When it comes to long-term wealth creation, hybrid mutual funds have emerged as one of the most consistent performers. By blending equity for growth and debt for stability, these funds have delivered impressive results over time. Over the last 15 years, some hybrid funds have turned a modest investment of ₹1 Lakh into as much as ₹8.5 Lakhs — an astonishing 428% to 754% absolute return. In this article, we highlight what makes hybrid mutual funds unique, the selection criteria, and the 10 best hybrid mutual funds that have created exceptional wealth over the last 15 years.
Earlier we analysed 10 Hybrid Mutual Funds That Outperformed with 172% to 250% Absolute Returns in 5 Years.
What Are Hybrid Mutual Funds?
Hybrid mutual funds invest across multiple asset classes – primarily equity, debt, and sometimes gold. This diversification helps investors enjoy steady returns while minimizing risk.
The major categories include:
- Aggressive Hybrid Funds: Invest 65% to 80% in equity and the rest in debt.
- Balanced Advantage Funds: Dynamically switch between equity and debt depending on market conditions.
- Multi Asset Funds: Invest in a mix of equity, debt, and gold (and sometimes international assets).
- Conservative Hybrid Funds: Allocate a higher portion in debt and a smaller portion in equity.
How We Shortlisted These Funds
For this analysis:
- Considered all hybrid categories with a track record of 15 years or more.
- Evaluated based on CAGR (Compound Annual Growth Rate) and absolute returns from 2009 to 2025 (15 years).
- Considered only regular plans in mutual funds as direct plans came only from 2013 onwards.
- Data source: Value Research / Moneycontrol as of 4-Nov-2025.
Top 10 Hybrid Mutual Funds That Outperformed in 15 Years
Below are the top performers based on their 15-year CAGR and corresponding absolute returns.
| Fund Name | 15-Year CAGR | Absolute Returns | ₹1 Lakh Would Have Grown To |
|---|---|---|---|
| ICICI Prudential Equity & Debt Fund | 15.3% | 754% | ₹8.54 Lakhs |
| ICICI Prudential Multi Asset Fund | 14.1% | 640% | ₹7.40 Lakhs |
| Quant Multi Asset Allocation Fund | 14.0% | 634% | ₹7.34 Lakhs |
| HDFC Children’s Gift Fund | 13.7% | 612% | ₹7.12 Lakhs |
| Quant Aggressive Hybrid Fund | 13.3% | 584% | ₹6.84 Lakhs |
| HDFC Balanced Advantage Fund | 13.1% | 573% | ₹6.73 Lakhs |
| HDFC Hybrid Equity Fund | 12.7% | 546% | ₹6.46 Lakhs |
| Kotak Multi Asset Omni FoF | 12.7% | 546% | ₹6.46 Lakhs |
| Canara Robeco Equity Hybrid Fund | 12.5% | 428% | ₹5.28 Lakhs |
| SBI Equity Hybrid Fund | 12.3% | 428% | ₹5.28 Lakhs |
Deep Dive: Top 10 Hybrid Mutual Funds in 15 Years
1. ICICI Prudential Equity & Debt Fund
Fund Objective: Invests predominantly in equity (65-80%) and the rest in debt, offering long-term capital appreciation with stability.
Performance Snapshot:
- 3-Year CAGR: 19.1%
- 5-Year CAGR: 26.1%
- 10-Year CAGR: 16.0%
- 15-Year CAGR: 15.3%
- Absolute Returns: ~754%
- ₹1 Lakh Became: ₹8.54 Lakhs
Ideal For:
- Investors seeking consistent growth with moderate risk.
- Long-term investors looking for a proven performer.
Risks:
- Equity market fluctuations.
- Short-term volatility due to higher stock exposure.
This fund also listed in our earlier article of 10 Hybrid Mutual Funds That Outperformed with 290% to 420% Absolute Returns in 10 Years.
2. ICICI Prudential Multi Asset Fund
Fund Objective: Diversifies investments across equity, debt, and commodities like gold for a balanced return profile.
Performance Snapshot:
- 3-Year CAGR: 19.6%
- 5-Year CAGR: 25.1%
- 10-Year CAGR: 15.9%
- 15-Year CAGR: 14.1%
- Absolute Returns: ~640%
- ₹1 Lakh Became: ₹7.40 Lakhs
Ideal For:
- Investors seeking exposure to multiple asset classes.
Risks:
- Commodity cycles and interest rate sensitivity.
3. Quant Multi Asset Allocation Fund
Fund Objective: Invests dynamically across equity, debt, and gold for superior diversification and tactical advantage.
Performance Snapshot:
- 3-Year CAGR: 20.9%
- 5-Year CAGR: 26.1%
- 10-Year CAGR: 17.6%
- 15-Year CAGR: 14.0%
- Absolute Returns: ~634%
- ₹1 Lakh Became: ₹7.34 Lakhs
Ideal For:
- Aggressive investors looking for active asset allocation.
