Groww Gilt Fund vs Mahindra Manulife Dynamic Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww Gilt Fund is a Gilt fund and Mahindra Manulife Dynamic Term Fund is a Dynamic Bond fund. In the year to 30-10-2026, Groww Gilt Fund (Direct) returned 1.5% and Mahindra Manulife Dynamic Term Fund (Direct) returned 3.4%. Groww Gilt Fund charges 0.57% a year and Mahindra Manulife Dynamic Term Fund 0.42% (Direct plans). Their portfolios overlap 15.9%: they hold 1 of the same security.
Mahindra Manulife Dynamic Term Fund
Dynamic Bond
- 1 year return
- 3.4%
- Expense ratio
- 0.42%
- NAV
- ₹16.25
Which is better, Groww Gilt or Mahindra Manulife Dynamic Term? 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 Dynamic Term returned more over 1 year: 3.4% against 1.5%.
- Mahindra Manulife Dynamic Term costs less: 0.42% a year against 0.57% (Direct plans).
- Mahindra Manulife Dynamic Term fell less in its worst fall since 13-05-2025: −1.8% against −3.9%.
- Mahindra Manulife Dynamic Term is the larger fund: ₹47 Cr against ₹33 Cr.
- Their portfolios overlap 15.9%: 1 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 Gilt Fund | Mahindra Manulife Dynamic Term Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Gilt | Dynamic Bond |
| AUM | ₹33 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹10.02 (Direct) | ₹16.25 (Direct) |
| Expense ratio (Direct) | 0.57% | 0.42% |
| Expense ratio (Regular) | 1.68% | 1.59% |
| Riskometer | Moderate | Moderately High |
| Benchmark | CRISIL Dynamic Gilt Index | CRISIL Dynamic Bond A-III Index |
| Launch date | 09-05-2025 | 20-08-2018 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Kaustubh Sule, Wilfred Gonsalves, amp, Dealer-Fixed Income) | Rahul Pal, Kush Sonigara |
| Exit load | Nil | Nil |
Groww Gilt vs Mahindra Manulife Dynamic Term: 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 Gilt Fund (Direct) | −0.13% | +0.02% | +1.47% | +1.53% | -- | -- | -- |
| Mahindra Manulife Dynamic Term Fund (Direct) | −0.66% | −0.65% | +2.02% | +3.44% | +7.25% | +5.83% | -- |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | -- | -- | -- |
| Dynamic Bond average | −0.48% | −0.66% | +1.80% | +3.05% | +6.70% | +5.98% | -- |
Category average: the average of the 28 Gilt funds and the 22 Dynamic Bond funds, same plan type.
Groww Gilt vs Mahindra Manulife Dynamic Term: Year-wise Returns
| Year | Groww GiltGroww Gilt | Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term |
|---|---|---|
| 2026to date | +0.91% | +3.00% |
| 2025 | -- | +7.23% |
| 2024 | -- | +9.63% |
| 2023 | -- | +7.06% |
| 2022 | -- | +1.96% |
| 2021 | -- | +3.55% |
Groww Gilt vs Mahindra Manulife Dynamic Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 115 of them, one for each trading day from 13-05-2026 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 Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Groww Gilt | 16.5 | 83.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.9% | 1.1% | −3.1% | 3.5% |
| Mahindra Manulife Dynamic Term | 0.0 | 47.4 | 52.6 | 0.0 | 0.0 | 0.0 | 0.0 | 4.7% | 5.1% | 2.5% | 6.6% |
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. Every fund is measured over the days all of them have, from 13-05-2025. Past returns do not promise future returns.
Groww Gilt vs Mahindra Manulife Dynamic Term: 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 13-05-2025 to 30-10-2026: 18 instalments, ₹1,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Groww GiltGroww Gilt Fund (Direct) | ₹1,80,000 | ₹1,81,664 | ₹1,664 | 1.2% |
| Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term Fund (Direct) | ₹1,80,000 | ₹1,84,768 | ₹4,768 | 3.4% |
Groww GiltGroww Gilt Fund (Direct)
Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term 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 Gilt vs Mahindra Manulife Dynamic Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww Gilt Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.53% | +3.44% |
| Standard deviation | 2.94% | 2.00% |
| Sharpe ratio | -1.26 | -0.90 |
| Sortino ratio | -1.65 | -1.22 |
| Maximum drawdown | −1.7% (18-05-2026) | −1.8% (23-10-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Gilt Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.17% | +6.09% |
| Standard deviation | 3.27% | 1.79% |
| Sharpe ratio | -1.69 | 0.46 |
| Sortino ratio | -2.16 | 0.67 |
| Maximum drawdown | −3.9% (26-08-2025) | −2.3% (09-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 13-05-2025 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.
