Fund overlap
Weighted holdings overlap = Σ min(weight_A, weight_B) across common stock holdings, using the latest disclosed month-end portfolio from AMFI scheme disclosures. Cash, derivatives, and non-equity instruments are excluded. Category-level figures are medians across pairwise comparisons of large, well-known funds within each SEBI category. Point-in-time snapshot - portfolios change monthly.
→ Full overlap guide · Monthly Fund Overlap Monitor
Alpha
Alpha = fund 3Y CAGR − benchmark 3Y CAGR. Benchmark resolved in order: (1) AMFI-registered benchmark for the scheme, (2) Punji's curated benchmark mapping, (3) SEBI category default. Sample limited to Direct-Growth schemes with ≥36 months of NAV history. Regular plans, IDCW, and legacy/wound-up schemes excluded. Sectoral benchmark mismatch flagging uses a high-correlation threshold over the same 36-month window.
→ We measured alpha for 1,066 equity funds
Fund similarity
"Similar Funds" on a fund page is same-category matching - the list shows the top-ranked funds in the same SEBI category as the one you're looking at, ranked by performance within that category, not funds that happen to behave alike across categories. Direct, Growth-option funds only, up to 5, excluding the fund itself.
We don't publish the exact ranking methodology or weights - they're tuned and versioned internally, and publishing the precise numbers would let anyone reverse-engineer or game a ranking rather than trust the underlying assessment. The HIGH/MEDIUM/LOW label next to each result reflects its rank position in that list (1st = HIGH, 2nd-3rd = MEDIUM, 4th-5th = LOW), not a similarity magnitude.
A fund needs at least a one-year track record to be ranked against peers at all - a handful of very new funds don't have one yet, and show a note instead of a list until they do.
Fund health score
Three separate profiles, each a weighted composite of category percentile ranks - not raw metric values, and not a single blended star rating. A fund's Quality score reflects its rolling return consistency, alpha, cost, and manager tenure relative to its category peers this month, recomputed monthly as those peers change:
- Quality - rolling-return level, alpha, return consistency, expense ratio, manager tenure.
- Safety - down-capture ratio, max drawdown, Sortino ratio (downside-focused risk-adjusted return).
- Compound - return consistency, cost, manager tenure, Sortino, rolling CAGR, and max drawdown together - a blended long-term-holding lens.
The exact weight assigned to each input is version-controlled internally (a weight change bumps the version so historical scores stay auditable) but not published - weights get retuned as more data arrives, and a fixed public number would go stale and become gameable. A fund with too little NAV history to compute a component is marked "insufficient track record" rather than scored anyway.
→ Fund Health Score explained with real funds · → Why peer-relative beats absolute thresholds
Stock quality score
An unweighted count of pass/fail checks across four groups - not a blended composite with hidden weights to argue with:
- Governance - promoter stake level, share-pledging.
- Profitability & growth - profit, return on equity, return on capital employed, interest coverage, revenue growth.
- Valuation - earnings yield and price ratios against the stock's own trailing history.
- Balance sheet - sustained positive operating cash flow, working-capital trend, short-term borrowing growth, free cash flow versus capital spending.
Source: NSE regulatory filings and exchange price data.
Quality vs. alpha (stocks)
Validating the score above: quality scores computed at each fiscal year-end; forward returns measured to the same date twelve months later. Alpha defined as individual stock return minus Nifty 500 return over the identical period. Banks and insurance companies are assessed against a modified criteria set. Returns are price-only - dividends excluded.
→ The Quality Trap: a 13-year alpha audit
Flow Watch: AUM change vs. net flow
The AMC × category heatmap in each monthly Flow Watch drop measures AUM change - flow plus market appreciation combined - not net flow in isolation. It is not directly comparable to the separately-reported net-flow totals (equity net inflow, debt net flow) shown alongside it in the same drop. Conflating the two is a common analysis error we deliberately avoid.