LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
LIC Mf NIFTY Midcap 100 ETF is an ETF fund and Mahindra Manulife Mid Cap Fund is a Mid Cap fund. In the year to 30-10-2026, LIC Mf NIFTY Midcap 100 ETF returned −4.6% and Mahindra Manulife Mid Cap Fund (Direct) returned −2.2%. LIC Mf NIFTY Midcap 100 ETF charges 0.21% a year and Mahindra Manulife Mid Cap Fund 0.76%. Their portfolios overlap 30.6%: they hold 30 of the same securities.
LIC Mf NIFTY Midcap 100 ETF
ETF
- 1 year return
- −4.6%
- Expense ratio
- 0.21%
- NAV
- ₹57.54
Mahindra Manulife Mid Cap Fund
Mid Cap
- 1 year return
- −2.2%
- Expense ratio
- 0.76%
- NAV
- ₹37.50
Which is better, LIC Mf NIFTY Midcap 100 ETF or Mahindra Manulife Mid Cap? 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 Mid Cap returned more over 1 year: −2.2% against −4.6%.
- LIC Mf NIFTY Midcap 100 ETF costs less: 0.21% a year against 0.76%.
- Mahindra Manulife Mid Cap fell less in its worst fall since 19-02-2024: −20.9% against −21.2%.
- Mahindra Manulife Mid Cap is the larger fund: ₹5,058 Cr against ₹629 Cr.
- Their portfolios overlap 30.6%: 30 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 | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | ETF | Mid Cap |
| AUM | ₹629 Cr (30-09-2026) | ₹5,058 Cr (30-09-2026) |
| NAV | ₹57.54 | ₹37.50 (Direct) |
| Expense ratio (Direct) | Not available | 0.76% |
| Expense ratio (Regular) | Not available | 2.03% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 100 TRI | Nifty Midcap 150 TRI |
| Launch date | 14-02-2024 | 30-01-2018 |
| Minimum investment | For Subscription of units directly with Mutual Fund: All direct transactions in units of the Scheme by MMs/APs or other eligible investors with the AMC/the Fund shall be at intra-day NAV based on the actual execution price of the underlying portfolio. Any | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nikhil Kapoor, Sasikant Aravamuthan | Kirti Dalvii, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi |
| Exit load | Nil | Exit Load: - An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment |
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid 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 |
|---|---|---|---|---|---|---|---|
| LIC Mf NIFTY Midcap 100 ETF | −3.39% | −8.75% | −4.23% | −4.56% | -- | -- | -- |
| Mahindra Manulife Mid Cap Fund (Direct) | −4.55% | −10.11% | −5.44% | −2.19% | +15.25% | +14.94% | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap: Year-wise Returns
| Year | LIC Mf NIFTY Midcap 100 ETFLIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid CapMahindra Manulife Mid Cap |
|---|---|---|
| 2026to date | −5.24% | −2.60% |
| 2025 | +6.12% | +2.66% |
| 2024 | -- | +31.20% |
| 2023 | -- | +49.29% |
| 2022 | -- | +1.96% |
| 2021 | -- | +52.30% |
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap: Rolling Returns
Every holding period of both funds, against NIFTY Midcap 100 TRI, the benchmark of LIC Mf NIFTY Midcap 100 ETF
Rolling returns
Every 1-year holding period, 417 of them, one for each trading day from 19-02-2025 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.
LIC Mf NIFTY Midcap 100 ETF
Mahindra Manulife Mid Cap Fund (Direct)
NIFTY Midcap 100 TRI
to
Apr 2025Jul 2024
to
Jul 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIC Mf NIFTY Midcap 100 ETF | 15.6 | 20.9 | 35.3 | 21.6 | 5.3 | 1.4 | 0.0 | 6.6% | 6.6% | −6.5% | 21.9% | 1% |
| Mahindra Manulife Mid Cap | 18.9 | 21.1 | 27.1 | 20.9 | 10.3 | 1.7 | 0.0 | 6.8% | 7.0% | −7.8% | 22.4% | 46% |
| NIFTY Midcap 100 TRI | 13.7 | 20.6 | 36.2 | 22.5 | 5.0 | 1.9 | 0.0 | 6.9% | 6.9% | −6.3% | 22.2% | -- |
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 NIFTY Midcap 100 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 19-02-2024. Past returns do not promise future returns.
