HDFC Innovation Fund vs Mahindra Manulife Innovation Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Innovation Fund is a Thematic fund and Mahindra Manulife Innovation Opportunities Fund is a Thematic fund. HDFC Innovation Fund charges 1.02% a year and Mahindra Manulife Innovation Opportunities Fund 0.98% (Direct plans). Their portfolios overlap 28.7%: they hold 19 of the same securities.
Mahindra Manulife Innovation Opportunities Fund
Thematic
- Expense ratio
- 0.98%
- NAV
- ₹10.45
Which is better, HDFC Innovation 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.
- Mahindra Manulife Innovation Opportunities costs less: 0.98% a year against 1.02% (Direct plans).
- HDFC Innovation fell less in its worst fall since 02-02-2026: −10.0% against −11.4%.
- HDFC Innovation is the larger fund: ₹3,152 Cr against ₹257 Cr.
- Their portfolios overlap 28.7%: 19 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 | HDFC Innovation Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹3,152 Cr (30-09-2026) | ₹257 Cr (30-09-2026) |
| NAV | ₹11.52 (Direct) | ₹10.45 (Direct) |
| Expense ratio (Direct) | 1.02% | 0.98% |
| Expense ratio (Regular) | 2.09% | 2.57% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 17-07-2025 | 30-01-2026 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar | Kirti Dalvi, Renjith Sivaram Radhakrishnan |
| Exit load | • In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 1 month from the date of allotment. • No Exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment. | 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. |
HDFC Innovation 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 |
|---|---|---|---|---|---|---|---|
| HDFC Innovation Fund (Direct) | −1.16% | +0.14% | +11.94% | +9.99% | -- | -- | -- |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −1.59% | −5.20% | +2.61% | -- | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Innovation vs Mahindra Manulife Innovation Opportunities: Year-wise Returns
| Year | HDFC InnovationHDFC Innovation | Mahindra Manulife Innovation OpportunitiesMahindra Manulife Innovation Opportunities | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +12.17% | -- | −7.51% |
HDFC Innovation vs Mahindra Manulife Innovation Opportunities: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
HDFC Innovation 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 | HDFC Innovation Fund (Direct) | Mahindra Manulife Innovation Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.54% | +5.88% |
| Standard deviation | 14.15% | 16.12% |
| Sharpe ratio | 0.44 | 0.04 |
| Sortino ratio | 0.61 | 0.06 |
| Maximum drawdown | −12.3% (31-03-2026) | −11.4% (23-10-2026) |
| Beta | 0.96 | 0.96 |
| Alpha | +15.30% | +10.05% |
From daily NAVs, 17-07-2025 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.
HDFC Innovation Fund (Direct)
Mahindra Manulife Innovation Opportunities Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Innovation Fund (Direct) | −10.0% | 11-02-2026 | 31-03-2026 | 21-04-2026 | 21 days | −5.5% |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −11.4% | 27-08-2026 | 23-10-2026 | Not yet | -- | −8.0% |
| Nifty 500 TRI | −13.6% | 11-02-2026 | 30-03-2026 | 03-08-2026 | 4 months | −7.9% |
From daily values since 02-02-2026, the first day every fund has.
