Groww ELSS Tax Saver Fund vs Mahindra Manulife Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww ELSS Tax Saver Fund is an ELSS fund and Mahindra Manulife Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, Groww ELSS Tax Saver Fund (Direct) returned 9.0% a year and Mahindra Manulife Flexi Cap Fund (Direct) returned 9.3% a year. Groww ELSS Tax Saver Fund charges 1.52% a year and Mahindra Manulife Flexi Cap Fund 1.00% (Direct plans). Their portfolios overlap 45.7%: they hold 38 of the same securities.
Groww ELSS Tax Saver Fund
ELSS
- 3 year return
- 9.0%
- Expense ratio
- 1.52%
- NAV
- ₹20.99
Mahindra Manulife Flexi Cap Fund
Flexi Cap
- 3 year return
- 9.3%
- Expense ratio
- 1.00%
- NAV
- ₹16.37
Which is better, Groww ELSS Tax Saver or Mahindra Manulife Flexi 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 Flexi Cap returned more over 5 years: 9.8% a year against 7.7%.
- Mahindra Manulife Flexi Cap returned more over 3 years: 9.3% a year against 9.0%.
- Mahindra Manulife Flexi Cap costs less: 1.00% a year against 1.52% (Direct plans).
- Mahindra Manulife Flexi Cap swung less over 3 years: a standard deviation of 13.5% a year against 14.3%.
- Mahindra Manulife Flexi Cap fell less in its worst fall since 25-08-2021: −17.2% against −20.8%.
- Groww ELSS Tax Saver holds more in large companies: 73.0% of the fund in large caps against 51.4%.
- Mahindra Manulife Flexi Cap is the larger fund: ₹1,510 Cr against ₹48 Cr.
- Their portfolios overlap 45.7%: 38 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 | Groww ELSS Tax Saver Fund | Mahindra Manulife Flexi Cap Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | ELSS | Flexi Cap |
| AUM | ₹48 Cr (30-09-2026) | ₹1,510 Cr (30-09-2026) |
| NAV | ₹20.99 (Direct) | ₹16.37 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.00% |
| Expense ratio (Regular) | 2.92% | 2.49% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 28-12-2017 | 23-08-2021 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Paras Matalia, Nikhil Satam | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi |
| Exit load | Nil | Exit load 1% if redeemed within 3 months. |
Groww ELSS Tax Saver vs Mahindra Manulife Flexi 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 |
|---|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | +0.77% | −4.29% | −1.55% | −9.41% | +9.02% | +7.69% | -- |
| Mahindra Manulife Flexi Cap Fund (Direct) | −2.66% | −5.60% | −3.28% | −8.56% | +9.29% | +9.80% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
Category average: the average of the 50 ELSS funds and the 46 Flexi Cap funds, same plan type.
Groww ELSS Tax Saver vs Mahindra Manulife Flexi Cap: Year-wise Returns
| Year | Groww ELSS Tax SaverGroww ELSS Tax Saver | Mahindra Manulife Flexi CapMahindra Manulife Flexi Cap |
|---|---|---|
| 2026to date | −8.58% | −8.94% |
| 2025 | +0.70% | +8.59% |
| 2024 | +20.19% | +16.60% |
| 2023 | +27.49% | +33.23% |
| 2022 | +4.57% | +3.48% |
| 2021 | +23.63% | -- |
Groww ELSS Tax Saver vs Mahindra Manulife Flexi Cap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Groww ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 538 of them, one for each trading day from 26-08-2024 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.
Groww ELSS Tax Saver Fund (Direct)
Mahindra Manulife Flexi Cap Fund (Direct)
BSE 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver | 0.0 | 0.0 | 6.7 | 42.9 | 47.6 | 2.8 | 0.0 | 14.7% | 15.0% | 7.2% | 20.9% | 28% |
| Mahindra Manulife Flexi Cap | 0.0 | 0.0 | 5.0 | 20.4 | 59.0 | 15.6 | 0.0 | 16.9% | 17.6% | 8.1% | 24.6% | 87% |
| BSE 500 TRI | 0.0 | 0.0 | 4.5 | 37.9 | 52.6 | 5.0 | 0.0 | 15.2% | 15.3% | 8.4% | 22.0% | -- |
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 BSE 500 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 25-08-2021. Past returns do not promise future returns.
Groww ELSS Tax Saver vs Mahindra Manulife Flexi 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 02-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct) | ₹6,30,000 | ₹7,45,247 | ₹1,15,247 | 6.3% |
| Mahindra Manulife Flexi CapMahindra Manulife Flexi Cap Fund (Direct) | ₹6,30,000 | ₹7,77,422 | ₹1,47,422 | 8.0% |
Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct)
Mahindra Manulife Flexi CapMahindra Manulife Flexi 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.
