Balance Advantage funds

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In this Category, Moneycontrol etc do not give the whole picture of the funds, Most balanced advantage funds have atleast some portion which is arbitrage( risk less 6-7%). HDFC balance advantage fund has 67% equity out of which 7% is arbitrage. So 60% equity exposure. 3 year return - 23.25% cagr

While a fund like dsp dynamic asset allocation is 65% equity but 35% is arbitrage, so equity market exposure is actually 30%. 3 year return - 15.23%

same balance advatange category - two totally different products. One has much higher equity exposure.
This is from moneycontrol , inaccurate , DSP mutal funds equity 67%

If you look at the DSP mf website, the portfolio shows , the arbitrage part

So if you are looking for much more aggressive mix HDFC balanced fund would serve you better. However, if you are looking for conservatism, which is why you are allocating to a balanced fund in the first place, DSP dynamic asset allocation would be better. One can keep parking 10-30% of one's savings in this, in an extreme downturn like March 2020, 2008, 2016, 2018. One can shift this money into equites to make a killing, then after a year or more when valuations have become normal again, which in India's case is slightly above average, move back to balance advantage to earn a modest return till the next equity episode. Al this will require is a lot of patience, no other skill required.

DSP DAAF: will outperform peers in a crash
HDFC BAF: Outperforms when markets rally