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid 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 19-02-2024 to 30-10-2026: 33 instalments, ₹3,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| LIC Mf NIFTY Midcap 100 ETFLIC Mf NIFTY Midcap 100 ETF | ₹3,30,000 | ₹3,36,363 | ₹6,363 | 1.4% |
| Mahindra Manulife Mid CapMahindra Manulife Mid Cap Fund (Direct) | ₹3,30,000 | ₹3,37,775 | ₹7,775 | 1.7% |
LIC Mf NIFTY Midcap 100 ETFLIC Mf NIFTY Midcap 100 ETF
Mahindra Manulife Mid CapMahindra Manulife Mid 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.
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.56% | −2.19% |
| Standard deviation | 17.08% | 16.79% |
| Sharpe ratio | -0.57 | -0.44 |
| Sortino ratio | -0.76 | -0.60 |
| Maximum drawdown | −14.2% (31-03-2026) | −14.6% (23-10-2026) |
| Beta | 1.00 | 0.99 |
| Alpha | −0.51% | +2.06% |
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 | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.93% | +17.25% |
| Standard deviation | 18.21% | 16.75% |
| Sharpe ratio | 0.00 | 0.71 |
| Sortino ratio | 0.00 | 0.95 |
| Maximum drawdown | −21.2% (28-02-2025) | −33.1% (23-03-2020) |
| Beta | 1.00 | 0.90 |
| Alpha | −0.43% | +3.14% |
From daily NAVs, 19-02-2024 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.
LIC Mf NIFTY Midcap 100 ETF
Mahindra Manulife Mid Cap Fund (Direct)
NIFTY Midcap 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| LIC Mf NIFTY Midcap 100 ETF | −21.2% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −11.0% |
| Mahindra Manulife Mid Cap Fund (Direct) | −20.9% | 24-09-2024 | 28-02-2025 | 21-04-2026 | 14 months | −12.7% |
| NIFTY Midcap 100 TRI | −21.1% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.7% |
From daily values since 19-02-2024, 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.
LIC Mf NIFTY Midcap 100 ETF
Mahindra Manulife Mid Cap Fund (Direct)
NIFTY Midcap 100 TRI
Against NIFTY Midcap 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| LIC Mf NIFTY Midcap 100 ETF | 99% | 101% | 0.22% |
| Mahindra Manulife Mid Cap Fund (Direct) | 96% | 91% | 4.26% |
From month-end values since 19-02-2024. 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.
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: LIC Mf NIFTY Midcap 100 ETF, September 2026; Mahindra Manulife Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 30.6%
- Held by both
- 30
- Only in LIC Mf NIFTY Midcap 100 ETF
- 70
- Only in Mahindra Manulife Mid Cap
- 33
| Security | % of LIC Mf NIFTY Midcap 100 ETF | % of Mahindra Manulife Mid Cap |
|---|---|---|
| The Federal Bank Ltd. | 2.43% | 3.42% |
| Coforge Ltd. | 1.89% | 2.65% |
| IndusInd Bank Ltd. | 1.85% | 3.19% |
| IDFC First Bank Ltd. | 1.68% | 2.16% |
| GE Vernova T&D India Limited | 1.62% | 1.77% |
| Marico Ltd. | 1.29% | 1.94% |
| Fortis Healthcare Ltd. | 1.25% | 1.90% |
| APL Apollo Tubes Ltd. | 1.23% | 2.03% |
| PB Fintech Ltd. | 1.14% | 1.53% |
| Max Financial Services Ltd. | 1.13% | 1.92% |
| SRF Ltd. | 1.11% | 1.39% |
| Glenmark Pharmaceuticals Ltd. | 1.09% | 2.60% |
| Radico Khaitan Ltd. | 1.06% | 2.00% |
| Aditya Birla Capital Ltd. | 0.98% | 2.79% |
| JSW Energy Ltd. | 0.94% | 1.93% |
