ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
ICICI Prudential Nifty Financial Services Ex-Bank ETF is an ETF fund and MahindraManulife Banking & Financial Services Fund is a Sectoral fund. In the year to 30-10-2026, ICICI Prudential Nifty Financial Services Ex-Bank ETF returned −8.6% and MahindraManulife Banking & Financial Services Fund (Direct) returned −3.3%. ICICI Prudential Nifty Financial Services Ex-Bank ETF charges 0.21% a year and MahindraManulife Banking & Financial Services Fund 1.13%. Their portfolios overlap 33.4%: they hold 14 of the same securities.
ICICI Prudential Nifty Financial Services Ex-Bank ETF
ETF
- 1 year return
- −8.6%
- Expense ratio
- 0.21%
- NAV
- ₹29.21
MahindraManulife Banking & Financial Services Fund
Sectoral
- 1 year return
- −3.3%
- Expense ratio
- 1.13%
- NAV
- ₹10.16
Which is better, ICICI Prudential Nifty Financial Services Ex-Bank ETF or MahindraManulife Banking & Financial Services? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- MahindraManulife Banking & Financial Services returned more over 1 year: −3.3% against −8.6%.
- ICICI Prudential Nifty Financial Services Ex-Bank ETF costs less: 0.21% a year against 1.13%.
- MahindraManulife Banking & Financial Services fell less in its worst fall since 21-07-2025: −15.7% against −16.7%.
- ICICI Prudential Nifty Financial Services Ex-Bank ETF holds more in large companies: 68.7% of the fund in large caps against 56.2%.
- MahindraManulife Banking & Financial Services is the larger fund: ₹445 Cr against ₹198 Cr.
- Their portfolios overlap 33.4%: 14 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 Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | ETF | Sectoral |
| AUM | ₹198 Cr (30-09-2026) | ₹445 Cr (30-09-2026) |
| NAV | ₹29.21 | ₹10.16 (Direct) |
| Expense ratio (Direct) | Not available | 1.13% |
| Expense ratio (Regular) | Not available | 2.77% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty Financial Services Ex-Bank TRI | Nifty Financial Services TRI |
| Launch date | 25-11-2022 | 18-07-2025 |
| Minimum investment | During Ongoing/Continuous Offer: On Stock Exchanges: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy or sell units of the scheme in creation unit size and its mul | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nishit Patel, Ashwini Bharucha, Venus Ahuja | Vishal Jajoo, Chetan Sanjay Gindodia |
| Exit load | Not available | 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. |
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: 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 Nifty Financial Services Ex-Bank ETF | −3.14% | −10.30% | −7.18% | −8.58% | +13.01% | -- | -- |
| MahindraManulife Banking & Financial Services Fund (Direct) | −2.34% | −6.10% | −2.50% | −3.33% | -- | -- | -- |
| Sectoral average | −1.70% | −4.49% | +2.30% | −0.58% | -- | -- | -- |
Category average: the average of the 20 Sectoral funds, same plan type.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: Year-wise Returns
| Year | ICICI Prudential Nifty Financial Services Ex-Bank ETFICICI Prudential Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial ServicesMahindraManulife Banking & Financial Services |
|---|---|---|
| 2026to date | −10.25% | −5.39% |
| 2025 | +27.84% | -- |
| 2024 | +13.95% | -- |
| 2023 | +32.46% | -- |
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: Rolling Returns
Every holding period of both funds, against Nifty Financial Services Ex-Bank TRI, the benchmark of ICICI Prudential Nifty Financial Services Ex-Bank ETF
Rolling returns
Every 1-year holding period, 69 of them, one for each trading day from 21-07-2026 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.
