Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Axis NIFTY India Consumption ETF is an ETF fund and Mahindra Manulife Consumption Fund is a Thematic fund. In the 3 years to 30-10-2026, Axis NIFTY India Consumption ETF returned 10.5% a year and Mahindra Manulife Consumption Fund (Direct) returned 8.8% a year. Axis NIFTY India Consumption ETF charges 0.47% a year and Mahindra Manulife Consumption Fund 1.09%. Their portfolios overlap 54.7%: they hold 19 of the same securities.
Axis NIFTY India Consumption ETF
ETF
- 3 year return
- 10.5%
- Expense ratio
- 0.47%
- NAV
- ₹114.29
Mahindra Manulife Consumption Fund
Thematic
- 3 year return
- 8.8%
- Expense ratio
- 1.09%
- NAV
- ₹23.52
Which is better, Axis NIFTY India Consumption ETF or Mahindra Manulife Consumption? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis NIFTY India Consumption ETF returned more over 5 years: 10.1% a year against 10.0%.
- Axis NIFTY India Consumption ETF returned more over 3 years: 10.5% a year against 8.8%.
- Axis NIFTY India Consumption ETF costs less: 0.47% a year against 1.09%.
- Mahindra Manulife Consumption swung less over 3 years: a standard deviation of 13.6% a year against 13.9%.
- Axis NIFTY India Consumption ETF fell less in its worst fall since 23-09-2021: −21.9% against −22.7%.
- Axis NIFTY India Consumption ETF holds more in large companies: 88.0% of the fund in large caps against 60.0%.
- Mahindra Manulife Consumption is the larger fund: ₹453 Cr against ₹13 Cr.
- Their portfolios overlap 54.7%: 19 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 | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | ETF | Thematic |
| AUM | ₹13 Cr (30-09-2026) | ₹453 Cr (30-09-2026) |
| NAV | ₹114.29 | ₹23.52 (Direct) |
| Expense ratio (Direct) | Not available | 1.09% |
| Expense ratio (Regular) | Not available | 2.66% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Consumption TRI | Nifty India Consumption TRI |
| Launch date | 17-09-2021 | 13-11-2018 |
| Minimum investment | 50000 (Units) | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nandik Malik, Rohit Gautam | $ Mr. Navin Matta, $ Mr. Hemang Kapasi |
| Exit load | N/A | Exit load of 1%, if redeemed within 3 months. |
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: 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 |
|---|---|---|---|---|---|---|---|
| Axis NIFTY India Consumption ETF | +0.13% | −8.18% | −2.45% | −10.92% | +10.54% | +10.14% | -- |
| Mahindra Manulife Consumption Fund (Direct) | −1.61% | −6.79% | −2.44% | −11.33% | +8.78% | +9.98% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: Year-wise Returns
| Year | Axis NIFTY India Consumption ETFAxis NIFTY India Consumption ETF | Mahindra Manulife ConsumptionMahindra Manulife Consumption | Nifty India Consumption TRI |
|---|---|---|---|
| 2026to date | −9.39% | −9.37% | −9.10% |
| 2025 | +8.80% | +3.05% | +9.22% |
| 2024 | +19.16% | +23.44% | +19.77% |
| 2023 | +27.47% | +29.08% | +27.96% |
| 2022 | +8.11% | +9.53% | +8.53% |
| 2021 | -- | +24.56% | +20.82% |
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: Rolling Returns
Every holding period of both funds, against Nifty India Consumption TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 527 of them, one for each trading day from 23-09-2024 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.
Axis NIFTY India Consumption ETF
Mahindra Manulife Consumption Fund (Direct)
Nifty India Consumption TRI
to
Nov 2024Apr 2022
to
Apr 2025Aug 2022
to
Aug 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis NIFTY India Consumption ETF | 0.0 | 0.0 | 3.2 | 22.0 | 67.0 | 7.8 | 0.0 | 16.4% | 16.8% | 8.6% | 22.4% | 0% |
| Mahindra Manulife Consumption | 0.0 | 0.0 | 5.0 | 24.1 | 51.8 | 18.9 | 0.2 | 16.6% | 17.3% | 7.3% | 25.0% | 36% |
| Nifty India Consumption TRI | 0.0 | 0.0 | 2.3 | 21.3 | 65.7 | 10.8 | 0.0 | 16.9% | 17.3% | 9.1% | 22.9% | -- |
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 India Consumption 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 23-09-2021. Past returns do not promise future returns.
