HDFC NIFTY Private Bank ETF vs SBI Nifty Private Bank ETF

SBI Nifty Private Bank ETF and HDFC NIFTY Private Bank ETF show 100.0% overlap, which is high in MFXray's current universe. This pair ranks #24 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 100.0% of the shared book. The biggest common positions are ICICI Bank Ltd., Axis Bank Ltd., and HDFC Bank Ltd.. Those names account for a large chunk of why the two funds move similarly.

SBI Nifty Private Bank ETF still keeps some identity through very little that stands apart in the top holdings, while HDFC NIFTY Private Bank 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.