Equity Savings Mutual Funds in India
Updated June 2026 · 36 active funds · data from AMFI NAVs · benchmark: NIFTY Equity Savings Index (derived)
Equity Savings funds are SEBI-defined hybrids that combine three sleeves: net long (unhedged) equity, arbitrage (hedged equity), and debt. SEBI requires a minimum 65% in equity and a minimum 10% in debt, with the scheme document stating the minimum hedged and unhedged equity portions. The arbitrage and debt sleeves are designed to lower volatility, while the unhedged equity sleeve — typically around 20-40% net — provides growth participation. The effect is a fund that sits between Conservative Hybrid and Aggressive Hybrid on the risk ladder: steadier than a balanced or pure-equity fund, but with more upside potential than a debt or arbitrage fund. The trade-off is that in strong bull markets they capture only part of the equity rally, since much of the equity book is hedged. Investors use them for moderate, lower-volatility equity exposure, often over medium horizons or as a transition holding. FindMF benchmarks this category against the NIFTY Equity Savings Index and computes returns, volatility, Sharpe, alpha and beta from AMFI daily NAVs using its disclosed methodology, so the muted-equity profile is visible on a consistent basis.
Who it suits: Investors wanting lower-volatility equity exposure with equity taxation, sitting between conservative and aggressive hybrids.
91% of the 22 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 | HSBC Equity Savings Fund HSBC | +11.04% | +13.83% | - | 0.83 | -11.5% | 1.78% | ₹771 Cr |
| 2 | Edelweiss Equity Savings Fund Edelweiss | +6.64% | +11.47% | +9.93% | 0.73 | -4.9% | 0.62% | ₹1.2K Cr |
| 3 | Kotak Equity Savings Fund Kotak Mahindra | +4.21% | +10.68% | +10.30% | 0.67 | -6.0% | 0.69% | ₹9.6K Cr |
| 4 | Mirae Asset Equity Savings Fund Mirae Asset | +3.26% | +10.68% | +9.52% | 0.51 | -6.9% | 0.42% | ₹1.9K Cr |
| 5 | Mahindra Manulife Equity Savings Fund Mahindra Manulife | +4.12% | +10.65% | +9.43% | 0.51 | -7.8% | 1.32% | ₹549 Cr |
| 6 | Tata Equity Savings Fund Tata | +7.54% | +10.58% | - | 0.54 | -4.4% | 0.58% | ₹151 Cr |
| 7 | Sundaram Equity Savings Fund (Formerly Known as Principal Equity Savings Fund) Sundaram | +0.05% | +10.35% | - | 0.37 | -6.2% | 0.90% | ₹1.2K Cr |
| 8 | Axis Equity Savings Fund Axis | +2.93% | +10.03% | +8.74% | 0.35 | -8.7% | 1.03% | ₹901 Cr |
| 9 | SBI Equity Savings Fund SBI | +2.26% | +9.95% | +8.75% | 0.40 | -7.1% | 1.42% | ₹5.7K Cr |
| 10 | Baroda BNP Paribas Equity Savings Fund Baroda BNP Paribas | +2.88% | +9.65% | +8.52% | 0.30 | -6.1% | 1.73% | ₹277 Cr |
| 11 | UTI Equity Savings Fund UTI | +2.42% | +9.45% | +9.18% | 0.53 | -5.1% | 0.87% | ₹820 Cr |
| 12 | DSP Equity Savings Fund DSP | +1.89% | +9.30% | +8.43% | 0.42 | -4.3% | 1.17% | ₹3.8K Cr |
| 13 | Invesco India Equity Savings Fund Invesco | -2.59% | +9.27% | +7.91% | 0.22 | -8.0% | 0.89% | ₹360 Cr |
| 14 | HDFC Equity Savings Fund HDFC | +1.69% | +9.25% | +8.79% | 0.50 | -5.3% | 1.25% | ₹5.8K Cr |
| 15 | Aditya Birla Sun Life Equity Savings Fund Aditya Birla Sun Life | +4.83% | +8.70% | +7.30% | 0.15 | -9.8% | 0.52% | ₹1.1K Cr |
| 16 | Franklin India Equity Savings Fund Franklin Templeton | +3.35% | +8.05% | +7.61% | 0.33 | -5.9% | 0.82% | ₹669 Cr |
| 17 | BANDHAN Equity Savings Fund Bandhan | +3.86% | +7.75% | +7.14% | 0.14 | -3.3% | 0.17% | ₹402 Cr |
| 18 | ICICI Prudential Equity Savings Fund ICICI Prudential | +2.49% | +7.73% | +7.62% | 0.22 | -3.1% | 1.10% | ₹17.9K Cr |
| 19 | Nippon India Equity Savings Fund Nippon India | +2.74% | +7.51% | +7.40% | 0.23 | -5.6% | 0.49% | ₹915 Cr |
| 20 | Union Equity Savings Fund Union | +1.49% | +7.31% | +6.41% | -0.04 | -5.8% | 1.47% | ₹142 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 Equity Savings funds taxed?
Because they maintain 65% or more gross equity exposure (net long plus hedged arbitrage positions), Equity Savings funds are normally taxed as equity funds: 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 financial year. This equity treatment, combined with lower volatility, is a large part of their appeal.
What is a reasonable expense ratio, and how should I compare these funds?
Compare direct plans on expense ratio (commonly around 0.5%-1.2% for the direct plan) alongside how much net unhedged equity each fund actually runs, since that single number drives most of the return and risk difference between funds. FindMF lets you sort active Equity Savings funds by TER, volatility and Sharpe computed from AMFI NAVs, but read each fund's stated hedged/unhedged split too.
How are these different from Arbitrage and Aggressive Hybrid funds?
An Arbitrage fund hedges essentially all of its equity, so it is the lowest-risk of the three. An Aggressive Hybrid keeps 65-80% in unhedged equity, so it is the most equity-like. Equity Savings sits in the middle: it has a meaningful net long equity sleeve plus arbitrage and debt, giving it more upside than arbitrage but less volatility than an aggressive hybrid.
Which benchmark does FindMF use for this category?
The default benchmark is the NIFTY Equity Savings Index, which itself blends equity, arbitrage and debt to mirror the category structure. FindMF aligns each fund's monthly returns to this index to compute alpha, beta and tracking metrics from AMFI NAVs, where at least 24 overlapping months of history exist.