JM Liquid Fund vs Mahindra Manulife Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Liquid Fund and Mahindra Manulife Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, JM Liquid Fund (Direct) returned 6.8% a year and Mahindra Manulife Liquid Fund (Direct) returned 6.9% a year. JM Liquid Fund charges 0.16% a year and Mahindra Manulife Liquid Fund 0.15% (Direct plans). Their portfolios overlap 10.4%: they hold 4 of the same securities.
Mahindra Manulife Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.15%
- NAV
- ₹1,864.32
Which is better, JM Liquid or Mahindra Manulife Liquid? 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 Liquid returned more over 5 years: 6.5% a year against 6.4%.
- Mahindra Manulife Liquid returned more over 3 years: 6.9% a year against 6.8%.
- Mahindra Manulife Liquid costs less: 0.15% a year against 0.16% (Direct plans).
- Mahindra Manulife Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.2%.
- JM Liquid fell less in its worst fall since 04-07-2016: −0.1% against −0.2%.
- JM Liquid is the larger fund: ₹1,701 Cr against ₹1,041 Cr.
- Their portfolios overlap 10.4%: 4 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 Liquid Fund | Mahindra Manulife Liquid Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹1,701 Cr (30-09-2026) | ₹1,041 Cr (30-09-2026) |
| NAV | ₹78.05 (Direct) | ₹1,864.32 (Direct) |
| Expense ratio (Direct) | 0.16% | 0.15% |
| Expense ratio (Regular) | 0.26% | 0.26% |
| Riskometer | Low to Moderate | Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | CRISIL Liquid Debt A-I Index |
| Launch date | 31-12-1997 | 04-07-2016 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Killol Pandya, Ruchi Fozdar, Jayant Dhoot | Rahul Pal, Amit Garg |
| Exit load | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. |
JM Liquid vs Mahindra Manulife Liquid: 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 Liquid Fund (Direct) | +0.45% | +1.50% | +3.15% | +6.36% | +6.81% | +6.36% | +6.08% |
| Mahindra Manulife Liquid Fund (Direct) | +0.45% | +1.54% | +3.20% | +6.49% | +6.93% | +6.46% | +6.19% |
| Liquid average | +0.44% | +1.46% | +3.06% | +6.23% | +6.66% | +6.18% | +5.85% |
Category average: the average of the 44 Liquid funds, same plan type.
JM Liquid vs Mahindra Manulife Liquid: Year-wise Returns
| Year | JMJM Liquid | Mahindra ManulifeMahindra Manulife Liquid |
|---|---|---|
| 2026to date | +5.31% | +5.41% |
| 2025 | +6.52% | +6.62% |
| 2024 | +7.34% | +7.47% |
| 2023 | +7.09% | +7.17% |
| 2022 | +4.91% | +4.99% |
| 2021 | +3.40% | +3.41% |
JM Liquid vs Mahindra Manulife Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,313 of them, one for each trading day from 04-07-2019 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 Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
to
Feb 2020May 2018
to
May 2021Jul 2019
to
Jul 2022Oct 2020
to
Oct 2023Jan 2022
to
Jan 2025Mar 2023
to
Mar 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Liquid | 0.0 | 28.1 | 71.9 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.1% | 4.0% | 7.2% |
| Mahindra Manulife Liquid | 0.0 | 26.8 | 73.2 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.2% | 4.2% | 7.3% |
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 04-07-2016. Past returns do not promise future returns.
JM Liquid vs Mahindra Manulife Liquid: 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 01-07-2016 to 30-10-2026: 124 instalments, ₹12,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM LiquidJM Liquid Fund (Direct) | ₹12,40,000 | ₹17,10,044 | ₹4,70,044 | 6.1% |
| Mahindra Manulife LiquidMahindra Manulife Liquid Fund (Direct) | ₹12,40,000 | ₹17,20,590 | ₹4,80,590 | 6.2% |
JM LiquidJM Liquid Fund (Direct)
Mahindra Manulife LiquidMahindra Manulife Liquid 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 Liquid vs Mahindra Manulife Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.36% | +6.49% |
| Standard deviation | 0.18% | 0.17% |
| Sharpe ratio | 6.30 | 7.14 |
| Sortino ratio | 16.82 | 20.09 |
| Maximum drawdown | −0.0% (22-10-2026) | −0.0% (07-07-2026) |
| 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 | JM Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.81% | +6.93% |
| Standard deviation | 0.18% | 0.13% |
| Sharpe ratio | 4.43 | 7.06 |
| Sortino ratio | 12.65 | 19.53 |
| Maximum drawdown | −0.0% (22-10-2026) | −0.0% (07-07-2026) |
| 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 | JM Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.36% | +6.46% |
| Standard deviation | 0.17% | 0.12% |
| Sharpe ratio | 3.32 | 5.33 |
| Sortino ratio | 7.97 | 11.22 |
| Maximum drawdown | −0.0% (05-05-2022) | −0.0% (05-05-2022) |
| 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 | JM Liquid Fund (Direct) | Mahindra Manulife Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.83% | +6.22% |
| Standard deviation | 0.21% | 0.18% |
| Sharpe ratio | 3.75 | 4.39 |
| Sortino ratio | 7.82 | 10.07 |
| Maximum drawdown | −0.2% (16-07-2013) | −0.2% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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 Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Liquid Fund (Direct) | −0.1% | 22-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Mahindra Manulife Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 04-07-2016, 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 Liquid Fund (Direct)
Mahindra Manulife Liquid 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.
