Groww Small Cap Fund vs Mahindra Manulife Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww Small Cap Fund and Mahindra Manulife Small Cap Fund are both Small Cap funds. Groww Small Cap Fund charges 1.06% a year and Mahindra Manulife Small Cap Fund 0.93% (Direct plans). Their portfolios overlap 10.2%: they hold 12 of the same securities.
Mahindra Manulife Small Cap Fund
Small Cap
- Expense ratio
- 0.93%
- NAV
- ₹22.39
Which is better, Groww 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 costs less: 0.93% a year against 1.06% (Direct plans).
- Groww Small Cap fell less in its worst fall since 02-02-2026: −10.8% against −11.5%.
- Mahindra Manulife Small Cap holds more in large companies: 12.6% of the fund in large caps against 0.0%.
- Mahindra Manulife Small Cap is the larger fund: ₹5,373 Cr against ₹966 Cr.
- Their portfolios overlap 10.2%: 12 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 Small Cap Fund | Mahindra Manulife Small Cap Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹966 Cr (30-09-2026) | ₹5,373 Cr (30-09-2026) |
| NAV | ₹12.09 (Direct) | ₹22.39 (Direct) |
| Expense ratio (Direct) | 1.06% | 0.93% |
| Expense ratio (Regular) | 2.70% | 2.21% |
| Riskometer | Low to Moderate | Very High |
| Benchmark | Nifty Smallcap 250 TRI | BSE 250 Smallcap TRI |
| Launch date | 29-01-2026 | 12-12-2020 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Anupam Tiwari, Gagan Thareja, Fund Manager), Saptarshee Chatterjee, Nikhil Satam, amp, Dealer - Equity) | Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi |
| Exit load | Exit load of 1%, if redeemed within 1 Year. | Exit load of 1% if redeemed within 3 months |
Groww 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 |
|---|---|---|---|---|---|---|---|
| Groww Small Cap Fund (Direct) | −6.67% | +0.37% | +10.28% | -- | -- | -- | -- |
| 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.
Groww Small Cap vs Mahindra Manulife Small Cap: Year-wise Returns
| Year | GrowwGroww Small Cap | Mahindra ManulifeMahindra Manulife Small Cap |
|---|---|---|
| 2026to date | -- | +9.80% |
| 2025 | -- | −1.29% |
| 2024 | -- | +29.97% |
| 2023 | -- | +60.03% |
Groww Small Cap vs Mahindra Manulife Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of Groww Small Cap Fund
Groww 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 | Groww Small Cap Fund (Direct) | Mahindra Manulife Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +28.80% | +23.03% |
| Standard deviation | 18.04% | 16.94% |
| Sharpe ratio | 1.31 | 0.99 |
| Sortino ratio | 1.86 | 1.33 |
| Maximum drawdown | −10.8% (23-10-2026) | −26.0% (03-03-2025) |
| Beta | 0.86 | 0.93 |
| Alpha | +17.88% | +9.56% |
From daily NAVs, 02-02-2026 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 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 |
|---|---|---|---|---|---|---|
| Groww Small Cap Fund (Direct) | −10.8% | 23-09-2026 | 23-10-2026 | Not yet | -- | −8.6% |
| Mahindra Manulife Small Cap Fund (Direct) | −11.5% | 08-09-2026 | 23-10-2026 | Not yet | -- | −8.7% |
| Nifty Smallcap 250 TRI | −13.0% | 11-02-2026 | 23-03-2026 | 17-04-2026 | 25 days | −9.4% |
From daily values since 02-02-2026, the first day every fund has.
