Aditya Birla Sun Life Liquid Fund vs Mahindra Manulife Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
Aditya Birla Sun Life Liquid Fund and Mahindra Manulife Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, Aditya Birla Sun Life Liquid Fund (Direct) returned 7.0% a year and Mahindra Manulife Liquid Fund (Direct) returned 6.9% a year. Aditya Birla Sun Life Liquid Fund charges 0.21% a year and Mahindra Manulife Liquid Fund 0.15% (Direct plans). Their portfolios overlap 2.6%: they hold 9 of the same securities.
Aditya Birla Sun Life Liquid Fund
Liquid
- 3 year return
- 7.0%
- Expense ratio
- 0.21%
- NAV
- ₹462.39
Mahindra Manulife Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.15%
- NAV
- ₹1,864.32
Which is better, Aditya Birla Sun Life Liquid or Mahindra Manulife Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Aditya Birla Sun Life Liquid returned more over 5 years: 6.5% a year against 6.5%.
- Aditya Birla Sun Life Liquid returned more over 3 years: 7.0% a year against 6.9%.
- Mahindra Manulife Liquid costs less: 0.15% a year against 0.21% (Direct plans).
- Mahindra Manulife Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.1%.
- Aditya Birla Sun Life Liquid fell less in its worst fall since 04-07-2016: −0.2% against −0.2%.
- Aditya Birla Sun Life Liquid is the larger fund: ₹61,167 Cr against ₹1,041 Cr.
- Their portfolios overlap 2.6%: 9 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 | Aditya Birla Sun Life Liquid Fund | Mahindra Manulife Liquid Fund |
|---|---|---|
| Fund house | Aditya Birla Sun Life Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹61,167 Cr (30-09-2026) | ₹1,041 Cr (30-09-2026) |
| NAV | ₹462.39 (Direct) | ₹1,864.32 (Direct) |
| Expense ratio (Direct) | 0.21% | 0.15% |
| Expense ratio (Regular) | 0.35% | 0.26% |
| Riskometer | Moderate | Moderate |
| Benchmark | NIFTY Liquid Index A-I | CRISIL Liquid Debt A-I Index |
| Launch date | 16-06-1997 | 04-07-2016 |
| Minimum investment | 100 (growth option), 500 (IDCW) | ₹1,000 |
| Lock in | None | None |
| Fund managers | Kaustubh Gupta, Sunaina da Cunha, Sanjay Pawar | Rahul Pal, Amit Garg |
| Exit load | Investor Exit upon subscription Exit load as % of redemption proceeds Day 1 - 0.0070% Day 2 - 0.0065% Day 3 - 0.0060% Day 4 - 0.0055% Day 5 - 0.0050% Day 6 - 0.0045% 7 onwards - 0.0000% | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. |
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: 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 |
|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Liquid Fund (Direct) | +0.44% | +1.50% | +3.19% | +6.52% | +6.96% | +6.47% | +6.17% |
| Mahindra Manulife Liquid Fund (Direct) | +0.45% | +1.54% | +3.20% | +6.49% | +6.93% | +6.46% | +6.19% |
| Liquid average | +0.44% | +1.46% | +3.06% | +6.23% | +6.66% | +6.18% | +5.85% |
Category average: the average of the 44 Liquid funds, same plan type.
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: Year-wise Returns
| Year | Aditya Birla Sun LifeAditya Birla Sun Life Liquid | Mahindra ManulifeMahindra Manulife Liquid |
|---|---|---|
| 2026to date | +5.44% | +5.41% |
| 2025 | +6.66% | +6.62% |
| 2024 | +7.49% | +7.47% |
| 2023 | +7.19% | +7.17% |
| 2022 | +4.95% | +4.99% |
| 2021 | +3.38% | +3.41% |
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,672 of them, one for each trading day from 04-07-2019 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.
Aditya Birla Sun Life Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
to
Feb 2020May 2018
to
May 2021Jul 2019
to
Jul 2022Oct 2020
to
Oct 2023Jan 2022
to
Jan 2025Mar 2023
to
Mar 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Liquid | 0.0 | 27.4 | 72.6 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.2% | 4.1% | 7.2% |
| Mahindra Manulife Liquid | 0.0 | 26.8 | 73.2 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.2% | 4.2% | 7.3% |
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. Every fund is measured over the days all of them have, from 04-07-2016. Past returns do not promise future returns.
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: 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 01-07-2016 to 30-10-2026: 124 instalments, ₹12,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Aditya Birla Sun Life LiquidAditya Birla Sun Life Liquid Fund (Direct) | ₹12,40,000 | ₹17,20,505 | ₹4,80,505 | 6.2% |
| Mahindra Manulife LiquidMahindra Manulife Liquid Fund (Direct) | ₹12,40,000 | ₹17,20,590 | ₹4,80,590 | 6.2% |
Aditya Birla Sun Life LiquidAditya Birla Sun Life Liquid Fund (Direct)
Mahindra Manulife LiquidMahindra Manulife Liquid 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.
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Aditya Birla Sun Life Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.52% | +6.49% |
| Standard deviation | 0.20% | 0.17% |
| Sharpe ratio | 6.39 | 7.14 |
| Sortino ratio | 16.91 | 20.09 |
| Maximum drawdown | −0.0% (22-10-2026) | −0.0% (07-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | Aditya Birla Sun Life Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.96% | +6.93% |
| Standard deviation | 0.15% | 0.13% |
| Sharpe ratio | 6.22 | 7.06 |
| Sortino ratio | 17.25 | 19.53 |
| Maximum drawdown | −0.0% (22-10-2026) | −0.0% (07-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | Aditya Birla Sun Life Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.47% | +6.46% |
| Standard deviation | 0.14% | 0.12% |
| Sharpe ratio | 4.64 | 5.33 |
| Sortino ratio | 9.88 | 11.22 |
| Maximum drawdown | −0.1% (05-05-2022) | −0.0% (05-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2021 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 | Aditya Birla Sun Life Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.89% | +6.22% |
| Standard deviation | 0.22% | 0.18% |
| Sharpe ratio | 3.79 | 4.39 |
| Sortino ratio | 7.67 | 10.07 |
| Maximum drawdown | −0.2% (16-07-2013) | −0.2% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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.
