Top-rated conservative hybrid funds: November 2026

The 6 conservative hybrid schemes rated A+ or A on their track record this month, out of 17 rated Regular plans: why each one rates well, what changed since last month, and how much they overlap. Data as of 11 Nov 2026.

Each fund is compared only with other conservative hybrid funds of the same plan type: return over 20% Nifty 50 TRI + 80% bond funds, how consistently it was earned, risk, cost and portfolio. How the ratings work.

1. Parag Parikh Conservative Hybrid Fund

PPFAS Mutual Fund · AUM ₹3,394 cr · 5.5 years

Regular A+ · #1 of 17 · expense ratio 0.66% · Direct A+ · #1 of 17 · expense ratio 0.31%

Returned 8.7% a year over 3 years (Regular plan), +1.1% a year against 20% Nifty 50 TRI + 80% bond funds; the median fund: -0.2%.
In falling months it fell 77% as much as the index (median fund: 137%).
Its deepest fall in the last 3 years was 2.8% (median fund: 3.8%).

2. ICICI Prudential Conservative Hybrid Fund

ICICI Prudential Mutual Fund · AUM ₹3,223 cr · 13.9 years

Regular A+ · #2 of 17 · expense ratio 1.73% · Direct A+ · #2 of 17 · expense ratio 1.04%

Returned 8.4% a year over 3 years (Regular plan), +0.8% a year against 20% Nifty 50 TRI + 80% bond funds; the median fund: -0.2%.
Ahead of 20% Nifty 50 TRI + 80% bond funds in 100% of rolling 3-year periods (median fund: 92%).
In falling months it fell 85% as much as the index (median fund: 137%).
Its deepest fall in the last 3 years was 3.1% (median fund: 3.8%).

3. DSP Conservative Hybrid Fund

DSP Mutual Fund · AUM ₹174 cr · 13.9 years

Regular A · #3 of 17 · expense ratio 1.25% · Direct A · #4 of 17 · expense ratio 0.65%

Returned 8.2% a year over 3 years (Regular plan), +0.6% a year against 20% Nifty 50 TRI + 80% bond funds; the median fund: -0.2%.
Ahead of 20% Nifty 50 TRI + 80% bond funds in 100% of rolling 3-year periods (median fund: 92%).
In falling months it fell 88% as much as the index (median fund: 137%).
Its deepest fall in the last 3 years was 3.4% (median fund: 3.8%).

4. SBI Conservative Hybrid Fund

SBI Mutual Fund · AUM ₹9,944 cr · 13.8 years

Regular A · #4 of 17 · expense ratio 1.49% · Direct A · #6 of 17 · expense ratio 1.01%

Returned 7.9% a year over 3 years (Regular plan), +0.4% a year against 20% Nifty 50 TRI + 80% bond funds; the median fund: -0.2%.
Ahead of 20% Nifty 50 TRI + 80% bond funds in 100% of rolling 3-year periods (median fund: 92%).
In falling months it fell 110% as much as the index (median fund: 137%).
Its deepest fall in the last 3 years was 3.2% (median fund: 3.8%).

5. Aditya Birla Sun Life Conservative Hybrid Fund

Aditya Birla Sun Life Mutual Fund · AUM ₹1,448 cr · 13.9 years

Regular A · #5 of 17 · expense ratio 1.80% · Direct A · #3 of 17 · expense ratio 0.96%

Returned 8.0% a year over 3 years (Regular plan), +0.4% a year against 20% Nifty 50 TRI + 80% bond funds; the median fund: -0.2%.
Ahead of 20% Nifty 50 TRI + 80% bond funds in 100% of rolling 3-year periods (median fund: 92%).
In falling months it fell 91% as much as the index (median fund: 137%).
Its deepest fall in the last 3 years was 3.1% (median fund: 3.8%).

6. Baroda BNP Paribas Conservative Hybrid Fund

Baroda BNP Paribas Mutual Fund · AUM ₹937 cr · 4.7 years

Regular C · #7 of 17 · expense ratio 2.06% · Direct A · #5 of 17 · expense ratio 0.55%

Returned 8.6% a year over 3 years (Direct plan), +0.8% a year against 20% Nifty 50 TRI + 80% bond funds; the median fund: -0.2%.
In falling months it fell 109% as much as the index (median fund: 137%).
Its deepest fall in the last 3 years was 3.2% (median fund: 3.8%).

A short record: 4.7 years. Ratings on short records change more.

No fund joined or left the shortlist since last month.

Holding two of them? Check the overlap

The share of their portfolios two funds hold in common (portfolios of October 2026). Above about half, two funds are close to one bet.

Funds	Overlap
SBI Conservative Hybrid Fund + Baroda BNP Paribas Conservative Hybrid Fund	2%
Parag Parikh Conservative Hybrid Fund + SBI Conservative Hybrid Fund	0%
Parag Parikh Conservative Hybrid Fund + Baroda BNP Paribas Conservative Hybrid Fund	0%

Check the overlap of your own funds

Which of these suits you?

That depends on your goal, your other funds and how much overlap you hold. Tell us what you have and we'll look at it with you.

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All 34 conservative hybrid plans, with every rating · Other categories

Common questions

Which conservative hybrid funds are rated A+ in November 2026?

Among Regular plans: Parag Parikh Conservative Hybrid Fund, ICICI Prudential Conservative Hybrid Fund. 6 schemes are rated A+ or A in at least one plan. Ratings compare each fund with its own category and plan type, on its record against 20% Nifty 50 TRI + 80% bond funds.

Is the top-rated conservative hybrid fund the best one to invest in?

Not necessarily. The rating describes the track record so far: return over the index, how consistently it was earned, risk, cost and portfolio. Our own backtest found that top ratings did not reliably predict the next three years. Use the shortlist to avoid weak records, then choose for your goal, the funds you already hold, and how much overlap you can accept.

Direct plan or Regular plan?

The same portfolio. A Direct plan has no distributor commission, so its expense ratio is lower and its return slightly higher. A Regular plan pays a distributor such as us, through the expense ratio, for advice and service. Plans are rated separately: Regular against Regular, Direct against Direct.

How often does this list change?

Returns update every weekday, but ratings change twice a month: on the 11th and the 16th, after fund houses publish their monthly portfolios.

Ratings describe past track records and are not a recommendation to buy or sell, or a forecast. Mutual fund investments are subject to market risks; read the scheme documents before investing.