HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC NIFTY 100 ETF is an ETF fund and Mahindra Manulife Equity Savings Fund is an Equity Savings fund. In the 3 years to 30-10-2026, HDFC NIFTY 100 ETF returned 8.7% a year and Mahindra Manulife Equity Savings Fund (Direct) returned 9.3% a year. HDFC NIFTY 100 ETF charges 0.31% a year and Mahindra Manulife Equity Savings Fund 1.28%. Their portfolios overlap 39.6%: they hold 37 of the same securities.
Mahindra Manulife Equity Savings Fund
Equity Savings
- 3 year return
- 9.3%
- Expense ratio
- 1.28%
- NAV
- ₹25.40
Which is better, HDFC NIFTY 100 ETF or Mahindra Manulife Equity Savings? 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 Equity Savings returned more over 3 years: 9.3% a year against 8.7%.
- Mahindra Manulife Equity Savings returned more over 1 year: 2.7% against −9.0%.
- HDFC NIFTY 100 ETF costs less: 0.31% a year against 1.28%.
- Mahindra Manulife Equity Savings swung less over 3 years: a standard deviation of 5.1% a year against 13.7%.
- Mahindra Manulife Equity Savings fell less in its worst fall since 05-08-2022: −4.6% against −17.3%.
- HDFC NIFTY 100 ETF holds more in large companies: 98.0% of the fund in large caps against 51.3%.
- Mahindra Manulife Equity Savings is the larger fund: ₹519 Cr against ₹41 Cr.
- Their portfolios overlap 39.6%: 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 | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | ETF | Equity Savings |
| AUM | ₹41 Cr (30-09-2026) | ₹519 Cr (30-09-2026) |
| NAV | ₹24.81 | ₹25.40 (Direct) |
| Expense ratio (Direct) | Not available | 1.28% |
| Expense ratio (Regular) | Not available | 2.83% |
| Riskometer | Very High | Moderately High |
| Benchmark | Nifty 100 TRI | Nifty Equity Savings Index |
| Launch date | 05-08-2022 | 01-02-2017 |
| Minimum investment | On an On-going Basis: A. On the Stock Exchange: All categories of investors may purchase the Units of the Scheme through the Stock Exchange(s) on which the units of the Scheme are listed, on any trading day in round lot of one (1) Unit and multiples there | ₹1,000 |
| Lock in | None | None |
| Fund managers | Abhishek Mor, Arun Agarwal | Renjith Sivaram, Navin Matta, Rahul Pal, Kush Sonigara |
| Exit load | Not available | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 15 days. |
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: 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 NIFTY 100 ETF | +1.02% | −5.38% | −3.12% | −8.99% | +8.73% | -- | -- |
| Mahindra Manulife Equity Savings Fund (Direct) | −0.12% | −0.68% | +2.15% | +2.74% | +9.27% | +8.05% | -- |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | +7.55% | -- |
Category average: the average of the 23 Equity Savings funds, same plan type.
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: Year-wise Returns
| Year | HDFC NIFTY 100 ETFHDFC NIFTY 100 ETF | Mahindra Manulife Equity SavingsMahindra Manulife Equity Savings |
|---|---|---|
| 2026to date | −9.57% | +1.88% |
| 2025 | +9.91% | +8.90% |
| 2024 | +12.55% | +10.14% |
| 2023 | +20.87% | +16.60% |
| 2022 | -- | +4.24% |
| 2021 | -- | +18.36% |
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HDFC NIFTY 100 ETF
Rolling returns
Every 3-year holding period, 304 of them, one for each trading day from 05-08-2025 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.
HDFC NIFTY 100 ETF
Mahindra Manulife Equity Savings Fund (Direct)
Nifty 100 TRI
to
Sept 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC NIFTY 100 ETF | 0.0 | 0.0 | 18.4 | 73.7 | 7.9 | 0.0 | 0.0 | 12.2% | 12.9% | 6.7% | 16.0% | 0% |
| Mahindra Manulife Equity Savings | 0.0 | 0.0 | 13.2 | 86.8 | 0.0 | 0.0 | 0.0 | 11.1% | 11.3% | 8.8% | 12.6% | 20% |
| Nifty 100 TRI | 0.0 | 0.0 | 13.8 | 73.4 | 12.8 | 0.0 | 0.0 | 12.5% | 13.3% | 7.1% | 16.3% | -- |
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 Nifty 100 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 05-08-2022. Past returns do not promise future returns.
