Baroda BNP Paribas Small Cap Fund vs Mahindra Manulife Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Baroda BNP Paribas Small Cap Fund and Mahindra Manulife Small Cap Fund are both Small Cap funds. In the year to 30-10-2026, Baroda BNP Paribas Small Cap Fund (Direct) returned 1.3% and Mahindra Manulife Small Cap Fund (Direct) returned 6.3%. Baroda BNP Paribas Small Cap Fund charges 1.20% a year and Mahindra Manulife Small Cap Fund 0.93% (Direct plans). Their portfolios overlap 11.8%: they hold 9 of the same securities.
Baroda BNP Paribas Small Cap Fund
Small Cap
- 1 year return
- 1.3%
- Expense ratio
- 1.20%
- NAV
- ₹13.74
Mahindra Manulife Small Cap Fund
Small Cap
- 1 year return
- 6.3%
- Expense ratio
- 0.93%
- NAV
- ₹22.39
Which is better, Baroda BNP Paribas Small Cap or Mahindra Manulife Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mahindra Manulife Small Cap returned more over 1 year: 6.3% against 1.3%.
- Mahindra Manulife Small Cap costs less: 0.93% a year against 1.20% (Direct plans).
- Baroda BNP Paribas Small Cap fell less in its worst fall since 01-11-2023: −25.0% against −26.0%.
- Mahindra Manulife Small Cap is the larger fund: ₹5,373 Cr against ₹1,277 Cr.
- Their portfolios overlap 11.8%: 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 | Baroda BNP Paribas Small Cap Fund | Mahindra Manulife Small Cap Fund |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹1,277 Cr (30-09-2026) | ₹5,373 Cr (30-09-2026) |
| NAV | ₹13.74 (Direct) | ₹22.39 (Direct) |
| Expense ratio (Direct) | 1.20% | 0.93% |
| Expense ratio (Regular) | 2.44% | 2.21% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | BSE 250 Smallcap TRI |
| Launch date | Not available | 12-12-2020 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi |
| Exit load | Not available | Exit load of 1% if redeemed within 3 months |
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: 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 |
|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Small Cap Fund (Direct) | −5.10% | −4.91% | +1.76% | +1.33% | -- | -- | -- |
| Mahindra Manulife Small Cap Fund (Direct) | −4.59% | −1.41% | +7.45% | +6.31% | +18.00% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | -- | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: Year-wise Returns
| Year | Baroda BNP ParibasBaroda BNP Paribas Small Cap | Mahindra ManulifeMahindra Manulife Small Cap |
|---|---|---|
| 2026to date | +3.45% | +9.80% |
| 2025 | −5.49% | −1.29% |
| 2024 | +26.46% | +29.97% |
| 2023 | -- | +60.03% |
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of Baroda BNP Paribas Small Cap Fund
Rolling returns
Every 1-year holding period, 490 of them, one for each trading day from 04-11-2024 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.
Baroda BNP Paribas Small Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Small Cap | 33.5 | 21.8 | 20.6 | 13.5 | 1.2 | 0.8 | 8.6 | 5.3% | 4.0% | −10.2% | 39.9% | 59% |
| Mahindra Manulife Small Cap | 26.1 | 18.5 | 15.3 | 16.7 | 11.4 | 3.1 | 9.0 | 8.6% | 6.6% | −10.2% | 53.4% | 79% |
| Nifty Smallcap 250 TRI | 34.1 | 28.2 | 19.2 | 7.6 | 1.6 | 0.8 | 8.6 | 4.8% | 2.6% | −11.9% | 46.5% | -- |
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 Smallcap 250 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 01-11-2023. Past returns do not promise future returns.
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: 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 01-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Baroda BNP Paribas Small CapBaroda BNP Paribas Small Cap Fund (Direct) | ₹3,60,000 | ₹3,83,487 | ₹23,487 | 4.2% |
| Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct) | ₹3,60,000 | ₹4,18,511 | ₹58,511 | 10.1% |
Baroda BNP Paribas Small CapBaroda BNP Paribas Small Cap Fund (Direct)
Mahindra Manulife Small CapMahindra Manulife Small Cap 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.
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Baroda BNP Paribas Small Cap Fund (Direct) | Mahindra Manulife Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.33% | +6.31% |
| Standard deviation | 15.96% | 17.52% |
| Sharpe ratio | -0.25 | 0.06 |
| Sortino ratio | -0.33 | 0.08 |
| Maximum drawdown | −13.9% (23-03-2026) | −15.2% (23-03-2026) |
| Beta | 0.84 | 0.94 |
| Alpha | +3.15% | +10.89% |
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 | Baroda BNP Paribas Small Cap Fund (Direct) | Mahindra Manulife Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.13% | +23.03% |
| Standard deviation | 16.94% | 16.94% |
| Sharpe ratio | 0.30 | 0.99 |
| Sortino ratio | 0.39 | 1.33 |
| Maximum drawdown | −25.0% (28-02-2025) | −26.0% (03-03-2025) |
| Beta | 0.85 | 0.93 |
| Alpha | −0.40% | +9.56% |
From daily NAVs, 01-11-2023 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.
