Parag Parikh Flexi Cap Fund vs HDFC Flexi Cap Fund
What ₹10 lakh grew to in each, with returns, costs, risk, holdings, overlap and Foliyo’s research view.
- Parag Parikh Flexi Cap Fund
- Leader
- HDFC Flexi Cap Fund
- Leader
- Portfolio overlap
- 30%
- Returns to
- 30 October 2026
Parag Parikh Flexi Cap FundHDFC Flexi Cap Fund
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Parag Parikh Flexi Cap Fund (Leader, ₹1,45,070 Cr) and HDFC Flexi Cap Fund (Leader, ₹1,08,547 Cr) are two of the largest flexi cap funds. On Foliyo’s research HDFC Flexi Cap Fund ranks higher (1 of 38, Leader) than Parag Parikh Flexi Cap Fund (3, Leader). ₹10 lakh put in both on 24 May 2013 grew to ₹89.23 lakh and ₹76.83 lakh respectively by 30 October 2026.
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Parag Parikh Flexi Cap Fund vs HDFC Flexi Cap Fund: side by side
| Direct Growth plans | Parag Parikh Flexi Cap Fund | HDFC Flexi Cap Fund |
|---|---|---|
| Foliyo label | Leader #3 of 38 | Leader #1 of 38 |
| ₹10 lakh after 1 year | ₹9.41 lakh | ₹9.60 lakh |
| ₹10 lakh after 3 years | ₹14.23 lakh | ₹15.59 lakh |
| ₹10 lakh after 5 years | ₹16.28 lakh | ₹19.99 lakh |
| ₹10 lakh after 10 years | ₹47.85 lakh | ₹43.36 lakh |
| 1-year return | −5.9% | −4.0% |
| 3-year return (a year) | 12.5% | 15.8% |
| 5-year return (a year) | 10.9% | 15.5% |
| 10-year return (a year) | 16.7% | 15.3% |
| Since launch (a year) | 17.7% | 15.5% |
| Fund size (AUM) | ₹1,45,070 Cr | ₹1,08,547 Cr |
| Expense ratio (Direct) | 0.69% | 0.77% |
| Number of holdings | 126 | 86 |
| Equity / debt / cash | 90% / 0% / 10% | 97% / 0% / 2% |
| Large / mid / small cap | 65% / 8% / 6% | 70% / 15% / 12% |
| Price to earnings | 17.6 | 23.8 |
| Price to book | 2.6 | 3.3 |
| Sharpe ratio (3Y) | 0.59 | 0.62 |
| Sortino ratio (3Y) | 0.94 | 0.91 |
| Standard deviation (3Y) | 10.1% | 13.5% |
| Maximum drawdown (3Y) | −10.0% | −12.4% |
| Alpha (3Y) | 3.46% | 4.96% |
| Beta (3Y) | 0.59 | 0.83 |
| Downside capture (3Y) | 44 | 74 |
| Lead fund manager | Rajeev Thakkar (since May 2013) | Amit B. Ganatra (since February 2026) |
| Launch date | 24 May 2013 | 1 January 2013 |
| Benchmark | Nifty 500 TR INR | Nifty 500 TR INR |
| Riskometer | Very High Risk | Very High Risk |
Returns to 30 October 2026; risk ratios to 30 September 2026, 3 years; portfolios as of 30 September 2026; labels and ranks from Foliyo’s review of 23 October 2026. A “—” means the figure isn’t available for that fund.
Where each fund invests
Parag Parikh Flexi Cap Fund: sectors
- Financial Services 26.7%
- Technology 11.9%
- Communication Services 10.2%
- Consumer Cyclical 8.9%
- Real Estate 8.7%
- Utilities 7.1%
- Other 26.5%
HDFC Flexi Cap Fund: sectors
- Financial Services 34.9%
- Consumer Cyclical 17.4%
- Healthcare 13.7%
- Technology 5.3%
- Utilities 2.7%
- Real Estate 2.7%
- Other 23.3%
Parag Parikh Flexi Cap Fund: market cap
- Large cap 65.2%
- Mid cap 8.3%
- Small cap 5.8%
- Other 20.7%
HDFC Flexi Cap Fund: market cap
- Large cap 69.9%
- Mid cap 15.1%
- Small cap 11.5%
- Other 3.4%
Portfolio overlap
Parag Parikh Flexi Cap Fund and HDFC Flexi Cap Fund hold 23 of the same stocks and bonds; counting each common holding at the smaller of its two weights, 30% of the two portfolios overlap. That is moderate: the two share a core but differ beyond it.