Aditya Birla Sun Life Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Mahindra Manulife Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 04-07-2016, 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.
Aditya Birla Sun Life Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
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.
Aditya Birla Sun Life Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Aditya Birla Sun Life Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: Aditya Birla Sun Life Liquid Fund, September 2026; Mahindra Manulife Liquid Fund, September 2026
Holdings in common
- Overlap
- 2.6%
- Held by both
- 9
- Only in Aditya Birla Sun Life Liquid
- 181
- Only in Mahindra Manulife Liquid
- 25
| Security | % of Aditya Birla Sun Life Liquid | % of Mahindra Manulife Liquid |
|---|---|---|
| 182 DAY T-BILL 27.11.26 | 0.49% | 9.52% |
| DSP Finance Pvt. Ltd. (17/11/2026) | 0.49% | 2.38% |
| Indian Bank (04/12/2026) | 0.36% | 7.12% |
| Small Industries Development Bank of India (06/11/2026) | 0.31% | 2.39% |
| Corporate Debt Mkt Devp. Fund-A2 | 0.28% | 0.32% |
| 91 DAY T-BILL 29.10.26 | 0.24% | 4.78% |
| 364 DAY T-BILL 08.10.26 | 1.63% | 0.20% |
| Small Industries Development Bank of India (27/10/2026) | 0.16% | 4.78% |
| Tata Housing Development Co. Ltd. (15/12/2026) | 0.08% | 2.37% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 2.6% means 2.6% 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 Aditya Birla Sun Life Liquid Fund
| Security | % of fund |
|---|---|
| 91 DAY T-BILL 05.11.26 | 3.74% |
| Axis Bank Ltd. (26/11/2026) | 2.15% |
| HDFC Bank Ltd. (14/12/2026) | 2.06% |
| 91 DAY T-BILL 12.11.26 | 1.91% |
| HDFC Bank Ltd. (06/11/2026) | 1.87% |
Largest holdings only in Mahindra Manulife Liquid Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited 2026 | 4.79% |
| Union Bank of India 2026 | 4.78% |
| REC Limited 2026 | 4.78% |
| TATA Realty & Infrastructure Limited 2026 | 4.78% |
| Union Bank of India 2026 | 4.77% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Aditya Birla Sun Life Liquid | Mahindra Manulife Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 107.1% | 112.8% |
| Cash and others | -7.1% | -12.8% |
Aditya Birla Sun Life Liquid vs Mahindra Manulife Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Aditya Birla Sun Life Liquid Fund | Mahindra Manulife Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.21% | 0.15% |
| Base expense ratio (Direct) | 0.18% | 0.13% |
| Total expense ratio (Regular) | 0.35% | 0.26% |
| Base expense ratio (Regular) | 0.30% | 0.22% |
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
Compare Aditya Birla Sun Life Liquid with
Aditya Birla Sun Life Liquid Fund vs Mahindra Manulife Liquid Fund: Frequently Asked Questions
What is the difference between Aditya Birla Sun Life Liquid Fund and Mahindra Manulife Liquid Fund?
Both are Liquid funds, run by Aditya Birla Sun Life Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 2.6%. Aditya Birla Sun Life Liquid Fund charges 0.21% a year and Mahindra Manulife Liquid Fund 0.15%.
Which has given higher returns, Aditya Birla Sun Life Liquid Fund or Mahindra Manulife Liquid Fund?
Over 1 year: Aditya Birla Sun Life Liquid Fund +6.52%, Mahindra Manulife Liquid Fund +6.49%. Over 3 years: Aditya Birla Sun Life Liquid Fund +6.96% a year, Mahindra Manulife Liquid Fund +6.93% a year. Over 5 years: Aditya Birla Sun Life Liquid Fund +6.47% a year, Mahindra Manulife Liquid Fund +6.46% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Aditya Birla Sun Life Liquid Fund or Mahindra Manulife Liquid Fund?
Mahindra Manulife Liquid Fund charges less: 0.15% a year against 0.21%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Aditya Birla Sun Life Liquid Fund and Mahindra Manulife Liquid Fund overlap?
2.6%. They hold 9 of the same securities, the largest shared ones being 182 DAY T-BILL 27.11.26, DSP Finance Pvt. Ltd. (17/11/2026), Indian Bank (04/12/2026). From each fund's latest monthly portfolio.
Which is riskier, Aditya Birla Sun Life Liquid Fund or Mahindra Manulife Liquid Fund?
On SEBI's riskometer, Aditya Birla Sun Life Liquid Fund is rated Moderate and Mahindra Manulife Liquid Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.15% and 0.13% a year.
Which is better for SIP, Aditya Birla Sun Life Liquid Fund or Mahindra Manulife Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,25,823 in Aditya Birla Sun Life Liquid Fund (XIRR 6.8% a year) and ₹7,25,457 in Mahindra Manulife Liquid Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Aditya Birla Sun Life Liquid Fund and Mahindra Manulife Liquid Fund?
Yes. 2.6% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Aditya Birla Sun Life Liquid Fund and Mahindra Manulife Liquid Fund?
Aditya Birla Sun Life Liquid Fund: Kaustubh Gupta, Sunaina da Cunha, Sanjay Pawar. Mahindra Manulife Liquid Fund: Rahul Pal, Amit Garg.
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.