360 ONE ELSS Tax Saver Nifty 50 Index Fund vs Mahindra Manulife Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
360 ONE ELSS Tax Saver Nifty 50 Index Fund is an Index fund and Mahindra Manulife Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) returned 7.3% a year and Mahindra Manulife Arbitrage Fund (Direct) returned 6.4% a year. 360 ONE ELSS Tax Saver Nifty 50 Index Fund charges 0.37% a year and Mahindra Manulife Arbitrage Fund 1.15% (Direct plans). Their portfolios overlap 40.3%: they hold 23 of the same securities.
360 ONE ELSS Tax Saver Nifty 50 Index Fund
Index
- 3 year return
- 7.3%
- Expense ratio
- 0.37%
- NAV
- ₹13.11
Mahindra Manulife Arbitrage Fund
Arbitrage
- 3 year return
- 6.4%
- Expense ratio
- 1.15%
- NAV
- ₹13.90
Which is better, 360 ONE ELSS Tax Saver Nifty 50 Index or Mahindra Manulife Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- 360 ONE ELSS Tax Saver Nifty 50 Index returned more over 3 years: 7.3% a year against 6.4%.
- Mahindra Manulife Arbitrage returned more over 1 year: 6.3% against −10.2%.
- 360 ONE ELSS Tax Saver Nifty 50 Index costs less: 0.37% a year against 1.15% (Direct plans).
- Mahindra Manulife Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 13.1%.
- Mahindra Manulife Arbitrage fell less in its worst fall since 02-01-2023: −0.5% against −15.4%.
- 360 ONE ELSS Tax Saver Nifty 50 Index holds more in large companies: 98.3% of the fund in large caps against 59.3%.
- Mahindra Manulife Arbitrage is the larger fund: ₹138 Cr against ₹65 Cr.
- Their portfolios overlap 40.3%: 23 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | 360 ONE ELSS Tax Saver Nifty 50 Index Fund | Mahindra Manulife Arbitrage Fund |
|---|---|---|
| Fund house | 360 ONE Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Index | Arbitrage |
| AUM | ₹65 Cr (30-09-2026) | ₹138 Cr (30-09-2026) |
| NAV | ₹13.11 (Direct) | ₹13.90 (Direct) |
| Expense ratio (Direct) | 0.37% | 1.15% |
| Expense ratio (Regular) | 0.62% | 1.91% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 50 TRI | Nifty 50 Arbitrage TRI |
| Launch date | 28-12-2022 | 24-08-2020 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Viral Mehta, Pranav Mise | Mitul Doshi, Navin Matta, Rahul Pal |
| Exit load | Nil | Exit load of 0.25%, if redeemed within 30 days. |
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | +1.84% | −5.10% | −3.32% | −10.18% | +7.32% | -- | -- |
| Mahindra Manulife Arbitrage Fund (Direct) | +0.56% | +1.45% | +3.03% | +6.26% | +6.42% | +5.89% | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: Year-wise Returns
| Year | 360 ONE ELSS Tax Saver Nifty 50 Index360 ONE ELSS Tax Saver Nifty 50 Index | Mahindra Manulife ArbitrageMahindra Manulife Arbitrage |
|---|---|---|
| 2026to date | −11.05% | +5.07% |
| 2025 | +11.53% | +6.20% |
| 2024 | +9.78% | +6.97% |
| 2023 | -- | +6.65% |
| 2022 | -- | +4.04% |
| 2021 | -- | +3.67% |
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of 360 ONE ELSS Tax Saver Nifty 50 Index Fund
Rolling returns
Every 3-year holding period, 202 of them, one for each trading day from 02-01-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct)
Mahindra Manulife Arbitrage Fund (Direct)
Nifty 50 TRI
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 360 ONE ELSS Tax Saver Nifty 50 Index | 0.0 | 0.0 | 56.4 | 43.6 | 0.0 | 0.0 | 0.0 | 10.0% | 9.5% | 5.1% | 14.6% | 0% |
| Mahindra Manulife Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.5% | 6.3% | 6.7% | 8% |
| Nifty 50 TRI | 0.0 | 0.0 | 52.0 | 48.0 | 0.0 | 0.0 | 0.0 | 10.3% | 9.8% | 5.4% | 15.0% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 50 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 02-01-2023. Past returns do not promise future returns.
