Invesco India Gilt Fund vs Mahindra Manulife Dynamic Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Gilt Fund is a Gilt fund and Mahindra Manulife Dynamic Term Fund is a Dynamic Bond fund. In the 3 years to 30-10-2026, Invesco India Gilt Fund (Direct) returned 6.1% a year and Mahindra Manulife Dynamic Term Fund (Direct) returned 7.3% a year. Invesco India Gilt Fund charges 0.48% a year and Mahindra Manulife Dynamic Term Fund 0.42% (Direct plans). Their portfolios overlap 25.9%: they hold 2 of the same securities.
Invesco India Gilt Fund
Gilt
- 3 year return
- 6.1%
- Expense ratio
- 0.48%
- NAV
- ₹3,173.25
Mahindra Manulife Dynamic Term Fund
Dynamic Bond
- 3 year return
- 7.3%
- Expense ratio
- 0.42%
- NAV
- ₹16.25
Which is better, Invesco India Gilt or Mahindra Manulife Dynamic Term? 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 Dynamic Term returned more over 5 years: 5.8% a year against 5.4%.
- Mahindra Manulife Dynamic Term returned more over 3 years: 7.3% a year against 6.1%.
- Mahindra Manulife Dynamic Term costs less: 0.42% a year against 0.48% (Direct plans).
- Mahindra Manulife Dynamic Term swung less over 3 years: a standard deviation of 2.0% a year against 3.6%.
- Mahindra Manulife Dynamic Term fell less in its worst fall since 24-08-2018: −2.3% against −4.2%.
- Invesco India Gilt is the larger fund: ₹105 Cr against ₹47 Cr.
- Their portfolios overlap 25.9%: 2 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 | Invesco India Gilt Fund | Mahindra Manulife Dynamic Term Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Gilt | Dynamic Bond |
| AUM | ₹105 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹3,173.25 (Direct) | ₹16.25 (Direct) |
| Expense ratio (Direct) | 0.48% | 0.42% |
| Expense ratio (Regular) | 1.25% | 1.59% |
| Riskometer | Moderate | Moderately High |
| Benchmark | Nifty All Duration G-Sec Index | CRISIL Dynamic Bond A-III Index |
| Launch date | 09-02-2008 | 20-08-2018 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | None | None |
| Fund managers | Krishna Cheemalapati, Vikas Garg | Rahul Pal, Kush Sonigara |
| Exit load | Nil | Nil |
Invesco India Gilt vs Mahindra Manulife Dynamic Term: 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 |
|---|---|---|---|---|---|---|---|
| Invesco India Gilt Fund (Direct) | −1.04% | −2.34% | +1.14% | +1.24% | +6.10% | +5.44% | +5.96% |
| Mahindra Manulife Dynamic Term Fund (Direct) | −0.66% | −0.65% | +2.02% | +3.44% | +7.25% | +5.83% | -- |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
| Dynamic Bond average | −0.48% | −0.66% | +1.80% | +3.05% | +6.70% | +5.98% | -- |
Category average: the average of the 28 Gilt funds and the 22 Dynamic Bond funds, same plan type.
Invesco India Gilt vs Mahindra Manulife Dynamic Term: Year-wise Returns
| Year | Invesco India GiltInvesco India Gilt | Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term |
|---|---|---|
| 2026to date | +0.26% | +3.00% |
| 2025 | +5.01% | +7.23% |
| 2024 | +10.79% | +9.63% |
| 2023 | +7.40% | +7.06% |
| 2022 | +3.14% | +1.96% |
| 2021 | +1.45% | +3.55% |
Invesco India Gilt vs Mahindra Manulife Dynamic Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,256 of them, one for each trading day from 24-08-2021 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.
Invesco India Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
to
Jan 2022Dec 2019
to
Dec 2022Oct 2020
to
Oct 2023Sept 2021
to
Sept 2024Aug 2022
to
Aug 2025May 2023
to
May 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Gilt | 0.0 | 31.4 | 68.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.1% | 6.5% | 3.3% | 9.2% |
| Mahindra Manulife Dynamic Term | 0.0 | 39.1 | 60.9 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 5.8% | 3.6% | 8.8% |
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 24-08-2018. Past returns do not promise future returns.
Invesco India Gilt vs Mahindra Manulife Dynamic Term: 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 01-08-2018 to 30-10-2026: 99 instalments, ₹9,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India GiltInvesco India Gilt Fund (Direct) | ₹9,90,000 | ₹12,37,556 | ₹2,47,556 | 5.3% |
| Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term Fund (Direct) | ₹9,90,000 | ₹12,72,063 | ₹2,82,063 | 6.0% |
Invesco India GiltInvesco India Gilt Fund (Direct)
Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term 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.
