Mutual Fund Overlap Checker
Paste the latest holdings of two mutual funds to find common stocks, weighted portfolio overlap, count overlap, concentration, and holdings unique to each fund.
Last Updated: July 23, 2026
Owning two funds does not automatically mean owning two different portfolios. This mutual fund overlap checker compares the holdings you enter at stock level. When weights are included, it uses each common holding's smaller portfolio weight to estimate the allocation genuinely duplicated across both funds. It also reports count-based overlap, because the number of shared names and the amount invested in those names answer different questions.
Compare Two Mutual Fund Portfolios
Use one holding per line. Accepted examples: Reliance Industries, 7.25% or RELIANCE | Reliance Industries Ltd | 7.25%.
Fund A
Fund B
Calculations run locally in your browser. Pasted holdings are not uploaded by this page.
A large part of these entered portfolios is duplicated
The example shares 3 holdings. Their smaller weights add to 60.0 percentage points, while count overlap is 60.0% of the combined unique holdings.
Common Holdings and Overlap Contribution
| Holding | Fund A weight | Fund B weight | Shared contribution | Larger allocation |
|---|
Only in Fund A
Only in Fund B
How to Use This Mutual Fund Overlap Checker
- Download or open the latest portfolio disclosure or factsheet for each mutual fund. Use documents from the same month whenever possible.
- Paste one holding per line into Fund A and Fund B. A holding name is enough for count overlap; add a percentage weight to calculate weighted overlap.
- Include a ticker or security code as the first column when both sources provide it. A shared code is often more dependable than a shortened company name.
- Choose Flexible names to ignore punctuation and common legal suffixes such as Ltd, Limited, Inc, Corp, PLC, or LLC. Choose Strict names when identifiers or names are already standardized.
- Select Calculate Overlap, then review the common-holdings table, unmatched lists, portfolio-weight totals, and any data warning before interpreting the headline percentage.
The parser accepts commas, tabs, pipes, or semicolons. It reads the final numeric column as a weight when that value is separated from the name. Rows such as 3M India are therefore treated as names unless an explicit separated percentage follows. Duplicate rows inside one fund are combined and flagged for review.
What Mutual Fund Overlap Really Measures
Mutual fund overlap is the portion of two portfolios represented by the same underlying securities. If two diversified equity funds both place large weights in the same banks, technology companies, and consumer businesses, owning both may add less stock-level diversification than the fund count suggests. Overlap does not automatically make either scheme unsuitable; it tells you how much duplication exists so you can judge whether that duplication is intentional.
This checker calculates two complementary measures. Weighted overlap asks how many portfolio percentage points are shared. Count overlap asks what share of the combined distinct holding list appears in both funds. A portfolio can have modest count overlap but high weighted overlap if the shared stocks are its largest positions. It can also have high count overlap but lower weighted overlap if the common names are small allocations.
Mutual Fund Overlap Formula
For every matched security, the calculator takes the smaller weight because only that amount can be present in both portfolios. It then adds those shared contributions:
For names without usable portfolio weights, the checker uses the Jaccard count formula:
The union denominator prevents a common stock from being counted twice. The tool also displays the common holdings as a share of each individual fund, which is useful when one fund owns many more securities than the other.
Worked Example
Suppose Fund A holds Alpha at 30%, Beta at 25%, Gamma at 20%, and Delta at 25%. Fund B holds Alpha at 20%, Beta at 35%, Delta at 15%, and Epsilon at 30%. Three holdings are common: Alpha, Beta, and Delta.
- Alpha contributes the smaller of 30% and 20%, so its shared contribution is 20%.
- Beta contributes the smaller of 25% and 35%, so its shared contribution is 25%.
- Delta contributes the smaller of 25% and 15%, so its shared contribution is 15%.
- Weighted overlap is 20% + 25% + 15% = 60%.
- The combined union contains five distinct holdings, so count overlap is 3 ÷ 5 × 100 = 60%.
Fund A has 80% of its weight in common names, while Fund B has 70%. The exact shared allocation is lower, at 60%, because the two funds assign different weights to those names.
How to Interpret the Overlap Percentage
There is no universal regulatory cutoff that turns a portfolio-overlap percentage into a buy, hold, or sell decision. The labels below are practical screening ranges retained from the earlier 1Dollars checker, not investment rules. Fund category, benchmark, mandate, taxes, costs, risk tolerance, and the role of each holding in your plan matter more than a label alone.
| Weighted overlap | Screening label | What to examine next |
|---|---|---|
| Below 25% | Low | Confirm that the unique holdings also differ by sector, market-cap exposure, geography, and investment style. |
| 25% to below 40% | Moderate | Review the largest common positions and decide whether both funds perform distinct jobs in the portfolio. |
| 40% or more | High | Check whether fees, mandates, risk, tax impact, and expected behavior justify keeping both despite substantial duplication. |
High overlap may be expected when comparing two large-cap index funds tracking similar benchmarks. It may also be deliberate when an investor wants manager diversification while keeping a stable market exposure. Low stock overlap is not automatically superior: two funds can hold different securities but still move together because they share the same sectors, factors, country, duration, or credit risk.