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 02-01-2023 to 30-10-2026: 46 instalments, ₹4,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| 360 ONE ELSS Tax Saver Nifty 50 Index360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | ₹4,60,000 | ₹4,84,086 | ₹24,086 | 2.6% |
| Mahindra Manulife ArbitrageMahindra Manulife Arbitrage Fund (Direct) | ₹4,60,000 | ₹5,19,842 | ₹59,842 | 6.3% |
360 ONE ELSS Tax Saver Nifty 50 Index360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct)
Mahindra Manulife ArbitrageMahindra Manulife Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | Mahindra Manulife Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.18% | +6.26% |
| Standard deviation | 13.55% | 1.45% |
| Sharpe ratio | -1.14 | 0.70 |
| Sortino ratio | -1.52 | 1.06 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.5% (06-08-2026) |
| Beta | 0.99 | -- |
| Alpha | −0.27% | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | Mahindra Manulife Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.32% | +6.42% |
| Standard deviation | 13.12% | 1.14% |
| Sharpe ratio | 0.10 | 0.35 |
| Sortino ratio | 0.14 | 0.51 |
| Maximum drawdown | −15.4% (04-03-2025) | −0.5% (06-08-2026) |
| Beta | 0.99 | -- |
| Alpha | −0.30% | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | Mahindra Manulife Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.25% | +5.47% |
| Standard deviation | 12.42% | 1.05% |
| Sharpe ratio | 0.09 | 0.16 |
| Sortino ratio | 0.12 | 0.23 |
| Maximum drawdown | −15.4% (04-03-2025) | −0.5% (06-08-2026) |
| Beta | 0.99 | -- |
| Alpha | −0.36% | -- |
From daily NAVs, 02-01-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct)
Mahindra Manulife Arbitrage Fund (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | −15.4% | 26-09-2024 | 04-03-2025 | 27-10-2025 | 8 months | −11.7% |
| Mahindra Manulife Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | 0.0% |
| Nifty 50 TRI | −15.4% | 26-09-2024 | 04-03-2025 | 23-10-2025 | 8 months | −11.6% |
From daily values since 02-01-2023, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct)
Mahindra Manulife Arbitrage Fund (Direct)
Nifty 50 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct)
Mahindra Manulife Arbitrage Fund (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| 360 ONE ELSS Tax Saver Nifty 50 Index Fund (Direct) | 98% | 100% | 0.13% |
| Mahindra Manulife Arbitrage Fund (Direct) | 18% | -17% | 13.12% |
From month-end values since 02-01-2023. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: 360 ONE ELSS Tax Saver Nifty 50 Index Fund, September 2026; Mahindra Manulife Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 40.3%
- Held by both
- 23
- Only in 360 ONE ELSS Tax Saver Nifty 50 Index
- 27
- Only in Mahindra Manulife Arbitrage
- 14
| Security | % of 360 ONE ELSS Tax Saver Nifty 50 Index | % of Mahindra Manulife Arbitrage |
|---|---|---|
| ICICI Bank Limited | 9.12% | 5.99% |
| HDFC Bank Limited | 10.47% | 5.53% |
| Axis Bank Limited | 3.40% | 4.68% |
| Bharti Airtel Limited | 5.08% | 3.28% |
| Reliance Industries Limited | 7.74% | 2.98% |
| Kotak Mahindra Bank Limited | 2.96% | 3.40% |
| Larsen & Toubro Limited | 4.25% | 2.68% |
| Bajaj Finance Limited | 2.48% | 4.81% |
| State Bank of India | 3.83% | 1.88% |
| Tata Steel Limited | 1.47% | 2.80% |
| Hindalco Industries Limited | 1.32% | 4.22% |
| ITC Limited | 2.44% | 1.02% |
| UltraTech Cement Limited | 1.25% | 1.00% |
| Bharat Electronics Limited | 1.34% | 0.76% |
| Bajaj Finserv Limited | 0.96% | 0.72% |
| NTPC Limited | 1.48% | 0.70% |
| Jio Financial Services Limited | 0.69% | 1.59% |
| Asian Paints Limited | 1.05% | 0.61% |
| Titan Company Limited | 1.83% | 0.23% |
| InterGlobe Aviation Limited | 1.09% | 0.22% |
| HDFC Life Insurance Company Limited | 0.54% | 0.21% |
| Infosys Limited | 3.36% | 0.14% |
| JSW Steel Limited | 1.13% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.3% means 40.3% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in 360 ONE ELSS Tax Saver Nifty 50 Index Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Limited | 2.54% |