ICICI Prudential Nifty Financial Services Ex-Bank ETF
MahindraManulife Banking & Financial Services Fund (Direct)
Nifty Financial Services Ex-Bank TRI
to
Jul 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETF | 26.1 | 17.4 | 18.8 | 33.3 | 4.3 | 0.0 | 0.0 | 5.7% | 7.4% | −9.7% | 16.1% | 1% |
| MahindraManulife Banking & Financial Services | 10.0 | 18.6 | 25.7 | 40.0 | 5.7 | 0.0 | 0.0 | 8.0% | 8.8% | −4.6% | 17.4% | 81% |
| Nifty Financial Services Ex-Bank TRI | 26.1 | 17.4 | 18.8 | 33.3 | 4.3 | 0.0 | 0.0 | 5.9% | 7.6% | −9.6% | 16.4% | -- |
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 Financial Services Ex-Bank 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 21-07-2025. Past returns do not promise future returns.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: 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 01-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETFICICI Prudential Nifty Financial Services Ex-Bank ETF | ₹1,60,000 | ₹1,49,963 | −₹10,037 | −8.9% |
| MahindraManulife Banking & Financial ServicesMahindraManulife Banking & Financial Services Fund (Direct) | ₹1,60,000 | ₹1,56,250 | −₹3,750 | −3.3% |
ICICI Prudential Nifty Financial Services Ex-Bank ETFICICI Prudential Nifty Financial Services Ex-Bank ETF
MahindraManulife Banking & Financial ServicesMahindraManulife Banking & Financial Services 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 Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.58% | −3.33% |
| Standard deviation | 21.52% | 18.14% |
| Sharpe ratio | -0.64 | -0.47 |
| Sortino ratio | -0.89 | -0.65 |
| Maximum drawdown | −16.7% (31-03-2026) | −15.7% (31-03-2026) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.17% | +5.54% |
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 Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.70% | +1.19% |
| Standard deviation | 18.71% | 16.54% |
| Sharpe ratio | 0.46 | -0.25 |
| Sortino ratio | 0.64 | -0.34 |
| Maximum drawdown | −16.7% (31-03-2026) | −15.7% (31-03-2026) |
| Beta | 1.00 | 0.99 |
| Alpha | −0.28% | +6.78% |
From daily NAVs, 28-11-2022 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.
ICICI Prudential Nifty Financial Services Ex-Bank ETF
MahindraManulife Banking & Financial Services Fund (Direct)
Nifty Financial Services Ex-Bank TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETF | −16.7% | 06-01-2026 | 31-03-2026 | 31-07-2026 | 4 months | −14.0% |
| MahindraManulife Banking & Financial Services Fund (Direct) | −15.7% | 26-02-2026 | 31-03-2026 | 21-08-2026 | 5 months | −9.8% |
| Nifty Financial Services Ex-Bank TRI | −16.7% | 06-01-2026 | 30-03-2026 | 13-07-2026 | 3 months | −14.0% |
From daily values since 21-07-2025, 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.
ICICI Prudential Nifty Financial Services Ex-Bank ETF
MahindraManulife Banking & Financial Services Fund (Direct)
Nifty Financial Services Ex-Bank TRI
Against Nifty Financial Services Ex-Bank TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Nifty Financial Services Ex-Bank ETF | 100% | 100% | 0.03% |
| MahindraManulife Banking & Financial Services Fund (Direct) | 80% | 70% | 7.51% |
From month-end values since 21-07-2025. 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.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Nifty Financial Services Ex-Bank ETF, September 2026; MahindraManulife Banking & Financial Services Fund, September 2026
Holdings in common
- Overlap
- 33.4%
- Held by both
- 14
- Only in ICICI Prudential Nifty Financial Services Ex-Bank ETF
- 16
- Only in MahindraManulife Banking & Financial Services
- 17
| Security | % of ICICI Prudential Nifty Financial Services Ex-Bank ETF | % of MahindraManulife Banking & Financial Services |
|---|---|---|
| Multi Commodity Exchange Of India Ltd. | 5.08% | 4.95% |
| Shriram Finance Ltd. | 8.31% | 4.92% |
| Bajaj Finance Ltd. | 15.81% | 4.54% |
| One 97 Communications Ltd | 4.36% | 3.34% |
| SBI Life Insurance Company Ltd. | 4.60% | 2.86% |
| Max Financial Services Ltd. | 2.20% | 2.59% |
| Aditya Birla Capital Ltd. | 1.96% | 3.79% |