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: 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 05-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC NIFTY 100 ETFHDFC NIFTY 100 ETF | ₹5,10,000 | ₹5,61,269 | ₹51,269 | 4.5% |
| Mahindra Manulife Equity SavingsMahindra Manulife Equity Savings Fund (Direct) | ₹5,10,000 | ₹6,05,020 | ₹95,020 | 8.0% |
HDFC NIFTY 100 ETFHDFC NIFTY 100 ETF
Mahindra Manulife Equity SavingsMahindra Manulife Equity Savings 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.
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.99% | +2.74% |
| Standard deviation | 14.04% | 5.15% |
| Sharpe ratio | -1.01 | -0.49 |
| Sortino ratio | -1.35 | -0.66 |
| Maximum drawdown | −15.0% (31-03-2026) | −4.6% (30-03-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.30% | -- |
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 | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.73% | +9.27% |
| Standard deviation | 13.69% | 5.15% |
| Sharpe ratio | 0.20 | 0.63 |
| Sortino ratio | 0.27 | 0.86 |
| Maximum drawdown | −17.3% (28-02-2025) | −4.6% (30-03-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.35% | -- |
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 | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.29% | +9.99% |
| Standard deviation | 12.92% | 7.62% |
| Sharpe ratio | 0.17 | 0.60 |
| Sortino ratio | 0.23 | 0.81 |
| Maximum drawdown | −17.3% (28-02-2025) | −20.5% (23-03-2020) |
| Beta | 1.00 | -- |
| Alpha | −0.33% | -- |
From daily NAVs, 05-08-2022 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 NIFTY 100 ETF
Mahindra Manulife Equity Savings Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC NIFTY 100 ETF | −17.3% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.6% |
| Mahindra Manulife Equity Savings Fund (Direct) | −4.6% | 11-02-2026 | 30-03-2026 | 18-06-2026 | 3 months | −1.8% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 05-08-2022, 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.
HDFC NIFTY 100 ETF
Mahindra Manulife Equity Savings Fund (Direct)
Nifty 100 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.
HDFC NIFTY 100 ETF
Mahindra Manulife Equity Savings Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC NIFTY 100 ETF | 99% | 101% | 0.04% |
| Mahindra Manulife Equity Savings Fund (Direct) | 53% | 22% | 9.02% |
From month-end values since 05-08-2022. 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.
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC NIFTY 100 ETF, September 2026; Mahindra Manulife Equity Savings Fund, September 2026
Holdings in common
- Overlap
- 39.6%
- Held by both
- 37
- Only in HDFC NIFTY 100 ETF
- 63
- Only in Mahindra Manulife Equity Savings
- 51
| Security | % of HDFC NIFTY 100 ETF | % of Mahindra Manulife Equity Savings |
|---|---|---|
| HDFC Bank Ltd. | 8.41% | 6.04% |
| ICICI Bank Ltd. | 7.34% | 5.87% |
| Reliance Industries Ltd. | 6.15% | 5.40% |
| Mahindra & Mahindra Ltd. | 2.04% | 2.30% |
| Bajaj Finance Ltd. | 2.03% | 4.79% |
| Larsen and Toubro Ltd. | 3.41% | 1.74% |
| Kotak Mahindra Bank Limited | 2.38% | 1.56% |
| Sun Pharmaceutical Industries Ltd. | 1.49% | 3.30% |
| Bharti Airtel Ltd. | 4.14% | 1.25% |
| State Bank of India | 3.07% | 0.97% |
| Divis Laboratories Ltd. | 0.92% | 1.22% |
| Titan Company Ltd. | 1.47% | 0.76% |
| Axis Bank Ltd. | 2.73% | 0.73% |
| Eternal Limited | 1.80% | 0.56% |
| Tech Mahindra Ltd. | 0.75% | 0.54% |
| Tata Steel Ltd. | 1.18% | 0.52% |
| Shriram Finance Ltd. | 1.07% | 0.51% |
| Infosys Limited | 2.72% | 0.48% |
| Hindustan Aeronautics Limited | 0.69% | 0.45% |
| NTPC Limited | 1.19% | 0.41% |
| TVS Motor Company Ltd. | 0.75% | 0.37% |
| Hindalco Industries Ltd. | 1.06% | 0.35% |
| The Tata Power Company Ltd. | 0.47% | 0.35% |
| Bharat Electronics Ltd. | 1.08% | 0.34% |
| Oil & Natural Gas Corporation Ltd. | 0.68% | 0.34% |
| SBI Life Insurance Company Ltd. | 0.59% | 0.34% |
| Power Grid Corporation of India Ltd. | 0.91% | 0.33% |
| Tata Motors Limited | 0.68% | 0.33% |
| Bank of Baroda | 0.33% | 0.36% |
| Jindal Steel Limited. | 0.33% | 1.63% |