Groww Small Cap vs Mahindra Manulife Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Groww Small Cap Fund, September 2026; Mahindra Manulife Small Cap Fund, September 2026
Holdings in common
- Overlap
- 10.2%
- Held by both
- 12
- Only in Groww Small Cap
- 55
- Only in Mahindra Manulife Small Cap
- 73
| Security | % of Groww Small Cap | % of Mahindra Manulife Small Cap |
|---|---|---|
| Ujjivan Small Finance Bank Limited | 2.89% | 1.80% |
| Ather Energy Limited | 2.30% | 1.60% |
| Multi Commodity Exchange of India Ltd. | 1.54% | 4.62% |
| Sagility Limited | 1.63% | 1.03% |
| LG BALAKRISHNAN & BROS LIMITED | 1.40% | 0.78% |
| Karur Vysya Bank Limited | 0.71% | 1.47% |
| FINOLEX CABLES LTD | 0.88% | 0.59% |
| Symbiotec Pharmalab Ltd | 0.91% | 0.55% |
| Krishna Institute of Medical Science Ltd | 0.88% | 0.46% |
| Shriram Pistons & Rings Limited | 0.45% | 1.63% |
| Mrs Bectors Food Specialities Ltd | 0.42% | 0.40% |
| Navin Fluorine International Limited | 1.38% | 0.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 10.2% means 10.2% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| TD Power Systems Limited | 3.55% |
| Manipal Payment Identity Solutions Ltd | 3.50% |
| TENNECO CLEAN AIR INDIA LIMITED | 2.83% |
| OnEMI Technology Solutions Limited | 2.75% |
| Kanohar Electricals Limited | 2.35% |
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 | Groww Small Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Equity | 87.6% | 99.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 12.4% | 0.8% |
Market cap of stocks
| Market cap | Groww Small Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Large Cap | 0.0% | 12.6% |
| Mid Cap | 10.5% | 19.7% |
| Small Cap | 61.5% | 66.3% |
| Not on AMFI's list | 15.6% | 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 | Groww Small Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Industrial Products | 7.0% | 15.3% |
| Pharmaceuticals & Biotechnology | 2.6% | 15.2% |
| Auto Components | 14.9% | 8.7% |
| Electrical Equipment | 10.7% | 3.3% |
| Banks | 8.3% | 6.1% |
| Chemicals & Petrochemicals | 5.5% | 8.2% |
| Finance | 7.2% | 3.1% |
| Healthcare Services | 6.4% | 0.5% |
| Textiles & Apparels | 0.0% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
Groww Small Cap vs Mahindra Manulife Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww Small Cap Fund | Mahindra Manulife Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.06% | 0.93% |
| Base expense ratio (Direct) | 0.48% | 0.48% |
| Total expense ratio (Regular) | 2.70% | 2.21% |
| Base expense ratio (Regular) | 1.93% | 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 Groww Small Cap with
Groww Small Cap Fund vs Mahindra Manulife Small Cap Fund: Frequently Asked Questions
What is the difference between Groww Small Cap Fund and Mahindra Manulife Small Cap Fund?
Both are Small Cap funds, run by Groww Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 10.2%. Groww Small Cap Fund charges 1.06% a year and Mahindra Manulife Small Cap Fund 0.93%.
Which has the lower expense ratio, Groww Small Cap Fund or Mahindra Manulife Small Cap Fund?
Mahindra Manulife Small Cap Fund charges less: 0.93% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww Small Cap Fund and Mahindra Manulife Small Cap Fund overlap?
10.2%. They hold 12 of the same securities, the largest shared ones being UJJIVANSFB, ATHERENERG, MCX. From each fund's latest monthly portfolio.
Which is riskier, Groww Small Cap Fund or Mahindra Manulife Small Cap Fund?
On SEBI's riskometer, Groww Small Cap Fund is rated Low to Moderate and Mahindra Manulife Small Cap Fund Very High. Over their common history, the standard deviation of daily returns was 18.04% and 16.94% a year.
Can I invest in both Groww Small Cap Fund and Mahindra Manulife Small Cap Fund?
Yes. 10.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Groww Small Cap Fund and Mahindra Manulife Small Cap Fund?
Groww Small Cap Fund: Anupam Tiwari, Gagan Thareja, Fund Manager), Saptarshee Chatterjee, Nikhil Satam, amp, Dealer - Equity). Mahindra Manulife Small Cap Fund: Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi.
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.