Contents
All aggressive hybrid funds compared
Largest fund first. Returns are for the direct plan, compound annual, to 15 October 2026. The base expense ratio is what the fund house charges; the total adds brokerage, exchange charges and taxes on the fund's own trades. Returns are after all of it.
| Fund | Base expense ratio, direct | Total expense ratio, direct | Total expense ratio, regular | 1 year | 3 years | 5 years | Average assets |
|---|---|---|---|---|---|---|---|
| SBI Aggressive Hybrid FundSBI Mutual Fund | 0.57% | 0.76% | 1.40% | 0.03% | 11.12% | 8.47% | ₹87,765 cr |
| ICICI Prudential Aggressive Hybrid FundICICI Prudential Mutual Fund | 0.79% | 1.08% | 1.61% | -2.39% | 12.06% | 12.57% | ₹52,108 cr |
| HDFC Aggressive Hybrid FundHDFC Mutual Fund | 0.90% | 1.11% | 1.70% | -6.52% | 5.74% | 7.00% | ₹22,246 cr |
| DSP Aggressive Hybrid FundDSP Mutual Fund | 0.57% | 0.78% | 1.83% | -4.46% | 9.24% | 7.76% | ₹11,763 cr |
| Canara Robeco Aggressive Hybrid FundCanara Robeco Mutual Fund | 0.54% | 0.69% | 1.80% | -1.18% | 10.18% | 8.35% | ₹11,273 cr |
| Mirae Asset Aggressive Hybrid FundMirae Asset Mutual Fund | 0.41% | 0.63% | 1.93% | 0.85% | 10.52% | 8.88% | ₹9,512 cr |
| Kotak Aggressive Hybrid FundKotak Mahindra Mutual Fund | 0.45% | 0.64% | 1.89% | -0.56% | 11.96% | 10.80% | ₹9,212 cr |
| Sundaram Aggressive Hybrid FundSundaram Mutual Fund | 0.63% | 1.14% | 2.15% | -4.96% | 8.08% | – | ₹9,137 cr |
| Aditya Birla Sun Life Aggressive Hybrid FundAditya Birla Sun Life Mutual Fund | 0.92% | 1.17% | 1.90% | -2.26% | 9.07% | 6.84% | ₹7,143 cr |
| UTI Aggressive Hybrid FundUTI Mutual Fund | 1.03% | 1.33% | 1.90% | -2.80% | 9.52% | 9.37% | ₹6,714 cr |
| HSBC Aggressive Hybrid FundHSBC Mutual Fund | 0.72% | 0.97% | 1.98% | 1.74% | 12.39% | – | ₹5,742 cr |
| Nippon India Aggressive Hybrid FundNippon India Mutual Fund | 0.91% | 1.12% | 1.96% | -2.33% | 9.55% | 9.58% | ₹4,034 cr |
| Tata Aggressive Hybrid FundTata Mutual Fund | 0.78% | 1.17% | 2.12% | -3.35% | 7.35% | 7.21% | ₹3,977 cr |
| Edelweiss Aggressive Hybrid FundEdelweiss Mutual Fund | 0.37% | 0.70% | 2.08% | -0.75% | 12.05% | 12.04% | ₹3,918 cr |
| Mahindra Manulife Aggressive Hybrid FundMahindra Manulife Mutual Fund | 0.49% | 0.84% | 2.17% | -4.96% | 10.56% | 10.14% | ₹2,695 cr |
| Bandhan Aggressive Hybrid FundBandhan Mutual Fund | 0.50% | 0.86% | 2.24% | 3.13% | 13.65% | 10.13% | ₹2,496 cr |
| Franklin India Aggressive Hybrid FundFranklin Templeton Mutual Fund | 0.77% | 1.12% | 2.23% | -5.01% | 8.54% | 8.17% | ₹2,353 cr |
| Quant Aggressive Hybrid Fundquant Mutual Fund | 0.66% | 1.43% | 2.72% | 4.30% | 12.43% | 11.11% | ₹2,165 cr |
| Bank of India Aggressive Hybrid FundBank of India Mutual Fund | 0.56% | 0.86% | 2.24% | 12.51% | 15.77% | 13.29% | ₹1,958 cr |
| Axis Aggressive Hybrid FundAxis Mutual Fund | 0.94% | 1.18% | 2.23% | -1.27% | 8.76% | 5.58% | ₹1,462 cr |
| Baroda BNP Paribas Aggressive Hybrid FundBaroda BNP Paribas Mutual Fund | 0.53% | 0.68% | 2.24% | -1.61% | 9.95% | – | ₹1,245 cr |
| Invesco India Aggressive Hybrid FundInvesco Mutual Fund | 0.69% | 0.90% | 2.41% | -6.34% | 10.40% | 8.64% | ₹776 cr |
| Union Aggressive Hybrid FundUnion Mutual Fund | 0.99% | 1.59% | 2.82% | 0.41% | 9.73% | 7.82% | ₹756 cr |
| JM Aggressive Hybrid FundJM Financial Mutual Fund | 0.75% | 1.16% | 2.68% | -3.34% | 11.21% | 11.84% | ₹692 cr |
| LIC MF Aggressive Hybrid FundLIC Mutual Fund | 1.13% | 1.82% | 2.88% | -0.24% | 10.43% | 8.15% | ₹550 cr |
