Kotak Credit Risk Fund vs Mahindra Manulife Dynamic Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Credit Risk Fund is a Credit Risk fund and Mahindra Manulife Dynamic Term Fund is a Dynamic Bond fund. In the 3 years to 30-10-2026, Kotak Credit Risk Fund (Direct) returned 8.3% a year and Mahindra Manulife Dynamic Term Fund (Direct) returned 7.3% a year. Kotak Credit Risk Fund charges 0.81% a year and Mahindra Manulife Dynamic Term Fund 0.42% (Direct plans). Their portfolios overlap 12.3%: they hold 4 of the same securities.
Kotak Credit Risk Fund
Credit Risk
- 3 year return
- 8.3%
- Expense ratio
- 0.81%
- NAV
- ₹36.31
Mahindra Manulife Dynamic Term Fund
Dynamic Bond
- 3 year return
- 7.3%
- Expense ratio
- 0.42%
- NAV
- ₹16.25
Which is better, Kotak Credit Risk 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.
- Kotak Credit Risk returned more over 5 years: 6.6% a year against 5.8%.
- Kotak Credit Risk returned more over 3 years: 8.3% a year against 7.3%.
- Mahindra Manulife Dynamic Term costs less: 0.42% a year against 0.81% (Direct plans).
- Kotak Credit Risk swung less over 3 years: a standard deviation of 1.5% a year against 2.0%.
- Mahindra Manulife Dynamic Term fell less in its worst fall since 24-08-2018: −2.3% against −3.9%.
- Kotak Credit Risk is the larger fund: ₹769 Cr against ₹47 Cr.
- Their portfolios overlap 12.3%: 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 | Kotak Credit Risk Fund | Mahindra Manulife Dynamic Term Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Credit Risk | Dynamic Bond |
| AUM | ₹769 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹36.31 (Direct) | ₹16.25 (Direct) |
| Expense ratio (Direct) | 0.81% | 0.42% |
| Expense ratio (Regular) | 1.73% | 1.59% |
| Riskometer | High | Moderately High |
| Benchmark | CRISIL Credit Risk Debt B-II Index | CRISIL Dynamic Bond A-III Index |
| Launch date | 11-05-2010 | 20-08-2018 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Vihag Mishra, Deepak Agrawal | Rahul Pal, Kush Sonigara |
| Exit load | Exit load for units in excess of 6% of the investment,1% will be charged for redemption within 365 days | Nil |
Kotak Credit Risk 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 |
|---|---|---|---|---|---|---|---|
| Kotak Credit Risk Fund (Direct) | −0.05% | +0.81% | +3.27% | +5.95% | +8.31% | +6.63% | +7.24% |
| Mahindra Manulife Dynamic Term Fund (Direct) | −0.66% | −0.65% | +2.02% | +3.44% | +7.25% | +5.83% | -- |
| Credit Risk average | −0.04% | +0.78% | +3.31% | +7.84% | +9.41% | +9.83% | +6.82% |
| Dynamic Bond average | −0.48% | −0.66% | +1.80% | +3.05% | +6.70% | +5.98% | -- |
Category average: the average of the 13 Credit Risk funds and the 22 Dynamic Bond funds, same plan type.
Kotak Credit Risk vs Mahindra Manulife Dynamic Term: Year-wise Returns
| Year | Kotak Credit RiskKotak Credit Risk | Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term |
|---|---|---|
| 2026to date | +4.99% | +3.00% |
| 2025 | +10.12% | +7.23% |
| 2024 | +8.13% | +9.63% |
| 2023 | +7.45% | +7.06% |
| 2022 | +1.89% | +1.96% |
| 2021 | +6.37% | +3.55% |
Kotak Credit Risk 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.
Kotak Credit Risk 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Credit Risk | 0.0 | 1.7 | 98.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 6.1% | 4.6% | 8.9% |
| 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.
Kotak Credit Risk 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 |
|---|---|---|---|---|
| Kotak Credit RiskKotak Credit Risk Fund (Direct) | ₹9,90,000 | ₹13,37,588 | ₹3,47,588 | 7.2% |
| Mahindra Manulife Dynamic TermMahindra Manulife Dynamic Term Fund (Direct) | ₹9,90,000 | ₹12,72,063 | ₹2,82,063 | 6.0% |
Kotak Credit RiskKotak Credit Risk 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.
Kotak Credit Risk 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 | Kotak Credit Risk Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.95% | +3.44% |
| Standard deviation | 1.42% | 2.00% |
| Sharpe ratio | 0.50 | -0.90 |
| Sortino ratio | 0.70 | -1.22 |
| Maximum drawdown | −0.6% (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 | Kotak Credit Risk Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.31% | +7.25% |
| Standard deviation | 1.54% | 1.97% |
| Sharpe ratio | 1.48 | 0.63 |
| Sortino ratio | 1.96 | 0.89 |
| Maximum drawdown | −1.5% (30-09-2024) | −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 | Kotak Credit Risk Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.63% | +5.83% |
| Standard deviation | 1.64% | 1.92% |
| Sharpe ratio | 0.51 | 0.01 |
| Sortino ratio | 0.61 | 0.02 |
| Maximum drawdown | −3.1% (13-05-2022) | −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 | Kotak Credit Risk Fund (Direct) | Mahindra Manulife Dynamic Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.15% | +6.09% |
| Standard deviation | 1.79% | 1.79% |
| Sharpe ratio | 1.18 | 0.46 |
| Sortino ratio | 1.58 | 0.67 |
| Maximum drawdown | −3.9% (29-04-2020) | −2.3% (09-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 04-01-2013 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.
