ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Gold ETF FOF is a Fund of Funds fund and Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, ICICI Prudential Gold ETF FOF (Direct) returned 16.1% and Mahindra Manulife Multi Asset Allocation Fund (Direct) returned 4.2%. ICICI Prudential Gold ETF FOF charges 0.14% a year and Mahindra Manulife Multi Asset Allocation Fund 0.58% (Direct plans). Their portfolios overlap 12.3%: they hold 1 of the same security.
ICICI Prudential Gold ETF FOF
Fund of Funds
- 1 year return
- 16.1%
- Expense ratio
- 0.14%
- NAV
- ₹44.54
Mahindra Manulife Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.2%
- Expense ratio
- 0.58%
- NAV
- ₹13.92
Which is better, ICICI Prudential Gold ETF FOF or Mahindra Manulife Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Gold ETF FOF returned more over 1 year: 16.1% against 4.2%.
- ICICI Prudential Gold ETF FOF costs less: 0.14% a year against 0.58% (Direct plans).
- Mahindra Manulife Multi Asset Allocation fell less in its worst fall since 15-03-2024: −9.5% against −25.8%.
- ICICI Prudential Gold ETF FOF is the larger fund: ₹7,067 Cr against ₹1,214 Cr.
- Their portfolios overlap 12.3%: 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 | ICICI Prudential Gold ETF FOF | Mahindra Manulife Multi Asset Allocation Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Fund of Funds | Multi Asset |
| AUM | ₹7,067 Cr (30-09-2026) | ₹1,214 Cr (30-09-2026) |
| NAV | ₹44.54 (Direct) | ₹13.92 (Direct) |
| Expense ratio (Direct) | 0.14% | 0.58% |
| Expense ratio (Regular) | 0.56% | 1.89% |
| Riskometer | Not available | Very High |
| Benchmark | Gold Index | NIFTY 500 TRI 45% + CRISIL Composite Bond Index 40% + Domestic Price of Physical Gold 10% + Domestic Price of Silver 5% |
| Launch date | 11-10-2011 | 13-03-2024 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Manish Banthia, Nishit Patel, Ahswini Bharucha, Venus Ahuja | Renjith Sivaram, Rahul Pal, Kush Sonigara |
| Exit load | Exit load of 1% if redeemed within 15 days | Exit load of 0.5%, if redeemed within 3 months. |
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Gold ETF FOF (Direct) | −5.32% | −1.82% | −6.80% | +16.06% | +30.52% | +22.64% | +15.12% |
| Mahindra Manulife Multi Asset Allocation Fund (Direct) | −1.20% | −2.61% | +0.40% | +4.23% | -- | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: Year-wise Returns
| Year | ICICI Prudential Gold ETF FOFICICI Prudential Gold ETF FOF | Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation |
|---|---|---|
| 2026to date | +4.37% | +1.10% |
| 2025 | +72.52% | +22.74% |
| 2024 | +19.71% | -- |
| 2023 | +13.81% | -- |
| 2022 | +13.03% | -- |
| 2021 | −4.98% | -- |
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 396 of them, one for each trading day from 17-03-2025 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.
ICICI Prudential Gold ETF FOF (Direct)
Mahindra Manulife Multi Asset Allocation Fund (Direct)
to
May 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Gold ETF FOF | 0.0 | 0.0 | 0.0 | 1.5 | 1.5 | 2.0 | 94.9 | 49.9% | 48.2% | 11.0% | 117.4% |
| Mahindra Manulife Multi Asset Allocation | 0.0 | 2.5 | 10.7 | 31.9 | 34.7 | 14.5 | 5.7 | 15.7% | 15.8% | 3.1% | 29.5% |
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 15-03-2024. Past returns do not promise future returns.
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: 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 01-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Gold ETF FOFICICI Prudential Gold ETF FOF (Direct) | ₹3,20,000 | ₹4,55,948 | ₹1,35,948 | 27.9% |
| Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,66,322 | ₹46,322 | 10.2% |
ICICI Prudential Gold ETF FOFICICI Prudential Gold ETF FOF (Direct)
Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation 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.
