JM Flexi Cap Fund vs Mahindra Manulife Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Flexi Cap Fund is a Flexi Cap fund and Mahindra Manulife Multi Cap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, JM Flexi Cap Fund (Direct) returned 13.1% a year and Mahindra Manulife Multi Cap Fund (Direct) returned 15.9% a year. JM Flexi Cap Fund charges 1.09% a year and Mahindra Manulife Multi Cap Fund 0.94% (Direct plans). Their portfolios overlap 27.7%: they hold 27 of the same securities.
Mahindra Manulife Multi Cap Fund
Multi Cap
- 3 year return
- 15.9%
- Expense ratio
- 0.94%
- NAV
- ₹43.51
Which is better, JM Flexi Cap or Mahindra Manulife Multi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM Flexi Cap returned more over 5 years: 13.9% a year against 13.8%.
- Mahindra Manulife Multi Cap returned more over 3 years: 15.9% a year against 13.1%.
- Mahindra Manulife Multi Cap costs less: 0.94% a year against 1.09% (Direct plans).
- JM Flexi Cap swung less over 3 years: a standard deviation of 15.7% a year against 16.6%.
- Mahindra Manulife Multi Cap fell less in its worst fall since 18-05-2017: −34.4% against −35.0%.
- JM Flexi Cap holds more in large companies: 49.4% of the fund in large caps against 38.5%.
- Mahindra Manulife Multi Cap is the larger fund: ₹7,457 Cr against ₹5,036 Cr.
- Their portfolios overlap 27.7%: 27 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 | JM Flexi Cap Fund | Mahindra Manulife Multi Cap Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Flexi Cap | Multi Cap |
| AUM | ₹5,036 Cr (30-09-2026) | ₹7,457 Cr (30-09-2026) |
| NAV | ₹108.04 (Direct) | ₹43.51 (Direct) |
| Expense ratio (Direct) | 1.09% | 0.94% |
| Expense ratio (Regular) | 2.31% | 2.18% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 23-09-2008 | 11-05-2017 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar | Vishal Jajoo, Neelesh Dhamnaskar |
| Exit load | Exit load of 1%, if redeemed within 30 days. | Exit Load: An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 month from the date of allotment;- Nil if Units are redeemed / switched-out after 3 months from the date of allotment |
JM Flexi Cap vs Mahindra Manulife Multi Cap: 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 |
|---|---|---|---|---|---|---|---|
| JM Flexi Cap Fund (Direct) | −3.51% | −4.36% | +1.11% | −5.28% | +13.05% | +13.89% | +15.31% |
| Mahindra Manulife Multi Cap Fund (Direct) | −3.36% | −3.58% | +2.92% | +2.84% | +15.95% | +13.75% | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
Category average: the average of the 46 Flexi Cap funds and the 33 Multi Cap funds, same plan type.
JM Flexi Cap vs Mahindra Manulife Multi Cap: Year-wise Returns
| Year | JM FlexiJM Flexi Cap | Mahindra Manulife MultiMahindra Manulife Multi Cap |
|---|---|---|
| 2026to date | −2.66% | +3.46% |
| 2025 | −5.65% | +4.81% |
| 2024 | +35.27% | +25.28% |
| 2023 | +41.55% | +36.40% |
| 2022 | +8.69% | +3.51% |
| 2021 | +33.98% | +53.51% |
JM Flexi Cap vs Mahindra Manulife Multi Cap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of JM Flexi Cap Fund
Rolling returns
Every 3-year holding period, 1,594 of them, one for each trading day from 18-05-2020 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.
JM Flexi Cap Fund (Direct)
Mahindra Manulife Multi Cap Fund (Direct)
BSE 500 TRI
to
Nov 2020Dec 2018
to
Dec 2021Feb 2020
to
Feb 2023Mar 2021
to
Mar 2024Apr 2022
to
Apr 2025Apr 2023
to
Apr 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Flexi Cap | 0.7 | 7.3 | 3.3 | 11.3 | 22.3 | 22.8 | 32.2 | 20.3% | 21.1% | −2.6% | 34.1% | 80% |
| Mahindra Manulife Multi Cap | 0.4 | 5.0 | 5.9 | 2.3 | 16.0 | 32.5 | 38.0 | 22.0% | 22.6% | −0.9% | 38.4% | 99% |
| BSE 500 TRI | 0.6 | 6.9 | 5.3 | 23.2 | 41.2 | 17.3 | 5.5 | 16.1% | 16.5% | −3.0% | 33.9% | -- |
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 BSE 500 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 18-05-2017. Past returns do not promise future returns.
