Mutual fund portfolio overlap checker

Portfolio overlap is the share of one fund’s portfolio that is also held by another fund. Suppose Fund A holds 8% in HDFC Bank and 6% in ICICI Bank, and Fund B holds 5% in HDFC Bank and 7% in ICICI Bank. For each shared stock you count the smaller weight — 5% for HDFC Bank and 6% for ICICI Bank — so these two stocks alone add 11% overlap. Repeat for every stock both funds own and add it up. Two large cap funds often land between 40% and 70%, because they pick from the same 100 biggest companies. High overlap means your “diversified” portfolio is really a few funds holding the same stocks: you pay two expense ratios and track two funds, but your money behaves almost like one fund.

For each pair of funds we add up, stock by stock, the smaller of the two weights. That gives the percentage of the portfolio the two funds genuinely have in common. It is the method used by most Indian research platforms, so numbers are comparable. Stocks are matched by ISIN, so different spellings of a company name can’t cause misses.

Under 25% is low — the funds are doing different jobs, such as a large cap fund paired with a small cap fund. 25–50% is moderate and common between two diversified equity funds, for example a flexi cap and a large & mid cap fund; it is usually fine, but worth checking before you add a third. Above 50%, owning both adds little diversification: you are paying two expense ratios for what is largely one portfolio, and a fall in the shared stocks hits both funds at once. Two index funds tracking the same index will show close to 100% — that is expected, and one of them can go. Overlap is measured on the equity portion only, using each fund’s latest SEBI-mandated monthly portfolio disclosure.

For most people, three to five well-chosen funds cover everything: a large cap or index core, a flexi or mid cap for growth, and debt or hybrid for stability. Beyond that, extra funds usually add overlap rather than diversification.

Two index funds on the same index will overlap almost 100% — that’s expected, just keep one. The bigger question is an active large cap fund that overlaps heavily with a Nifty 50 index fund you own: you may be paying active fees for index-like returns.

Every fund house must publish its complete portfolio each month under SEBI rules. We collect those official disclosures directly from the AMCs, typically within two weeks of month-end. The month the data belongs to is shown on the page.

Overlap is measured on stock holdings, because that’s where duplication hurts. Hybrid and multi-asset funds are included, but only their equity part is compared; their full asset mix is shown separately.

Portfolio overlap is the share of one fund’s portfolio that is also held by another fund. Suppose Fund A holds 8% in HDFC Bank and 6% in ICICI Bank, and Fund B holds 5% in HDFC Bank and 7% in ICICI Bank. For each shared stock you count the smaller weight — 5% for HDFC Bank and 6% for ICICI Bank — so these two stocks alone add 11% overlap. Repeat for every stock both funds own and add it up. Two large cap funds often land between 40% and 70%, because they pick from the same 100 biggest companies. High overlap means your “diversified” portfolio is really a few funds holding the same stocks: you pay two expense ratios and track two funds, but your money behaves almost like one fund.

For each pair of funds we add up, stock by stock, the smaller of the two weights. That gives the percentage of the portfolio the two funds genuinely have in common. It is the method used by most Indian research platforms, so numbers are comparable. Stocks are matched by ISIN, so different spellings of a company name can’t cause misses.

Under 25% is low — the funds are doing different jobs, such as a large cap fund paired with a small cap fund. 25–50% is moderate and common between two diversified equity funds, for example a flexi cap and a large & mid cap fund; it is usually fine, but worth checking before you add a third. Above 50%, owning both adds little diversification: you are paying two expense ratios for what is largely one portfolio, and a fall in the shared stocks hits both funds at once. Two index funds tracking the same index will show close to 100% — that is expected, and one of them can go. Overlap is measured on the equity portion only, using each fund’s latest SEBI-mandated monthly portfolio disclosure.

For most people, three to five well-chosen funds cover everything: a large cap or index core, a flexi or mid cap for growth, and debt or hybrid for stability. Beyond that, extra funds usually add overlap rather than diversification.

Two index funds on the same index will overlap almost 100% — that’s expected, just keep one. The bigger question is an active large cap fund that overlaps heavily with a Nifty 50 index fund you own: you may be paying active fees for index-like returns.

Every fund house must publish its complete portfolio each month under SEBI rules. We collect those official disclosures directly from the AMCs, typically within two weeks of month-end. The month the data belongs to is shown on the page.

Overlap is measured on stock holdings, because that’s where duplication hurts. Hybrid and multi-asset funds are included, but only their equity part is compared; their full asset mix is shown separately.