Invesco India Gilt vs Mahindra Manulife Dynamic Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Gilt Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.24% | +3.44% |
| Standard deviation | 4.38% | 2.00% |
| Sharpe ratio | -0.91 | -0.90 |
| Sortino ratio | -1.24 | -1.22 |
| Maximum drawdown | −3.9% (23-10-2026) | −1.8% (23-10-2026) |
| 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 | Invesco India Gilt Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.10% | +7.25% |
| Standard deviation | 3.61% | 1.97% |
| Sharpe ratio | 0.02 | 0.63 |
| Sortino ratio | 0.03 | 0.89 |
| Maximum drawdown | −4.2% (02-04-2026) | −1.8% (23-10-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | Invesco India Gilt Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.44% | +5.83% |
| Standard deviation | 3.02% | 1.92% |
| Sharpe ratio | -0.12 | 0.01 |
| Sortino ratio | -0.17 | 0.02 |
| Maximum drawdown | −4.2% (02-04-2026) | −2.3% (09-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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 | Invesco India Gilt Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.00% | +6.09% |
| Standard deviation | 4.09% | 1.79% |
| Sharpe ratio | 0.23 | 0.46 |
| Sortino ratio | 0.33 | 0.67 |
| Maximum drawdown | −9.2% (19-08-2013) | −2.3% (09-05-2022) |
| 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.
Invesco India Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India Gilt Fund (Direct) | −4.2% | 28-05-2025 | 02-04-2026 | 18-06-2026 | 3 months | −3.5% |
| Mahindra Manulife Dynamic Term Fund (Direct) | −2.3% | 15-12-2021 | 09-05-2022 | 17-08-2022 | 3 months | −1.6% |
From daily values since 24-08-2018, 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.
Invesco India Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
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.
Invesco India Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Invesco India Gilt Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
Invesco India Gilt vs Mahindra Manulife Dynamic Term: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Gilt Fund, September 2026; Mahindra Manulife Dynamic Term Fund, September 2026
Holdings in common
- Overlap
- 25.9%
- Held by both
- 2
- Only in Invesco India Gilt
- 2
- Only in Mahindra Manulife Dynamic Term
- 12
| Security | % of Invesco India Gilt | % of Mahindra Manulife Dynamic Term |
|---|---|---|
| 7.71% Government of India 2066 | 19.04% | 15.86% |
| 7.24% Government of India 2055 | 27.11% | 10.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.9% means 25.9% 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 Invesco India Gilt Fund
| Security | % of fund |
|---|---|
| 6.94% Government of India 2036 | 32.78% |
| 7.63% Government of India 2056 | 9.49% |
Largest holdings only in Mahindra Manulife Dynamic Term Fund
| Security | % of fund |
|---|---|
| 7.25% State Government Securities 2037 | 10.10% |
| 7.29% Small Industries Dev Bank of India 2029 | 8.33% |
| 7.01% National Bank For Agriculture and Rural Development 2029 | 8.31% |
| 8.55% Aditya Birla Real Estate Limited 2029 | 6.31% |
| 8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) | 5.29% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Gilt | Mahindra Manulife Dynamic Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 88.4% | 88.4% |
| Cash and others | 11.6% | 11.6% |
Invesco India Gilt vs Mahindra Manulife Dynamic Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Gilt Fund | Mahindra Manulife Dynamic Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.48% | 0.42% |
| Base expense ratio (Direct) | 0.39% | 0.35% |
| Total expense ratio (Regular) | 1.25% | 1.59% |
| Base expense ratio (Regular) | 1.06% | 1.35% |
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 Invesco India Gilt with
Compare Mahindra Manulife Dynamic Term with
Invesco India Gilt Fund vs Mahindra Manulife Dynamic Term Fund: Frequently Asked Questions
What is the difference between Invesco India Gilt Fund and Mahindra Manulife Dynamic Term Fund?
Invesco India Gilt Fund is a Gilt fund, Mahindra Manulife Dynamic Term Fund is a Dynamic Bond fund, run by Invesco Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 25.9%. Invesco India Gilt Fund charges 0.48% a year and Mahindra Manulife Dynamic Term Fund 0.42%.
Which has given higher returns, Invesco India Gilt Fund or Mahindra Manulife Dynamic Term Fund?
Over 1 year: Invesco India Gilt Fund +1.24%, Mahindra Manulife Dynamic Term Fund +3.44%. Over 3 years: Invesco India Gilt Fund +6.10% a year, Mahindra Manulife Dynamic Term Fund +7.25% a year. Over 5 years: Invesco India Gilt Fund +5.44% a year, Mahindra Manulife Dynamic Term Fund +5.83% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Gilt Fund or Mahindra Manulife Dynamic Term Fund?
Mahindra Manulife Dynamic Term Fund charges less: 0.42% a year against 0.48%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Gilt Fund and Mahindra Manulife Dynamic Term Fund overlap?
25.9%. They hold 2 of the same securities, the largest shared ones being 7.71% Government of India 2066, 7.24% Government of India 2055. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Gilt Fund or Mahindra Manulife Dynamic Term Fund?
On SEBI's riskometer, Invesco India Gilt Fund is rated Moderate and Mahindra Manulife Dynamic Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 3.61% and 1.97% a year.
Which is better for SIP, Invesco India Gilt Fund or Mahindra Manulife Dynamic Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹6,93,276 in Invesco India Gilt Fund (XIRR 5.0% a year) and ₹7,16,246 in Mahindra Manulife Dynamic Term Fund (XIRR 6.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Gilt Fund and Mahindra Manulife Dynamic Term Fund?
Yes. 25.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Invesco India Gilt Fund and Mahindra Manulife Dynamic Term Fund?
Invesco India Gilt Fund: Krishna Cheemalapati, Vikas Garg. Mahindra Manulife Dynamic Term Fund: 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.