JM Flexi Cap vs Mahindra Manulife Multi Cap: 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 02-05-2017 to 30-10-2026: 114 instalments, ₹11,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Flexi CapJM Flexi Cap Fund (Direct) | ₹11,40,000 | ₹24,70,596 | ₹13,30,596 | 15.6% |
| Mahindra Manulife Multi CapMahindra Manulife Multi Cap Fund (Direct) | ₹11,40,000 | ₹28,11,335 | ₹16,71,335 | 18.2% |
JM Flexi CapJM Flexi Cap Fund (Direct)
Mahindra Manulife Multi CapMahindra Manulife Multi Cap 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.
JM Flexi Cap vs Mahindra Manulife Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Flexi Cap Fund (Direct) | Mahindra Manulife Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.28% | +2.84% |
| Standard deviation | 15.20% | 15.62% |
| Sharpe ratio | -0.69 | -0.15 |
| Sortino ratio | -0.91 | -0.21 |
| Maximum drawdown | −16.2% (31-03-2026) | −12.2% (23-03-2026) |
| Beta | 1.03 | 1.02 |
| Alpha | +2.72% | +9.08% |
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 | JM Flexi Cap Fund (Direct) | Mahindra Manulife Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.05% | +15.95% |
| Standard deviation | 15.74% | 16.56% |
| Sharpe ratio | 0.45 | 0.60 |
| Sortino ratio | 0.59 | 0.79 |
| Maximum drawdown | −22.6% (31-03-2026) | −20.2% (03-03-2025) |
| Beta | 1.05 | 1.06 |
| Alpha | +2.95% | +4.38% |
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 | JM Flexi Cap Fund (Direct) | Mahindra Manulife Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.89% | +13.75% |
| Standard deviation | 15.35% | 16.35% |
| Sharpe ratio | 0.53 | 0.49 |
| Sortino ratio | 0.71 | 0.64 |
| Maximum drawdown | −22.6% (31-03-2026) | −20.6% (20-06-2022) |
| Beta | 1.03 | 1.05 |
| Alpha | +5.17% | +3.00% |
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 | JM Flexi Cap Fund (Direct) | Mahindra Manulife Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.00% | +16.82% |
| Standard deviation | 17.02% | 16.85% |
| Sharpe ratio | 0.58 | 0.68 |
| Sortino ratio | 0.80 | 0.91 |
| Maximum drawdown | −35.0% (23-03-2020) | −34.4% (23-03-2020) |
| Beta | 1.02 | -- |
| Alpha | +3.03% | -- |
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.
JM Flexi Cap Fund (Direct)
Mahindra Manulife Multi Cap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Flexi Cap Fund (Direct) | −35.0% | 12-02-2020 | 23-03-2020 | 24-11-2020 | 8 months | −12.5% |
| Mahindra Manulife Multi Cap Fund (Direct) | −34.4% | 20-02-2020 | 23-03-2020 | 05-11-2020 | 7 months | −8.9% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 18-05-2017, 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.
JM Flexi Cap Fund (Direct)
Mahindra Manulife Multi Cap Fund (Direct)
BSE 500 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.
JM Flexi Cap Fund (Direct)
Mahindra Manulife Multi Cap Fund (Direct)
BSE 500 TRI
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.
JM Flexi Cap Fund (Direct)
Mahindra Manulife Multi Cap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Flexi Cap Fund (Direct) | 98% | 83% | 6.39% |
| Mahindra Manulife Multi Cap Fund (Direct) | 108% | 87% | 5.57% |
From month-end values since 18-05-2017. 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.
JM Flexi Cap vs Mahindra Manulife Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: JM Flexi Cap Fund, September 2026; Mahindra Manulife Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 27.7%
- Held by both
- 27
- Only in JM Flexi Cap
- 62
- Only in Mahindra Manulife Multi Cap
- 47
| Security | % of JM Flexi Cap | % of Mahindra Manulife Multi Cap |
|---|---|---|
| ICICI Bank Limited | 4.44% | 3.26% |
| HDFC Bank Limited | 2.55% | 2.85% |
| Divi's Laboratories Limited | 2.12% | 5.01% |
| State Bank of India | 3.42% | 1.79% |
| Adani Enterprises Limited | 1.38% | 2.79% |
| Multi Commodity Exchange of India Ltd. | 1.22% | 4.21% |
| Maruti Suzuki India Limited | 1.31% | 1.17% |
| Godfrey Phillips India Limited | 2.06% | 1.08% |
| Ujjivan Small Finance Bank Limited | 1.34% | 1.05% |
| One 97 Communications Limited | 2.12% | 1.03% |
| Hindustan Zinc Limited | 1.01% | 1.94% |
| Larsen & Toubro Limited | 2.37% | 1.01% |
| Eternal Limited | 1.40% | 0.99% |
| Bandhan Bank Limited | 0.88% | 1.42% |
| Tech Mahindra Limited | 1.21% | 0.82% |
| Reliance Industries Limited | 2.65% | 0.80% |
| NTPC Limited | 0.81% | 0.78% |
| Lenskart Solutions Limited | 0.76% | 0.99% |
| Manappuram Finance Limited | 0.64% | 1.28% |