Groww ELSS Tax Saver vs Mahindra Manulife Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww ELSS Tax Saver Fund (Direct) | Mahindra Manulife Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.41% | −8.56% |
| Standard deviation | 14.31% | 13.74% |
| Sharpe ratio | -1.02 | -1.00 |
| Sortino ratio | -1.37 | -1.33 |
| Maximum drawdown | −15.3% (30-03-2026) | −14.8% (31-03-2026) |
| Beta | 0.99 | 0.94 |
| Alpha | −1.89% | −1.99% |
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 | Groww ELSS Tax Saver Fund (Direct) | Mahindra Manulife Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.02% | +9.29% |
| Standard deviation | 14.34% | 13.52% |
| Sharpe ratio | 0.21 | 0.24 |
| Sortino ratio | 0.28 | 0.33 |
| Maximum drawdown | −20.8% (07-04-2025) | −16.9% (28-02-2025) |
| Beta | 0.98 | 0.93 |
| Alpha | −0.79% | −0.63% |
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 | Groww ELSS Tax Saver Fund (Direct) | Mahindra Manulife Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.69% | +9.80% |
| Standard deviation | 13.96% | 13.80% |
| Sharpe ratio | 0.14 | 0.29 |
| Sortino ratio | 0.18 | 0.39 |
| Maximum drawdown | −20.8% (07-04-2025) | −17.2% (20-06-2022) |
| Beta | 0.94 | 0.94 |
| Alpha | −0.79% | +1.16% |
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 | Groww ELSS Tax Saver Fund (Direct) | Mahindra Manulife Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.71% | +9.96% |
| Standard deviation | 15.45% | 13.66% |
| Sharpe ratio | 0.22 | 0.31 |
| Sortino ratio | 0.29 | 0.42 |
| Maximum drawdown | −34.6% (23-03-2020) | −17.2% (20-06-2022) |
| Beta | 0.90 | 0.94 |
| Alpha | −1.85% | +0.27% |
From daily NAVs, 29-12-2017 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.
Groww ELSS Tax Saver Fund (Direct)
Mahindra Manulife Flexi Cap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | −20.8% | 23-09-2024 | 07-04-2025 | Not yet | -- | −13.5% |
| Mahindra Manulife Flexi Cap Fund (Direct) | −17.2% | 17-01-2022 | 20-06-2022 | 12-09-2022 | 3 months | −10.1% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 25-08-2021, 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.
Groww ELSS Tax Saver Fund (Direct)
Mahindra Manulife Flexi Cap Fund (Direct)
BSE 500 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.
Groww ELSS Tax Saver Fund (Direct)
Mahindra Manulife Flexi Cap Fund (Direct)
BSE 500 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.
Groww ELSS Tax Saver Fund (Direct)
Mahindra Manulife Flexi Cap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | 94% | 97% | 4.05% |
| Mahindra Manulife Flexi Cap Fund (Direct) | 98% | 92% | 2.90% |
From month-end values since 25-08-2021. 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.
Groww ELSS Tax Saver vs Mahindra Manulife Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Groww ELSS Tax Saver Fund, September 2026; Mahindra Manulife Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 45.7%
- Held by both
- 38
- Only in Groww ELSS Tax Saver
- 61
- Only in Mahindra Manulife Flexi Cap
- 34
| Security | % of Groww ELSS Tax Saver | % of Mahindra Manulife Flexi Cap |
|---|---|---|
| ICICI Bank Limited | 5.98% | 6.44% |
| HDFC Bank Limited | 6.77% | 3.93% |
| Bharti Airtel Limited | 3.52% | 2.49% |
| Larsen & Toubro Limited | 2.72% | 2.02% |
| Kotak Mahindra Bank Limited | 1.98% | 1.92% |
| Axis Bank Limited | 1.86% | 2.55% |
| Reliance Industries Limited | 4.92% | 1.81% |
| Bajaj Finance Limited | 1.78% | 2.38% |
| Titan Company Limited | 1.57% | 1.60% |
| Eternal Limited | 1.41% | 2.50% |
| Sun Pharmaceutical Industries Limited | 1.30% | 1.56% |
| Multi Commodity Exchange of India Ltd. | 1.24% | 1.46% |
| Adani Port & Special Economic Zone Ltd | 1.22% | 1.67% |
| Shriram Finance Limited | 1.23% | 1.18% |
| Bajaj Auto Limited | 1.23% | 1.16% |
| TVS Motor Company Limited | 1.03% | 1.53% |
| InterGlobe Aviation Limited | 1.03% | 0.92% |
| Tata Steel Limited | 0.91% | 0.96% |
| The Federal Bank Limited | 0.90% | 1.91% |
| Divi's Laboratories Limited | 0.87% | 1.72% |
| Grasim Industries Limited | 0.86% | 1.01% |
| Maruti Suzuki India Limited | 0.76% | 1.01% |
| PERSISTENT SYSTEMS LTD | 0.74% | 1.22% |
| IndusInd Bank Limited | 0.72% | 1.50% |
| Trent Limited | 0.66% | 1.05% |
| Acutaas Chemicals Limited | 0.61% | 1.12% |
| Coforge Limited | 0.61% | 1.34% |
| Torrent Pharmaceuticals Limited | 0.58% | 1.69% |
| Dr. Lal Path Labs Ltd. | 0.55% | 1.40% |