Kotak Credit Risk 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 |
|---|---|---|---|---|---|---|
| Kotak Credit Risk Fund (Direct) | −3.9% | 04-03-2020 | 29-04-2020 | 02-07-2020 | 2 months | −0.3% |
| 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.
Kotak Credit Risk 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.
Kotak Credit Risk 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.
Kotak Credit Risk Fund (Direct)
Mahindra Manulife Dynamic Term Fund (Direct)
Kotak Credit Risk vs Mahindra Manulife Dynamic Term: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Credit Risk Fund, September 2026; Mahindra Manulife Dynamic Term Fund, September 2026
Holdings in common
- Overlap
- 12.3%
- Held by both
- 4
- Only in Kotak Credit Risk
- 36
- Only in Mahindra Manulife Dynamic Term
- 10
| Security | % of Kotak Credit Risk | % of Mahindra Manulife Dynamic Term |
|---|---|---|
| ADITYA BIRLA REAL ESTATE LTD | 5.81% | 6.31% |
| MUTHOOT FINANCE LTD.(^) | 6.49% | 5.28% |
| Central Government - 2066 | 0.65% | 15.86% |
| SBI ALTERNATIVE INVESTMENT FUND | 0.55% | 0.61% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.3% means 12.3% 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 Kotak Credit Risk Fund
| Security | % of fund |
|---|---|
| JUBILANT BEVCO LIMITED ( Axis Trustee Services Limited step up or down 25 bps for every rating chang) (^) | 7.31% |
| VEDANTA LTD. | 6.55% |
| BAMBOO HOTEL AND GLOBAL CENTRE (DELHI) PRIVATE LTD | 6.52% |
| TATA PROJECTS LTD. | 6.50% |
| ADITYA BIRLA RENEWABLES LIMITED | 5.20% |
Largest holdings only in Mahindra Manulife Dynamic Term Fund
| Security | % of fund |
|---|---|
| 7.25% State Government Securities 2037 | 10.10% |
| 7.24% Government of India 2055 | 10.04% |
| 7.29% Small Industries Dev Bank of India 2029 | 8.33% |
| 7.01% National Bank For Agriculture and Rural Development 2029 | 8.31% |
| 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 | Kotak Credit Risk | Mahindra Manulife Dynamic Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 79.4% | 88.4% |
| Cash and others | 20.6% | 11.6% |
Kotak Credit Risk vs Mahindra Manulife Dynamic Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Credit Risk Fund | Mahindra Manulife Dynamic Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.81% | 0.42% |
| Base expense ratio (Direct) | 0.69% | 0.35% |
| Total expense ratio (Regular) | 1.73% | 1.59% |
| Base expense ratio (Regular) | 1.47% | 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 Kotak Credit Risk with
Compare Mahindra Manulife Dynamic Term with
Kotak Credit Risk Fund vs Mahindra Manulife Dynamic Term Fund: Frequently Asked Questions
What is the difference between Kotak Credit Risk Fund and Mahindra Manulife Dynamic Term Fund?
Kotak Credit Risk Fund is a Credit Risk fund, Mahindra Manulife Dynamic Term Fund is a Dynamic Bond fund, run by Kotak Mahindra Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 12.3%. Kotak Credit Risk Fund charges 0.81% a year and Mahindra Manulife Dynamic Term Fund 0.42%.
Which has given higher returns, Kotak Credit Risk Fund or Mahindra Manulife Dynamic Term Fund?
Over 1 year: Kotak Credit Risk Fund +5.95%, Mahindra Manulife Dynamic Term Fund +3.44%. Over 3 years: Kotak Credit Risk Fund +8.31% a year, Mahindra Manulife Dynamic Term Fund +7.25% a year. Over 5 years: Kotak Credit Risk Fund +6.63% 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, Kotak Credit Risk Fund or Mahindra Manulife Dynamic Term Fund?
Mahindra Manulife Dynamic Term Fund charges less: 0.42% a year against 0.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Credit Risk Fund and Mahindra Manulife Dynamic Term Fund overlap?
12.3%. They hold 4 of the same securities, the largest shared ones being ADITYA BIRLA REAL ESTATE LTD, MUTHOOT FINANCE LTD.(^), Central Government - 2066. From each fund's latest monthly portfolio.
Which is riskier, Kotak Credit Risk Fund or Mahindra Manulife Dynamic Term Fund?
On SEBI's riskometer, Kotak Credit Risk Fund is rated High and Mahindra Manulife Dynamic Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 1.54% and 1.97% a year.
Which is better for SIP, Kotak Credit Risk 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 ₹7,39,694 in Kotak Credit Risk Fund (XIRR 7.5% 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 Kotak Credit Risk Fund and Mahindra Manulife Dynamic Term Fund?
Yes. 12.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Credit Risk Fund and Mahindra Manulife Dynamic Term Fund?
Kotak Credit Risk Fund: Vihag Mishra, Deepak Agrawal. 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.