Top Hybrid Mutual Funds (2026)
Returns as on the latest NAV, Direct plans · AUM as on 30-09-2026
A hybrid fund holds both shares and debt, and some also hold gold. The share in each is set by its category, so it swings less than an equity fund and more than a debt fund.
- Total AUM
- ₹12,34,747 Cr
- As on 30-09-2026
- Funds
- 186
- From 47 fund houses
- Categories
- 6
- Set by SEBI
- Average 3Y return
- 9.4%
- A year, Direct plans
Hybrid Fund Categories
| Aggressive Hybrid65% to 80% in stocks and 20% to 35% in debt. | 30 | 2,56,181 | −3.41% | +10.70% | +9.33% | +11.43% |
|---|---|---|---|---|---|---|
| Balanced AdvantageMoves money between stocks and debt as the fund manager sees the market; the share in each is not fixed. | 37 | 3,17,594 | −2.08% | +9.14% | +8.35% | +9.91% |
| Multi AssetAt least 10% each in three or more kinds of assets, such as stocks, debt and gold. | 37 | 2,23,804 | +2.00% | +14.20% | +12.56% | +12.92% |
| Equity SavingsAt least 65% in stocks (part of it hedged with derivatives) and at least 10% in debt. | 24 | 51,703 | +2.12% | +8.55% | +7.55% | +8.43% |
| ArbitrageAt least 65% in stocks, each bought and sold forward at the same time, so it earns the price gap rather than the market's move. | 40 | 3,56,016 | +6.62% | +7.18% | +6.68% | +6.31% |
| Conservative Hybrid10% to 25% in stocks and 75% to 90% in debt. | 18 | 29,448 | +1.02% | +7.61% | +7.13% | +7.52% |
Each return is the simple average of the category's funds, Direct plans. 3, 5 and 10 year figures are a rate a year. Open a category to see all its funds.
Top 25 Hybrid Funds by 3 Year Return
| Category | |||||||
|---|---|---|---|---|---|---|---|
| Quant Multi Asset Allocation Fund | Multi Asset | 6,608 | +8.36% | +21.56% | +18.33% | +18.26% | 1.13% |
| Nippon India Multi Asset Allocation Fund | Multi Asset | 18,044 | +3.05% | +17.96% | +13.83% | -- | 0.48% |
| DSP Multi Asset Allocation Fund | Multi Asset | 10,820 | +4.15% | +17.30% | -- | -- | 0.62% |
| Kotak Multi Asset Allocation Fund | Multi Asset | 15,236 | +4.34% | +16.23% | -- | -- | 0.63% |
| WhiteOak Capital Multi Asset Allocation Fund | Multi Asset | 9,111 | +6.03% | +16.11% | -- | -- | 0.65% |
| Bank of India Aggressive Hybrid Fund | Aggressive Hybrid | 2,196 | +6.64% | +15.44% | +13.65% | +15.39% | 0.86% |
| Aditya Birla Sun Life Multi Asset Allocation Fund | Multi Asset | 7,478 | +4.15% | +15.35% | -- | -- | 0.67% |
| Bandhan Aggressive Hybrid Fund | Aggressive Hybrid | 2,610 | +1.12% | +14.34% | +10.86% | -- | 0.87% |
| SBI Multi Asset Allocation Fund | Multi Asset | 21,044 | +2.50% | +13.91% | +12.53% | +11.56% | 0.66% |
| UTI Multi Asset Allocation Fund | Multi Asset | 6,634 | −2.35% | +13.70% | +12.29% | +10.69% | 0.89% |
| Quant Aggressive Hybrid Fund | Aggressive Hybrid | 2,108 | +3.26% | +13.55% | +12.30% | +15.88% | 1.43% |
| Axis Multi Asset Allocation Fund | Multi Asset | 2,616 | +2.01% | +13.55% | +8.22% | +11.23% | 1.20% |
| Baroda BNP Paribas Multi Asset Fund | Multi Asset | 1,398 | −0.27% | +13.33% | -- | -- | 0.89% |
| ICICI Prudential Multi Asset Allocation Fund | Multi Asset | 84,108 | −3.66% | +12.92% | +13.95% | +14.80% | 0.85% |
| HSBC Aggressive Hybrid Fund | Aggressive Hybrid | 5,652 | +0.09% | +12.82% | -- | -- | 0.98% |
| quant Dynamic Asset Allocation Fund | Balanced Advantage | 810 | −5.79% | +12.82% | -- | -- | 1.55% |
| HSBC Equity Savings Fund | Equity Savings | 1,558 | +6.04% | +12.81% | -- | -- | 1.41% |
| Edelweiss Aggressive Hybrid Fund | Aggressive Hybrid | 3,875 | −1.98% | +12.76% | +12.64% | +13.16% | 0.69% |
| ICICI Prudential Aggressive Hybrid Fund | Aggressive Hybrid | 50,706 | −4.70% | +12.29% | +12.89% | +14.60% | 1.08% |
| Tata Multi Asset Allocation Fund | Multi Asset | 5,000 | −1.92% | +12.24% | +11.14% | -- | 0.65% |
| Kotak Aggressive Hybrid Fund | Aggressive Hybrid | 9,040 | −2.74% | +12.17% | +10.82% | +10.18% | 0.64% |
| Navi Aggressive Hybrid Fund | Aggressive Hybrid | 115 | +3.34% | +12.01% | +10.28% | -- | 0.69% |
| SBI Aggressive Hybrid Fund | Aggressive Hybrid | 86,163 | −1.50% | +11.83% | +9.08% | +11.76% | 0.76% |
| JM Aggressive Hybrid Fund | Aggressive Hybrid | 654 | −5.13% | +11.76% | +12.14% | +12.55% | 1.16% |
| Aditya Birla Sun Life Balanced Advantage Fund | Balanced Advantage | 9,836 | +2.18% | +11.60% | +9.68% | +10.59% | 0.89% |
Funds with a 3 year record, ranked by the 3 year return of their Direct plan. 3, 5 and 10 year figures are a rate a year. Expense ratio: Direct plan, from AMFI.
