Mutual fund overlap — are you holding the same fund twice?
The question every multi-fund investor should ask. Paste holdings from any two fund factsheets — we compute weighted overlap % (the same metric Value Research and Advisorkhoj charge for), plus shared stocks, unique positions, and honest diversification analysis. Free, client-side, nothing stored.
Shared stocks (9)
| Stock | Fund A | Fund B | Overlap (min) |
|---|---|---|---|
| HDFCBANK | 7.50% | 9.10% | 7.50% |
| RELIANCE | 8.20% | 7.20% | 7.20% |
| ICICIBANK | 6.80% | 8.40% | 6.80% |
| INFY | 5.40% | 6.10% | 5.40% |
| TCS | 4.90% | 5.30% | 4.90% |
| ITC | 2.90% | 3.50% | 2.90% |
| LT | 3.10% | 2.80% | 2.80% |
| AXISBANK | 2.70% | 3.20% | 2.70% |
| SBIN | 2.20% | 2.40% | 2.20% |
Unique to Fund A (6)
- BHARTIARTL3.80%
- KOTAKBANK2.40%
- HINDUNILVR2.10%
- MARUTI1.90%
- SUNPHARMA1.70%
- ASIANPAINT1.50%
Unique to Fund B (6)
- BAJFINANCE2.60%
- HCLTECH2.10%
- TITAN1.90%
- NESTLEIND1.70%
- M&M1.50%
- ULTRACEMCO1.30%
How to get portfolio data
- • Fund factsheets — every AMC publishes monthly. Search "[fund name] factsheet" on the AMC site — holdings with weights are on the top-10 or top-15 table.
- • AMFI portfolio disclosure — amfiindia.com publishes monthly portfolio holdings for every scheme.
- • Accepted format — one holding per line, ticker/name then weight. Our parser handles commas, tabs, spaces, % symbols. Case-insensitive.
For best accuracy, use latest-month portfolio disclosures. Holdings rotate monthly so a comparison of 3-month-old data vs fresh data may over-estimate overlap.
What the numbers mean
- • Weighted overlap % — the sum of minimum weights across shared stocks. 60%+ = these funds are near-duplicates. Below 30% = genuine diversification.
- • Jaccard similarity — pure count-based: shared / union. Useful when you don't trust the weights.
- • Two large-cap funds almost always have 70%+ overlap (they both own Reliance, HDFC Bank, ICICI, etc.). That's why "large-cap diversification" rarely works.
- • Large-cap + small-cap or mid-cap usually shows <15% overlap — real diversification.
Why this matters for your wealth
If two of your funds have 75% weighted overlap, you're paying two expense ratios (~1% + ~1% = 2%) for effectively one portfolio. Over 20 years at 12% CAGR, swapping one to a cheaper fund (or consolidating) saves roughly 40% of the drag in that bucket. That's ₹8-10 lakh on a ₹10L initial investment.
Overlap analysis is especially useful for flexi-cap + large-cap combos (often ~80% overlap despite the "flexi" label) and for investors who have accumulated 8+ funds "for diversification" — usually 3-4 of them are near-identical.
Related MF tools
Analyse your full MF portfolio for pairwise overlap
Paste your fund list and allocations — Axel computes pairwise weighted overlap, flags every pair above 50%, highlights expense-ratio and category overlap, and surfaces the tax impact of any hypothetical rebalance. Analysis framing, not fund recommendations.
Research tool · not investment advice.
Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Overlap analysis uses holdings you paste in — nothing is stored. Accuracy depends on the recency and completeness of the factsheet data you provide. Tool is for diversification analysis only; fund selection should also consider expense ratio, manager tenure, AUM, category risk.