Section 1 ยท Active vs Index
What exactly is an "active" fund โ and should you care?
Think of two kinds of chefs. One follows a fixed recipe exactly (index fund). The other improvises based on skill (active fund). The second can be brilliant โ or wrong. The extra fee is for that expertise.
๐ง
Active Fund
โ
A fund manager handpicks stocks using research and judgment
โ
Goal: beat the market and earn you more than a plain index
โ ๏ธCharges higher fees (1โ2% per year, called expense ratio)
โ ๏ธOnly worth it when the manager consistently beats the index โ many can't
๐
Index Fund
โ
Automatically copies a market index like Nifty 50 โ no judgment calls
โ
Very low fees (0.1โ0.2% per year)
โ
Predictable: you get roughly what the market gives
๐กNo chance of beating the market, but no risk of badly lagging it either
๐ 3 numbers we use to spot real skill vs a lucky streak
๐ฏ
Alpha
Extra return above the market
If the market gave 12% and your fund gave 15%, alpha is +3%. Positive = manager added value. Negative = they didn't.
๐
Information Ratio (IR)
How consistent is that extra return?
Anyone can beat the market once. IR above 0.5 means they do it reliably, year after year. Think of it as the 'reliability score' for alpha.
๐
Beat Rate
% of funds in a group beating the index
If 70% of funds in a category beat their benchmark, it's worth exploring. Below 40%? Just buy the index and save on fees.
โ ๏ธ
The honest truth about active funds
Industry-wide, only about 56.5% of active funds beat their benchmark over 3 years. That means randomly picking an active fund gives you a better-than-even chance of doing worse than a simple index. But in certain categories the odds are much better โ that's exactly what Section 2 shows you.
Section 2 ยท Where Active Wins
Which categories are worth paying extra for?
In some categories, active managers consistently earn their fees. In others, a low-cost index beats most of them. Here's the honest, data-driven split.
โ
Active earns its fees here
High alpha + majority of funds beating the market
Hybrid
182 funds
+1.72%
Alpha
68.8%
Beat rate
Solution Oriented
42 funds
+1.87%
Alpha
66.7%
Beat rate
๐
Index fund likely better here
Most active funds fail to beat the market in these
Other
Consider a low-cost index fund instead
-0.12%
Alpha
17.7%
Beat rate
How often do active funds beat their benchmark โ by category?
Each bar shows % of funds in that category beating their index over 3 years. The line at 50% is break-even โ above it, active generally pays off.
Debt74.0% beat index ยท Alpha: +0.32%
Hybrid68.8% beat index ยท Alpha: +1.72%
Solution Oriented66.7% beat index ยท Alpha: +1.87%
Equity59.1% beat index ยท Alpha: +0.90%
Other17.7% beat index ยท Alpha: -0.12%
Above 55% โ Active likely worth it
40โ55% โ Mixed results
Below 40% โ Index likely better
Top 6 categories โ extra return delivered vs % beating benchmark
Green bar = extra return above market (alpha). Blue bar = how many funds in that group actually beat their index.
Solution OrientedAlpha +1.87% ยท Beat rate 66.7%
HybridAlpha +1.72% ยท Beat rate 68.8%
EquityAlpha +0.90% ยท Beat rate 59.1%
DebtAlpha +0.32% ยท Beat rate 74.0%
OtherAlpha -0.12% ยท Beat rate 17.7%
Alpha (extra return)
Beat rate
Negative alpha
Section 3 ยท Category Scoreboard
Average fund return vs benchmark โ across all time periods
Average fund return vs benchmark across all time periods. Sort any column to find what matters to you.
๐
Highest beat rate category
Debt
74.0% beat their benchmark
๐ฏ
Best risk-adjusted category
Equity
Avg IR 3Y: 0.17
๐
Top 1Y sub-category
FoFs (Overseas)
Avg return: 37.2%
๐
Top 3Y sub-category
Mid Cap
Avg return: 23.2%
๐ฑ
Top 5Y sub-category
Small Cap
Avg return: 20.9%
Section 4 ยท Top Fund Picks
Highest-ranked funds โ by skill, not just returns
Top 2 funds per major sub-category by composite skill score. Use as a starting shortlist, not a final buy decision.