Weighted Overlap vs Other Portfolio Measures
| Measure | Question answered | Useful for | Does not show |
|---|---|---|---|
| Weighted holdings overlap | How much allocation is duplicated stock by stock? | Comparing two disclosed portfolios at one date. | Future returns, correlation, manager skill, tax, or fees. |
| Count overlap | How many distinct names are shared? | Lists without weights and breadth comparisons. | Whether the common names are tiny or dominant positions. |
| Sector overlap | Do the funds allocate to similar industries? | Finding broad economic concentration. | Different companies within the same sector. |
| Return correlation | How similarly did fund returns move historically? | Observed co-movement over a selected period. | Direct stock duplication or how future returns will behave. |
| Active share | How different is one portfolio from a benchmark? | Benchmark-relative portfolio analysis. | Overlap between two funds unless one is treated as the reference. |
| Expense ratio | What annual operating cost is charged to the scheme? | Cost comparison. | Whether the underlying holdings are duplicated. |
Data Quality, Matching, and Common Errors
A mathematically correct formula can still produce a poor comparison when the source data is inconsistent. Use the complete portfolio, not only the top ten holdings, if you want a whole-portfolio estimate. A top-holdings comparison is a lower-bound snapshot of the listed portion and should be described that way.
- Different disclosure dates: a security sold during the gap may appear as a false difference. Align month-end dates.
- Weights that do not total about 100%: cash, derivatives, debt, overseas securities, rounding, or an incomplete list may explain the gap. The tool reports the entered total for context.
- Name variations: "ABC Ltd" and "ABC Limited" can be the same issuer. Flexible mode removes common legal suffixes but does not use aggressive fuzzy matching.
- Share classes and similar issuers: do not merge different share classes, parent companies, subsidiaries, ETFs, or debt instruments merely because their names look similar. Use a common ticker or ISIN when available.
- Duplicate rows: consolidated disclosures may list the same issuer more than once by instrument. Decide whether issuer-level or security-level analysis fits your question.
- Percentage scale mistakes: enter 7.5 for 7.5%, not 0.075. Negative or above-100 individual weights are rejected.
Flexible mode standardizes capitalization, punctuation, ampersands, and common legal endings. It intentionally avoids approximate spelling matches because a silent false positive is more damaging than an unmatched row you can inspect. The common and unique lists make the matching result auditable.
When Fund Overlap Can Matter
Overlap becomes especially relevant when several funds were added over time without assigning each one a distinct role. A portfolio may contain a large-cap fund, a flexi-cap fund, an index fund, and a tax-saving equity fund that all concentrate in many of the same leading companies. The account statements show four schemes, but the underlying economic exposure may still depend heavily on a smaller set of stocks.
Use the result as the start of a portfolio review, not as an automatic consolidation instruction. Ask why each fund is held, what benchmark and mandate it follows, whether its unique positions are material, how it behaves in difficult markets, what costs and exit conditions apply, and what tax consequences a sale could create. Existing capital gains, exit loads, lock-ins, and account goals can make an immediate switch inappropriate even when overlap is high.
A Practical Review Checklist
- Compare funds within the same account and across household accounts where the investment goal is shared.
- Sort the common-holdings table by contribution and focus on the names that drive most of the overlap.
- Check market-cap, sector, geography, factor, credit, and duration exposure in addition to stock names.
- Review expense ratios, tracking difference, portfolio turnover, benchmark, riskometer, and manager tenure using current scheme documents.
- Repeat the analysis after a meaningful portfolio update rather than reacting to small monthly changes.
Where to Find Current Mutual Fund Holdings
For Indian mutual funds, start with the asset management company's official monthly portfolio disclosure or factsheet. AMFI also provides a directory of monthly mutual fund factsheets. Portfolio disclosures commonly include security names, identifiers, market value, and percentage of net assets. For funds in another country, use the fund sponsor's official holdings download, regulatory filing, or dated factsheet.
Make sure both files describe the same type of exposure. Equity, debt, cash, derivatives, and fund-of-fund holdings may require different interpretation. This checker can compare entered names and weights, but it does not look through an ETF or another pooled fund to the securities held inside that vehicle.
Methodology sources: AMFI monthly mutual fund factsheets and SEBI's mutual fund and RTA resource directory. The overlap formulas are disclosed above and calculated only from user-entered data.
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Frequently Asked Questions
What is a good mutual fund overlap percentage?
There is no universal good percentage. Below 25% can be a useful low-overlap screen, 25% to below 40% a moderate screen, and 40% or more a high screen, but fund roles, benchmarks, costs, risk, and investor goals determine whether the overlap is acceptable.
How is weighted mutual fund overlap calculated?
For every common holding, take the smaller of its two portfolio weights and add those amounts. If one fund allocates 8% and the other 5% to the same stock, that stock contributes 5 percentage points to weighted overlap.
Can I calculate overlap without portfolio weights?
Yes. Enter one holding name per line and the tool will calculate count overlap as common holdings divided by the union of distinct holdings. It cannot calculate exact weighted overlap without weights in both funds.
Why do count overlap and weighted overlap differ?
Count overlap treats every holding equally. Weighted overlap gives more influence to larger positions. A few shared top holdings can create high weighted overlap even when most names are different.
Does high overlap mean I should sell one mutual fund?
No. High overlap is a review signal, not a sell instruction. Consider each fund's purpose, benchmark, cost, performance process, tax impact, exit load, lock-in, and your broader asset allocation before changing investments.
How often should I check mutual fund overlap?
Check when adding a fund, after a material portfolio change, and periodically during a portfolio review. Monthly disclosures can change, but frequent small changes do not always require action.
Can this checker compare ETFs, index funds, or stocks?
Yes, if you paste comparable security-level holdings and weights. The tool does not automatically look through an ETF, fund-of-funds position, derivative, or debt issuer to its underlying exposures.
Are my pasted holdings stored or uploaded?
No. The calculation runs in your browser using the textareas on this page. The page does not need to send the pasted holdings to a server to produce the result.
Financial disclaimer: This mutual fund overlap checker is an educational portfolio-analysis tool, not investment, tax, legal, accounting, or financial advice. It does not recommend a fund or a transaction. Results depend entirely on the completeness, dates, identifiers, and weights entered. Verify current scheme documents and consider a qualified professional before making consequential investment decisions.