Canara Robeco ELSS - Tax Saver Fund vs Mahindra Manulife Innovation Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
Canara Robeco ELSS - Tax Saver Fund is an ELSS fund and Mahindra Manulife Innovation Opportunities Fund is a Thematic fund. Canara Robeco ELSS - Tax Saver Fund charges 0.73% a year and Mahindra Manulife Innovation Opportunities Fund 0.98% (Direct plans). Their portfolios overlap 35.1%: they hold 23 of the same securities.
Canara Robeco ELSS - Tax Saver Fund
ELSS
- Expense ratio
- 0.73%
- NAV
- ₹192.74
Mahindra Manulife Innovation Opportunities Fund
Thematic
- Expense ratio
- 0.98%
- NAV
- ₹10.45
Which is better, Canara Robeco ELSS - Tax Saver or Mahindra Manulife Innovation Opportunities? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Canara Robeco ELSS - Tax Saver costs less: 0.73% a year against 0.98% (Direct plans).
- Mahindra Manulife Innovation Opportunities fell less in its worst fall since 02-02-2026: −11.4% against −12.6%.
- Canara Robeco ELSS - Tax Saver holds more in large companies: 73.5% of the fund in large caps against 39.1%.
- Canara Robeco ELSS - Tax Saver is the larger fund: ₹8,167 Cr against ₹257 Cr.
- Their portfolios overlap 35.1%: 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 | Canara Robeco ELSS - Tax Saver Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Fund house | Canara Robeco Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | ELSS | Thematic |
| AUM | ₹8,167 Cr (30-09-2026) | ₹257 Cr (30-09-2026) |
| NAV | ₹192.74 (Direct) | ₹10.45 (Direct) |
| Expense ratio (Direct) | 0.73% | 0.98% |
| Expense ratio (Regular) | 1.85% | 2.57% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 31-03-1993 | 30-01-2026 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Vishal Mishra / Mr. Shridatta Bhandwaldar | Kirti Dalvi, Renjith Sivaram Radhakrishnan |
| Exit load | Nil | Exit Load (as % of NAV) #: -An Exit Load of 0.5% is payable if Units are redeemed / switched-out up to 3 months from the date of allotment; -Nil if Units are redeemed / switched-out after 3 months from the date of allotment. Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO). # Applicable for normal subscriptions / redemptions including transactions under special products such as SIP, SWP, switches, etc. offered by the AMC. For detailed load structure disclosure, please refer SID. |
Canara Robeco ELSS - Tax Saver vs Mahindra Manulife Innovation Opportunities: 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 |
|---|---|---|---|---|---|---|---|
| Canara Robeco ELSS - Tax Saver Fund (Direct) | +0.20% | −4.74% | −1.14% | −4.70% | +11.47% | +9.00% | +14.38% |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −1.59% | −5.20% | +2.61% | -- | -- | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
Category average: the average of the 50 ELSS funds and the 235 Thematic funds, same plan type.
Canara Robeco ELSS - Tax Saver vs Mahindra Manulife Innovation Opportunities: Year-wise Returns
| Year | Canara Robeco ELSS - Tax SaverCanara Robeco ELSS - Tax Saver | Mahindra Manulife Innovation OpportunitiesMahindra Manulife Innovation Opportunities |
|---|---|---|
| 2026to date | −4.49% | -- |
| 2025 | +6.46% | -- |
| 2024 | +18.88% | -- |
| 2023 | +25.20% | -- |
| 2022 | +1.22% | -- |
| 2021 | +36.81% | -- |
Canara Robeco ELSS - Tax Saver vs Mahindra Manulife Innovation Opportunities: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Canara Robeco ELSS - Tax Saver Fund
Canara Robeco ELSS - Tax Saver vs Mahindra Manulife Innovation Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Canara Robeco ELSS - Tax Saver Fund (Direct) | Mahindra Manulife Innovation Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.38% | +5.88% |
| Standard deviation | 15.25% | 16.12% |
| Sharpe ratio | 0.55 | 0.04 |
| Sortino ratio | 0.74 | 0.06 |
| Maximum drawdown | −34.3% (23-03-2020) | −11.4% (23-10-2026) |
| Beta | 0.94 | 0.96 |
| Alpha | +1.96% | +10.05% |
From daily NAVs, 02-01-2013 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.
Canara Robeco ELSS - Tax Saver Fund (Direct)
Mahindra Manulife Innovation Opportunities Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Canara Robeco ELSS - Tax Saver Fund (Direct) | −12.6% | 11-02-2026 | 30-03-2026 | 06-07-2026 | 3 months | −6.9% |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −11.4% | 27-08-2026 | 23-10-2026 | Not yet | -- | −8.0% |
| BSE 500 TRI | −13.6% | 11-02-2026 | 30-03-2026 | 05-08-2026 | 4 months | −7.8% |
From daily values since 02-02-2026, the first day every fund has.
