Why these four
Of the 28 aggressive hybrid funds with a published average AUM for the July–September 2026 quarter, these four are the largest: ICICI Prudential Aggressive Hybrid, HDFC Aggressive Hybrid, DSP Aggressive Hybrid, and Canara Robeco Aggressive Hybrid. Together they hold ₹97,390 crore, 58% of the category. An aggressive hybrid fund keeps 65% to 80% in equity and the rest in debt. The debt slice is meant to soften falls; whether it does depends on what the fund buys and how much equity it actually holds inside the allowed band. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| ICICI Prudential Aggressive Hybrid | 52,108 | 31.2% | 1.08% |
| HDFC Aggressive Hybrid | 22,246 | 13.3% | 1.11% |
| DSP Aggressive Hybrid | 11,763 | 7.0% | 0.78% |
| Canara Robeco Aggressive Hybrid | 11,273 | 6.7% | 0.69% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| ICICI Prudential Aggressive Hybrid | −5.38% | 11.53% | 12.37% | 14.46% |
| HDFC Aggressive Hybrid | −9.04% | 5.54% | 6.85% | 9.64% |
| DSP Aggressive Hybrid | −6.97% | 9.04% | 7.92% | 11.17% |
| Canara Robeco Aggressive Hybrid | −3.68% | 9.93% | 8.40% | 11.97% |
| Category median | −3.85% | 9.81% | 8.55% | 11.37% |
Returns of a year or more are compounded annual rates. Over three years ICICI Prudential Aggressive Hybrid led at 11.53% and HDFC Aggressive Hybrid was lowest at 5.54%, a gap of 5.99 points a year against a category median of 9.81%. All four were negative over one year.
Calendar years
| Year | ICICI Prudential Aggressive Hybrid | HDFC Aggressive Hybrid | DSP Aggressive Hybrid | Canara Robeco Aggressive Hybrid | Category median |
|---|---|---|---|---|---|
| 2022 | 12.32% | 9.58% | −1.70% | 2.60% | 3.78% |
| 2023 | 28.96% | 18.50% | 26.62% | 21.28% | 22.09% |
| 2024 | 17.89% | 13.66% | 18.90% | 16.68% | 18.08% |
| 2025 | 13.99% | 6.60% | 7.90% | 7.77% | 6.95% |
| 2026 to 22 Oct | −6.06% | −9.44% | −7.49% | −3.94% | −4.58% |
A single calendar year can flatter or punish a fund by several points, which is why a table by year says more than one trailing figure. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio | Now vs peak |
|---|---|---|---|---|
| ICICI Prudential Aggressive Hybrid | 10.0% | −11.2% | 0.50 | −6.9% |
| HDFC Aggressive Hybrid | 9.6% | −12.6% | −0.10 | −9.9% |
| DSP Aggressive Hybrid | 9.8% | −11.3% | 0.26 | −7.8% |
| Canara Robeco Aggressive Hybrid | 10.7% | −12.9% | 0.32 | −6.3% |
| Category median | 10.7% | −13.1% | 0.32 | −6.9% |
HDFC Aggressive Hybrid was the steadiest of the four on three-year volatility (9.6%) and Canara Robeco Aggressive Hybrid the bumpiest (10.7%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| ICICI Prudential Aggressive Hybrid | 2.92% | 10.47% |
| HDFC Aggressive Hybrid | −1.30% | 4.74% |
| DSP Aggressive Hybrid | 1.25% | 7.75% |
| Canara Robeco Aggressive Hybrid | 2.86% | 8.07% |
| Category median | 2.14% | 8.07% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
What they own
| Fund | Stocks held | Top-10 share of portfolio | Largest five holdings |
|---|---|---|---|
| ICICI Prudential Aggressive Hybrid | 114 | 35.8% | HDFC Bank Ltd 5.9%, ICICI Bank Ltd 4.9%, Reliance Industries Ltd 4.4%, Sun Pharmaceutical Industries Ltd 3.5%, NTPC Ltd 3.3% |
| HDFC Aggressive Hybrid | 58 | 35.8% | HDFC Bank Ltd 7.0%, ICICI Bank Ltd 6.9%, Reliance Industries Ltd 4.2%, Kotak Mahindra Bank Ltd 3.5%, Axis Bank Ltd 3.2% |