Which Hybrid Funds Are Gaining or Losing Investor Money?
Net investor money in September 2026
Highest Inflow
Highest Outflow
- SBI Arbitrage Fund−₹1,224 Cr
- ICICI Prudential Equity Savings Fund−₹821 Cr
- Kotak Arbitrage Fund−₹752 Cr
- Edelweiss Arbitrage Fund−₹679 Cr
- HDFC Balanced Advantage Fund−₹620 Cr
Our calculation from official figures. Each fund's AUM change from 31-08-2026 to 30-09-2026, less the part its NAV move explains. A dividend the fund paid out counts as money out.
How Hybrid Funds Are Sorted
SEBI sorts hybrid funds by their mix: mostly shares (aggressive hybrid), mostly debt (conservative hybrid), a mix the manager changes (balanced advantage), three or more assets (multi asset), or shares hedged with derivatives (arbitrage, equity savings).
- Aggressive Hybrid65% to 80% in stocks and 20% to 35% in debt.
- Balanced AdvantageMoves money between stocks and debt as the fund manager sees the market; the share in each is not fixed.
- Multi AssetAt least 10% each in three or more kinds of assets, such as stocks, debt and gold.
- Equity SavingsAt least 65% in stocks (part of it hedged with derivatives) and at least 10% in debt.
- ArbitrageAt least 65% in stocks, each bought and sold forward at the same time, so it earns the price gap rather than the market's move.
- Conservative Hybrid10% to 25% in stocks and 75% to 90% in debt.
How Hybrid Funds Are Taxed
| What the fund holds | Tax on the gain |
|---|---|
| 65% or more in Indian stocks | 20% within 1 year. After that, 12.5% of gains above ₹1.25 lakh a financial year |
| 65% or more in debt | Your slab rate, however long you hold the units |
| Any other mix | Your slab rate within 2 years. 12.5% after |
IDCW (dividend) payouts are added to your income and taxed at your slab rate. Rules in force from 23-07-2024 (Finance Act 2024). This is general information, not tax advice.
Hybrid Mutual Funds: Frequently Asked Questions
Which are the top hybrid mutual funds?
By 3 year return: 1. Quant Multi Asset Allocation Fund (21.6% a year), 2. Nippon India Multi Asset Allocation Fund (18.0% a year), 3. DSP Multi Asset Allocation Fund (17.3% a year), 4. Kotak Multi Asset Allocation Fund (16.2% a year), 5. WhiteOak Capital Multi Asset Allocation Fund (16.1% a year). Past returns do not promise future returns.
How many hybrid mutual funds are there?
186 hybrid funds are open for investment, from 47 fund houses, in 6 categories.
What is a hybrid fund?
A hybrid fund holds both shares and debt, and some also hold gold. The share in each is set by its category, so it swings less than an equity fund and more than a debt fund.
Which hybrid fund category has the highest return?
Multi Asset: 14.2% a year on average over 3 years, across its funds' Direct plans.
Which is the largest hybrid fund category?
Arbitrage, with ₹3,56,016 Cr across 40 funds on 30-09-2026.
Which hybrid fund has the lowest expense ratio?
Parag Parikh Conservative Hybrid Fund, at 0.32% a year (Direct plan), as reported to AMFI.
How are hybrid funds taxed?
It depends on the fund's mix: 65% or more in Indian stocks is taxed as an equity fund, 65% or more in debt at your slab rate, anything else at your slab rate within 2 years and 12.5% after.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.