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Mutual Fund Overlap Calculator
If you invest in more than one mutual fund, there is a good chance they hold many of the same stocks. This is called portfolio overlap, and it is one of the most common mistakes retail investors make without realising it.
For example, if you hold an HDFC Flexi Cap Fund and a Mirae Asset Large Cap Fund, both are likely to have ICICI Bank, HDFC Bank, and Infosys among their top holdings. Adding a second fund feels like diversification, but you are often just doubling down on the same bets — paying two sets of expense ratios for what is effectively one concentrated portfolio.
This problem is not limited to large cap funds. ELSS funds, which many investors hold for tax savings, frequently overlap heavily with their existing flexi cap or large cap holdings. Similarly, a focused fund and a mid cap fund from the same AMC often share a surprising number of stocks.
The overlap score in this tool is calculated as the sum of the minimum weight of each common stock across both funds. A score above 40 to 50% means your two funds are highly redundant and you are getting little additional diversification from holding both.
The data covers 211 actively managed Indian equity mutual funds across eight categories: Flexi Cap, Large Cap, Large and Mid Cap, Mid Cap, Multi Cap, Small Cap, ELSS, and Focused Funds, sourced from SEBI monthly portfolio disclosures for June 2026.
