Active vs Passive Verdict

We use a SPIVA-inspired framework to determine whether active fund management adds value in a category. The scoring considers:

• Success Rate — What % of active funds beat the benchmark each year, averaged across years. If ≥60%, active gets +2 points; if ≥45%, +1 point; if <30%, -1 point.
• AUM-Weighted Alpha — The excess return earned by the average rupee invested (not the average fund). If ≥1.5%/yr, +1.5 points; if ≥0.5%/yr, +1 point; if negative, -1 point.
• Agreement Check — If both equal-weighted and AUM-weighted alphas agree in sign, +0.5 or -0.5 points.

Score ≥3.5 = Strong Active | 2.0–3.4 = Lean Active | 0.5–1.9 = Neutral | <0.5 = Go Passive

Yearly Returns

Calendar year returns (Jan 1 to Dec 31) computed from daily NAV. The last year may be partial (YTD). Benchmark returns are Total Return Index (TRI) values from NSE Indices, which include dividends reinvested.

Excess Returns (Alpha)

Fund return minus benchmark TRI return for each calendar year. Positive alpha (green) means the fund outperformed. The inline bar chart shows the pattern visually.

Data Sources

• NAV data: AMFI via mfapi.in (daily NAV, net of expenses)
• Benchmark TRI: NSE Indices (niftyindices.com)
• Scheme metadata: mfdata.in
• All analysis uses Direct Growth plans only