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: 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 23-09-2021 to 30-10-2026: 62 instalments, ₹6,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis NIFTY India Consumption ETFAxis NIFTY India Consumption ETF | ₹6,20,000 | ₹7,59,684 | ₹1,39,684 | 7.8% |
| Mahindra Manulife ConsumptionMahindra Manulife Consumption Fund (Direct) | ₹6,20,000 | ₹7,49,125 | ₹1,29,125 | 7.3% |
Axis NIFTY India Consumption ETFAxis NIFTY India Consumption ETF
Mahindra Manulife ConsumptionMahindra Manulife Consumption 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.
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.92% | −11.33% |
| Standard deviation | 15.09% | 14.32% |
| Sharpe ratio | -1.07 | -1.16 |
| Sortino ratio | -1.40 | -1.50 |
| Maximum drawdown | −17.3% (31-03-2026) | −17.4% (23-03-2026) |
| Beta | 1.00 | 0.92 |
| Alpha | −0.36% | −2.04% |
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 | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.54% | +8.78% |
| Standard deviation | 13.89% | 13.61% |
| Sharpe ratio | 0.32 | 0.20 |
| Sortino ratio | 0.46 | 0.28 |
| Maximum drawdown | −21.9% (04-03-2025) | −22.7% (28-02-2025) |
| Beta | 1.00 | 0.93 |
| Alpha | −0.47% | −1.87% |
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 | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.14% | +9.98% |
| Standard deviation | 13.91% | 13.33% |
| Sharpe ratio | 0.31 | 0.31 |
| Sortino ratio | 0.44 | 0.43 |
| Maximum drawdown | −21.9% (04-03-2025) | −22.7% (28-02-2025) |
| Beta | 1.00 | 0.91 |
| Alpha | −0.44% | −0.17% |
From daily NAVs, 29-10-2021 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 | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.08% | +11.32% |
| Standard deviation | 13.95% | 15.71% |
| Sharpe ratio | 0.24 | 0.39 |
| Sortino ratio | 0.33 | 0.52 |
| Maximum drawdown | −21.9% (04-03-2025) | −34.0% (23-03-2020) |
| Beta | 1.00 | 0.90 |
| Alpha | −0.42% | −0.29% |
From daily NAVs, 23-09-2021 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.
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.
Axis NIFTY India Consumption ETF
Mahindra Manulife Consumption Fund (Direct)
Nifty India Consumption TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis NIFTY India Consumption ETF | −21.9% | 26-09-2024 | 04-03-2025 | Not yet | -- | −14.1% |
| Mahindra Manulife Consumption Fund (Direct) | −22.7% | 23-09-2024 | 28-02-2025 | Not yet | -- | −16.7% |
| Nifty India Consumption TRI | −21.9% | 26-09-2024 | 04-03-2025 | Not yet | -- | −13.4% |
From daily values since 23-09-2021, 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.
Axis NIFTY India Consumption ETF
Mahindra Manulife Consumption Fund (Direct)
Nifty India Consumption 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.
Axis NIFTY India Consumption ETF
Mahindra Manulife Consumption Fund (Direct)
Nifty India Consumption TRI
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.
Axis NIFTY India Consumption ETF
Mahindra Manulife Consumption Fund (Direct)
Nifty India Consumption TRI
Against Nifty India Consumption TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis NIFTY India Consumption ETF | 99% | 100% | 0.14% |
| Mahindra Manulife Consumption Fund (Direct) | 91% | 85% | 4.90% |
From month-end values since 23-09-2021. 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.