Baroda BNP Paribas Small Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Small Cap Fund (Direct) | −25.0% | 01-10-2024 | 28-02-2025 | 06-08-2026 | 17 months | −8.0% |
| Mahindra Manulife Small Cap Fund (Direct) | −26.0% | 01-10-2024 | 03-03-2025 | 19-06-2026 | 16 months | −8.7% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
From daily values since 01-11-2023, 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.
Baroda BNP Paribas Small Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Baroda BNP Paribas Small Cap Fund (Direct) | 86% | 80% | 5.71% |
| Mahindra Manulife Small Cap Fund (Direct) | 102% | 83% | 5.42% |
From month-end values since 01-11-2023. 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.
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Baroda BNP Paribas Small Cap Fund, September 2026; Mahindra Manulife Small Cap Fund, September 2026
Holdings in common
- Overlap
- 11.8%
- Held by both
- 9
- Only in Baroda BNP Paribas Small Cap
- 52
- Only in Mahindra Manulife Small Cap
- 76
| Security | % of Baroda BNP Paribas Small Cap | % of Mahindra Manulife Small Cap |
|---|---|---|
| Multi Commodity Exchange of India Limited | 3.36% | 4.62% |
| Ujjivan Small Finance Bank Limited | 2.85% | 1.80% |
| Acutaas Chemicals Limited | 1.93% | 1.48% |
| Karur Vysya Bank Limited | 3.56% | 1.47% |
| Manappuram Finance Limited | 0.99% | 1.33% |
| Laurus Labs Limited | 3.18% | 0.93% |
| Doms Industries Limited | 0.82% | 0.86% |
| Finolex Cables Limited | 1.59% | 0.59% |
| Navin Fluorine International Limited | 3.10% | 0.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 11.8% means 11.8% 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 Baroda BNP Paribas Small Cap Fund
| Security | % of fund |
|---|---|
| Sansera Engineering Limited | 2.77% |
| Bharat Heavy Electricals Limited | 2.64% |
| PhysicsWallah Limited | 2.61% |
| Emcure Pharmaceuticals Limited | 2.59% |
| CreditAccess Grameen Limited | 2.58% |
Largest holdings only in Mahindra Manulife Small Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Limited | 4.54% |
| Jindal Saw Ltd | 3.17% |
| Garware Hi-Tech Films Limited | 2.91% |
| Supreme Petrochem Limited | 2.50% |
| Voltamp Transformers Limited | 2.46% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Baroda BNP Paribas Small Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Equity | 95.3% | 99.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.7% | 0.8% |
Market cap of stocks
| Market cap | Baroda BNP Paribas Small Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Large Cap | 5.4% | 12.6% |
| Mid Cap | 16.5% | 19.7% |
| Small Cap | 70.1% | 66.3% |
| Not on AMFI's list | 3.4% | 0.6% |
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 | Baroda BNP Paribas Small Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Industrial Products | 4.6% | 15.3% |
| Pharmaceuticals & Biotechnology | 11.4% | 15.2% |
| Banks | 9.9% | 6.1% |
| Finance | 9.4% | 3.1% |
| Auto Components | 8.4% | 8.7% |
| Chemicals & Petrochemicals | 4.1% | 8.2% |
| Transport Services | 5.5% | 1.0% |
| Textiles & Apparels | 0.3% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
Baroda BNP Paribas Small Cap vs Mahindra Manulife Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Baroda BNP Paribas Small Cap Fund | Mahindra Manulife Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 0.93% |
| Base expense ratio (Direct) | 0.79% | 0.48% |
| Total expense ratio (Regular) | 2.44% | 2.21% |
| Base expense ratio (Regular) | 1.85% | 1.60% |
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 Baroda BNP Paribas Small Cap with
Baroda BNP Paribas Small Cap Fund vs Mahindra Manulife Small Cap Fund: Frequently Asked Questions
What is the difference between Baroda BNP Paribas Small Cap Fund and Mahindra Manulife Small Cap Fund?
Both are Small Cap funds, run by Baroda BNP Paribas Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 11.8%. Baroda BNP Paribas Small Cap Fund charges 1.20% a year and Mahindra Manulife Small Cap Fund 0.93%.
Which has given higher returns, Baroda BNP Paribas Small Cap Fund or Mahindra Manulife Small Cap Fund?
Over 1 year: Baroda BNP Paribas Small Cap Fund +1.33%, Mahindra Manulife Small Cap Fund +6.31%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Baroda BNP Paribas Small Cap Fund or Mahindra Manulife Small Cap Fund?
Mahindra Manulife Small Cap Fund charges less: 0.93% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Baroda BNP Paribas Small Cap Fund and Mahindra Manulife Small Cap Fund overlap?
11.8%. They hold 9 of the same securities, the largest shared ones being MCX, UJJIVANSFB, ACUTAAS. From each fund's latest monthly portfolio.
Which is better for SIP, Baroda BNP Paribas Small Cap Fund or Mahindra Manulife Small Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 01-11-2023 to 30-10-2026 grew to ₹3,83,487 in Baroda BNP Paribas Small Cap Fund (XIRR 4.2% a year) and ₹4,18,511 in Mahindra Manulife Small Cap Fund (XIRR 10.1% a year). Both received 36 instalments. Past returns do not promise future returns.
Can I invest in both Baroda BNP Paribas Small Cap Fund and Mahindra Manulife Small Cap Fund?
Yes. 11.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.