Hybrid schemes that invest in a mix of equity and debt have lost sheen. Compared to equity-oriented schemes, growth of new investor accounts has been slower for hybrid schemes over the last two years. Hybrids are better investments when markets are volatile as their allocation towards debt can cushion against sharp market swings. The reason for higher growth of accounts in equity-oriented schemes can be attributed to the strong returns delivered by equity schemes over last few years. On the other hand, hybrid schemes have delivered mediocre returns due to the weak performance in their debt portion in the challenging low interest rate environment.