Hybrid mutual funds have become an interesting category for investors looking for exposure to more than one asset class through a single mutual fund scheme. Unlike pure equity funds, these schemes can combine equity, debt and, in some cases, other asset classes depending on their investment mandate.
We compared the latest performance data and found 9 hybrid and multi-asset-oriented mutual fund schemes that delivered more than 15.1% annualized returns over the last 3 years as of October 1, 2026. The highest 3-year annualized return in this list is 21.4%, while even the fund at the lower end of the list delivered 15.1% CAGR during this period.
The table below also includes 5-year and 10-year annualized returns wherever sufficient history is available. This provides a better perspective than looking at the 3-year number alone.
Explore 15 Mutual Funds With 10-Year Annualized Returns Above 18.1%
Why This Comparison Matters
Hybrid and multi-asset funds can behave differently from pure equity funds because their portfolios are spread across multiple asset classes or investment strategies. However, the actual asset allocation can vary significantly from one scheme to another.
A strong 3-year return does not automatically mean that a fund will continue delivering similar returns. Market conditions, equity valuations, interest rates, asset allocation decisions and the performance of individual asset classes can all influence future returns.
That is why we have included longer-term return data wherever available. A fund with a 3-year track record but no 5-year or 10-year history needs to be viewed differently from a scheme that has gone through multiple market cycles.
9 Hybrid Mutual Funds With 3-Year Annualized Returns Above 15.1%
| S No | Mutual Fund | 3-Yr CAGR (%) | 5-Yr CAGR (%) | 10-Yr CAGR (%) |
|---|---|---|---|---|
| 1 | Quant Multi Asset Allocation Fund | 21.4% | 19.0% | 18.4% |
| 2 | Nippon India Multi Asset Allocation Fund | 18.3% | 15.0% | — |
| 3 | DSP Multi Asset Allocation Fund | 17.6% | — | — |
| 4 | WhiteOak Capital Multi Asset Allocation Fund | 16.7% | — | — |
| 5 | ICICI Prudential Retirement Fund – Hybrid Aggressive Plan | 16.4% | 14.3% | — |
| 6 | Bank of India Aggressive Hybrid Fund | 16.0% | 14.6% | 16.0% |
| 7 | Aditya Birla Sun Life Multi-Asset Omni FoF | 15.9% | 12.9% | 12.7% |
| 8 | Nippon India Multi – Asset Omni FoF | 15.3% | 14.7% | — |
| 9 | Aditya Birla Sun Life Multi Asset Allocation Fund | 15.1% | — | — |
Data as of October 1, 2026. Returns are annualized (CAGR). The figures represent the data considered for this comparison.
Analyse 18 Mutual Funds With 1-Year Returns Above 20.0%
What Stands Out in the Data
The first thing that stands out is the relatively wide gap between the highest and lowest 3-year returns.
Quant Multi Asset Allocation Fund leads the table with a 21.4% annualized return over 3 years. This is followed by Nippon India Multi Asset Allocation Fund at 18.3% and DSP Multi Asset Allocation Fund at 17.6%.
At the other end, Aditya Birla Sun Life Multi Asset Allocation Fund delivered 15.1% annualized returns, which is the threshold used for this comparison.
Therefore, there is a 6.3 percentage-point difference between the highest and lowest 3-year CAGR among these nine schemes.
Quant Multi Asset Allocation Fund Has the Longest Strong Track Record
Quant Multi Asset Allocation Fund has the highest 3-year return in this comparison at 21.4%.
More importantly, the scheme also has longer-term return data. Its 5-year annualized return stands at 19.0%, while the 10-year annualized return is 18.4%.
This means the fund’s return numbers are not limited to the recent 3-year period. However, investors should still remember that historical consistency does not guarantee similar returns in the future.
The performance of a multi-asset fund can also change depending on how the portfolio is allocated across different asset classes during different market conditions.
Are there any high risk high return indices in India based on last 1 to 10 year performance?
Nippon India Multi Asset Allocation Fund Shows Strong 3-Year Returns
Nippon India Multi Asset Allocation Fund delivered a 3-year annualized return of 18.3%.
