HDFC BSE SENSEX ETF vs Mirae Asset BSE Sensex ETF (Formerly Known as Mirae Asset S&P BSE Sensex ETF)

HDFC BSE SENSEX ETF and Mirae Asset BSE Sensex ETF (Formerly Known as Mirae Asset S&P BSE Sensex ETF) show 100.0% overlap, which is high in MFXray's current universe. This pair ranks #42 out of 95,528 analyzed combinations. The catch is that this is a cross-AMC pair, so changing fund houses here does not really change the portfolio underneath.

The overlap is being driven mainly by banks exposure, which alone contributes 36.8% of the shared book. The biggest common positions are HDFC Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd.. Those names account for a large chunk of why the two funds move similarly.

HDFC BSE SENSEX ETF still keeps some identity through very little that stands apart in the top holdings, while Mirae Asset BSE Sensex ETF (Formerly Known as Mirae Asset S&P BSE Sensex ETF) leans on very little that stands apart in the top holdings. That matters because the common core is doing most of the heavy lifting, and the unique sleeve around it is relatively small.

The practical takeaway is simple: holding both funds is likely giving you more duplication than diversification. This is the kind of pair that deserves a second look before you assume you are spreading risk.