Canara Robeco ELSS - Tax Saver vs Mahindra Manulife Innovation Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: Canara Robeco ELSS - Tax Saver Fund, September 2026; Mahindra Manulife Innovation Opportunities Fund, September 2026
Holdings in common
- Overlap
- 35.1%
- Held by both
- 23
- Only in Canara Robeco ELSS - Tax Saver
- 51
- Only in Mahindra Manulife Innovation Opportunities
- 31
| Security | % of Canara Robeco ELSS - Tax Saver | % of Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Bajaj Finance Ltd | 2.74% | 2.73% |
| ICICI Bank Ltd | 6.82% | 2.61% |
| Reliance Industries Ltd | 4.05% | 2.53% |
| Eternal Ltd | 2.31% | 3.79% |
| Divi's Laboratories Ltd | 2.79% | 2.26% |
| Axis Bank Ltd | 2.83% | 2.20% |
| Larsen & Toubro Ltd | 3.42% | 1.95% |
| Bharti Airtel Ltd | 3.35% | 1.95% |
| Interglobe Aviation Ltd | 1.82% | 2.11% |
| Torrent Pharmaceuticals Ltd | 1.66% | 2.57% |
| CG Power and Industrial Solutions Ltd | 1.65% | 1.82% |
| Mahindra & Mahindra Ltd | 1.24% | 1.62% |
| Varun Beverages Ltd | 1.13% | 1.52% |
| Max Financial Services Ltd | 1.11% | 1.30% |
| Hindustan Aeronautics Ltd | 1.10% | 1.74% |
| Ge Vernova T&D India Ltd | 1.09% | 1.63% |
| Schaeffler India Ltd | 1.05% | 1.24% |
| J.K. Cement Ltd | 0.95% | 0.91% |
| Bharat Electronics Ltd | 0.90% | 1.01% |
| KEI Industries Ltd | 0.89% | 1.71% |
| Tech Mahindra Ltd | 0.76% | 1.54% |
| 360 One Wam Ltd | 0.73% | 1.76% |
| Crompton Greaves Consumer Electricals Ltd | 0.55% | 1.37% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.1% means 35.1% 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 Canara Robeco ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd | 6.22% |
| State Bank of India | 3.59% |
| Infosys Ltd | 2.96% |
| Samvardhana Motherson International Ltd | 1.94% |
| Ultratech Cement Ltd | 1.78% |
Largest holdings only in Mahindra Manulife Innovation Opportunities Fund
| Security | % of fund |
|---|---|
| One 97 Communications Limited | 2.64% |
| Aditya Birla Capital Limited | 2.60% |
| Acutaas Chemicals Limited | 2.59% |
| Belrise Industries Ltd. | 2.44% |
| Karur Vysya Bank Limited | 2.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Canara Robeco ELSS - Tax Saver | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Equity | 97.8% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.2% | 2.5% |
Market cap of stocks
| Market cap | Canara Robeco ELSS - Tax Saver | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Large Cap | 73.5% | 39.1% |
| Mid Cap | 16.9% | 34.1% |
| Small Cap | 7.4% | 24.3% |
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 | Canara Robeco ELSS - Tax Saver | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Banks | 20.7% | 8.3% |
| Pharmaceuticals & Biotechnology | 6.8% | 13.1% |
| Finance | 5.7% | 6.7% |
| Retailing | 6.3% | 5.0% |
| Transport Services | 1.8% | 5.9% |
| Automobiles | 5.1% | 1.6% |
| Auto Components | 4.0% | 4.9% |
| IT - Software | 4.4% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
Canara Robeco ELSS - Tax Saver vs Mahindra Manulife Innovation Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Canara Robeco ELSS - Tax Saver Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.73% | 0.98% |
| Base expense ratio (Direct) | 0.57% | 0.70% |
| Total expense ratio (Regular) | 1.85% | 2.57% |
| Base expense ratio (Regular) | 1.53% | 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
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- Mahindra Manulife Innovation Opportunities vs Aditya Birla Sun Life International Equity
Canara Robeco ELSS - Tax Saver Fund vs Mahindra Manulife Innovation Opportunities Fund: Frequently Asked Questions
What is the difference between Canara Robeco ELSS - Tax Saver Fund and Mahindra Manulife Innovation Opportunities Fund?
Canara Robeco ELSS - Tax Saver Fund is an ELSS fund, Mahindra Manulife Innovation Opportunities Fund is a Thematic fund, run by Canara Robeco Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 35.1%. Canara Robeco ELSS - Tax Saver Fund charges 0.73% a year and Mahindra Manulife Innovation Opportunities Fund 0.98%.
Which has the lower expense ratio, Canara Robeco ELSS - Tax Saver Fund or Mahindra Manulife Innovation Opportunities Fund?
Canara Robeco ELSS - Tax Saver Fund charges less: 0.73% a year against 0.98%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Canara Robeco ELSS - Tax Saver Fund and Mahindra Manulife Innovation Opportunities Fund overlap?
35.1%. They hold 23 of the same securities, the largest shared ones being BAJFINANCE, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Canara Robeco ELSS - Tax Saver Fund or Mahindra Manulife Innovation Opportunities Fund?
On SEBI's riskometer, Canara Robeco ELSS - Tax Saver Fund is rated Very High and Mahindra Manulife Innovation Opportunities Fund Very High. Over their common history, the standard deviation of daily returns was 15.25% and 16.12% a year.
Can I invest in both Canara Robeco ELSS - Tax Saver Fund and Mahindra Manulife Innovation Opportunities Fund?
Yes. 35.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Canara Robeco ELSS - Tax Saver Fund and Mahindra Manulife Innovation Opportunities Fund?
Canara Robeco ELSS - Tax Saver Fund: Vishal Mishra / Mr. Shridatta Bhandwaldar. Mahindra Manulife Innovation Opportunities Fund: Kirti Dalvi, Renjith Sivaram Radhakrishnan.
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.