| PB Fintech Ltd. | 2.28% | 1.65% |
| 360 One Wam Ltd. | 1.63% | 1.85% |
| PNB Housing Finance Ltd. | 1.27% | 1.25% |
| Cholamandalam Investment And Finance Company Ltd. | 4.24% | 1.17% |
| Angel One Ltd. | 1.08% | 2.19% |
| L&T Finance Ltd. | 1.37% | 0.94% |
| Bajaj Finserv Ltd. | 6.08% | 0.86% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.4% means 33.4% 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 Nifty Financial Services Ex-Bank ETF
| Security | % of fund |
|---|---|
| BSE Ltd. | 7.63% |
| Jio Financial Services Ltd | 4.30% |
| HDFC Life Insurance Company Ltd. | 3.39% |
| Life Insurance Corporation of India | 3.03% |
| Power Finance Corporation Ltd. | 2.86% |
Largest holdings only in MahindraManulife Banking & Financial Services Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 11.88% |
| HDFC Bank Limited | 10.18% |
| Axis Bank Limited | 7.50% |
| State Bank of India | 5.39% |
| Kotak Mahindra Bank Ltd | 4.34% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services |
|---|---|---|
| Equity | 100.0% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 2.5% |
Market cap of stocks
| Market cap | ICICI Prudential Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services |
|---|---|---|
| Large Cap | 68.7% | 56.2% |
| Mid Cap | 25.6% | 26.8% |
| Small Cap | 5.7% | 13.5% |
| Not on AMFI's list | 0.0% | 1.0% |
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 | ICICI Prudential Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services |
|---|---|---|
| Finance | 56.1% | 19.8% |
| Banks | 0.0% | 54.3% |
| Capital Markets | 20.6% | 12.9% |
| Insurance | 16.6% | 5.5% |
| Financial Technology (Fintech) | 6.6% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Nifty Financial Services Ex-Bank ETF | MahindraManulife Banking & Financial Services Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.13% |
| Base expense ratio (Direct) | 0.00% | 0.65% |
| Total expense ratio (Regular) | Not available | 2.77% |
| Base expense ratio (Regular) | 0.17% | 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.
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ICICI Prudential Nifty Financial Services Ex-Bank ETF vs MahindraManulife Banking & Financial Services Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Nifty Financial Services Ex-Bank ETF and MahindraManulife Banking & Financial Services Fund?
ICICI Prudential Nifty Financial Services Ex-Bank ETF is an ETF fund, MahindraManulife Banking & Financial Services Fund is a Sectoral fund, run by ICICI Prudential Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 33.4%. ICICI Prudential Nifty Financial Services Ex-Bank ETF charges 0.21% a year and MahindraManulife Banking & Financial Services Fund 1.13%.
Which has given higher returns, ICICI Prudential Nifty Financial Services Ex-Bank ETF or MahindraManulife Banking & Financial Services Fund?
Over 1 year: ICICI Prudential Nifty Financial Services Ex-Bank ETF −8.58%, MahindraManulife Banking & Financial Services Fund −3.33%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Nifty Financial Services Ex-Bank ETF or MahindraManulife Banking & Financial Services Fund?
ICICI Prudential Nifty Financial Services Ex-Bank ETF charges less: 0.21% a year against 1.13%. These are the total expense ratios reported to AMFI.
How much do ICICI Prudential Nifty Financial Services Ex-Bank ETF and MahindraManulife Banking & Financial Services Fund overlap?
33.4%. They hold 14 of the same securities, the largest shared ones being MCX, SHRIRAMFIN, BAJFINANCE. From each fund's latest monthly portfolio.
Can I invest in both ICICI Prudential Nifty Financial Services Ex-Bank ETF and MahindraManulife Banking & Financial Services Fund?
Yes. 33.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Nifty Financial Services Ex-Bank ETF and MahindraManulife Banking & Financial Services Fund?
ICICI Prudential Nifty Financial Services Ex-Bank ETF: Nishit Patel, Ashwini Bharucha, Venus Ahuja. MahindraManulife Banking & Financial Services Fund: Vishal Jajoo, Chetan Sanjay Gindodia.
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.