How much overlap is acceptable between mutual funds?

Below 30% overlap is generally acceptable. Overlap between 30–50% signals meaningful duplication. Above 50% means your two funds are essentially the same portfolio — you get little diversification benefit from holding both.

How does Topsheet calculate fund overlap?

Topsheet uses ISIN-level holdings data from AMFI's monthly portfolio disclosures. We compare the actual stocks held by each fund and calculate what percentage of the portfolio's total weight consists of shared holdings.

Holdings-based analysis

Mutual Fund
Overlap Detector

Q: Which mutual funds overlap the most in India?

Large-cap funds tend to overlap heavily with each other and with Nifty 50 index funds since they're all concentrated in the same 50–100 large-cap stocks. Flexi-cap and multi-cap funds also overlap significantly with both large-cap and mid-cap funds.

Find out if your mutual funds are secretly holding the same stocks. Built on AMFI's monthly ISIN-level portfolio data — not estimates.

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1,056

Funds tracked

36M+

NAV data points

ISIN-level

Holdings precision

What it does

See exactly what you're double-buying

Most investors hold 4–6 funds thinking they're diversified. Often, 40–60% of the underlying stocks are the same.

Pairwise overlap matrix

See what % of each fund pair's weight is in the same stocks — across every combination in your portfolio.

Effective portfolio view

See your real consolidated holdings, weighted by fund allocation — so you know your true sector and stock bets.

Diversification recommendations

Get specific suggestions on which fund to reconsider and which alternative would best diversify your portfolio.

How it works

Three steps to know
your real exposure

No spreadsheets. No manual lookups. Just select your funds and get instant overlap analysis.

Select up to 8 mutual funds

Search by fund name or AMC. Set your allocation weights to reflect your actual portfolio or an equal split.

We fetch the latest AMFI holdings

Topsheet pulls each fund's latest monthly portfolio disclosure — including every stock by ISIN, weight, and sector.

Get your overlap report

See overlapping stocks, a pairwise matrix, your effective portfolio, and a recommendation on which fund to reconsider.

Frequently asked questions

Common questions
about fund overlap

What is mutual fund overlap?

Mutual fund overlap occurs when two or more funds in your portfolio hold the same stocks. For example, if both your large-cap fund and your flexi-cap fund own HDFC Bank and Infosys, you're more concentrated in those stocks than your fund count suggests. High overlap means you're paying two expense ratios for essentially one portfolio.

How much overlap is acceptable?

Below 30% overlap is generally fine — your funds are genuinely different. Between 30–50% is worth reviewing. Above 50% means you'd get the same exposure by just holding one of the two funds. Most large-cap and flexi-cap fund pairs overlap 40–65%.

How is overlap calculated?

Topsheet uses ISIN-level holdings data from AMFI's monthly portfolio disclosures (updated every 30 days). We compare the exact stocks held by each fund and calculate the weighted overlap — i.e., what percentage of the portfolio's total weight consists of shared holdings, accounting for your allocation to each fund.

Which fund categories overlap the most?

Large-cap funds overlap heavily with each other and with Nifty 50 index funds, since they're all concentrated in the same 50–100 large-cap stocks. Flexi-cap and multi-cap funds also overlap significantly with both large-cap and mid-cap funds. Small-cap and international funds tend to have the least overlap with other categories.

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