Mutual Fund Overlap Calculator
Axis Midcap Direct Plan-Growth
Quant Mid Cap Fund Direct-GrowthPortfolio Overlap
See how much of Axis Midcap Direct Plan-Growth and Quant Mid Cap Fund Direct-Growth's holdings overlap, and which stocks fall into each fund exclusively.
| 0.39% / 9.50% | 1.78% / 4.72% | ||
| 1.61% / 4.79% | 0.12% / 5.65% | ||
| 0.49% / 4.42% | 0.36% / 4.53% | ||
| 0.08% / 3.86% | 0.41% / 3.46% | ||
| 0.17% / 1.32% | 0.60% / 0.59% | ||
| 0.05% / 0.40% |
Quick Insights
Key Metrics — Side by Side
| Metric | Axis Midcap Direct Plan-Growth | Quant Mid Cap Fund Direct-Growth |
|---|---|---|
| NAV | ₹143.94 | ₹256.12 |
| AUM | ₹33.80k Cr | ₹8.14k Cr |
| Expense Ratio | 0.86% | 1.18% |
| Category | Equity: Mid Cap | Equity: Mid Cap |
| Benchmark | BSE 150 MidCap Total Return Index | NIFTY Midcap 150 Total Return Index |
| Launch Date | 31 Dec 2012 | 31 Dec 2012 |
| 1Y Return | 9.63% | 8.41% |
| 3Y Return (CAGR) | 18.56% | 15.06% |
| 5Y Return (CAGR) | 14.96% | 17.38% |
| Alpha | 1.31% | -2.51% |
| Sharpe Ratio | 0.74 | 0.49 |
| Risk (SEBI Riskometer) | Very High | Very High |
How to Use the Mutual Fund Overlap Calculator
A quick guide to what portfolio overlap means, how to read your result, and how it plays out for some of India's most compared mutual fund pairs.
Read the full guideShow less
What is mutual fund overlap?
Mutual fund overlap is the percentage of portfolio that is duplicated across two funds, meaning both funds hold the same stocks. The higher the overlap, the less diversification you actually get from holding both.
Owning five mutual funds feels diversified. But if all five hold Reliance, HDFC Bank, Infosys, and TCS in their top positions, which most large-cap and flexi-cap funds do, you are not spreading risk. You are paying five expense ratios to own the same 15 stocks.
Overlap is measured by portfolio weight, not just stock count. A 40% overlap means 40% of the combined portfolio weight sits in common holdings. That is the number that matters.
How to read your overlap result
| Overlap % | What it means |
|---|---|
| 0% – 30% | Low. The funds are genuinely complementary. |
| 30% – 50% | Moderate. Worth examining, but not necessarily a problem. |
| 50% – 70% | High. You are likely paying twice for similar exposure. |
| 70%+ | Very high. In most cases, one fund is redundant. |
These are not hard rules. A 45% overlap between a flexi-cap and a small-cap fund means something very different from a 45% overlap between two large-cap funds. Use the common holdings list, not just the percentage to decide what to do.
How India's most-compared fund pairs actually overlap
Most investors checking overlap have the same few pairs in mind. Here is what sharpely's data actually shows based on the latest monthly portfolio disclosures.
Parag Parikh Flexi Cap vs HDFC Flexi Cap
India's two largest actively managed flexi-cap funds together manage over ₹2 lakh crore in assets. They are also the most compared pair on Sharpely's overlap calculator.
The overlap is 32.7% — moderate, not alarming. The two funds share 25 common stocks out of 41 stocks unique to Parag Parikh and 46 unique to HDFC Flexi Cap. The largest shared holding is HDFC Bank Ltd., held at 8.33% weight in Parag Parikh and 6.77% in HDFC Flexi Cap. Other significant common names include ICICI Bank Ltd., Axis Bank Ltd., Power Grid Corporation Of India Ltd., Kotak Mahindra Bank Ltd., and Maruti Suzuki India Ltd..
