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MUTUAL FUNDS · FUND OVERLAP · MONTHLY

Fund Overlap: June 2026 Data

We checked 8,075 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.

21%

TYPICAL SAME-AMC OVERLAP

1 in 3

PAIRS SHARE A THIRD OR MORE

1 in 28

PAIRS BASICALLY THE SAME FUND

🚩 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): 99.32% portfolio overlap
Quantum Mutual Fund — Value Fund (Regular Growth) and ELSS Tax Saver Fund (Regular Growth): 98.66% portfolio overlap
Shriram Mutual Fund — Flexi Cap Fund (Regular Growth) and ELSS Tax Saver Fund (Regular Growth): 98.2% 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.

Biggest mover: The Wealth Company Mutual Fund — overlap score fell from 13% in May to 9.6% in June.

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

ARBITRAGE FUND (REGULAR GROWTH)ETHICAL FUND (REGULAR GROWTH)FLEXI CAP FUND (REGULAR GROWTH)Arbitrage Fund (Regular Growth)5.4%↑ 0.0%10.6%↓ 14.6%Ethical Fund (Regular Growth)5.4%↑ 0.0%12.9%↑ 0.0%Flexi Cap Fund (Regular Growth)10.6%↓ 14.6%12.9%↑ 0.0%
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

Ethical Fund (Regular Growth) ↔ Flexi Cap Fund (Regular Growth) is the one pair still climbing (0% → 12.88%). Likely worth checking if you hold both of these specifically, even though the fund house's overall score improved.

Worth watching: Jio BlackRock Mutual Fund — overlap score rose from 48.6% in May to 50.1% in June.

Its whole 4-fund lineup, compared pair by pair:

CHART

Jio BlackRock Mutual Fund — pairwise overlap

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

JIOBLACKROCK ARBITRAGE FUND (DIRECT GROWTH)JIOBLACKROCK FLEXI CAP FUND (DIRECT GROWTH)JIOBLACKROCK LARGE CAP FUND (DIRECT GROWTH)JIOBLACKROCK SECTOR ROTATION FUND (DIRECT GROWTH)JioBlackRock Arbitrage Fund (Direct Growth)35.5%↑ 34.2%43.1%↑ 42.8%48.9%↑ 45.2%JioBlackRock Flexi Cap Fund (Direct Growth)35.5%↑ 34.2%71.4%↑ 70.4%49.4%↑ 47.9%JioBlackRock Large Cap Fund (Direct Growth)43.1%↑ 42.8%71.4%↑ 70.4%52.2%↑ 50.8%JioBlackRock Sector Rotation Fund (Direct Growth)48.9%↑ 45.2%49.4%↑ 47.9%52.2%↑ 50.8%
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

JioBlackRock Arbitrage Fund (Direct Growth) ↔ JioBlackRock Sector Rotation Fund (Direct Growth) rose from 45.21% to 48.92% 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

0%18%37%55%73%Shriram M…Jio Black…360 ONE M…Navi Mutu…PPFAS Mut…PGIM Indi…WhiteOak …Capitalmi…Union Mut…Canara Ro…
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

Example: Shriram Mutual Fund scores 65.3%. 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

0%9.4%19%28%37%Quantum M…Axis Mutu…Groww Mut…NJ Mutual…Abakkus M…
Near Clones (70%+)Effective Duplicates (50–70%)Moderate Overlap (30–50%)Distinct Funds (<30%)

OVERLAP SCALE — WHAT THE COLORS MEAN

RANGEMEANSACTION
70%+Near-identical portfoliosExit immediately — switch to the lower-cost option
50–70%Effective duplicatesConsolidate — treat as duplicates, exit the weaker/costlier option
30–50%Moderate overlapReview — stop adding new capital, pick one to direct future SIPs
< 30%Distinct fundsKeep both

Same scale used throughout Punji, on the app and here. See the full guide for how it applies to cross-AMC, same-category comparisons.

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.