Where the year landed
In the year to Thursday 25 June 2026, the median aggressive hybrid fund returned 1.44%. The median large cap fund returned −1.11%.
An aggressive hybrid fund keeps between 65% and 80% of its money in equity and the rest in debt. That debt slice is the only structural difference from an equity fund, and in a year that included a sharp fall it was worth about two and a half points at the median.
The figures are computed from daily NAVs dated 25 June 2026, Direct plan, Growth option: 28 aggressive hybrid funds and 35 large cap funds, 33 of them a year old. Index figures are NSE price indices, with our estimate of the total return, adding back dividends, where stated.
The numbers
| Aggressive hybrid (median) | Large cap (median) | Nifty 100 | |
|---|---|---|---|
| 1 year | 1.44% | −1.11% | −2.74% (est. total return −1.45%) |
| 3 years, a year (CAGR) | 13.48% | 12.88% | 10.54% (est. total return 11.97%) |
| 5 years, a year (CAGR) | 11.37% | 11.54% | |
| Volatility, 3 years | 10.54% | 13.27% | |
| Worst fall from a peak, 3 years | −13.11% | −16.44% |
Of the 28 aggressive hybrid funds, 20 have a positive one-year return, against 9 of the 33 large cap funds, and 24 beat the large cap median.
Over three years the hybrids are ahead too, at 13.48% a year against 12.88%, and 18 of the 28 beat the large cap median. Over five years the two are level. The hybrids got there with about a fifth less volatility.
The fall and the rebound
The year split into two halves for equity. From 31 December 2025 the market fell to a low on 30 March 2026, and it has recovered part of the way since.
| 31 Dec 2025 to 30 Mar | 30 Mar to 25 Jun | 2026 so far | |
|---|---|---|---|
| Nifty 50 | −14.54% | +7.72% | −7.94% |
| Nifty 100 | −14.29% | +9.79% | −5.90% |
| Large cap funds (median, 33) | −13.23% | +10.27% | −4.16% |
| Aggressive hybrid funds (median, 28) | −9.71% | +9.63% | −1.42% |
The hybrids fell about three-quarters as far as the large cap funds, and then rose almost as far in the rebound: 9.63% against 10.27%. That asymmetry is most of their lead for the year.
A fund with a quarter of its money in debt would be expected to rise about a quarter less in a rally. The median hybrid gave up much less than that. One reading that fits is that the equity part of many hybrid funds holds more mid and small caps than a large cap fund may. The Nifty Midcap 150 rose 17.09% from 30 March to 25 June, far more than the Nifty 100.
The spread
| Fund | 1 year | 30 Mar to 25 Jun | 3 years, a year |
|---|---|---|---|
| Quant Aggressive Hybrid | 12.67% | +20.70% | 16.76% |
| Bank of India Aggressive Hybrid | 10.23% | +17.29% | 20.89% |
| Navi Aggressive Hybrid | 8.10% | +16.04% | 14.09% |
| JM Aggressive Hybrid | −3.65% | +10.07% | 16.38% |
| HDFC Aggressive Hybrid | −3.86% | +7.60% | 8.54% |
| Invesco India Aggressive Hybrid | −4.92% | +9.71% | 13.57% |
The range is 17.59 points over the year, from 12.67% to −4.92%: wide for a category defined by a fixed equity band. The three funds at the top also gained most since the March low. Bank of India's fund is the most volatile in the category, at 14.99% over three years, and quant's the third most, at 12.99%.
HDFC's fund has the weakest three-year figure in the category, 8.54% a year, and the second-weakest one-year figure, with the smallest rebound since 30 March.
What this does not tell you
A year with a sharp fall flatters the debt slice. In a steady rally the same funds would likely trail large cap funds.
Past returns don't predict. The funds at the top rebounded hardest, which can reverse just as fast.
The index figures exclude dividends unless marked as our estimate of total return. Fund NAVs include them.
Tax depends on equity share. An aggressive hybrid fund holding at least 65% in Indian equity is taxed as an equity fund.
Where to go from here
The aggressive hybrid and large cap pages list every scheme, and the one-fund aggressive hybrid screen ranks the hybrids. The guide to hybrid and balanced advantage funds explains how the equity bands differ.
For the more flexible hybrid category, see balanced advantage funds in the March fall.
Frequently asked questions
What have aggressive hybrid funds returned over the last year?
In the year to the NAV of 25 June 2026, the median Direct Growth aggressive hybrid fund returned 1.44%, across 28 funds, and 20 of them were positive. The median large cap fund returned −1.11% across 33 funds, and the Nifty 50 price index fell 4.71%.
How did aggressive hybrid funds do in the 2026 fall and recovery?
From 31 December 2025 to the 30 March 2026 low, the median aggressive hybrid fund fell 9.71% against 13.23% for the median large cap fund. From 30 March to 25 June it rose 9.63%, against 10.27% for large cap funds.
Are aggressive hybrid funds less risky than large cap funds?
They swing less. Over three years to 25 June 2026 the median aggressive hybrid fund's annualised volatility was 10.54%, against 13.27% for large cap funds, and its worst fall from a peak was 13.11% against 16.44%. Both are still mostly equity funds.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
Keep reading
Arbitrage funds vs liquid funds: the 2026 scorecard
The median arbitrage fund returned 6.68% in the year to 30 September 2026, against 6.46% for liquid funds. Where each came out ahead, and what it cost.
Balanced advantage funds in 2026's falling market
The Nifty 50 fell 13.4% from 31 December 2025 to 30 September 2026. The median balanced advantage fund lost 1.7%, and its worst dip was 8.7%.
Gilt funds returned 3% in a year, half what liquid did
The median gilt fund returned 3.02% in the year to 30 September 2026, against 6.46% for liquid funds. The spread between gilt funds was over 7 points.