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: Portfolio Overlap
From each fund's latest monthly portfolio: Axis NIFTY India Consumption ETF, September 2026; Mahindra Manulife Consumption Fund, September 2026
Holdings in common
- Overlap
- 54.7%
- Held by both
- 19
- Only in Axis NIFTY India Consumption ETF
- 11
- Only in Mahindra Manulife Consumption
- 29
| Security | % of Axis NIFTY India Consumption ETF | % of Mahindra Manulife Consumption |
|---|---|---|
| Eternal Limited | 7.20% | 6.73% |
| Bharti Airtel Limited | 10.13% | 6.72% |
| Mahindra & Mahindra Limited | 8.19% | 6.25% |
| Titan Company Limited | 5.89% | 4.47% |
| Bajaj Auto Limited | 3.68% | 3.84% |
| ITC Limited | 7.87% | 3.06% |
| Maruti Suzuki India Limited | 4.83% | 2.87% |
| Trent Limited | 2.71% | 3.17% |
| TVS Motor Company Limited | 3.00% | 2.58% |
| Hindustan Unilever Limited | 5.18% | 2.51% |
| Tata Consumer Products Limited | 1.92% | 2.05% |
| Avenue Supermarts Limited | 1.91% | 1.95% |
| Varun Beverages Limited | 1.83% | 2.21% |
| Britannia Industries Limited | 1.77% | 2.15% |
| Dixon Technologies (India) Limited | 1.69% | 1.45% |
| Info Edge (India) Limited | 1.47% | 1.31% |
| InterGlobe Aviation Limited | 3.50% | 1.04% |
| Nestle India Limited | 2.92% | 0.97% |
| Godrej Consumer Products Limited | 1.06% | 0.95% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 54.7% means 54.7% 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 Axis NIFTY India Consumption ETF
| Security | % of fund |
|---|---|
| Asian Paints Limited | 3.37% |
| Eicher Motors Limited | 3.06% |
| Apollo Hospitals Enterprise Limited | 2.61% |
| Torrent Pharmaceuticals Limited | 2.19% |
| Max Healthcare Institute Limited | 2.15% |
Largest holdings only in Mahindra Manulife Consumption Fund
| Security | % of fund |
|---|---|
| Aditya Vision Ltd | 2.48% |
| Radico Khaitan Limited | 2.41% |
| LG Electronics India Ltd | 2.06% |
| Shaily Engineering Plastics Limited | 2.01% |
| Belrise Industries Ltd. | 1.92% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption |
|---|---|---|
| Equity | 99.9% | 98.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.1% | 1.6% |
Market cap of stocks
| Market cap | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption |
|---|---|---|
| Large Cap | 88.0% | 60.0% |
| Mid Cap | 11.9% | 14.5% |
| Small Cap | 0.0% | 23.9% |
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 | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption |
|---|---|---|
| Automobiles | 24.9% | 17.1% |
| Retailing | 13.3% | 16.8% |
| Consumer Durables | 10.9% | 14.6% |
| Diversified FMCG | 13.1% | 7.0% |
| Telecom - Services | 10.1% | 8.1% |
| Beverages | 3.1% | 6.5% |
| Healthcare Services | 6.0% | 1.5% |
The six largest sectors of each fund's stocks, % of the fund.
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis NIFTY India Consumption ETF | Mahindra Manulife Consumption Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.09% |
| Base expense ratio (Direct) | 0.00% | 0.73% |
| Total expense ratio (Regular) | Not available | 2.66% |
| Base expense ratio (Regular) | 0.36% | 2.10% |
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 Mahindra Manulife Consumption with
Axis NIFTY India Consumption ETF vs Mahindra Manulife Consumption Fund: Frequently Asked Questions
What is the difference between Axis NIFTY India Consumption ETF and Mahindra Manulife Consumption Fund?
Axis NIFTY India Consumption ETF is an ETF fund, Mahindra Manulife Consumption Fund is a Thematic fund, run by Axis Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 54.7%. Axis NIFTY India Consumption ETF charges 0.47% a year and Mahindra Manulife Consumption Fund 1.09%.
Which has given higher returns, Axis NIFTY India Consumption ETF or Mahindra Manulife Consumption Fund?
Over 1 year: Axis NIFTY India Consumption ETF −10.92%, Mahindra Manulife Consumption Fund −11.33%. Over 3 years: Axis NIFTY India Consumption ETF +10.54% a year, Mahindra Manulife Consumption Fund +8.78% a year. Over 5 years: Axis NIFTY India Consumption ETF +10.14% a year, Mahindra Manulife Consumption Fund +9.98% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis NIFTY India Consumption ETF or Mahindra Manulife Consumption Fund?
Axis NIFTY India Consumption ETF charges less: 0.47% a year against 1.09%. These are the total expense ratios reported to AMFI.
How much do Axis NIFTY India Consumption ETF and Mahindra Manulife Consumption Fund overlap?
54.7%. They hold 19 of the same securities, the largest shared ones being ETERNAL, BHARTIARTL, M&M. From each fund's latest monthly portfolio.
Which is riskier, Axis NIFTY India Consumption ETF or Mahindra Manulife Consumption Fund?
On SEBI's riskometer, Axis NIFTY India Consumption ETF is rated Very High and Mahindra Manulife Consumption Fund Very High. Over 3 years, the standard deviation of daily returns was 13.89% and 13.61% a year.
Which is better for SIP, Axis NIFTY India Consumption ETF or Mahindra Manulife Consumption Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,44,105 in Axis NIFTY India Consumption ETF (XIRR 7.8% a year) and ₹7,32,625 in Mahindra Manulife Consumption Fund (XIRR 7.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis NIFTY India Consumption ETF and Mahindra Manulife Consumption Fund?
Yes. 54.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis NIFTY India Consumption ETF and Mahindra Manulife Consumption Fund?
Axis NIFTY India Consumption ETF: Nandik Malik, Rohit Gautam. Mahindra Manulife Consumption Fund: $ Mr. Navin Matta, $ Mr. Hemang Kapasi.
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.