| WhiteOak Capital Aggressive Hybrid FundWhiteOak Capital Mutual Fund | 0.53% | 1.19% | 2.99% | – | – | – | ₹484 cr |
| PGIM India Aggressive Hybrid Equity FundPGIM India Mutual Fund | 0.85% | 1.08% | 2.55% | -4.59% | 8.30% | 5.64% | ₹203 cr |
| Navi Aggressive Hybrid FundNavi Mutual Fund | 0.49% | 0.69% | 2.58% | 8.68% | 12.23% | 10.53% | ₹116 cr |
| Groww Aggressive Hybrid FundGroww Mutual Fund | 1.39% | 2.10% | 2.86% | -4.39% | 8.10% | 6.57% | ₹52 cr |
| Shriram Aggressive Hybrid FundShriram Mutual Fund | 0.68% | 0.87% | 2.47% | -0.81% | 8.54% | 6.99% | ₹51 cr |
Expense ratios as disclosed on 16 October 2026; brokerage, transaction costs and levies in the total are averages since 1 April, annualised, as AMFI publishes them. Returns: Direct-Growth plan NAVs to 15 October 2026. Average assets: July–September 2026, all plans. All from AMFI. A dash means the fund is too young for the period. The order is by size; it is not a ranking or a recommendation.
What is an aggressive hybrid fund?
An aggressive hybrid fund is a hybrid mutual fund that keeps most of its money in shares and the rest in debt. SEBI’s rules set the split: between 65% and 80% of the fund’s assets in equity and equity-related instruments, and between 20% and 35% in debt. Within those bands, the fund manager decides the mix.
SEBI’s 2026 rules on scheme categories, which existing funds had to follow by August 2026, kept those bands and made three changes that show up in this category:
- Balanced hybrid is now a separate choice. Until 2026 a fund house could offer either an aggressive hybrid fund or a balanced hybrid fund, not both. That limit is gone: ICICI Prudential, SBI, UTI and WhiteOak Capital now run both.
- The name must match the category, so every fund in the table has “Aggressive Hybrid” in its name.
- A small residual part of a hybrid fund may go into gold or silver ETFs, exchange-traded commodity derivatives and InvITs. Investments in REITs now count as equity-related instruments for SEBI’s bands.
How an aggressive hybrid fund works
The equity part is run much like a diversified equity fund: the fund manager picks shares across large, mid and small companies, in proportions that differ from fund to fund. The debt part holds bonds and money market paper, again with each fund choosing its own credit quality and maturity.
Because the equity share has to stay within its band, the fund rebalances on its own. After a strong rise in share prices it sells some equity to stay below the upper limit; after a fall it can add shares. That rebalancing happens inside the fund, so it does not create a tax bill for you. Holding an equity fund and a debt fund separately and rebalancing between them would mean redeeming units, with tax on any gains.
How aggressive hybrid funds are taxed
Under the Income-tax Act, 2025, a fund counts as equity-oriented if, on average over the year, at least 65% of its money is in listed shares of Indian companies (section 198(8)). With 65% to 80% in equity, aggressive hybrid funds are run to meet that test and are treated as equity-oriented funds. The test counts only listed Indian shares, so a fund that holds foreign shares or REITs in its equity part has to keep enough Indian shares to stay above 65%; the scheme document states how each fund is treated.
- Held 12 months or less: gains are short-term and taxed at 20%.
- Held longer: gains are long-term. The first ₹1.25 lakh a year of long-term gains on equity shares and equity-oriented funds together is tax-free; the rest is taxed at 12.5%.