What the 32.7% does not tell you is what is different. Parag Parikh's 41 unique stocks include a meaningful international equity allocation and Embassy Office Parks REIT, exposures that HDFC Flexi Cap simply does not have. HDFC's 46 unique stocks reflect a more domestic, equity-heavy approach with 94% in Indian equities versus Parag Parikh's 81%.
The practical takeaway: holding both is not redundant, but a third of your combined weight is sitting in the same stocks. If you hold PPFAS for the international allocation and HDFC for concentrated domestic bets, that is a clear reason to hold both. If you hold both because they are the two most popular flexi-cap funds, that is not a reason, consolidate into whichever one matches your philosophy better.
Run this comparison →Nippon India Small Cap vs Bandhan Small Cap
The second most compared pair on sharpely, and the data tells a very different story.
The overlap is just 15.9%. Despite both being small-cap funds with enormous portfolios, 180 stocks unique to Nippon, 183 unique to Bandhan, and 70 in common, the weight of those common holdings is low enough that the two funds are genuinely complementary. The largest shared holding is REC Ltd., held at 0.53% in Nippon and 3.19% in Bandhan. The rest of the common names, State Bank of India, Apar Industries Ltd., HDFC Bank Ltd., PNB Housing Finance Ltd., and Paradeep Phosphates Ltd., are similarly modest positions in both funds.
This is what genuine within-category diversification looks like. Nippon and Bandhan are both small-cap funds, but with 180 and 183 unique stocks respectively, they are accessing largely different corners of the small-cap universe. Holding both here is genuinely additive, you get broader coverage of the small-cap space without meaningful duplication of weight.
The contrast with the flexi-cap pair above is instructive: same category does not mean same portfolio. In small caps, where the investable universe runs into hundreds of companies, two well-managed funds can co-exist in your portfolio with very little overlap. In large caps and flexi caps, that is rarely true.
Run this comparison →Why large-cap funds always show high overlap, and what to do about it
SEBI mandates that large-cap funds invest at least 80% of their corpus in the top 100 stocks by market cap. With every large-cap fund fishing in the same 100-stock pond, structural overlap of 50–70% between any two is normal and expected. It is not a data error, it is a category-level constraint.
This is the single most common mistake Indian investors make with overlap: adding a second large-cap fund expecting diversification. You will not get it. If your portfolio already has one large-cap fund and you want broader equity exposure, look at a mid-cap, small-cap, or international fund, not another large-cap fund.
When overlap is not actually a problem
High overlap is not always wrong. Here are three situations where it is acceptable:
- The funds serve different roles. PPFAS Flexi Cap and an international fund of funds may share some global tech names. But one gives you rupee-denominated exposure and the other gives you currency diversification. The overlap in stock names does not negate the structural difference.
- The overlapping stocks are your highest-conviction bets. If both funds hold a stock you deliberately want to be overweight in, say, a HDFC Bank bull adding both a large-cap fund and a banking sector fund, the overlap is intentional, not accidental.
- The overlap is in index stocks, not active bets. A flexi-cap fund that overlaps with a Nifty 50 index fund on the top 10 large-caps is not a concern, those are market-weight positions. What matters is whether the active portions of the portfolios are overlapping.
How often should you check overlap?
Once a year at minimum, and specifically after any large market move. Active fund portfolios can shift 20–30% in composition over six months as managers reposition. A pair of funds that had 25% overlap during a bull market may show 50% overlap after both managers defensively rotated into the same large-cap names.
Run the check again whenever you are considering adding a new fund. It takes 30 seconds and could save you from paying a second expense ratio for exposure you already have.
More funds ≠ more diversification
The biggest misconception in retail mutual fund investing is that holding more funds automatically means better diversification. It does not. What matters is whether the underlying stocks are different.
sharpely's overlap calculator gives you a factual answer to that question in seconds, using the latest monthly portfolio data from every fund. Use it before you add a new fund to your portfolio. Use it to audit what you already hold. And use it to have an honest conversation with yourself about whether five funds are doing the job of two.