Hybrid funds offer investors exposure to more than one asset class through a single mutual fund scheme. Depending on the category, these funds can invest across equity, debt, gold, silver, and other assets, with the allocation varying according to the fund’s mandate.
According to the latest AMFI data for July 2026, there are 186 schemes in the hybrid fund category. Among these, arbitrage funds have the highest number, with 39 schemes.
However, when hybrid funds are compared based on their three-year SIP returns, multi-asset allocation funds emerge as the strongest performers among the seven broad hybrid categories, based on Value Research data.
Which hybrid funds delivered the highest SIP returns?
The top four funds in the three-year SIP return list are all from the multi-asset allocation fund category. As per AMFI data, there were 36 multi-asset allocation funds in July 2026.
Under Sebi’s categorisation framework, these funds must invest in at least three asset classes, with a minimum allocation of 10% to each asset class. These can include equity, debt, gold, silver, real estate investment trusts (REITs), and other permitted asset classes.
| Fund name | 3-year SIP return |
| Quant Multi Asset Allocation Fund | 18.66% |
| Nippon India Multi Asset Allocation Fund | 17.99% |
| WhiteOak Capital Multi Asset Allocation Fund | 16.62% |
| Aditya Birla Sun Life Multi Asset Allocation Fund | 16.53% |
*Source: Value Research, Direct Plans, Returns as on 25 August 2026
Quant Multi Asset Allocation Fund topped the list with a three-year SIP return of 18.66%. It was followed by Nippon India Multi Asset Allocation Fund, which delivered 17.99%.
WhiteOak Capital Multi Asset Allocation Fund and Aditya Birla Sun Life Multi Asset Allocation Fund ranked third and fourth, with returns of 16.62% and 16.53%, respectively.
The concentration of multi-asset funds at the top of the table highlights how the category has performed relative to other broad hybrid categories over the three-year SIP period. However, past returns do not indicate how these funds will perform in the future.
Which hybrid funds delivered the lowest SIP returns?
At the other end of the list are funds from categories such as balanced advantage, aggressive hybrid, and conservative hybrid.
| Fund name | 3-year SIP return |
| Motilal Oswal Balanced Advantage Fund | 2.29% |
| Shriram Balanced Advantage Fund | 2.81% |
| HDFC Aggressive Hybrid Fund | 3.28% |
| Sundaram Conservative Hybrid Fund | 3.71% |
*Source: Value Research, Direct Plans, Returns as on 25 August 2026
Motilal Oswal Balanced Advantage Fund recorded the lowest three-year SIP return among the funds highlighted, at 2.29%. Shriram Balanced Advantage Fund followed at 2.81%.
The other two funds were HDFC Aggressive Hybrid Fund, with a three-year SIP return of 3.28%, and Sundaram Conservative Hybrid Fund, at 3.71%.
Two of the four funds with the lowest three-year SIP returns are balanced advantage funds, while the other two belong to the aggressive hybrid and conservative hybrid categories.
Balanced advantage funds dynamically manage their allocation between equity and debt based on the fund’s investment strategy, without a fixed equity-debt allocation range.
Aggressive hybrid funds invest 65–80% of their total assets in equity and equity-related instruments and 20–35% in debt instruments. However, conservative hybrid funds invest 10–25% in equity and equity-related instruments and 75–90% in debt instruments.
The wide gap between the highest and lowest three-year SIP returns shows that hybrid funds are not a uniform category. Their return profiles can differ significantly depending on the asset allocation and investment strategy followed by each sub-category.
Disclaimer: This is purely for educational/informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.