- Surcharge, where it applies, and 4% cess come on top. STT of 0.001% is charged when you redeem.
For resident investors there is no TDS on capital gains when you redeem; dividend (IDCW) payouts above ₹10,000 in a year have 10% tax deducted. Tax rules change; check your own case with a tax adviser.
Aggressive hybrid, balanced hybrid or balanced advantage?
- Aggressive hybrid fund: 65% to 80% in equity, 20% to 35% in debt. Moves closely with the share market. Taxed as equity.
- Balanced hybrid fund: 40% to 60% each in equity and debt, and SEBI does not allow arbitrage in it. With less than 65% in Indian shares it is not equity-oriented: gains on units held more than 24 months are taxed at 12.5% and gains held for a shorter time at your slab rate.
- Balanced advantage fund: no fixed split; the fund changes its equity level, usually by a valuation model, and many hedge part of their shares. Mostly taxed as equity. See balanced advantage funds compared.
- Multi asset allocation fund: at least 10% in each of three asset classes, usually shares, debt and gold or silver. Tax depends on each fund’s mix. See multi asset allocation funds compared.
See the hybrid funds overview for every hybrid category side by side.
Risks to know
- Market falls: with at least 65% in shares, the NAV can fall sharply in a market decline and stay down for months. The debt part softens a fall; it does not prevent it.
- Mid and small companies: some funds hold a large share of mid and small caps in their equity part, which can move far more than large companies.
- Debt: credit risk and interest-rate risk on the bonds the fund holds. Funds differ in how much lower-rated debt they take.
- Fund manager: stock selection drives most of the difference between funds, so returns depend heavily on the people running the fund.
How to choose an aggressive hybrid fund
There is no single best aggressive hybrid fund: funds in the category hold different kinds of shares and debt, and the right one depends on how much risk you can take. Compare them on these points instead:
- Equity mix: the factsheet shows how much sits in large, mid and small companies. More mid and small caps means bigger swings.
- Equity level: where the fund usually sits between 65% and 80%.
- Debt quality: the factsheet lists credit ratings. A fund holding mostly government and AAA-rated paper carries less credit risk.
- Returns over three and five years: they show how the fund did through more than one market phase. Look at a falling year too, not just the average.
- Direct plan: the same portfolio for a lower expense ratio. See direct vs regular plans.
- Expense ratio: compare the base expense ratio across funds. How the expense ratio works.
- Exit load: many funds charge one if you redeem within the first year; the scheme document gives the terms.
Questions people ask
A hybrid mutual fund that SEBI requires to keep 65% to 80% of its assets in equity and equity-related instruments and 20% to 35% in debt. It moves closely with the share market, with the debt part softening falls, and is taxed as an equity fund.
Over the year to 15 October 2026, the direct plans of 29 aggressive hybrid funds returned between -6.52% and 12.51%, with a median of -1.61%; over three years the median was 10.18% a year. Returns depend mostly on the shares each fund holds and how the market moved.
They are run to keep at least 65% in listed Indian shares and are treated as equity-oriented funds: gains on units held 12 months or less are taxed at 20%, and long-term gains above ₹1.25 lakh a year (counted with other equity gains) at 12.5%.
An aggressive hybrid fund always holds 65% to 80% in shares, so it moves closely with the market. A balanced advantage fund changes how much it holds in shares, often by a valuation model, and many hedge part of their shares, so it tends to fall less in a sharp decline but can lag in a strong rally. Both are usually taxed as equity.
A balanced hybrid fund keeps 40% to 60% each in shares and debt and may not use arbitrage, so it moves less with the market than an aggressive hybrid fund, which keeps 65% to 80% in shares. They are also taxed differently: an aggressive hybrid fund as equity, a balanced hybrid fund at 12.5% on gains after 24 months and at your slab rate before that.
They carry most of the risk of an equity fund. Over the year to 15 October 2026, 21 of the 29 funds had a negative return. The 20% to 35% in debt softens falls but does not prevent them; they suit money you can leave invested for several years.
There is no single best one. Funds in the category hold different kinds of shares and debt, so they behave differently. Compare their equity mix, debt quality, three- and five-year returns including falling years, and the direct plan’s expense ratio. This page does not recommend any fund.
Related
This page is educational research based on AMFI data. It is not a recommendation to invest in any scheme, or personalised investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not guarantee future returns. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.