in its Credit Risk Fund cohort
- Weaker risk-adjusted returns — Sharpe 0.79 below the Credit Risk Fund average of 1.57
- More volatile than its Credit Risk Fund peers (6.6% vs 2.3%)
- High expense ratio (0.84%) vs the Credit Risk Fund average of 0.72%
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk
Fund vs category average (Credit Risk Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | +0.34% | +0.17% | +0.17% |
| 3M abs | +1.24% | +1.17% | +0.07% |
| 6M abs | +3.66% | +5.15% | -1.49% |
| 1Y CAGR | +6.36% | +8.74% | -2.38% |
| 3Y CAGR | +11.68% | +9.72% | +1.96% |
| 5Y CAGR | — | +10.07% | — |
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
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
36 monthly installments of ₹10,000 into HSBC 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 | +4.74% | |
| 2025 | +21.22% | |
| 2024 | +8.02% | |
| 2023 | +7.34% | |
| 2022part | +0.53% |
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Debt90.95%
- Cash & Equivalents5.23%
- Real Estate / REITs3.82%
Fund size over time
Quarterly average AUM · AMFIAt or near its largest, ₹493.30Cr 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.
Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.
AMC Profile
HSBC Mutual Fund is the Indian arm of HSBC Asset Management and has operated here since 2002. It roughly tripled in size by acquiring L&T Mutual Fund in 2022 and merging the two line-ups.
Fund Managers
SRShriram RamanathanStart date not disclosed
CIO - Fixed Income
B.E (Electrical), PGDBM XLRI, CFA
Over 25 years of experience. HSBC Asset Management (India) Private Limited as CIO - Fixed Income (Since November 26, 2022) Prior Assignments: L&T Investment Management Limited as Head of Fixed Income from July 6, 2012 to November 25, 2022. FIL Fund Management Private Limited as Portfolio Manager - Fixed Income from December 2009 to June 2012. ING Investment Management Asia Pacific (Hong Kong) as Senior Investment Manager – Global Emerging Market Debt (Asia) from September 2005 to October 2009 ING Investment Management (India) Private Limited as Portfolio Manager - Fixed Income from June 2003 to September 2005. Zurich (India) Asset Management Company as Dealer / Research - Fixed Income from September 2001 to June 2003 ICICI Limited Mumbai as Treasury from June 2000 to September 2001 Larsen & Toubro Limited in Design Department, Switchgear Group from August 1997 to May 1998
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.
Explore from here
HSBC 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.
HSBC Mutual Fund launches #StayDiSIPlined campaign to encourage investors to make SIP investing a routine, not a reaction to market volatility
Press Trust of India · 4d ago
HSBC Ultra Short to Short Term Fund - Direct Plan Portfolio
The Economic Times · 4d ago
Anuj Rathi named next HSBC Mutual Fund CEO
TradingView · 5d ago
Anuj Rathi named next HSBC Mutual Fund CEO
Livemint · 6d ago
HSBC Mutual Fund launches #StayDiSIPlined investor education campaign
MediaBrief · 6d ago
HSBC Medium to Long Term Fund
CNBC TV18 · 7d ago
HSBC Medium Term Fund
CNBC TV18 · 7d ago
HSBC Medium Term Fund - Direct Plan
CNBC TV18 · 7d 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 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.
From the blog
Frequently asked questions
What is the NAV of HSBC Credit Risk Fund?
As of 01 Oct 2026, the NAV of HSBC Credit Risk Fund is ₹37.83 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has HSBC Credit Risk Fund delivered?
HSBC Credit Risk Fund has returned +6.36% over 1 year, +11.68% per year over 3 years and +10.74% 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 HSBC Credit Risk Fund?
HSBC Credit Risk Fund charges an expense ratio of 0.84% 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 HSBC Credit Risk Fund?
HSBC Credit Risk Fund's largest holdings are Nuvoco Vistas Corporation Limited (8.1%), 6.01% GOI 21Jul2030 (6.5%), Aditya Birla Renewables Limited (5.9%), JTPM Metal Traders (5.9%) and Nirma Limited (5.7%). Holdings are disclosed monthly and change over time.
How risky is HSBC Credit Risk Fund?
HSBC Credit Risk Fund is rated moderate on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 6.6% and its worst peak-to-trough fall in our sample was -0.4%. 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 0.79 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Credit Risk Fund's 0.79 means it has rewarded its volatility with excess return. Higher is better.
What is the benchmark of HSBC Credit Risk Fund?
HSBC 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 HSBC Credit Risk Fund?
HSBC Credit Risk Fund is managed by Shriram Ramanathan at HSBC.
How is HSBC Credit Risk Fund taxed?
HSBC 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.