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Mutual Fund Categories in India

Explore equity and hybrid mutual funds. Compare funds within each category ranked by AUM.

Equity

Flexi Cap

Funds that invest across large, mid, and small cap stocks with no mandatory allocation. Fund manager has flexibility to shift between caps.

Funds

48

Category AUM

5,07,450 Cr

Avg 1Y Return

0.8%

Avg 3Y CAGR

11.8%

Avg 5Y CAGR

10.6%

Flexi Cap·10 funds shown·Direct plan · Growth · ranked by AUM
#1Parag Parikh Flexi Cap Fund

PPFAS Asset Management Pvt. Ltd

1,28,966 Cr

5Y

11.3%

3Y

12.4%

1Y

-4.3%

Exp

0.69%

#2HDFC Flexi Cap Fund

HDFC Mutual Fund

91,335 Cr

5Y

15.7%

3Y

14.9%

1Y

-2.2%

Exp

0.77%

#3Kotak Flexi Cap Fund

Kotak Mahindra Mutual Fund

50,146 Cr

5Y

10.0%

3Y

10.6%

1Y

-3.7%

Exp

0.66%

#4Aditya Birla Sun Life Flexi Cap Fund

Aditya Birla Sun Life Mutual Fund

23,018 Cr

5Y

11.0%

3Y

14.4%

1Y

5.8%

Exp

0.88%

#5SBI Flexicap Fund

SBI Mutual Fund

20,626 Cr

5Y

7.6%

3Y

8.0%

1Y

-3.3%

Exp

1.27%

#6UTI Flexi Cap Fund

UTI Asset Management Co Ltd

20,438 Cr

5Y

4.2%

3Y

7.5%

1Y

-3.1%

Exp

1.05%

#7ICICI Prudential Flexi Cap Fund

ICICI Prudential Asset Management Co Ltd

18,458 Cr

5Y

14.4%

3Y

15.4%

1Y

2.5%

Exp

0.87%

#8Franklin India Flexi Cap Fund

Franklin Templeton Asst Mgmt(IND)Pvt Ltd

17,536 Cr

5Y

10.7%

3Y

9.8%

1Y

-5.8%

Exp

1.00%

#9Canara Robeco Flexi Cap Fund

Canara Robeco Mutual Fund

11,922 Cr

5Y

9.0%

3Y

10.8%

1Y

-3.5%

Exp

0.68%

#10Motilal Oswal Flexicap Fund

Motilal Oswal Mutual Fund

11,679 Cr

5Y

12.8%

3Y

18.0%

1Y

2.4%

Exp

1.32%

Past performance is not indicative of future returns. 3Y & 5Y returns are annualised (CAGR); 1Y is absolute. Mutual fund investments are subject to market risks.

Data as of 12 Oct 2026

What Is a Mutual Fund Category?

A mutual fund category is a group of schemes that follow the same investment mandate, so they can be compared like for like. The Securities and Exchange Board of India (SEBI) defines these categories, which is why a large cap fund from one house is directly comparable with a large cap fund from another. The main groups are equity, debt, hybrid, solution oriented and other, and each contains several sub categories.

Category is the first thing to decide before you compare anything else. Comparing a mid cap fund against a large cap fund on one year returns tells you almost nothing, because they take very different levels of risk to earn those returns. Comparing two funds inside the same category, on the same time periods, is where a ranked table becomes useful.

IF you know the category you want, THEN start by selecting it above and sort by the metric you care about, whether that is 5 year Compound Annual Growth Rate for long term performance or expense ratio for cost. The funds shown are direct plan, growth option, so the comparison stays consistent.

How to Use the Mutual Fund Category Explorer

Four steps to move from a category to a shortlist you can actually compare.

1

Select a mutual fund category

Choose any category from the dropdown, for example large cap, mid cap, small cap, flexi cap, Equity Linked Savings Scheme (ELSS) or aggressive hybrid. The explorer loads the funds in that category, in the direct plan and growth option, and shows the category averages for returns and Assets Under Management (AUM).

2

See the funds ranked by Assets Under Management

The default view ranks funds by Assets Under Management, so the largest schemes in the category surface first. Switch between Top 5, Top 10 and All to widen or narrow the list.

3

Sort on the metric that matters to you

Every column is sortable. Rank by 5 year or 3 year Compound Annual Growth Rate (CAGR) for long term performance, by 1 year return for recent momentum, or by expense ratio to see annual cost. IF two funds look similar on returns, THEN a lower expense ratio reduces the annual cost you pay to hold the fund.

4

Check overlap before you buy two funds in the same category

Two funds in the same category often hold many of the same companies. Send a shortlist to the portfolio overlap tool to see how much they actually share before you own both.

Types of Mutual Funds Explained

The main equity and hybrid categories, explained in plain language so you know what you're looking at before you compare. None of this is a recommendation to buy or sell.

Large Cap Funds

Large cap funds invest mainly in the top 100 companies by market value. They tend to be steadier and less volatile than mid or small cap funds, which is why they often sit at the core of a long term portfolio.