| Eternal Limited | 2.22% |
| Tata Consultancy Services Limited | 2.02% |
| Sun Pharmaceutical Industries Limited | 1.86% |
| Hindustan Unilever Limited | 1.61% |
Largest holdings only in Mahindra Manulife Arbitrage Fund
| Security | % of fund |
|---|---|
| Mahindra Manulife Utra Short to Short Term Fund Direct Plan -Growth | 14.76% |
| Mahindra Manulife Liquid Fund -Direct Plan -Growth | 10.48% |
| Tata Power Company Limited | 4.09% |
| IDFC First Bank Limited | 2.97% |
| Canara Bank | 2.70% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | 360 ONE ELSS Tax Saver Nifty 50 Index | Mahindra Manulife Arbitrage |
|---|---|---|
| Equity | 99.7% | 67.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.3% | 33.0% |
Market cap of stocks
| Market cap | 360 ONE ELSS Tax Saver Nifty 50 Index | Mahindra Manulife Arbitrage |
|---|---|---|
| Large Cap | 98.3% | 59.3% |
| Mid Cap | 1.4% | 6.2% |
| Small Cap | 0.0% | 1.5% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | 360 ONE ELSS Tax Saver Nifty 50 Index | Mahindra Manulife Arbitrage |
|---|---|---|
| Banks | 29.8% | 28.4% |
| Finance | 5.5% | 8.6% |
| IT - Software | 8.0% | 0.1% |
| Petroleum Products | 7.7% | 3.0% |
| Automobiles | 6.7% | 0.0% |
| Telecom - Services | 5.1% | 4.4% |
| Power | 2.6% | 4.8% |
| Non - Ferrous Metals | 1.3% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
360 ONE ELSS Tax Saver Nifty 50 Index vs Mahindra Manulife Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | 360 ONE ELSS Tax Saver Nifty 50 Index Fund | Mahindra Manulife Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.37% | 1.15% |
| Base expense ratio (Direct) | 0.31% | 0.30% |
| Total expense ratio (Regular) | 0.62% | 1.91% |
| Base expense ratio (Regular) | 0.52% | 0.95% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
360 ONE ELSS Tax Saver Nifty 50 Index Fund vs Mahindra Manulife Arbitrage Fund: Frequently Asked Questions
What is the difference between 360 ONE ELSS Tax Saver Nifty 50 Index Fund and Mahindra Manulife Arbitrage Fund?
360 ONE ELSS Tax Saver Nifty 50 Index Fund is an Index fund, Mahindra Manulife Arbitrage Fund is an Arbitrage fund, run by 360 ONE Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 40.3%. 360 ONE ELSS Tax Saver Nifty 50 Index Fund charges 0.37% a year and Mahindra Manulife Arbitrage Fund 1.15%.
Which has given higher returns, 360 ONE ELSS Tax Saver Nifty 50 Index Fund or Mahindra Manulife Arbitrage Fund?
Over 1 year: 360 ONE ELSS Tax Saver Nifty 50 Index Fund −10.18%, Mahindra Manulife Arbitrage Fund +6.26%. Over 3 years: 360 ONE ELSS Tax Saver Nifty 50 Index Fund +7.32% a year, Mahindra Manulife Arbitrage Fund +6.42% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, 360 ONE ELSS Tax Saver Nifty 50 Index Fund or Mahindra Manulife Arbitrage Fund?
360 ONE ELSS Tax Saver Nifty 50 Index Fund charges less: 0.37% a year against 1.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do 360 ONE ELSS Tax Saver Nifty 50 Index Fund and Mahindra Manulife Arbitrage Fund overlap?
40.3%. They hold 23 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, 360 ONE ELSS Tax Saver Nifty 50 Index Fund or Mahindra Manulife Arbitrage Fund?
On SEBI's riskometer, 360 ONE ELSS Tax Saver Nifty 50 Index Fund is rated Very High and Mahindra Manulife Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 13.12% and 1.14% a year.
Which is better for SIP, 360 ONE ELSS Tax Saver Nifty 50 Index Fund or Mahindra Manulife Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,67,786 in 360 ONE ELSS Tax Saver Nifty 50 Index Fund (XIRR -0.4% a year) and ₹4,07,740 in Mahindra Manulife Arbitrage Fund (XIRR 6.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both 360 ONE ELSS Tax Saver Nifty 50 Index Fund and Mahindra Manulife Arbitrage Fund?
Yes. 40.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages 360 ONE ELSS Tax Saver Nifty 50 Index Fund and Mahindra Manulife Arbitrage Fund?
360 ONE ELSS Tax Saver Nifty 50 Index Fund: Viral Mehta, Pranav Mise. Mahindra Manulife Arbitrage Fund: Mitul Doshi, Navin Matta, Rahul Pal.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.