DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
DSP MSCI India ETF is a mutual fund and Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund. DSP MSCI India ETF charges 0.16% a year and Mahindra Manulife Multi Asset Allocation Fund 0.58%. Their portfolios overlap 32.8%: they hold 37 of the same securities.
Mahindra Manulife Multi Asset Allocation Fund
Multi Asset
- Expense ratio
- 0.58%
- NAV
- ₹13.92
Which is better, DSP MSCI India ETF or Mahindra Manulife Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP MSCI India ETF costs less: 0.16% a year against 0.58%.
- Mahindra Manulife Multi Asset Allocation fell less in its worst fall since 25-11-2025: −9.5% against −14.6%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 35.1%.
- Mahindra Manulife Multi Asset Allocation is the larger fund: ₹1,214 Cr against ₹3 Cr.
- Their portfolios overlap 32.8%: 37 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 | DSP MSCI India ETF | Mahindra Manulife Multi Asset Allocation Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Not available | Multi Asset |
| AUM | ₹3 Cr (30-09-2026) | ₹1,214 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹13.92 (Direct) |
| Expense ratio (Direct) | Not available | 0.58% |
| Expense ratio (Regular) | Not available | 1.89% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | NIFTY 500 TRI 45% + CRISIL Composite Bond Index 40% + Domestic Price of Physical Gold 10% + Domestic Price of Silver 5% |
| Launch date | Not available | 13-03-2024 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Renjith Sivaram, Rahul Pal, Kush Sonigara |
| Exit load | Not available | Exit load of 0.5%, if redeemed within 3 months. |
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation: 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 |
|---|---|---|---|---|---|---|---|
| DSP MSCI India ETF | +0.34% | −5.94% | −3.51% | -- | -- | -- | -- |
| Mahindra Manulife Multi Asset Allocation Fund (Direct) | −1.20% | −2.61% | +0.40% | +4.23% | -- | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation |
|---|---|---|
| 2026to date | −8.97% | +1.10% |
| 2025 | -- | +22.74% |
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation: Rolling Returns
Every holding period of both funds
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP MSCI India ETF | Mahindra Manulife Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +13.34% |
| Standard deviation | 14.60% | 8.92% |
| Sharpe ratio | -0.94 | 0.83 |
| Sortino ratio | -1.24 | 1.13 |
| Maximum drawdown | −14.6% (31-03-2026) | −9.5% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-11-2025 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.
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.
DSP MSCI India ETF
Mahindra Manulife Multi Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Mahindra Manulife Multi Asset Allocation Fund (Direct) | −9.5% | 29-01-2026 | 23-03-2026 | 03-08-2026 | 4 months | −5.2% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Mahindra Manulife Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 32.8%
- Held by both
- 37
- Only in DSP MSCI India ETF
- 127
- Only in Mahindra Manulife Multi Asset Allocation
- 44
| Security | % of DSP MSCI India ETF | % of Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| HDFC Bank Limited | 6.44% | 3.50% |
| ICICI Bank Limited | 5.59% | 3.39% |
| Bharti Airtel Limited | 3.93% | 2.08% |
| Reliance Industries Limited | 5.44% | 1.99% |
| State Bank of India | 1.41% | 1.62% |
| Kotak Mahindra Bank Limited | 1.82% | 1.40% |
| Axis Bank Limited | 2.25% | 1.24% |
| Sun Pharmaceutical Industries Limited | 1.30% | 1.05% |
| Infosys Limited | 2.41% | 0.99% |
| Larsen & Toubro Limited | 2.02% | 0.98% |
| Eternal Limited | 1.22% | 0.98% |
| NTPC Limited | 1.12% | 0.94% |
| Tata Steel Limited | 1.10% | 0.92% |
| Divi's Laboratories Limited | 0.90% | 2.02% |
