Invesco India Short Term Fund vs Mahindra Manulife Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Short Term Fund and Mahindra Manulife Short Term Fund are both Short Duration funds. In the 3 years to 30-10-2026, Invesco India Short Term Fund (Direct) returned 7.0% a year and Mahindra Manulife Short Term Fund (Direct) returned 7.5% a year. Invesco India Short Term Fund charges 0.39% a year and Mahindra Manulife Short Term Fund 0.33% (Direct plans). Their portfolios overlap 4.1%: they hold 2 of the same securities.
Invesco India Short Term Fund
Short Duration
- 3 year return
- 7.0%
- Expense ratio
- 0.39%
- NAV
- ₹4,187.41
Mahindra Manulife Short Term Fund
Short Duration
- 3 year return
- 7.5%
- Expense ratio
- 0.33%
- NAV
- ₹14.25
Which is better, Invesco India Short Term or Mahindra Manulife Short 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 Short Term returned more over 5 years: 6.5% a year against 6.1%.
- Mahindra Manulife Short Term returned more over 3 years: 7.5% a year against 7.0%.
- Mahindra Manulife Short Term costs less: 0.33% a year against 0.39% (Direct plans).
- Mahindra Manulife Short Term swung less over 3 years: a standard deviation of 0.9% a year against 1.0%.
- Mahindra Manulife Short Term fell less in its worst fall since 25-02-2021: −1.1% against −1.1%.
- Invesco India Short Term is the larger fund: ₹541 Cr against ₹79 Cr.
- Their portfolios overlap 4.1%: 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 Short Term Fund | Mahindra Manulife Short Term Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Short Duration | Short Duration |
| AUM | ₹541 Cr (30-09-2026) | ₹79 Cr (30-09-2026) |
| NAV | ₹4,187.41 (Direct) | ₹14.25 (Direct) |
| Expense ratio (Direct) | 0.39% | 0.33% |
| Expense ratio (Regular) | 1.07% | 1.24% |
| Riskometer | Moderate | Moderate |
| Benchmark | NIFTY Short Duration Debt Index A-II | CRISIL Short Duration Debt A-II Index |
| Launch date | 24-03-2007 | 23-02-2021 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | None | None |
| Fund managers | Vikas Garg, Gaurav Jakhotia | Rahul Pal, Kush Sonigara |
| Exit load | Nil | Nil |
Invesco India Short Term vs Mahindra Manulife Short 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 Short Term Fund (Direct) | −0.27% | −0.09% | +2.15% | +3.88% | +7.02% | +6.11% | +6.74% |
| Mahindra Manulife Short Term Fund (Direct) | −0.29% | +0.05% | +2.45% | +4.78% | +7.49% | +6.52% | -- |
| Short Duration average | −0.14% | +0.30% | +2.50% | +4.11% | +6.88% | +6.62% | -- |
Category average: the average of the 25 Short Duration funds, same plan type.
Invesco India Short Term vs Mahindra Manulife Short Term: Year-wise Returns
| Year | Invesco IndiaInvesco India Short Term | Mahindra ManulifeMahindra Manulife Short Term |
|---|---|---|
| 2026to date | +3.09% | +3.86% |
| 2025 | +8.19% | +8.19% |
| 2024 | +8.20% | +8.54% |
| 2023 | +7.13% | +7.65% |
| 2022 | +3.43% | +3.72% |
| 2021 | +3.45% | -- |
Invesco India Short Term vs Mahindra Manulife Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 647 of them, one for each trading day from 26-02-2024 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 Short Term Fund (Direct)
Mahindra Manulife Short Term Fund (Direct)
to
May 2024Oct 2021
to
Oct 2024Apr 2022
to
Apr 2025Sept 2022
to
Sept 2025Mar 2023
to
Mar 2026Aug 2023
to
Aug 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 Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.9% | 7.2% | 5.2% | 8.1% |
| Mahindra Manulife Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.7% | 5.7% | 8.4% |
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. Every fund is measured over the days all of them have, from 25-02-2021. Past returns do not promise future returns.
