Hybrid Mutual Funds in India
Updated September 2026 · 248 active funds · data from AMFI NAVs
Hybrid mutual funds hold a deliberate mix of more than one asset class — typically Indian equity, debt, and sometimes gold, silver or arbitrage positions — inside a single scheme. Under SEBI's 2017 categorization circular, the Hybrid space spans a wide risk-return ladder: from Conservative Hybrid (mostly debt, a small equity sleeve) at the cautious end, through Equity Savings and Arbitrage (which use hedging to dampen volatility), up to Aggressive Hybrid and Multi Asset Allocation, which lean meaningfully into equities. Dynamic Asset Allocation (Balanced Advantage) funds shift the equity-debt split using a model. Because the asset mix is built in, hybrids aim to soften the swings a pure-equity fund would show, while still participating in market upside. Investors often use them as a core, lower-maintenance holding, a first step beyond fixed deposits, or a way to automate diversification. FindMF lists every active hybrid sub-category and computes returns, volatility, Sharpe and benchmark-relative metrics from AMFI daily NAVs using a single disclosed methodology, so funds can be compared on the same basis.
Who it suits: Investors who want built-in diversification across equity and debt (and sometimes gold) in one scheme, rather than managing the asset mix themselves.
87% of the 171 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | quant Multi Asset Allocation Fund quant | +15.53% | +22.51% | +19.37% | 1.11 | -15.9% | 0.61% | ₹4.8K Cr |
| 2 | Nippon India Multi Asset Allocation Fund Nippon India | +10.97% | +19.00% | +15.29% | 1.07 | -10.8% | 1.07% | ₹12.6K Cr |
| 3 | BANK OF INDIA MID & SMALL CAP EQUITY & DEBT FUND Bank of India | +14.23% | +17.34% | +14.62% | 0.79 | -21.5% | 0.99% | ₹1.3K Cr |
| 4 | WhiteOak Capital Multi Asset Allocation Fund WhiteOak Capital | +10.91% | +16.78% | - | 1.83 | -6.1% | 0.42% | ₹6.3K Cr |
| 5 | Aditya Birla Sun Life Multi Asset Allocation Fund Aditya Birla Sun Life | +11.14% | +16.11% | - | 1.13 | -12.8% | - | ₹6.1K Cr |
| 6 | UTI Multi Asset Allocation Fund UTI | +3.92% | +14.98% | +12.87% | 0.81 | -11.4% | 0.62% | ₹6.8K Cr |
| 7 | SBI MULTI ASSET ALLOCATION FUND SBI | +9.97% | +14.97% | +13.34% | 0.96 | -8.6% | 0.76% | ₹15.2K Cr |
| 8 | Baroda BNP Paribas Multi Asset Fund Baroda BNP Paribas | +6.21% | +14.37% | - | 0.85 | -11.9% | 0.88% | ₹1.4K Cr |
| 9 | Bandhan Aggressive Hybrid Fund Bandhan | +6.58% | +14.29% | +11.27% | 0.67 | -15.5% | 0.71% | ₹1.7K Cr |
| 10 | ICICI Prudential Multi - Asset Fund ICICI Prudential | +3.14% | +14.18% | +15.56% | 1.26 | -9.5% | 0.80% | ₹80.6K Cr |
| 11 | Axis Multi Asset Allocation Fund Axis | +8.98% | +13.93% | +8.87% | 0.53 | -17.4% | 0.93% | ₹2.1K Cr |
| 12 | quant Dynamic Asset Allocation Fund quant | -0.49% | +13.70% | - | 0.64 | -18.4% | 0.86% | ₹953 Cr |
| 13 | quant Aggressive Hybrid Fund quant | +8.48% | +13.45% | +12.57% | 0.65 | -18.6% | 0.75% | ₹2.0K Cr |
| 14 | HSBC Aggressive Hybrid Fund HSBC | +5.54% | +13.42% | - | 0.60 | -19.6% | 0.93% | ₹5.4K Cr |
| 15 | ICICI Prudential Equity & Debt Fund ICICI Prudential | +0.21% | +13.12% | +14.27% | 1.01 | -11.2% | 1.07% | ₹49.3K Cr |
| 16 | Edelweiss Aggressive Hybrid Fund Edelweiss | +1.96% | +13.06% | +12.91% | 0.85 | -12.0% | 0.47% | ₹3.5K Cr |
| 17 | JM Aggressive Hybrid Fund (Direct) JM Financial | +0.49% | +13.05% | +12.66% | 0.72 | -17.0% | 0.87% | ₹162 Cr |
| 18 | Tata Multi Asset Allocation Fund Tata | +5.55% | +12.99% | +12.12% | 0.83 | -10.3% | 0.66% | ₹4.9K Cr |
| 19 | HSBC Equity Savings Fund HSBC | +7.35% | +12.81% | - | 0.86 | -11.5% | 1.78% | ₹771 Cr |
| 20 | Kotak Aggressive Hybrid Fund Kotak Mahindra | +2.99% | +12.68% | +11.85% | 0.67 | -14.6% | - | ₹8.1K Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are hybrid funds taxed in India?
It depends on the equity allocation. A hybrid that holds 65% or more in Indian equity (most Aggressive Hybrid, and usually Equity Savings and Arbitrage) is taxed as an equity fund: short-term gains (units held under 12 months) at 20%, and long-term gains (12 months or more) at 12.5% on gains above Rs 1.25 lakh per year. A hybrid with under 35% equity (such as most Conservative Hybrid funds), if purchased on or after 1 April 2023, has its entire capital gain taxed at your income-tax slab rate regardless of holding period. Multi Asset funds vary by their actual equity level. Confirm a specific fund's tax status with its scheme documents.
Are hybrid funds safer than equity funds?
They are generally less volatile than pure-equity funds because debt (and sometimes arbitrage or gold) cushions the equity portion, but they are not risk-free. The debt sleeve carries interest-rate and credit risk, and the equity sleeve still falls in down markets. Risk varies sharply across sub-categories — a Conservative Hybrid behaves very differently from an Aggressive Hybrid. FindMF reports volatility, maximum drawdown and Sharpe from AMFI NAVs so you can see each fund's actual historical risk profile.
How does FindMF calculate hybrid fund returns and metrics?
All figures are computed from AMFI daily NAVs using one disclosed methodology. Trailing returns are anchored to exact calendar dates; risk metrics such as volatility, Sharpe, Sortino and maximum drawdown use month-end resampled NAVs, excluding the current partial month. Alpha and beta, where shown, are measured against each sub-category's default benchmark over at least 24 overlapping months. FindMF is independent, free and takes no commission — it does not recommend or rank any scheme as 'best'.