The number
The median equity savings fund returned 2.54% in the year to 9 October 2026. Of 23 funds with a full year of history, only two lost money. Over three years the median is 8.23% a year and over five years 7.32%.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 9 October 2026. Returns of a year or more are compounded annual rates. Tata Equity Savings Fund has no one-year return in our data and is not included. An equity savings fund combines equity, arbitrage and debt, which puts it between a pure arbitrage fund and an aggressive hybrid.
Every fund with a year of history
| Fund | 1 year | 3 years a year | 5 years a year | Worst fall in 3 years | Direct TER |
|---|---|---|---|---|---|
| quant Equity Savings Fund | 6.95% | — | — | — | 2.03% |
| Edelweiss Equity Savings Fund | 6.75% | 11.01% | 9.30% | −3.5% | 1.11% |
| HSBC Equity Savings Fund | 6.11% | 12.45% | — | −11.5% | 1.41% |
| WhiteOak Capital Equity Savings Fund | 5.08% | — | — | — | 1.51% |
| Bajaj Finserv Equity Savings Fund | 4.35% | — | — | — | 1.05% |
| Mahindra Manulife Equity Savings Fund | 3.80% | 9.09% | 8.17% | −4.6% | 1.28% |
| Aditya Birla Sun Life Equity Savings Fund | 3.71% | 7.59% | 6.25% | −2.5% | 1.19% |
| Mirae Asset Equity Savings Fund | 3.67% | 9.74% | 8.58% | −5.1% | 0.73% |
| Bandhan Equity Savings Fund | 3.04% | 6.82% | 6.41% | −2.2% | 0.63% |
| Baroda BNP Paribas Equity Savings Fund | 2.94% | 8.95% | 7.86% | −5.3% | 1.71% |
| Axis Equity Savings Fund | 2.91% | 8.95% | 7.32% | −5.2% | 1.56% |
| Franklin India Equity Savings Fund | 2.54% | 7.02% | 6.67% | −2.1% | 0.82% |
| SBI Equity Savings Fund | 2.52% | 7.69% | 7.87% | −6.4% | 1.46% |
| Kotak Equity Savings Fund | 2.31% | 9.74% | 9.60% | −6.0% | 1.09% |
| Union Equity Savings Fund | 2.10% | 6.60% | 5.81% | −4.5% | 2.11% |
| PGIM India Equity Savings Fund | 2.00% | 6.20% | 5.74% | −3.1% | 1.11% |
| ICICI Prudential Equity Savings Fund | 1.95% | 6.68% | 7.17% | −3.1% | 1.12% |
| LIC MF Equity Savings Fund | 1.48% | 8.17% | — | −7.5% | 1.86% |
| UTI Equity Savings Fund | 1.28% | 7.84% | 8.11% | −4.9% | 1.04% |
| DSP Equity Savings Fund | 1.19% | 8.30% | 7.20% | −2.7% | 1.10% |
| HDFC Equity Savings Fund | 0.77% | 7.95% | 7.73% | −4.8% | 1.30% |
| Sundaram Equity Savings Fund | −0.77% | 8.36% | — | −6.2% | 1.33% |
| Invesco India Equity Savings Fund | −1.02% | 8.37% | 7.12% | −6.8% | 1.51% |
A dash means the fund is too young for that period. The last column is the largest peak-to-trough fall in NAV over three years; the expense ratio is AMFI's latest Direct-plan TER.
Who led, who lagged
quant led the year at 6.95% but has no longer record, and its 2.03% expense ratio is one of the highest in the group. Edelweiss is the fund to look at: second over one year (6.75%), second over three (11.01%) and second over five (9.30%), with a worst fall of only 3.5%. HSBC has the best three-year figure, 12.45% a year, and also the deepest fall, 11.5%, more than twice the median fund's 4.8%. Kotak has the best five-year return, 9.60%.
At the other end, Invesco India (−1.02%) and Sundaram (−0.77%) were the only two negative funds over the year, though both have solid three-year numbers of 8.37% and 8.36%. Shallowest falls over three years belong to Franklin (2.1%), Bandhan (2.2%), Aditya Birla Sun Life (2.5%) and DSP (2.7%).
Against arbitrage and conservative hybrid funds
| Median, Direct Growth | Funds | 1 year | 3 years a year | 5 years a year | Worst fall in 3 years |
|---|---|---|---|---|---|
| Arbitrage | 33 | 6.62% | 7.24% | 6.76% | −0.4% |
| Equity savings | 23 | 2.54% | 8.23% | 7.32% | −4.8% |
| Conservative hybrid | 17 | 1.72% | 7.58% | 7.25% | −3.6% |
| Aggressive hybrid | 28 | −1.77% | 10.31% | 8.73% | −13.1% |
Equity savings funds sit between arbitrage and aggressive hybrid, as their construction suggests: a three-year median 1 point above arbitrage and 2.1 below aggressive hybrid, with a median fall of 4.8% against 0.4% and 13.1%. The latest year reverses the ordering at the safe end. Arbitrage returned 6.62%, 4.1 points more than the median equity savings fund, and only quant (6.95%) and Edelweiss (6.75%) beat it.
That is the trade-off in the category. Over three and five years the equity savings median earned about 1 point and 0.6 points a year more than arbitrage, for a deeper fall. In a year when equity was weak, the hedged arbitrage book was the better place to be.
Cost
The median Direct expense ratio is about 1.28%, high for funds whose returns are in single digits. The cheapest are Bandhan (0.63%), Mirae Asset (0.73%) and Franklin (0.82%); the dearest Union (2.11%), quant (2.03%) and LIC (1.86%). Cost matters more here than in an equity category, because a 1.3% charge is a large share of a 7–8% return. Mirae Asset's combination of a 0.73% fee with a 9.74% three-year return is one of the strongest in the table on that measure. See the lowest-cost active equity funds for how this compares across categories.
Reading the table
Because these funds hold arbitrage positions, their results depend on the equity share each manager runs, so the same label covers a wide range of risk: from a 2.1% to an 11.5% worst fall. Compare funds with similar falls, not just similar returns. For a closer look at four of the larger ones see Kotak, Edelweiss, Mirae Asset and HSBC compared, and use the screener to sort the category by any column.
Frequently asked questions
How have equity savings funds performed over the last year?
The median equity savings fund (Direct plan, Growth option) returned 2.54% in the year to 9 October 2026, across 23 funds with a year of history. Two were negative. The range ran from -1.02% (Invesco India) to 6.95% (quant).
How do equity savings funds compare with arbitrage and conservative hybrid funds?
Over one year the median arbitrage fund returned 6.62%, the conservative hybrid 1.72% and the equity savings fund 2.54%. Over three years the medians were 7.24%, 7.58% and 8.23% a year. Over five years they were 6.76%, 7.25% and 7.32%.
How big a fall have equity savings funds had?
The median fund's worst peak-to-trough NAV fall over the last three years was 4.8%. It ranged from 2.1% (Franklin India) to 11.5% (HSBC). For comparison the median aggressive hybrid fund fell 13.1% and the median arbitrage fund 0.4%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
Equity savings funds returned 3.89% in a year to September
The median equity savings fund returned 3.89% in the year to 18 September 2026, ahead of conservative hybrids' 2.86% but behind arbitrage funds' 6.79%.
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