๐ก Pick a fund from your target sub-category, then check its expense ratio and 5-year track record before investing.
Other
Index / ETF
AUM: โน14.7L Cr
No qualifying funds (AUM < โน50 Cr)
Debt
Liquid
AUM: โน7L Cr
๐ฅ Top pick
Edelweiss Liquid Fund
AUM (Cr)
13,171
Score
98.09
Alpha 3Y
+0.19%
IR 3Y
โ
Mahindra Manulife Liquid Fund
AUM (Cr)
1,135
Score
97.17
Alpha 3Y
+0.17%
IR 3Y
โ
Equity
Flexi Cap
AUM: โน5.6L Cr
๐ฅ Top pick
Bank of India Flexi Cap Fund
AUM (Cr)
2,358
Score
0.95
Alpha 3Y
+8.63%
IR 3Y
1.11
HDFC Flexi Cap Fund
AUM (Cr)
1,00,610
Score
0.90
Alpha 3Y
+4.64%
IR 3Y
0.81
Equity
Sectoral / Thematic
AUM: โน5.3L Cr
๐ฅ Top pick
Franklin India Opportunities Fund
AUM (Cr)
8,552
Score
0.89
Alpha 3Y
+12.23%
IR 3Y
1.82
ICICI Prudential India Opportunities Fund
AUM (Cr)
35,813
Score
0.85
Alpha 3Y
+6.71%
IR 3Y
1.19
Equity
Mid Cap
AUM: โน4.7L Cr
๐ฅ Top pick
Nippon India Growth Mid Cap Fund
AUM (Cr)
45,810
Score
0.93
Alpha 3Y
+3.43%
IR 3Y
0.83
Invesco India Mid Cap Fund
AUM (Cr)
11,720
Score
0.91
Alpha 3Y
+5.14%
IR 3Y
0.69
Equity
Large Cap
AUM: โน4L Cr
๐ฅ Top pick
Nippon India Large Cap Fund
AUM (Cr)
51,644
Score
1.00
Alpha 3Y
+4.74%
IR 3Y
1.64
Invesco India Largecap Fund
AUM (Cr)
1,721
Score
0.80
Alpha 3Y
+4.63%
IR 3Y
1.17
Data as of 24-Apr-2026. Top 2 per sub-category by composite score, min AUM โน50 Cr.
Section 5 ยท Fund Screener
Search & filter every active fund
Filter by category, alpha, IR, and AUM. Click any column header to sort. Click a row for the full fund snapshot.
1372 funds matchedData as of 24-Apr-2026
Aditya Birla Sun Life Medium Term Plan
ยท Medium Duration
Top 10%
Score
105.00
Alpha 3Y
+3.51%
IR 3Y
โ
3Y Fd/Idx
10.4/6.9
5Y Fd/Idx
12.7/5.7
AUM (Cr)
3,100
Tata Money Market Fund
ยท Money Market
Top 10%
Score
105.00
Alpha 3Y
+0.58%
IR 3Y
โ
3Y Fd/Idx
7.6/7.0
5Y Fd/Idx
6.6/6.2
AUM (Cr)
37,700
Nippon India Ultra Short Duration Fund
ยท Ultra Short Duration
Top 10%
Score
105.00
Alpha 3Y
+0.40%
IR 3Y
โ
3Y Fd/Idx
7.6/7.2
5Y Fd/Idx
7.5/6.3
AUM (Cr)
11,219
Kotak Multi Asset Allocation Fund
ยท Multi Asset Allocation
Top 10%
Score
105.00
Alpha 3Y
โ
IR 3Y
โ
3Y Fd/Idx
โ
5Y Fd/Idx
โ
AUM (Cr)
13,285
360 ONE Balanced Hybrid Fund
ยท Balanced Hybrid
Top 10%
Score
105.00
Alpha 3Y
โ
IR 3Y
โ
3Y Fd/Idx
โ
5Y Fd/Idx
โ
AUM (Cr)
735
ICICI Prudential Gilt Fund
ยท Gilt
Top 10%
