Capital weight is not risk weight. Rupees tell you what you own. Volatility tells you what you are actually betting on. In any equity-plus-debt mix the equity sleeve runs the show.

A diversifier only diversifies if it is big enough to matter. A 40 percent debt sleeve next to an 18-vol equity sleeve barely moves the needle. It softens the fall a little. It does not split the risk.

Size the split by the drawdown you can hold, not the round number that sounds even. 60/40 is a marketing ratio. If you want debt to carry real weight, you are holding far more of it than the brochure suggests.