Fund Overlap: May 2026 Data

We checked 8,079 pairs of funds this month. Which fund houses tend to run near-identical lineups, and which specific fund pairs are worth a second look if you own both.

🚩 Wall of Shame: Worst Fund Pairs

These specific pairs of funds hold almost identical portfolios. Worth checking if you own both.

Sundaram Mutual Fund — ELSS Tax Saver Fund (Regular Growth) and Flexicap Fund (Regular Growth): 99.36% portfolio overlap

Shriram Mutual Fund — Flexi Cap Fund (Regular Growth) and ELSS Tax Saver Fund (Regular Growth): 98.81% portfolio overlap

Quantum Mutual Fund — Value Fund (Regular Growth) and ELSS Tax Saver Fund (Regular Growth): 98.6% portfolio overlap

If you bought an ELSS fund just for the Section 80C tax saving, and you also hold another equity fund from the same fund house, check your holdings. Several of these pairs show you might be holding one bet split across two funds, each with its own fee and exit-load clock, not two different bets.

📈 Mover of the Month

We compare each fund house's score against last month to catch a lineup that's converging (or genuinely diverging) in real time, not just where it sits today.

Worth watching: quant Mutual Fund — overlap score rose from 24.7% in April to 28.4% in May.

Its 13-fund lineup is too big to show as a full grid — the 5 pairs that moved the most:

Value Fund (Direct Growth) ↔ Momentum Fund (Direct Growth)

52.0%↑ from 0.0%

Momentum Fund (Direct Growth) ↔ Multi Asset Allocation Fund - IDCW Option (Regular Plan)

46.2%↑ from 0.0%

Flexi Cap Fund - Growth Option (Regular Plan) ↔ Momentum Fund (Direct Growth)

37.8%↑ from 0.0%

Large & Mid Cap Fund (Growth) ↔ Momentum Fund (Direct Growth)

36.9%↑ from 0.0%

Manufacturing Fund - Growth Option (Regular Plan) ↔ Momentum Fund (Direct Growth)

35.5%↑ from 0.0%

Value Fund (Direct Growth) ↔ Momentum Fund (Direct Growth) rose from 0% to 51.98% in one month — that's the pair to watch, not the fund house's overall score.

Worth watching: The Wealth Company Mutual Fund — overlap score rose from 9.5% in April to 13% in May.

Its whole 3-fund lineup, compared pair by pair:

CHART

The Wealth Company Mutual Fund — pairwise overlap

Each cell: overlap % between that pair of funds, vs. last month

Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

Ethical Fund (Direct Growth) ↔ Flexi Cap Fund (Regular Growth) rose from 8.92% to 17.12% in one month — that's the pair to watch, not the fund house's overall score.

⚠ Bad Guys: Most Overlap

For each fund house, we averaged how much its own funds overlap with one another, weighted by holding size. A high score here is not a good thing — it means that fund house's different funds are, to a large extent, the same portfolio wearing different names.

CHART

Highest same-AMC overlap

Average pairwise overlap across each fund house's own equity lineup

Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

Example: Shriram Mutual Fund scores 65.4%. That means if you picked two of its equity funds at random, on average about 65% of your money would be sitting in the same stocks in both. You'd have paid for two funds but really made one bet.

✓ Good Guys: Least Overlap

These fund houses' own funds genuinely give you different things to invest in — low overlap between their own lineup. Fund houses with very few comparable funds are left out, since one pair alone can be misleading.

CHART

Lowest same-AMC overlap

Average pairwise overlap across each fund house's own equity lineup

Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

Source: monthly portfolio disclosures filed by every AMFI-registered mutual fund, via Punji Research's data pipeline. Educational content, not investment advice or a recommendation to buy, hold, or sell any fund. This is a snapshot — fund holdings change every month.

RANGE	MEANS	ACTION
70%+	Near-identical portfolios	Exit immediately — switch to the lower-cost option
50–70%	Effective duplicates	Consolidate — treat as duplicates, exit the weaker/costlier option
30–50%	Moderate overlap	Review — stop adding new capital, pick one to direct future SIPs
< 30%	Distinct funds	Keep both