JM Liquid Fund (Direct)
Mahindra Manulife Liquid 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.
JM Liquid Fund (Direct)
Mahindra Manulife Liquid Fund (Direct)
JM Liquid vs Mahindra Manulife Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: JM Liquid Fund, September 2026; Mahindra Manulife Liquid Fund, September 2026
Holdings in common
- Overlap
- 10.4%
- Held by both
- 4
- Only in JM Liquid
- 24
- Only in Mahindra Manulife Liquid
- 30
| Security | % of JM Liquid | % of Mahindra Manulife Liquid |
|---|---|---|
| Canara Bank 04-DEC-2026 | 5.81% | 4.75% |
| REC Limited 22-OCT-2026 | 2.93% | 4.78% |
| SIDBI 06-NOV-2026 | 4.38% | 2.39% |
| Corporate Debt Market Development Fund - Class A2 Units | 0.50% | 0.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 10.4% means 10.4% 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 JM Liquid Fund
| Security | % of fund |
|---|---|
| L&T Finance Limited 05-NOV-2026 | 5.84% |
| Indian Bank 15-DEC-2026 | 5.80% |
| Tata Capital Ltd 15-DEC-2026 | 4.35% |
| HDFC Bank Limited 02-NOV-2026 | 2.92% |
| Punjab & Sind Bank 06-NOV-2026 | 2.92% |
Largest holdings only in Mahindra Manulife Liquid Fund
| Security | % of fund |
|---|---|
| 182 Days Tbill 2026 | 9.52% |
| Indian Bank 2026 | 7.12% |
| HDFC Bank Limited 2026 | 4.79% |
| 91 Days Tbill 2026 | 4.78% |
| Union Bank of India 2026 | 4.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Liquid | Mahindra Manulife Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 81.6% | 112.8% |
| Cash and others | 18.4% | -12.8% |
JM Liquid vs Mahindra Manulife Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Liquid Fund | Mahindra Manulife Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.16% | 0.15% |
| Base expense ratio (Direct) | 0.14% | 0.13% |
| Total expense ratio (Regular) | 0.26% | 0.26% |
| Base expense ratio (Regular) | 0.22% | 0.22% |
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 Liquid with
JM Liquid Fund vs Mahindra Manulife Liquid Fund: Frequently Asked Questions
What is the difference between JM Liquid Fund and Mahindra Manulife Liquid Fund?
Both are Liquid funds, run by JM Financial Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 10.4%. JM Liquid Fund charges 0.16% a year and Mahindra Manulife Liquid Fund 0.15%.
Which has given higher returns, JM Liquid Fund or Mahindra Manulife Liquid Fund?
Over 1 year: JM Liquid Fund +6.36%, Mahindra Manulife Liquid Fund +6.49%. Over 3 years: JM Liquid Fund +6.81% a year, Mahindra Manulife Liquid Fund +6.93% a year. Over 5 years: JM Liquid Fund +6.36% a year, Mahindra Manulife Liquid Fund +6.46% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Liquid Fund or Mahindra Manulife Liquid Fund?
Mahindra Manulife Liquid Fund charges less: 0.15% a year against 0.16%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Liquid Fund and Mahindra Manulife Liquid Fund overlap?
10.4%. They hold 4 of the same securities, the largest shared ones being Canara Bank 04-DEC-2026, REC Limited 22-OCT-2026, SIDBI 06-NOV-2026. From each fund's latest monthly portfolio.
Which is riskier, JM Liquid Fund or Mahindra Manulife Liquid Fund?
On SEBI's riskometer, JM Liquid Fund is rated Low to Moderate and Mahindra Manulife Liquid Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.18% and 0.13% a year.
Which is better for SIP, JM Liquid Fund or Mahindra Manulife Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,23,392 in JM Liquid Fund (XIRR 6.7% a year) and ₹7,25,457 in Mahindra Manulife Liquid Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Liquid Fund and Mahindra Manulife Liquid Fund?
Yes. 10.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Liquid Fund and Mahindra Manulife Liquid Fund?
JM Liquid Fund: Killol Pandya, Ruchi Fozdar, Jayant Dhoot. Mahindra Manulife Liquid Fund: Rahul Pal, Amit Garg.
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.