Its 5-year CAGR is 15.0%, which is lower than the recent 3-year annualized return. This difference shows that the more recent period has contributed significantly to the fund’s longer-term return profile.
The scheme does not have a 10-year figure in the data considered for this comparison.
DSP and WhiteOak Capital Multi Asset Allocation Funds
DSP Multi Asset Allocation Fund generated a 17.6% annualized return over 3 years, while WhiteOak Capital Multi Asset Allocation Fund delivered 16.7%.
Both funds cross the 15.1% threshold comfortably. However, the available data does not include 5-year or 10-year annualized returns for these two schemes.
This is an important distinction when comparing them with funds such as Quant Multi Asset Allocation Fund or Bank of India Aggressive Hybrid Fund, where a much longer performance history is available.
A shorter track record does not by itself indicate whether a fund is good or bad. It simply means there is less historical data available for comparison across different market cycles.
Aggressive Hybrid Funds Also Appear in the List
The list is not limited to multi-asset allocation schemes.
ICICI Prudential Retirement Fund – Hybrid Aggressive Plan delivered 16.4% annualized returns over 3 years, while Bank of India Aggressive Hybrid Fund delivered 16.0%.
Bank of India Aggressive Hybrid Fund is particularly notable from a historical-data perspective because it has a 10-year CAGR of 16.0%. Its 5-year annualized return is 14.6%.
ICICI Prudential Retirement Fund – Hybrid Aggressive Plan has a 5-year CAGR of 14.3%, but there is no 10-year return figure in the data considered here.
You may like 11 Mutual Funds With 5-Year Annualized Returns Above 20.0%
Multi-Asset Omni FoFs Are Also Present
Two multi-asset-oriented Fund of Funds also appear in the comparison.
Aditya Birla Sun Life Multi-Asset Omni FoF delivered a 15.9% 3-year CAGR. Its 5-year and 10-year annualized returns stand at 12.9% and 12.7%, respectively.
Nippon India Multi – Asset Omni FoF delivered a 15.3% 3-year CAGR and a 14.7% 5-year CAGR. A 10-year figure is not available in the data considered.
The important point here is that Fund of Funds have a different structure from a conventional hybrid mutual fund. Investors should therefore look at the underlying funds, asset allocation, costs and taxation before comparing them directly with other hybrid schemes.
Category-Wise Observations
The nine schemes in this comparison broadly fall into multi-asset allocation, aggressive hybrid and multi-asset Fund of Fund strategies.
Multi-asset allocation funds make up the largest portion of the list. Five schemes in the table are multi-asset allocation funds, while two are multi-asset-oriented FoFs and two are aggressive hybrid or hybrid retirement-oriented schemes.
This concentration is interesting because multi-asset strategies have benefited from strong performance across different asset classes during the period under consideration.
However, it would be incorrect to assume that all multi-asset funds will produce similar returns. Asset allocation, portfolio construction, rebalancing decisions and the specific securities selected can vary considerably between schemes.
3-Year Returns vs 5-Year Returns
One useful observation from the table is that the 3-year CAGR is higher than the 5-year CAGR for several funds where both figures are available.
For example, Nippon India Multi Asset Allocation Fund has delivered 18.3% over 3 years compared with 15.0% over 5 years.
Bank of India Aggressive Hybrid Fund has generated 16.0% over 3 years compared with 14.6% over 5 years.
Aditya Birla Sun Life Multi-Asset Omni FoF shows a similar pattern, with 15.9% over 3 years compared with 12.9% over 5 years.
This suggests that the recent 3-year period has been particularly strong for these schemes relative to the preceding portion of their longer-term history.
What Should You Check Before Comparing These Funds?
Look Beyond the 3-Year CAGR
Three-year annualized returns can provide a useful starting point, but they should not be the only factor used to evaluate a mutual fund.
Where available, investors can also examine 5-year and 10-year returns, rolling returns, portfolio composition and performance across different market phases.
Check the Asset Allocation
Two funds classified within a similar broad category can have very different portfolios.
