The Ledger . three meanings on the same shelf
5Y backtest . illustrative
Same label. Different mix. The drawdown column is the one nobody prints on the front page.
| What hybrid means |
Asset mix |
Max drawdown |
What it hedges |
| Universe hybridmixes cap segments |
100 eq . 0 debt . 0 gold |
22 to 27 pct |
Single name concentration. Nothing else. Drawdown still moves with the equity tape. |
| Asset class hybridSEBI aggressive 65 to 80 eq |
75 eq . 25 debt . 0 gold |
17 to 20 pct |
Equity tape drawdowns. Debt sleeve cushions but does not move opposite in every regime. |
| Asset class hybridSEBI conservative 10 to 25 eq |
25 eq . 75 debt . 0 gold |
5 to 8 pct |
Inflation does the damage. Equity sleeve is the only growth lever. |
| Multi asset hybrideach sleeve min 10 pct |
80 eq . 10 debt . 10 gold |
17 to 21 pct |
Equity drawdowns plus currency or inflation tail. Gold sleeve is the second hedge the others miss. |
Universe hybrid
One asset class. Three cap segments. The risk is the equity tape.
Multi asset hybrid
Three asset classes. The 20 pct sleeve is where the buffer earns its keep.
Conservative hybrid
Same word as aggressive hybrid. Equity is the slice not the spine.
All four rows live on the same shelf under the same word. The brain reads hybrid and lands on the third row. The factsheet decides which row it actually is. The drawdown column is the verdict in rupees the brochure is the pitch in adjectives.