Risks:
- Volatility due to dynamic portfolio shifts.
This fund is among 5 Best Mutual Funds to invest in 2025 (as per Chat GPT).
4. HDFC Children’s Gift Fund
Fund Objective: Designed for long-term goals like child education or marriage with a hybrid asset mix.
Performance Snapshot:
- 3-Year CAGR: 15.0%
- 5-Year CAGR: 18.3%
- 10-Year CAGR: 13.5%
- 15-Year CAGR: 13.7%
- Absolute Returns: ~612%
- ₹1 Lakh Became: ₹7.12 Lakhs
Ideal For:
- Parents planning for long-term financial goals.
Risks:
- Slightly conservative compared to aggressive hybrid funds.
5. Quant Aggressive Hybrid Fund
Fund Objective: Focuses on high equity allocation to achieve superior long-term growth.
Performance Snapshot:
- 3-Year CAGR: 11.9%
- 5-Year CAGR: 21.7%
- 10-Year CAGR: 15.8%
- 15-Year CAGR: 13.3%
- Absolute Returns: ~584%
- ₹1 Lakh Became: ₹6.84 Lakhs
Ideal For:
- Aggressive investors seeking higher capital appreciation.
Risks:
- High exposure to equity market volatility.
6. HDFC Balanced Advantage Fund
Fund Objective: Uses a dynamic allocation model between equity and debt to manage risk and deliver steady returns.
Performance Snapshot:
- 3-Year CAGR: 18.6%
- 5-Year CAGR: 23.9%
- 10-Year CAGR: 14.4%
- 15-Year CAGR: 13.1%
- Absolute Returns: ~573%
- ₹1 Lakh Became: ₹6.73 Lakhs
Ideal For:
- Investors preferring stability with moderate equity exposure.
Risks:
- May underperform during strong equity bull markets.
We analysed this fnd among 5 Best Balanced Mutual Funds to Invest in 2025 Based on Rolling Returns.
7. HDFC Hybrid Equity Fund
Fund Objective: Balanced mix of equity and debt for steady long-term returns.
Performance Snapshot:
- 3-Year CAGR: 12.6%
- 5-Year CAGR: 17.2%
- 10-Year CAGR: 12.3%
- 15-Year CAGR: 12.7%
- Absolute Returns: ~546%
- ₹1 Lakh Became: ₹6.46 Lakhs
Ideal For:
- Moderate investors seeking a time-tested fund.
Risks:
- Equity market and interest rate sensitivity.
8. Kotak Multi Asset Omni FoF
Fund Objective: Invests in equity, debt, and gold funds to provide a diversified growth opportunity.
Performance Snapshot:
- 3-Year CAGR: 20.0%
- 5-Year CAGR: 20.5%
- 10-Year CAGR: 15.2%
- 15-Year CAGR: 12.7%
- Absolute Returns: ~546%
- ₹1 Lakh Became: ₹6.46 Lakhs
Ideal For:
- Investors looking for all-in-one diversification.
Risks:
- Dependent on underlying fund performance.
9. Canara Robeco Equity Hybrid Fund
Fund Objective: Invests in a mix of equity and debt to generate long-term capital appreciation with stability.
Performance Snapshot:
- 3-Year CAGR: 13.7%
- 5-Year CAGR: 15.6%
- 10-Year CAGR: 12.5%
- 15-Year CAGR: 12.5%
- Absolute Returns: ~428%
- ₹1 Lakh Became: ₹5.28 Lakhs
Ideal For:
- Conservative investors seeking balance between growth and safety.
Risks:
- Lower equity exposure limits upside potential.
10. SBI Equity Hybrid Fund
Fund Objective: One of India’s oldest and most trusted hybrid schemes, offering steady long-term returns.
This fund is among 7 Mutual Funds That Attracted Over ₹ 1,500 Crore Inflows in September 2025.
Performance Snapshot:
- 3-Year CAGR: 14.1%
- 5-Year CAGR: 16.8%
- 10-Year CAGR: 12.4%
- 15-Year CAGR: 12.3%
- Absolute Returns: ~428%
- ₹1 Lakh Became: ₹5.28 Lakhs
Ideal For:
- Investors preferring a conservative hybrid portfolio with proven history.
Risks:
- Limited equity upside during bull markets.
Conclusion
Hybrid Mutual Funds have once again demonstrated the power of diversification. Over 15 years, the top-performing hybrid funds have delivered 428% to 754% absolute returns, turning long-term investments into substantial wealth.
If you seek a combination of growth and stability, hybrid funds can be an excellent choice. Depending on your risk appetite, you can pick from aggressive, balanced, or multi-asset variants to achieve long-term financial goals.
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