Top 10 Most Overlapping Mutual Fund Pairs in India (2026)
We analysed holdings data across 136 equity mutual fund schemes from 25+ AMCs to find which popular fund combinations have the highest portfolio overlap. If you hold any of these pairs, you might be paying double expense ratios for the same stocks.
💡 Want to check your own funds?
Use the OverlapIQ Analyzer to compare up to 10 schemes from your portfolio — free, instant, no signup.
The Overlap Problem Most Investors Don't Know About
Indian mutual fund investors often diversify by adding more funds to their portfolio. "I'll hold HDFC, ICICI, and SBI — that's three different AMCs, so I'm diversified." But the reality is different. Fund managers across AMCs often buy the same blue-chip stocks — HDFC Bank, ICICI Bank, Reliance, Infosys, TCS. The result? Your "diversified" portfolio might hold the same 15-20 stocks repeated three times over.
We ran every possible fund pair through our overlap algorithm to find the worst offenders. Here's what the data shows.
Methodology
For each pair of funds, we computed overlap as the sum of minimum weights across all common stocks. This is the industry-standard approach used by portfolio analysts. An overlap of 70% means that 70% of both portfolios (by weight) consists of the same stocks. Data is sourced from SEBI-mandated monthly portfolio disclosures.
The Top 10 Most Overlapping Pairs
#1 — Two Nifty 50 Index Funds
~99%UTI Nifty 50 Index Fund vs HDFC Index Fund Nifty 50 Plan
Not surprising — both track the exact same index. They hold identical stocks in nearly identical weights. Yet many investors hold two index funds from different AMCs "for safety." There's no diversification benefit here. Pick the one with the lower expense ratio and move on.
#2 — Large Cap Heavyweights
~76%ICICI Prudential Bluechip vs Mirae Asset Large Cap
Both funds invest in the top 100 companies by market cap. Their top 10 holdings — HDFC Bank, ICICI Bank, Reliance, Infosys, TCS, L&T, Bharti Airtel — are nearly identical. The difference lies in the remaining 24% of the portfolio, where fund manager conviction picks diverge slightly.
#3 — The SBI-HDFC Large Cap Duo
~73%SBI Bluechip Fund vs HDFC Top 100 Fund
Another Large Cap combination that many investors hold simultaneously. Both allocate 8-9% to HDFC Bank, 7-8% to ICICI Bank, and 6-7% to Reliance. The portfolio math is clear: you're paying two expense ratios for 73% of the same exposure.
#4 — Index vs Active Large Cap
~71%UTI Nifty 50 Index Fund vs Axis Bluechip Fund
This one surprises many investors. Active Large Cap funds are supposed to beat the index, but they end up holding 70%+ of the same stocks as the index anyway. The active manager's "alpha" comes from the remaining 29% — and you're paying 0.8-1.2% extra expense ratio for it.
#5 — Focused Fund Trap
~68%HDFC Focused 30 Fund vs HDFC Top 100 Fund
A classic within-AMC overlap. Investors who hold both HDFC Focused and HDFC Top 100 think they're diversifying by "style" (focused vs broad). But both funds have the same ICICI Bank, HDFC Bank, and Reliance as top holdings. Focused funds often overlap significantly with the AMC's own Large Cap fund.
#6 — Flexi Cap Looks Like Large Cap
~65%HDFC Flexi Cap Fund vs Kotak Bluechip Fund
Flexi Cap funds have the mandate to invest across market caps, but in practice, most allocate 60-70% to large caps. This makes them overlap heavily with dedicated Large Cap funds. If you hold a Flexi Cap and a Large Cap from different AMCs, check the overlap — it's often higher than you'd expect.
#7 — The ELSS-Large Cap Overlap
~63%Mirae Asset Tax Saver (ELSS) vs Mirae Asset Large Cap
Many investors hold an ELSS fund for tax savings AND a Large Cap fund for core equity. But ELSS funds are essentially large-cap-heavy equity funds with a 3-year lock-in. Same AMC's ELSS and Large Cap funds typically share 60-65% of holdings. Consider if you need both.
#8 — Large & Mid Cap Overlap
~58%Mirae Asset Large & Midcap vs ICICI Prudential Bluechip
Large & Mid Cap funds must allocate at least 35% each to large caps and mid caps. The large cap portion (often 50-60%) naturally overlaps with pure Large Cap funds. The mid cap portion provides some differentiation, but not enough for investors holding both categories.
#9 — Multi Cap Near-Twin
~56%ICICI Prudential Multicap vs HDFC Multi Cap Fund
Multi Cap funds have similar mandates (minimum 25% each in large, mid, and small caps), which forces them into overlapping territory especially in the large cap bucket. Two Multi Cap funds from different AMCs often hold the same top 20 stocks.
#10 — Value Fund Convergence
~52%ICICI Prudential Value Discovery vs Nippon India Value Fund
Value funds look for "undervalued" companies — but value screens across AMCs often flag the same PSU banks, energy companies, and cyclicals. NTPC, Coal India, ITC, and SBI feature heavily in both. The overlap is lower than Large Cap pairs but still meaningful at 52%.
Key Takeaways
- 1.Large Cap funds are the worst offenders. Any two Large Cap funds from different AMCs will overlap 60-80%. If you hold multiple, you're paying extra for the same stocks.
- 2.Flexi Cap ≈ Large Cap in practice. Most Flexi Cap funds allocate 60%+ to large caps, making them near-clones of dedicated Large Cap funds.
- 3.Same-AMC funds overlap more. HDFC's Flexi Cap, Large Cap, and Focused funds share a common stock-picking DNA. Diversify across investment styles, not just AMC brands.
- 4.True diversification = different market segments. A Large Cap + Small Cap + Sectoral combination gives you genuinely different exposures. Two Large Caps or a Large Cap + Flexi Cap does not.
- 5.Check before you add. Before starting a new SIP, run your existing funds through OverlapIQ to see how much the new fund overlaps with what you already own.
Which Fund Pairs Have the Least Overlap?
On the other end of the spectrum, these combinations provide genuinely different exposures:
- ✓Large Cap + Small Cap — typically 5-15% overlap
- ✓Index Fund + Sectoral/Thematic — 10-25% overlap
- ✓Equity + Debt Hybrid — varies, but equity portions often differ
- ✓IT Sectoral + Pharma Sectoral — near zero overlap
- ✓Parag Parikh Flexi Cap + any pure Indian fund — the US holdings (Microsoft, Alphabet, Amazon) provide unique diversification
Check your own portfolio overlap
Enter the funds you hold and get an instant overlap analysis with pairwise heatmap, uniqueness scores, and concentrated bet identification.
Try OverlapIQ Free →Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Overlap percentages are approximate and based on the latest available portfolio disclosures. Past holdings do not predict future allocations. Always consult a SEBI-registered financial advisor before making investment decisions.