| Sun Pharmaceutical Industries Limited | 1.21% | 0.61% |
| Navin Fluorine International Limited | 1.17% | 0.49% |
| BLUE STAR LTD | 0.49% | 0.69% |
| Aarti Industries Limited | 0.45% | 1.38% |
| InterGlobe Aviation Limited | 1.24% | 0.40% |
| Radico Khaitan Limited | 0.36% | 1.25% |
| Shriram Finance Limited | 2.66% | 0.32% |
| Vodafone Idea Limited | 0.26% | 1.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.7% means 27.7% 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 JM Flexi Cap Fund
| Security | % of fund |
|---|---|
| Pine Labs Limited | 2.40% |
| Bharti Airtel Limited | 2.23% |
| Mahindra & Mahindra Limited | 2.22% |
| Apollo Hospitals Enterprise Limited | 1.98% |
| Samvardhana Motherson International Ltd | 1.96% |
Largest holdings only in Mahindra Manulife Multi Cap Fund
| Security | % of fund |
|---|---|
| Neuland Laboratories Limited | 2.73% |
| Oil India Limited | 2.47% |
| Torrent Pharmaceuticals Limited | 2.35% |
| APL Apollo Tubes Limited | 2.16% |
| PTC Industries Ltd | 2.15% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Flexi Cap | Mahindra Manulife Multi Cap |
|---|---|---|
| Equity | 97.7% | 92.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.3% | 7.2% |
Market cap of stocks
| Market cap | JM Flexi Cap | Mahindra Manulife Multi Cap |
|---|---|---|
| Large Cap | 49.4% | 38.5% |
| Mid Cap | 15.6% | 30.1% |
| Small Cap | 29.4% | 24.2% |
| Not on AMFI's list | 3.3% | 0.0% |
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 | JM Flexi Cap | Mahindra Manulife Multi Cap |
|---|---|---|
| Pharmaceuticals & Biotechnology | 4.6% | 16.1% |
| Banks | 15.0% | 12.6% |
| Industrial Products | 2.4% | 8.6% |
| Auto Components | 7.3% | 0.0% |
| Capital Markets | 3.9% | 6.1% |
| Electrical Equipment | 5.1% | 1.9% |
| Financial Technology (Fintech) | 4.5% | 1.9% |
| Finance | 4.5% | 2.0% |
| Retailing | 3.5% | 4.4% |
| IT - Software | 3.5% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
JM Flexi Cap vs Mahindra Manulife Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Flexi Cap Fund | Mahindra Manulife Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.09% | 0.94% |
| Base expense ratio (Direct) | 0.57% | 0.46% |
| Total expense ratio (Regular) | 2.31% | 2.18% |
| Base expense ratio (Regular) | 1.61% | 1.54% |
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 JM Flexi Cap with
JM Flexi Cap Fund vs Mahindra Manulife Multi Cap Fund: Frequently Asked Questions
What is the difference between JM Flexi Cap Fund and Mahindra Manulife Multi Cap Fund?
JM Flexi Cap Fund is a Flexi Cap fund, Mahindra Manulife Multi Cap Fund is a Multi Cap fund, run by JM Financial Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 27.7%. JM Flexi Cap Fund charges 1.09% a year and Mahindra Manulife Multi Cap Fund 0.94%.
Which has given higher returns, JM Flexi Cap Fund or Mahindra Manulife Multi Cap Fund?
Over 1 year: JM Flexi Cap Fund −5.28%, Mahindra Manulife Multi Cap Fund +2.84%. Over 3 years: JM Flexi Cap Fund +13.05% a year, Mahindra Manulife Multi Cap Fund +15.95% a year. Over 5 years: JM Flexi Cap Fund +13.89% a year, Mahindra Manulife Multi Cap Fund +13.75% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Flexi Cap Fund or Mahindra Manulife Multi Cap Fund?
Mahindra Manulife Multi Cap Fund charges less: 0.94% a year against 1.09%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Flexi Cap Fund and Mahindra Manulife Multi Cap Fund overlap?
27.7%. They hold 27 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, DIVISLAB. From each fund's latest monthly portfolio.
Which is riskier, JM Flexi Cap Fund or Mahindra Manulife Multi Cap Fund?
On SEBI's riskometer, JM Flexi Cap Fund is rated Very High and Mahindra Manulife Multi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.74% and 16.56% a year.
Which is better for SIP, JM Flexi Cap Fund or Mahindra Manulife Multi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,18,519 in JM Flexi Cap Fund (XIRR 11.5% a year) and ₹8,70,555 in Mahindra Manulife Multi Cap Fund (XIRR 14.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Flexi Cap Fund and Mahindra Manulife Multi Cap Fund?
Yes. 27.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Flexi Cap Fund and Mahindra Manulife Multi Cap Fund?
JM Flexi Cap Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar. Mahindra Manulife Multi Cap Fund: Vishal Jajoo, Neelesh Dhamnaskar.
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.