Invesco India Short Term vs Mahindra Manulife Short 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 01-02-2021 to 30-10-2026: 69 instalments, ₹6,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India Short TermInvesco India Short Term Fund (Direct) | ₹6,90,000 | ₹8,28,217 | ₹1,38,217 | 6.3% |
| Mahindra Manulife Short TermMahindra Manulife Short Term Fund (Direct) | ₹6,90,000 | ₹8,39,210 | ₹1,49,210 | 6.7% |
Invesco India Short TermInvesco India Short Term Fund (Direct)
Mahindra Manulife Short TermMahindra Manulife Short 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 Short Term vs Mahindra Manulife Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Short Term Fund (Direct) | Mahindra Manulife Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.88% | +4.78% |
| Standard deviation | 1.20% | 1.19% |
| Sharpe ratio | -1.13 | -0.39 |
| Sortino ratio | -1.54 | -0.54 |
| Maximum drawdown | −0.6% (23-10-2026) | −0.6% (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 Short Term Fund (Direct) | Mahindra Manulife Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.02% | +7.49% |
| Standard deviation | 1.00% | 0.93% |
| Sharpe ratio | 0.99 | 1.56 |
| Sortino ratio | 1.49 | 2.36 |
| Maximum drawdown | −0.6% (23-10-2026) | −0.6% (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 Short Term Fund (Direct) | Mahindra Manulife Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.11% | +6.52% |
| Standard deviation | 0.97% | 0.95% |
| Sharpe ratio | 0.32 | 0.76 |
| Sortino ratio | 0.45 | 1.06 |
| Maximum drawdown | −1.1% (13-05-2022) | −1.1% (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 Short Term Fund (Direct) | Mahindra Manulife Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.39% | +6.43% |
| Standard deviation | 1.49% | 0.92% |
| Sharpe ratio | 0.90 | 1.02 |
| Sortino ratio | 1.38 | 1.43 |
| Maximum drawdown | −2.8% (24-03-2020) | −1.1% (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 Short Term Fund (Direct)
Mahindra Manulife Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India Short Term Fund (Direct) | −1.1% | 07-04-2022 | 13-05-2022 | 29-07-2022 | 3 months | −0.5% |
| Mahindra Manulife Short Term Fund (Direct) | −1.1% | 07-04-2022 | 09-05-2022 | 13-07-2022 | 2 months | −0.5% |
From daily values since 25-02-2021, 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 Short Term Fund (Direct)
Mahindra Manulife Short 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 Short Term Fund (Direct)
Mahindra Manulife Short 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 Short Term Fund (Direct)
Mahindra Manulife Short Term Fund (Direct)
Invesco India Short Term vs Mahindra Manulife Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Short Term Fund, September 2026; Mahindra Manulife Short Term Fund, September 2026
Holdings in common
- Overlap
- 4.1%
- Held by both
- 2
- Only in Invesco India Short Term
- 29
- Only in Mahindra Manulife Short Term
- 21
| Security | % of Invesco India Short Term | % of Mahindra Manulife Short Term |
|---|---|---|
| Muthoot Finance Limited 2029 (FRN) | 4.62% | 3.81% |
| Corporate Debt Market Development Fund Class A2 | 0.63% | 0.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 4.1% means 4.1% 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 Short Term Fund
| Security | % of fund |
|---|---|
| 8.30% REC Limited 2029 | 4.70% |
| 7.96% Pipeline Infrastructure Private Limited 2029 | 4.65% |
| 7.55% Indian Railway Finance Corporation Limited 2030 | 4.60% |
| 7.64% National Bank For Agriculture and Rural Development 2029 | 4.59% |
| 7.3388% ICICI Home Finance Company Limited 2028 | 4.58% |
Largest holdings only in Mahindra Manulife Short Term Fund
| Security | % of fund |
|---|---|
| 7.77% REC Limited 2028 | 6.36% |
| 7.45% Power Finance Corporation Limited 2028 | 6.33% |
| 8.55% Aditya Birla Real Estate Limited 2029 | 6.32% |
| 7.73% Embassy Office Parks REIT 2029 | 6.31% |
| 7.27% Tata Capital Housing Finance Limited 2028 | 6.27% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Short Term | Mahindra Manulife Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 92.3% | 95.6% |
| Cash and others | 7.7% | 4.4% |
Invesco India Short Term vs Mahindra Manulife Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Short Term Fund | Mahindra Manulife Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.39% | 0.33% |
| Base expense ratio (Direct) | 0.30% | 0.27% |
| Total expense ratio (Regular) | 1.07% | 1.24% |
| Base expense ratio (Regular) | 0.89% | 1.09% |
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 Invesco India Short Term with
Invesco India Short Term Fund vs Mahindra Manulife Short Term Fund: Frequently Asked Questions
What is the difference between Invesco India Short Term Fund and Mahindra Manulife Short Term Fund?
Both are Short Duration funds, run by Invesco Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 4.1%. Invesco India Short Term Fund charges 0.39% a year and Mahindra Manulife Short Term Fund 0.33%.
Which has given higher returns, Invesco India Short Term Fund or Mahindra Manulife Short Term Fund?
Over 1 year: Invesco India Short Term Fund +3.88%, Mahindra Manulife Short Term Fund +4.78%. Over 3 years: Invesco India Short Term Fund +7.02% a year, Mahindra Manulife Short Term Fund +7.49% a year. Over 5 years: Invesco India Short Term Fund +6.11% a year, Mahindra Manulife Short Term Fund +6.52% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Short Term Fund or Mahindra Manulife Short Term Fund?
Mahindra Manulife Short Term Fund charges less: 0.33% a year against 0.39%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Short Term Fund and Mahindra Manulife Short Term Fund overlap?
4.1%. They hold 2 of the same securities, the largest shared ones being Muthoot Finance Limited 2029 (FRN), Corporate Debt Market Development Fund Class A2. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Short Term Fund or Mahindra Manulife Short Term Fund?
On SEBI's riskometer, Invesco India Short Term Fund is rated Moderate and Mahindra Manulife Short Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 1.00% and 0.93% a year.
Which is better for SIP, Invesco India Short Term Fund or Mahindra Manulife Short Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,18,551 in Invesco India Short Term Fund (XIRR 6.4% a year) and ₹7,26,983 in Mahindra Manulife Short Term Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Short Term Fund and Mahindra Manulife Short Term Fund?
Yes. 4.1% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Invesco India Short Term Fund and Mahindra Manulife Short Term Fund?
Invesco India Short Term Fund: Vikas Garg, Gaurav Jakhotia. Mahindra Manulife Short 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.