| Hindustan Unilever Ltd. | 1.29% | 0.32% |
| Grasim Industries Ltd. | 0.89% | 0.32% |
| Tata Consumer Products Limited | 0.48% | 0.31% |
| Canara Bank | 0.31% | 1.74% |
| Union Bank of India | 0.26% | 0.36% |
| Hyundai Motor India Limited | 0.22% | 0.35% |
| Ambuja Cements Ltd. | 0.18% | 3.73% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.6% means 39.6% 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 NIFTY 100 ETF
| Security | % of fund |
|---|---|
| ITC LIMITED | 1.96% |
| Tata Consultancy Services Ltd. | 1.62% |
| Maruti Suzuki India Limited | 1.21% |
| Adani Ports & Special Economic Zone | 1.09% |
| UltraTech Cement Limited | 1.01% |
Largest holdings only in Mahindra Manulife Equity Savings Fund
| Security | % of fund |
|---|---|
| 7.4% Bharti Telecom Limited 2029 | 3.77% |
| 364 Days Tbill 2027 | 2.78% |
| 7.79% Bajaj Housing Finance Limited 2031 | 2.36% |
| 8.37% REC Limited 2028 | 1.96% |
| 8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings |
|---|---|---|
| Equity | 100.0% | 61.6% |
| Debt | 0.0% | 29.1% |
| Cash and others | 0.0% | 9.3% |
Market cap of stocks
| Market cap | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings |
|---|---|---|
| Large Cap | 98.0% | 51.3% |
| Mid Cap | 2.0% | 4.0% |
| Small Cap | 0.0% | 6.3% |
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 NIFTY 100 ETF | Mahindra Manulife Equity Savings |
|---|---|---|
| Banks | 25.1% | 17.6% |
| Petroleum Products | 7.0% | 5.5% |
| IT - Software | 6.7% | 1.6% |
| Automobiles | 6.4% | 3.0% |
| Finance | 6.2% | 5.7% |
| Pharmaceuticals & Biotechnology | 4.3% | 5.5% |
| Cement & Cement Products | 2.1% | 4.6% |
| Telecom - Services | 4.4% | 1.3% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC NIFTY 100 ETF | Mahindra Manulife Equity Savings Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.28% |
| Base expense ratio (Direct) | 0.00% | 0.75% |
| Total expense ratio (Regular) | Not available | 2.83% |
| Base expense ratio (Regular) | 0.25% | 2.09% |
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 Equity Savings with
HDFC NIFTY 100 ETF vs Mahindra Manulife Equity Savings Fund: Frequently Asked Questions
What is the difference between HDFC NIFTY 100 ETF and Mahindra Manulife Equity Savings Fund?
HDFC NIFTY 100 ETF is an ETF fund, Mahindra Manulife Equity Savings Fund is an Equity Savings fund, run by HDFC Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 39.6%. HDFC NIFTY 100 ETF charges 0.31% a year and Mahindra Manulife Equity Savings Fund 1.28%.
Which has given higher returns, HDFC NIFTY 100 ETF or Mahindra Manulife Equity Savings Fund?
Over 1 year: HDFC NIFTY 100 ETF −8.99%, Mahindra Manulife Equity Savings Fund +2.74%. Over 3 years: HDFC NIFTY 100 ETF +8.73% a year, Mahindra Manulife Equity Savings Fund +9.27% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC NIFTY 100 ETF or Mahindra Manulife Equity Savings Fund?
HDFC NIFTY 100 ETF charges less: 0.31% a year against 1.28%. These are the total expense ratios reported to AMFI.
How much do HDFC NIFTY 100 ETF and Mahindra Manulife Equity Savings Fund overlap?
39.6%. They hold 37 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HDFC NIFTY 100 ETF or Mahindra Manulife Equity Savings Fund?
On SEBI's riskometer, HDFC NIFTY 100 ETF is rated Very High and Mahindra Manulife Equity Savings Fund Moderately High. Over 3 years, the standard deviation of daily returns was 13.69% and 5.15% a year.
Which is better for SIP, HDFC NIFTY 100 ETF or Mahindra Manulife Equity Savings Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,71,409 in HDFC NIFTY 100 ETF (XIRR 0.2% a year) and ₹4,07,143 in Mahindra Manulife Equity Savings Fund (XIRR 6.2% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC NIFTY 100 ETF and Mahindra Manulife Equity Savings Fund?
Yes. 39.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC NIFTY 100 ETF and Mahindra Manulife Equity Savings Fund?
HDFC NIFTY 100 ETF: Abhishek Mor, Arun Agarwal. Mahindra Manulife Equity Savings Fund: Renjith Sivaram, Navin Matta, 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.