Score
101.97
Alpha 3Y
+0.76%
IR 3Y
โ
3Y Fd/Idx
7.4/6.6
5Y Fd/Idx
6.7/5.8
AUM (Cr)
9,110
ICICI Prudential Short Term Fund
ยท Short Duration
Top 10%
Score
101.67
Alpha 3Y
+1.07%
IR 3Y
โ
3Y Fd/Idx
8.0/6.9
5Y Fd/Idx
7.1/5.9
AUM (Cr)
21,488
HDFC FMP 1861D Macrh 2022 (46)
ยท FMP
Top 10%
Score
100.45
Alpha 3Y
+1.64%
IR 3Y
โ
3Y Fd/Idx
7.6/6.0
5Y Fd/Idx
โ
AUM (Cr)
499
Aditya Birla Sun Life Long Duration Fund
ยท Long Duration
Top 10%
Score
100.00
Alpha 3Y
+1.41%
IR 3Y
โ
3Y Fd/Idx
6.6/5.2
5Y Fd/Idx
โ
AUM (Cr)
124
HSBC Equity Savings Fund
ยท Equity Savings
Top 10%
Score
100.00
Alpha 3Y
+5.75%
IR 3Y
โ
3Y Fd/Idx
15.0/9.2
5Y Fd/Idx
12.6/8.6
AUM (Cr)
891
Quant Arbitrage Fund
ยท Arbitrage
Top 10%
Score
100.00
Alpha 3Y
โ
IR 3Y
โ
3Y Fd/Idx
โ
5Y Fd/Idx
โ
AUM (Cr)
338
HDFC FMP 2638D February 2023 (47)
ยท FMP
Top 10%
Score
100.00
Alpha 3Y
+2.52%
IR 3Y
โ
3Y Fd/Idx
7.8/5.3
5Y Fd/Idx
โ
AUM (Cr)
166
Baroda BNP Paribas Balanced Advantage Fund
ยท Balanced Advantage
Top 10%
Score
99.04
Alpha 3Y
+5.77%
IR 3Y
โ
3Y Fd/Idx
14.9/9.2
5Y Fd/Idx
12.9/9.0
AUM (Cr)
4,717
Bank of India Overnight Fund
ยท Overnight
Top 10%
Score
98.92
Alpha 3Y
+0.07%
IR 3Y
โ
3Y Fd/Idx
6.4/6.3
5Y Fd/Idx
5.6/5.6
AUM (Cr)
57
Axis Overnight Fund
ยท Overnight
Top 10%
Score
98.63
Alpha 3Y
+0.02%
IR 3Y
โ
3Y Fd/Idx
6.3/6.3
5Y Fd/Idx
5.6/5.6
AUM (Cr)
12,671
HSBC Low Duration Fund
ยท Low Duration
Top 10%
Score
98.25
Alpha 3Y
+0.81%
IR 3Y
โ
3Y Fd/Idx
8.0/7.2
5Y Fd/Idx
6.8/6.1
AUM (Cr)
1,193
Quant Multi Asset Allocation Fund
ยท Multi Asset Allocation
Top 10%
Score
98.25
Alpha 3Y
+8.07%
IR 3Y
โ
3Y Fd/Idx
24.7/16.6
5Y Fd/Idx
23.5/14.6
AUM (Cr)
5,240
ICICI Prudential Corporate Bond Fund
ยท Corporate Bond
Top 10%
Score
98.15
Alpha 3Y
+0.92%
IR 3Y
โ
3Y Fd/Idx
7.6/6.7
5Y Fd/Idx
6.8/5.8
AUM (Cr)
32,726
Edelweiss Liquid Fund
ยท Liquid
Top 10%
Score
98.09
Alpha 3Y
+0.19%
IR 3Y
โ
3Y Fd/Idx
7.1/6.9
5Y Fd/Idx
6.1/6.0
AUM (Cr)
13,171
Kotak Aggressive Hybrid Fund
ยท Aggressive Hybrid
Top 10%
Score
97.86
Alpha 3Y
+6.58%
IR 3Y
โ
3Y Fd/Idx
16.5/10.0
5Y Fd/Idx
15.0/10.0
AUM (Cr)
8,669
Page 1 of 69 ยท 1372 funds
Important Disclaimer: This data is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future returns. All data sourced from AMFI, updated daily. Read all scheme-related documents and consult a SEBI-registered advisor before investing.