Mid Cap Funds

Mid cap funds invest in companies ranked 101 to 250 by market value. They carry higher growth potential than large cap funds and also larger swings, so they suit a longer time horizon.

Small Cap Funds

Small cap funds invest in companies ranked 251 and below by market value. They carry the highest growth potential and the highest risk of the three, and fund size is worth watching because a very large small cap fund can be harder to manage.

Flexi Cap Funds

Flexi cap funds invest across large, mid and small cap with no fixed split. The fund manager can shift freely between them, so the mix depends on where the manager sees value.

Multi Cap Funds

Multi cap funds must hold a minimum allocation in each of large, mid and small cap. Unlike a flexi cap fund, exposure to all three segments is required, so the small and mid cap weight is always present.

Large and Mid Cap Funds

Large and mid cap funds hold a set allocation to both large cap and mid cap companies, blending the steadiness of large cap with the growth of mid cap.

ELSS (Equity Linked Savings Scheme)

ELSS funds are equity funds with a three year lock-in that qualify for a tax deduction under Section 80C of the old tax regime. They are the only mutual fund category with a built-in tax benefit.

Aggressive Hybrid Funds

Aggressive hybrid funds hold mostly equity with a debt cushion. The debt portion softens the fall in a weak market, which can make them a gentler entry point than a pure equity fund.

How to Compare Funds Within a Category

Once you have picked a category, the comparison gets simpler because every fund on screen is playing the same game. Start with performance across full market cycles. A fund that holds up across both 3 year and 5 year Compound Annual Growth Rate, rather than spiking on one year returns alone, is showing process rather than luck.

Then check the cost. The expense ratio is charged every year, so inside a single category a lower expense ratio is a steady tailwind. Next, read Assets Under Management in context. Large Assets Under Management is reassuring in a large cap fund and worth a second look in a small cap fund, where size can restrict what the manager is able to do.

Finally, check overlap before you buy two funds in the same category, because they often hold many of the same companies. IF two funds look similar on returns and category, THEN a lower expense ratio reduces annual cost and a more consistent 5 year record reflects process rather than a single strong year. Nothing on this page is a recommendation to buy or sell any specific scheme. Treat it as research input and match the final choice to your own goal, time horizon and risk tolerance.

Related Calculators and Research

Shortlisted a category? Check your overlap, project your returns, and dig deeper by fund house.

Portfolio Overlap Calculator

Comparing two funds from the same category? Check how much their holdings overlap before you buy both.

SIP Calculator

Project what a monthly Systematic Investment Plan grows to at different return rates and time horizons before you commit.

Mutual Fund Houses Explorer

Browse top direct growth funds fund house by fund house, ranked by Assets Under Management with returns and expense ratios.

Now See How Your Own Funds Stack Up

Link your mutual fund portfolio in the Novelty Wealth app and NovaAI breaks it down for you: category mix, fund overlap, expense drag, and the gaps worth a second look.

Frequently Asked Questions

A mutual fund category is a group of schemes that follow the same investment mandate, defined by the Securities and Exchange Board of India (SEBI). Categories exist so that funds can be compared like for like, for example one large cap fund against another. The main groups are equity, debt, hybrid, solution oriented and other.

The main types are equity funds, debt funds, hybrid funds, solution oriented funds and other funds such as index funds. Within equity, the common categories are large cap, large and mid cap, mid cap, small cap, multi cap, flexi cap, aggressive hybrid funds and Equity Linked Savings Scheme (ELSS). This explorer covers the equity and hybrid categories, ranked by Assets Under Management.

The difference is the size of the companies they hold. Large cap funds invest in the top 100 companies by market value and tend to be steadier. Mid cap funds invest in companies ranked 101 to 250, with higher growth potential and larger swings. Small cap funds invest in companies ranked 251 and below, with the highest growth potential and the highest risk.

A flexi cap fund invests across large, mid and small cap companies with no fixed split. The fund manager can move freely between the three, so the mix reflects where the manager currently sees value. This is different from a multi cap fund, which must hold a minimum allocation in each of the three segments.

An Equity Linked Savings Scheme, or ELSS, is an equity mutual fund with a three year lock-in that qualifies for a tax deduction under Section 80C of the old tax regime. It is the only mutual fund category with a built-in tax benefit. The lock-in applies to each instalment of a Systematic Investment Plan separately.

No single category is best, because each is built for a different job. Large cap suits stability, mid and small cap suit long horizon growth, hybrid suits a gentler ride, and ELSS adds a tax benefit. The right category depends on your goal, time horizon and risk tolerance. This explorer is built to compare within a category, not to declare a winner.

Funds are ranked by Assets Under Management by default, so the largest schemes in the category appear first. Assets Under Management is a measure of size, not of future performance. You can re-sort any column, so ranking by 5 year Compound Annual Growth Rate or by expense ratio takes one click.

Important Disclosures

The securities quoted are for illustration only and are not recommendatory.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Nothing on this page is investment advice or a recommendation to buy, sell or hold any specific fund house or scheme. Treat it as research input and match any decision to your own goal, time horizon and risk tolerance.