HDFC Innovation vs Mahindra Manulife Innovation Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Innovation Fund, September 2026; Mahindra Manulife Innovation Opportunities Fund, September 2026
Holdings in common
- Overlap
- 28.7%
- Held by both
- 19
- Only in HDFC Innovation
- 59
- Only in Mahindra Manulife Innovation Opportunities
- 35
| Security | % of HDFC Innovation | % of Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Eternal Limited | 9.19% | 3.79% |
| Bajaj Finance Ltd. | 4.02% | 2.73% |
| Divis Laboratories Ltd. | 3.32% | 2.26% |
| Torrent Pharmaceuticals Ltd. | 2.25% | 2.57% |
| Navin Fluorine International Ltd. | 2.30% | 1.86% |
| Hindustan Aeronautics Limited | 2.72% | 1.74% |
| GE Vernova T&D India Limited | 2.12% | 1.63% |
| Mahindra & Mahindra Ltd. | 3.10% | 1.62% |
| Reliance Industries Ltd. | 1.62% | 2.53% |
| ADANI ENTERPRISES LIMTIED | 1.44% | 1.85% |
| SRF Ltd. | 1.33% | 1.35% |
| PB Fintech Limited | 2.41% | 1.16% |
| JSW Energy Ltd. | 1.23% | 1.08% |
| Biocon Ltd. | 1.02% | 1.21% |
| Bharat Electronics Ltd. | 3.12% | 1.01% |
| Coforge Limited | 0.77% | 1.97% |
| InterGlobe Aviation Ltd. | 0.63% | 2.11% |
| Zydus Lifesciences Limited | 0.59% | 1.54% |
| One 97 Communications Limited | 0.14% | 2.64% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.7% means 28.7% 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 HDFC Innovation Fund
| Security | % of fund |
|---|---|
| Rubicon Research Limited | 3.21% |
| Sun Pharmaceutical Industries Ltd. | 2.54% |
| LENSKART SOLUTIONS LIMITED | 2.52% |
| INFO EDGE (INDIA) LIMITED | 2.34% |
| The Tata Power Company Ltd. | 1.65% |
Largest holdings only in Mahindra Manulife Innovation Opportunities Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 2.61% |
| 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 | HDFC Innovation | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Equity | 93.2% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 6.8% | 2.5% |
Market cap of stocks
| Market cap | HDFC Innovation | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Large Cap | 44.3% | 39.1% |
| Mid Cap | 21.0% | 34.1% |
| Small Cap | 22.6% | 24.3% |
| Not on AMFI's list | 5.3% | 0.0% |
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 | HDFC Innovation | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Pharmaceuticals & Biotechnology | 16.5% | 13.1% |
| Retailing | 14.8% | 5.0% |
| Electrical Equipment | 8.3% | 3.5% |
| Banks | 0.0% | 8.3% |
| Aerospace & Defense | 7.2% | 2.8% |
| Finance | 5.4% | 6.7% |
| Transport Services | 0.9% | 5.9% |
| Auto Components | 5.4% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Innovation vs Mahindra Manulife Innovation Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Innovation Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.02% | 0.98% |
| Base expense ratio (Direct) | 0.76% | 0.70% |
| Total expense ratio (Regular) | 2.09% | 2.57% |
| Base expense ratio (Regular) | 1.67% | 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
Compare HDFC Innovation with
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- Mahindra Manulife Innovation Opportunities vs Aditya Birla Sun Life International Equity
HDFC Innovation Fund vs Mahindra Manulife Innovation Opportunities Fund: Frequently Asked Questions
What is the difference between HDFC Innovation Fund and Mahindra Manulife Innovation Opportunities Fund?
HDFC Innovation Fund is a Thematic fund, Mahindra Manulife Innovation Opportunities Fund is a Thematic fund, run by HDFC Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 28.7%. HDFC Innovation Fund charges 1.02% a year and Mahindra Manulife Innovation Opportunities Fund 0.98%.
Which has the lower expense ratio, HDFC Innovation Fund or Mahindra Manulife Innovation Opportunities Fund?
Mahindra Manulife Innovation Opportunities Fund charges less: 0.98% a year against 1.02%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Innovation Fund and Mahindra Manulife Innovation Opportunities Fund overlap?
28.7%. They hold 19 of the same securities, the largest shared ones being ETERNAL, BAJFINANCE, DIVISLAB. From each fund's latest monthly portfolio.
Which is riskier, HDFC Innovation Fund or Mahindra Manulife Innovation Opportunities Fund?
On SEBI's riskometer, HDFC Innovation Fund is rated Very High and Mahindra Manulife Innovation Opportunities Fund Very High. Over their common history, the standard deviation of daily returns was 14.15% and 16.12% a year.
Can I invest in both HDFC Innovation Fund and Mahindra Manulife Innovation Opportunities Fund?
Yes. 28.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Innovation Fund and Mahindra Manulife Innovation Opportunities Fund?
HDFC Innovation Fund: Amit Sinha, Gopal Agrawal, Bhagyesh Kagalkar. 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.