Groww Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww Gilt Fund (Direct) | −3.9% | 16-05-2025 | 26-08-2025 | Not yet | -- | −0.9% |
| Mahindra Manulife Dynamic Term Fund (Direct) | −1.8% | 14-08-2026 | 23-10-2026 | Not yet | -- | −1.6% |
From daily values since 13-05-2025, 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 Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
Groww Gilt vs Mahindra Manulife Dynamic Term: Portfolio Overlap
From each fund's latest monthly portfolio: Groww Gilt Fund, September 2026; Mahindra Manulife Dynamic Term Fund, September 2026
Holdings in common
- Overlap
- 15.9%
- Held by both
- 1
- Only in Groww Gilt
- 2
- Only in Mahindra Manulife Dynamic Term
- 13
| Security | % of Groww Gilt | % of Mahindra Manulife Dynamic Term |
|---|---|---|
| 7.71% GOI 18-May-2066 | 37.49% | 15.86% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 15.9% means 15.9% 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 Gilt Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bill 08-Oct-2026 | 29.96% |
| 91 Days Treasury Bill 01-Oct-2026 | 15.00% |
Largest holdings only in Mahindra Manulife Dynamic Term Fund
| Security | % of fund |
|---|---|
| 7.25% State Government Securities 2037 | 10.10% |
| 7.24% Government of India 2055 | 10.04% |
| 7.29% Small Industries Dev Bank of India 2029 | 8.33% |
| 7.01% National Bank For Agriculture and Rural Development 2029 | 8.31% |
| 8.55% Aditya Birla Real Estate Limited 2029 | 6.31% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww Gilt | Mahindra Manulife Dynamic Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 82.4% | 88.4% |
| Cash and others | 17.6% | 11.6% |
Groww Gilt vs Mahindra Manulife Dynamic Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww Gilt Fund | Mahindra Manulife Dynamic Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.57% | 0.42% |
| Base expense ratio (Direct) | 0.46% | 0.35% |
| Total expense ratio (Regular) | 1.68% | 1.59% |
| Base expense ratio (Regular) | 1.44% | 1.35% |
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 Gilt with
Compare Mahindra Manulife Dynamic Term with
Groww Gilt Fund vs Mahindra Manulife Dynamic Term Fund: Frequently Asked Questions
What is the difference between Groww Gilt Fund and Mahindra Manulife Dynamic Term Fund?
Groww Gilt Fund is a Gilt fund, Mahindra Manulife Dynamic Term Fund is a Dynamic Bond fund, run by Groww Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 15.9%. Groww Gilt Fund charges 0.57% a year and Mahindra Manulife Dynamic Term Fund 0.42%.
Which has given higher returns, Groww Gilt Fund or Mahindra Manulife Dynamic Term Fund?
Over 1 year: Groww Gilt Fund +1.53%, Mahindra Manulife Dynamic Term Fund +3.44%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Groww Gilt Fund or Mahindra Manulife Dynamic Term Fund?
Mahindra Manulife Dynamic Term Fund charges less: 0.42% a year against 0.57%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww Gilt Fund and Mahindra Manulife Dynamic Term Fund overlap?
15.9%. They hold 1 of the same securities, the largest shared ones being 7.71% GOI 18-May-2066. From each fund's latest monthly portfolio.
Which is riskier, Groww Gilt Fund or Mahindra Manulife Dynamic Term Fund?
On SEBI's riskometer, Groww Gilt Fund is rated Moderate and Mahindra Manulife Dynamic Term Fund Moderately High. Over 1 years, the standard deviation of daily returns was 2.94% and 2.00% a year.
Can I invest in both Groww Gilt Fund and Mahindra Manulife Dynamic Term Fund?
Yes. 15.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Groww Gilt Fund and Mahindra Manulife Dynamic Term Fund?
Groww Gilt Fund: Kaustubh Sule, Wilfred Gonsalves, amp, Dealer-Fixed Income). Mahindra Manulife Dynamic Term Fund: Rahul Pal, Kush Sonigara.
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.