| Radico Khaitan Limited | 0.54% | 0.78% |
| Tata Capital Ltd | 0.51% | 0.53% |
| One 97 Communications Limited | 1.17% | 0.51% |
| Neuland Laboratories Ltd | 0.50% | 1.27% |
| Adani Enterprises Limited | 0.49% | 0.82% |
| Suzlon Energy Limited | 0.41% | 1.02% |
| Hindustan Aeronautics Limited | 0.40% | 0.99% |
| Tech Mahindra Limited | 0.37% | 1.50% |
| ACME Solar Holdings Ltd. | 0.37% | 1.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.7% means 45.7% 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 Groww ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| State Bank of India | 2.29% |
| Infosys Limited | 2.08% |
| Mahindra & Mahindra Limited | 1.75% |
| Laurus Labs Limited | 1.63% |
| ITC Limited | 1.36% |
Largest holdings only in Mahindra Manulife Flexi Cap Fund
| Security | % of fund |
|---|---|
| UNO Minda Limited | 1.74% |
| RBL Bank Limited | 1.52% |
| Engineers India Limited | 1.50% |
| Cochin Shipyard Limited | 1.35% |
| Oil & Natural Gas Corporation Limited | 1.35% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww ELSS Tax Saver | Mahindra Manulife Flexi Cap |
|---|---|---|
| Equity | 98.6% | 96.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 3.2% |
Market cap of stocks
| Market cap | Groww ELSS Tax Saver | Mahindra Manulife Flexi Cap |
|---|---|---|
| Large Cap | 73.0% | 51.4% |
| Mid Cap | 18.6% | 21.8% |
| Small Cap | 7.0% | 23.0% |
| Not on AMFI's list | 0.0% | 0.7% |
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 | Groww ELSS Tax Saver | Mahindra Manulife Flexi Cap |
|---|---|---|
| Banks | 21.2% | 22.0% |
| Pharmaceuticals & Biotechnology | 7.1% | 9.7% |
| Retailing | 3.6% | 6.2% |
| IT - Software | 6.1% | 4.1% |
| Automobiles | 6.1% | 3.7% |
| Finance | 5.0% | 4.8% |
| Petroleum Products | 4.9% | 1.8% |
| Industrial Products | 0.0% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
Groww ELSS Tax Saver vs Mahindra Manulife Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww ELSS Tax Saver Fund | Mahindra Manulife Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.00% |
| Base expense ratio (Direct) | 0.83% | 0.52% |
| Total expense ratio (Regular) | 2.92% | 2.49% |
| Base expense ratio (Regular) | 2.08% | 1.83% |
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 Groww ELSS Tax Saver with
Groww ELSS Tax Saver Fund vs Mahindra Manulife Flexi Cap Fund: Frequently Asked Questions
What is the difference between Groww ELSS Tax Saver Fund and Mahindra Manulife Flexi Cap Fund?
Groww ELSS Tax Saver Fund is an ELSS fund, Mahindra Manulife Flexi Cap Fund is a Flexi Cap fund, run by Groww Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 45.7%. Groww ELSS Tax Saver Fund charges 1.52% a year and Mahindra Manulife Flexi Cap Fund 1.00%.
Which has given higher returns, Groww ELSS Tax Saver Fund or Mahindra Manulife Flexi Cap Fund?
Over 1 year: Groww ELSS Tax Saver Fund −9.41%, Mahindra Manulife Flexi Cap Fund −8.56%. Over 3 years: Groww ELSS Tax Saver Fund +9.02% a year, Mahindra Manulife Flexi Cap Fund +9.29% a year. Over 5 years: Groww ELSS Tax Saver Fund +7.69% a year, Mahindra Manulife Flexi Cap Fund +9.80% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Groww ELSS Tax Saver Fund or Mahindra Manulife Flexi Cap Fund?
Mahindra Manulife Flexi Cap Fund charges less: 1.00% a year against 1.52%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww ELSS Tax Saver Fund and Mahindra Manulife Flexi Cap Fund overlap?
45.7%. They hold 38 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Groww ELSS Tax Saver Fund or Mahindra Manulife Flexi Cap Fund?
On SEBI's riskometer, Groww ELSS Tax Saver Fund is rated Very High and Mahindra Manulife Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.34% and 13.52% a year.
Which is better for SIP, Groww ELSS Tax Saver Fund or Mahindra Manulife Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,14,497 in Groww ELSS Tax Saver Fund (XIRR 6.2% a year) and ₹7,44,780 in Mahindra Manulife Flexi Cap Fund (XIRR 7.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Groww ELSS Tax Saver Fund and Mahindra Manulife Flexi Cap Fund?
Yes. 45.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Groww ELSS Tax Saver Fund and Mahindra Manulife Flexi Cap Fund?
Groww ELSS Tax Saver Fund: Paras Matalia, Nikhil Satam. Mahindra Manulife Flexi Cap Fund: $ Mr. Neelesh Dhamnaskar, Kirti Dalvi.
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.