Largest common holdings
Parag Parikh Flexi Cap FundHDFC Flexi Cap Fund
- HDFC Bank Ltd
- ICICI Bank Ltd
- Kotak Mahindra Bank Ltd
- Axis Bank Ltd
- Bharti Airtel Ltd
- HCL Technologies Ltd
- Maruti Suzuki India Ltd
- Power Grid Corp Of India Ltd
Foliyo’s research on each
Parag Parikh Flexi Cap Fund
Rank 3 of 38, managed by Rajeev Thakkar (lead since May 2013)
Leader Top rated: over 3 years it returned 12.3% a year against 11.2% for similar funds, at a lower yearly fee, and it has held up well when markets fell.
Over 3 years the fund returned 12.3% a year, against 11.2% for similar funds, and over 5 years 10.5% a year, against 9.0%. Its yearly fee is 0.69%, against 0.89% for similar funds. It fell less than most when markets dropped and has been steady, with its manager in place since May 2013. Keep in mind that it has gained less in strongly rising markets, and its 1-year return of -6.7% is level with similar funds at -6.6%. About 9.6% is held in cash, and the ten largest holdings make up 51.2% of the fund.
Pros
- It was ahead of the peer median in 96.8% of rolling 3-year periods, with a 3-year return of 12.3% against 11.2% and a 5-year return of 10.5% against 9.0%.
- Downside capture is 44, maximum drawdown -10.0%, volatility 10.1% and Sharpe 0.59 against a peer median of 0.40.
- The expense ratio is 0.69% against a peer median of 0.89%, and Rajeev Thakkar has led the fund since May 2013.
Cons
- Upside capture is 73, so it lags in strong markets, and the 1-year return of -6.7% is level with the peer median of -6.6%.
- Cash is 9.6% and the top 10 holdings are 51.2% of the portfolio.
HDFC Flexi Cap Fund
Rank 1 of 38, managed by Amit B. Ganatra (lead since Feb 2026)
Leader Top rated: over 3 years it returned 14.4% a year against 11.2% for similar funds, at a lower yearly fee, though a new lead manager has only been in charge since February 2026.
Over 3 years the fund returned 14.4% a year, against 11.2% for similar funds, and over 5 years 14.3% a year, against 9.0%. Its yearly fee is 0.77%, against 0.89% for similar funds. It has done better than similar funds steadily, and in each of the last 5 calendar years it was in the better half of its category. It also fell less than the market in bad months. Keep in mind that the lead manager changed in February 2026, so most of this record was built under someone else. Over the last year it lost 6.8%, about level with similar funds at 6.6%.
Pros
- The 3-year return is 14.4% against a peer median of 11.2%, and the 5-year return is 14.3% against 9.0%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and in the top half of its category in 5 of 5 calendar years.
- It fell less than its benchmark: downside capture 74, upside capture 101, maximum drawdown -12.4% and beta 0.83, with an expense ratio of 0.77% against a peer median of 0.89%.
Cons
- Amit B. Ganatra has been lead manager only since Feb 2026 (0.7 years), so most of this record was built before him.
- The 1-year return of -6.8% is level with the peer median of -6.6%, so the recent edge is not visible.
See where they stand among all flexi cap funds: Best Flexi Cap Funds.
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
Which is better, Parag Parikh Flexi Cap Fund or HDFC Flexi Cap Fund?
On Foliyo’s research (review of 23 October 2026), Parag Parikh Flexi Cap Fund is Leader (rank 3 of 38) and HDFC Flexi Cap Fund is Leader (rank 1 of 38). Which suits you depends on your goals and what else you own; the ranking describes the past, not the future.
Which has given higher returns, Parag Parikh Flexi Cap Fund or HDFC Flexi Cap Fund?
Over 3 years Parag Parikh Flexi Cap Fund returned 12.5% a year and HDFC Flexi Cap Fund 15.8%; over 5 years 10.9% and 15.5% a year (Direct Growth, to 30 October 2026). ₹10 lakh invested 3 years ago would be ₹14.23 lakh and ₹15.59 lakh.
Which has the lower expense ratio?
Parag Parikh Flexi Cap Fund charges 0.69% a year and HDFC Flexi Cap Fund 0.77% (Direct plans). Regular plans of both cost more, because they include the distributor’s commission.
How much do Parag Parikh Flexi Cap Fund and HDFC Flexi Cap Fund overlap?
About 30% of the two portfolios overlap: they share 23 holdings, as of 30 September 2026.
Should I invest in both Parag Parikh Flexi Cap Fund and HDFC Flexi Cap Fund?
Two funds from the same category often hold many of the same companies (here about 30%), so a second one adds cost and paperwork more than diversification. A fee-only adviser can check how they fit with the rest of your portfolio: talk to a Foliyo adviser.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research