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Gold ETF FOF (Direct) | Mahindra Manulife Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.06% | +4.23% |
| Standard deviation | 31.54% | 10.26% |
| Sharpe ratio | 0.34 | -0.10 |
| Sortino ratio | 0.47 | -0.13 |
| Maximum drawdown | −25.8% (23-03-2026) | −9.5% (23-03-2026) |
| 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 | ICICI Prudential Gold ETF FOF (Direct) | Mahindra Manulife Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.47% | +13.34% |
| Standard deviation | 16.52% | 8.92% |
| Sharpe ratio | 0.27 | 0.83 |
| Sortino ratio | 0.38 | 1.13 |
| Maximum drawdown | −25.8% (23-03-2026) | −9.5% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
ICICI Prudential Gold ETF FOF (Direct)
Mahindra Manulife Multi Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Gold ETF FOF (Direct) | −25.8% | 29-01-2026 | 23-03-2026 | Not yet | -- | −22.0% |
| Mahindra Manulife Multi Asset Allocation Fund (Direct) | −9.5% | 29-01-2026 | 23-03-2026 | 03-08-2026 | 4 months | −5.2% |
From daily values since 15-03-2024, 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.
ICICI Prudential Gold ETF FOF (Direct)
Mahindra Manulife Multi Asset Allocation Fund (Direct)
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Gold ETF FOF, September 2026; Mahindra Manulife Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 12.3%
- Held by both
- 1
- Only in ICICI Prudential Gold ETF FOF
- 0
- Only in Mahindra Manulife Multi Asset Allocation
- 80
| Security | % of ICICI Prudential Gold ETF FOF | % of Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| ICICI Prudential Gold ETF | 99.96% | 12.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.3% means 12.3% 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 ICICI Prudential Gold ETF FOF
Every holding of this fund is also held by the other.
Largest holdings only in Mahindra Manulife Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Mahindra Manulife Liquid Fund -Direct Plan -Growth | 4.94% |
| HDFC Bank Limited | 3.50% |
| ICICI Bank Limited | 3.39% |
| Brookfield India Real Estate Trust | 3.36% |
| 8.42% Muthoot Finance Limited 2029 (FRN) | 3.09% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Gold ETF FOF | Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| Equity | 0.0% | 52.2% |
| Debt | 0.0% | 19.4% |
| Cash and others | 100.0% | 28.4% |
Market cap of stocks
| Market cap | ICICI Prudential Gold ETF FOF | Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| Large Cap | -- | 35.1% |
| Mid Cap | -- | 6.7% |
| Small Cap | -- | 10.4% |
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 | ICICI Prudential Gold ETF FOF | Mahindra Manulife Multi Asset Allocation |
|---|---|---|
| Banks | 0.0% | 11.8% |
| Pharmaceuticals & Biotechnology | 0.0% | 4.6% |
| Industrial Products | 0.0% | 3.4% |
| IT - Software | 0.0% | 3.0% |
| Power | 0.0% | 2.4% |
| Retailing | 0.0% | 2.3% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Gold ETF FOF | Mahindra Manulife Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.14% | 0.58% |
| Base expense ratio (Direct) | 0.12% | 0.41% |
| Total expense ratio (Regular) | 0.56% | 1.89% |
| Base expense ratio (Regular) | 0.48% | 1.56% |
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.
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ICICI Prudential Gold ETF FOF vs Mahindra Manulife Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Gold ETF FOF and Mahindra Manulife Multi Asset Allocation Fund?
ICICI Prudential Gold ETF FOF is a Fund of Funds fund, Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund, run by ICICI Prudential Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 12.3%. ICICI Prudential Gold ETF FOF charges 0.14% a year and Mahindra Manulife Multi Asset Allocation Fund 0.58%.
Which has given higher returns, ICICI Prudential Gold ETF FOF or Mahindra Manulife Multi Asset Allocation Fund?
Over 1 year: ICICI Prudential Gold ETF FOF +16.06%, Mahindra Manulife Multi Asset Allocation Fund +4.23%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Gold ETF FOF or Mahindra Manulife Multi Asset Allocation Fund?
ICICI Prudential Gold ETF FOF charges less: 0.14% a year against 0.58%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Gold ETF FOF and Mahindra Manulife Multi Asset Allocation Fund overlap?
12.3%. They hold 1 of the same securities, the largest shared ones being GOLDIETF. From each fund's latest monthly portfolio.
Can I invest in both ICICI Prudential Gold ETF FOF and Mahindra Manulife Multi Asset Allocation Fund?
Yes. 12.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Gold ETF FOF and Mahindra Manulife Multi Asset Allocation Fund?
ICICI Prudential Gold ETF FOF: Manish Banthia, Nishit Patel, Ahswini Bharucha, Venus Ahuja. Mahindra Manulife Multi Asset Allocation Fund: Renjith Sivaram, 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.