Check how much the scheme invests in equities, fixed income and other permitted asset classes. Also look at whether the allocation is relatively stable or changes significantly based on the fund manager’s strategy.
Understand the Risk Level
Hybrid does not mean risk-free.
A fund with a substantial equity allocation can experience meaningful volatility during an equity market correction. Multi-asset funds may have exposure to several asset classes, but that does not eliminate market risk.
Check the Expense Ratio and Portfolio
Expense ratio, fund size, portfolio concentration, top holdings and the quality of underlying investments are useful factors to examine before making any investment decision.
For Fund of Funds, investors should also understand the underlying funds and the additional layer of expenses that may apply.
Do Not Extrapolate Recent Returns
A 21.4% annualized return over the last 3 years does not mean an investor should expect 21.4% every year going forward.
Returns can vary substantially depending on market conditions. Past performance is only historical information and should not be treated as an indication of future returns.
Conclusion
Nine hybrid and multi-asset-oriented mutual fund schemes delivered more than 15.1% annualized returns over the 3-year period as of October 1, 2026.
Quant Multi Asset Allocation Fund tops this comparison at 21.4%, followed by Nippon India Multi Asset Allocation Fund at 18.3% and DSP Multi Asset Allocation Fund at 17.6%.
The longer-term data also provides an important perspective. Quant Multi Asset Allocation Fund has a 19.0% 5-year CAGR and 18.4% 10-year CAGR, while Bank of India Aggressive Hybrid Fund has delivered 14.6% and 16.0% over 5 and 10 years respectively.
At the same time, several newer schemes in the list do not yet have a 5-year or 10-year track record. Therefore, the nine funds should not be viewed as directly comparable purely on the basis of their 3-year returns.
This comparison is intended to help readers identify schemes that have delivered strong historical returns and conduct further research. Investors should consider their own financial goals, risk tolerance, investment horizon and the current portfolio of each scheme before making any investment decision.
Frequently Asked Questions
Which hybrid mutual fund has the highest 3-year return as of October 2026?
Quant Multi Asset Allocation Fund has the highest 3-year annualized return in this comparison at 21.4%, based on data as of October 1, 2026.
How many hybrid mutual funds delivered more than 15.1% annualized returns?
Nine hybrid and multi-asset-oriented schemes in the data considered for this article delivered more than or equal to 15.1% annualized returns over 3 years as of October 1, 2026.
Which fund has the highest 10-year return in this list?
Among the funds for which 10-year data is available, Quant Multi Asset Allocation Fund has the highest 10-year annualized return at 18.4%.
Are these high-return hybrid mutual funds suitable for all investors?
Not necessarily. Hybrid and multi-asset funds can have different levels of equity, debt and other asset-class exposure, and their risk can vary significantly. Investors should examine the scheme’s asset allocation, risk profile, investment objective and portfolio before making an investment decision.
Do high 3-year returns mean these funds will continue to generate similar returns?
No. Historical returns are not a guarantee of future performance. The returns of hybrid and multi-asset funds can change depending on equity markets, interest rates, asset allocation and other market conditions.
Disclaimer: This article is for informational and educational purposes only and is based on historical mutual fund performance data as of October 1, 2026. It does not constitute investment advice, financial advice or a recommendation to buy, sell or hold any mutual fund scheme. The inclusion of any mutual fund in this article should not be interpreted as a recommendation or endorsement.
Mutual fund investments are subject to market risks. Past performance does not indicate future returns. Investors should read the scheme-related documents carefully and assess their own investment objectives, risk tolerance and financial circumstances before investing. Investors who require personalized advice should consult a SEBI-registered investment advisor.
- 9 Hybrid Mutual Funds With 3-Year Annualized Returns Above 15.1% (Oct-26 Update) - October 2, 2026
- SMC Global Securities NCD Sep-2026 – Interest Rates, Ratings and Review - September 30, 2026
- 3 High-Risk, High-Return Indices for Mutual Fund Investors: 1, 3, 5 & 10-Year Returns - September 29, 2026