| DSP Aggressive Hybrid | 45 | 40.8% | HDFC Bank Ltd 8.2%, ICICI Bank Ltd 7.4%, ITC Ltd 3.8%, Axis Bank Ltd 3.7%, Mahindra & Mahindra Ltd 3.5% |
| Canara Robeco Aggressive Hybrid | 74 | 28.0% | ICICI Bank Ltd 4.8%, HDFC Bank Ltd 4.6%, Axis Bank Ltd 2.9%, Bharti Airtel Ltd 2.7%, State Bank of India 2.6% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; DSP Aggressive Hybrid is the most concentrated of the four with 40.8% in its ten largest holdings, and Canara Robeco Aggressive Hybrid the least at 28.0%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| ICICI Prudential Aggressive Hybrid / HDFC Aggressive Hybrid | 29 | 33.4% |
| ICICI Prudential Aggressive Hybrid / DSP Aggressive Hybrid | 24 | 27.0% |
| ICICI Prudential Aggressive Hybrid / Canara Robeco Aggressive Hybrid | 31 | 31.8% |
| HDFC Aggressive Hybrid / DSP Aggressive Hybrid | 15 | 32.8% |
| HDFC Aggressive Hybrid / Canara Robeco Aggressive Hybrid | 24 | 36.4% |
| DSP Aggressive Hybrid / Canara Robeco Aggressive Hybrid | 20 | 27.1% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is HDFC Aggressive Hybrid and Canara Robeco Aggressive Hybrid at 36.4%; the most different is ICICI Prudential Aggressive Hybrid and DSP Aggressive Hybrid at 27.0%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, Canara Robeco Aggressive Hybrid charged the lowest Direct expense ratio at 0.69% and HDFC Aggressive Hybrid the highest at 1.11%. On a ₹10 lakh holding that is a difference of ₹4,200 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led in the last rally may lag in the next fall.
- Returns are historical, computed from NAVs, and not a forecast. The closest pair by holdings was HDFC Aggressive Hybrid and Canara Robeco Aggressive Hybrid (36.4% overlap by weight).
- This is not a recommendation to buy or sell any fund.
- Aggressive hybrid funds against large-cap funds
- Four balanced advantage funds head to head
- All aggressive hybrid funds
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures; monthly portfolio disclosures.
Frequently asked questions
Which is the biggest aggressive hybrid fund in India?
By average AUM for July–September 2026, ICICI Prudential Aggressive Hybrid at about ₹52,108 crore, ahead of HDFC Aggressive Hybrid (₹22,246 crore), DSP Aggressive Hybrid (₹11,763 crore) and Canara Robeco Aggressive Hybrid (₹11,273 crore).
Which of the four biggest aggressive hybrid funds has the best 3-year return?
ICICI Prudential Aggressive Hybrid, at 11.53% a year to 22 October 2026, against 5.54% for HDFC Aggressive Hybrid and a category median of 9.81%. Direct plan, Growth option.
Which has the lowest expense ratio?
Canara Robeco Aggressive Hybrid, at 0.69% for the Direct plan; HDFC Aggressive Hybrid charges 1.11%.
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
Four biggest multi-cap funds compared on return and risk
The four biggest multi-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 9.34% to 14.35% a year.
Four biggest large and mid-cap funds compared in 2026
The four biggest large and mid-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 10.13% to 12.19% a year.
Four biggest mid-cap funds compared: returns, risk, cost
The four biggest mid-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 13.77% to 15.96% a year.