Hybrid Mutual Funds
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Hybrid mutual funds combine assets under a defined allocation mandate or a dynamic investment process. Depending on the category, they may include equity, debt, arbitrage and other permitted assets. Their risk and tax treatment vary, so hybrid should not be read as a uniform middle-risk investment or as another name for balanced advantage.
Total funds
395
SEBI categorised
Asset class AUM
₹15.2L Cr
▼ ₹31.91K Cr MoM
Net flow - October 2026
₹4.54K Cr
▲ Net Inflow
Compare Hybrid Mutual Funds by Allocation Category
Use the fund list to explore returns, NAV, expense ratios and AUM. Choose a suitable subcategory before making like-for-like comparisons; different mandates can have different sources of return and risk.
Which funds are gaining or losing investor interest?
List of Hybrid Funds with highest cash net Inflow and Outflow in the month of October 2026.
Highest Inflow funds in the last month
Fund | Inflow |
|---|---|
 Altiva Hybrid Long Short Fund | +₹2.04K Cr |
 SBI Aggressive Hybrid Fund | +₹933.49 Cr |
 Nippon India Multi Asset Allocation Fund | +₹788.92 Cr |
SBI Multi Asset Allocation Fund | +₹690.66 Cr |
SBI Gold Fund | +₹565.42 Cr |
Highest Outflow funds in the last month
Fund | Outflow |
|---|---|
SBI Arbitrage Fund | -₹1.2K Cr |
 ICICI Prudential Equity Savings Fund | -₹815.32 Cr |
 Kotak Arbitrage Fund | -₹715.32 Cr |
Edelweiss Arbitrage Fund | -₹670.47 Cr |
 HDFC Balanced Advantage Fund | -₹575.64 Cr |
Types of Hybrid Mutual Funds
There are various ways of categorizing hybrid funds. Here is a look at the different categorizations:
Equity / Debt Split
Balanced mix of equity and debt
Predominantly equity with some debt
Mix equity, arbitrage, debt
Predominantly debt with some equity
Combine equity and debt.
Strategy based
Funds tailored for specific investment goals
Invest across asset classes
Plan for your child's future
Plan your post-retirement needs
Exploit price differences
Hybrid: Other
Additional hybrid fund investment options
Invest across asset classes
Which hybrid approach are you comparing?
| Category | What defines it |
|---|---|
| Conservative hybrid mutual funds | Predominantly debt with 10%–25% equity |
| Aggressive hybrid mutual funds | Equity-led, with equity between 65% and 80% |
| Balanced hybrid | Defined 40%–60% allocation to equity and debt; no arbitrage |
| Dynamic asset allocation / balanced advantage | Equity and debt managed dynamically under the mandate |
| Equity savings | A mix of net long equity, arbitrage and debt |
| Arbitrage | Hedged price-difference strategy |
| Multi asset allocation | At least three asset classes under minimum-allocation rules |
These categories can behave very differently. Match the intended market exposure before comparing past returns.
Gross equity, net equity and debt quality
Gross equity and directional market exposure are not always the same. A scheme using hedges can hold substantial equity while reducing its net exposure to share-price movements.
The debt portion also needs inspection. Duration, issuer quality, concentration and liquidity can affect returns even in a fund marketed around diversification. A headline equity-to-debt split is only the beginning of the comparison.
How to compare hybrid funds
Compare the allocation rules, current and historical weights, benchmark, expenses and drawdowns. Identify whether allocation decisions follow a model, managerial judgement or a mixture of the two.
Review the combined portfolio, including separate equity, debt and gold investments. A hybrid fund can simplify rebalancing within one scheme, but it may duplicate existing assets and reduce the investor’s direct control over the allocation.
Hybrid funds versus fund-of-funds and goal labels
FoF describes a structure that invests through other funds; it is not automatically a hybrid mandate. Retirement and children’s labels describe goal-oriented schemes whose actual equity and debt allocations may differ substantially.
Use these concepts separately when browsing. A fund’s wrapper, intended goal and underlying asset allocation answer different questions.
Risks, withdrawals and tax
Diversification does not guarantee capital protection or positive returns. Allocation models can be wrong, assets can fall together, and a systematic withdrawal can consume capital.
Tax treatment depends on the scheme’s qualifying portfolio and structure, along with the purchase date and holding period. A fund that does not qualify as equity-oriented is not automatically subject to the specified debt-fund rules. Check the scheme’s current tax classification before comparing post-tax outcomes.
Frequently Asked Questions
Compare the category's allocation rules with the equity exposure and risk the goal can support. Conservative hybrid, aggressive hybrid, balanced advantage, arbitrage and equity savings follow different approaches. Choose that exposure before using a scheme return table.
No. Balanced hybrid follows defined equity and debt ranges, while balanced advantage dynamically manages exposure under its mandate.
No. Tax depends on qualifying assets and structure. A hybrid label is not a tax classification.
No. Equity-oriented and specified-debt rules are different tests. Some schemes fall outside both and require a separate holding-period assessment.