| Bajaj Finance Limited | 1.90% | 0.85% |
| Mahindra & Mahindra Limited | 2.05% | 0.81% |
| Shriram Finance Limited | 1.10% | 0.71% |
| Grasim Industries Limited | 0.66% | 0.72% |
| Tech Mahindra Limited | 0.65% | 1.01% |
| Hindustan Aeronautics Limited | 0.63% | 0.73% |
| Power Grid Corporation of India Limited | 0.87% | 0.60% |
| TVS Motor Co Limited | 0.78% | 0.60% |
| SBI Life Insurance Co Limited | 0.61% | 0.56% |
| Bharat Electronics Limited | 1.07% | 0.55% |
| Hindalco Industries Limited | 0.97% | 0.53% |
| Tata Motors Limited | 0.62% | 0.53% |
| Hindustan Unilever Limited | 1.05% | 0.49% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.59% |
| Tata Power Co Limited | 0.43% | 0.89% |
| Persistent Systems Limited | 0.43% | 1.03% |
| Tata Consumer Products Limited | 0.41% | 0.53% |
| National Aluminium Co Limited | 0.23% | 0.54% |
| Union Bank Of India | 0.21% | 0.62% |
| Shree Cement Limited | 0.17% | 0.57% |
| L&T Finance Limited | 0.17% | 0.67% |
| Coromandel International Limited | 0.16% | 0.89% |
| Oil India Limited | 0.15% | 0.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.8% means 32.8% 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 DSP MSCI India ETF
| Security | % of fund |
|---|---|
| Tata Consultancy Services Limited | 1.33% |
| Titan Co Limited | 1.29% |
| Maruti Suzuki India Limited | 1.11% |
| Ultratech Cement Limited | 0.89% |
| HCL Technologies Limited | 0.86% |
Largest holdings only in Mahindra Manulife Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| ICICI Prudential Gold ETF | 12.32% |
| Mahindra Manulife Liquid Fund -Direct Plan -Growth | 4.94% |
| Brookfield India Real Estate Trust | 3.36% |
| 8.42% Muthoot Finance Limited 2029 (FRN) | 3.09% |
| Nippon India Silver ETF | 2.87% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| Equity | 99.5% | 52.2% |
| Debt | 0.0% | 19.4% |
| Cash and others | 0.5% | 28.4% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| Large Cap | 80.5% | 35.1% |
| Mid Cap | 19.0% | 6.7% |
| Small Cap | 0.0% | 10.4% |
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 | DSP MSCI India ETF | Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| Banks | 20.3% | 11.8% |
| IT - Software | 6.5% | 3.0% |
| Petroleum Products | 6.4% | 2.0% |
| Finance | 6.3% | 2.2% |
| Automobiles | 6.2% | 2.0% |
| Pharmaceuticals & Biotechnology | 5.6% | 4.6% |
| Power | 3.7% | 2.4% |
| Industrial Products | 1.3% | 3.4% |
| Retailing | 3.4% | 2.3% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Mahindra Manulife Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.58% |
| Base expense ratio (Direct) | 0.11% | 0.41% |
| Total expense ratio (Regular) | Not available | 1.89% |
| Base expense ratio (Regular) | 0.00% | 1.56% |
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 Multi Asset Allocation with
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- Mahindra Manulife Multi Asset Allocation vs Kotak Multi Asset Allocation
- Mahindra Manulife Multi Asset Allocation vs WhiteOak Capital Multi Asset Allocation
DSP MSCI India ETF vs Mahindra Manulife Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Mahindra Manulife Multi Asset Allocation Fund?
DSP MSCI India ETF is a mutual fund, Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund, run by DSP Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 32.8%. DSP MSCI India ETF charges 0.16% a year and Mahindra Manulife Multi Asset Allocation Fund 0.58%.
Which has the lower expense ratio, DSP MSCI India ETF or Mahindra Manulife Multi Asset Allocation Fund?
DSP MSCI India ETF charges less: 0.16% a year against 0.58%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Mahindra Manulife Multi Asset Allocation Fund overlap?
32.8%. They hold 37 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Mahindra Manulife Multi Asset Allocation Fund?
Yes. 32.8% 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.