| Mphasis Ltd. | 0.88% | 1.50% |
| KEI Industries Ltd. | 0.86% | 2.13% |
| 360 One Wam Ltd. | 0.83% | 1.52% |
| Biocon Ltd. | 0.82% | 1.64% |
| NMDC Ltd. | 0.82% | 1.23% |
| Tube Investments Of India Ltd. | 0.79% | 1.68% |
| L&T Finance Ltd. | 0.70% | 1.73% |
| Godrej Properties Ltd. | 0.68% | 1.21% |
| Blue Star Ltd. | 0.62% | 1.76% |
| LG Electronics India Ltd. | 0.55% | 0.88% |
| Astral Ltd. | 0.53% | 1.64% |
| SBI Cards & Payment Services Ltd. | 0.53% | 1.09% |
| Bank of Maharashtra | 0.49% | 2.07% |
| Container Corporation Of India Ltd. | 0.48% | 0.93% |
| Cochin Shipyard Ltd. | 0.35% | 1.86% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.6% means 30.6% 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 LIC Mf NIFTY Midcap 100 ETF
| Security | % of fund |
|---|---|
| Multi Commodity Exchange Of India Ltd. | 2.62% |
| Laurus Labs Ltd. | 2.39% |
| One 97 Communications Ltd. | 2.20% |
| Hero MotoCorp Ltd. | 2.11% |
| The Indian Hotels Company Ltd. | 1.92% |
Largest holdings only in Mahindra Manulife Mid Cap Fund
| Security | % of fund |
|---|---|
| Nippon Life India Asset Management Limited | 2.04% |
| Anthem Biosciences Limited | 2.02% |
| AIA Engineering Limited | 1.98% |
| UNO Minda Limited | 1.95% |
| Belrise Industries Ltd. | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap |
|---|---|---|
| Equity | 99.4% | 97.3% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.6% | 2.7% |
Market cap of stocks
| Market cap | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap |
|---|---|---|
| Large Cap | 6.7% | 6.1% |
| Mid Cap | 91.1% | 74.1% |
| Small Cap | 1.6% | 17.1% |
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 | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap |
|---|---|---|
| Banks | 10.8% | 13.6% |
| Industrial Products | 3.3% | 10.7% |
| Auto Components | 3.8% | 9.4% |
| Pharmaceuticals & Biotechnology | 8.2% | 7.3% |
| Finance | 4.8% | 7.9% |
| Electrical Equipment | 7.0% | 4.4% |
| Retailing | 6.1% | 0.0% |
| IT - Software | 5.3% | 4.2% |
| Consumer Durables | 5.1% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC Mf NIFTY Midcap 100 ETF | Mahindra Manulife Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.76% |
| Base expense ratio (Direct) | 0.00% | 0.50% |
| Total expense ratio (Regular) | Not available | 2.03% |
| Base expense ratio (Regular) | 0.13% | 1.61% |
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
LIC Mf NIFTY Midcap 100 ETF vs Mahindra Manulife Mid Cap Fund: Frequently Asked Questions
What is the difference between LIC Mf NIFTY Midcap 100 ETF and Mahindra Manulife Mid Cap Fund?
LIC Mf NIFTY Midcap 100 ETF is an ETF fund, Mahindra Manulife Mid Cap Fund is a Mid Cap fund, run by LIC Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 30.6%. LIC Mf NIFTY Midcap 100 ETF charges 0.21% a year and Mahindra Manulife Mid Cap Fund 0.76%.
Which has given higher returns, LIC Mf NIFTY Midcap 100 ETF or Mahindra Manulife Mid Cap Fund?
Over 1 year: LIC Mf NIFTY Midcap 100 ETF −4.56%, Mahindra Manulife Mid Cap Fund −2.19%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, LIC Mf NIFTY Midcap 100 ETF or Mahindra Manulife Mid Cap Fund?
LIC Mf NIFTY Midcap 100 ETF charges less: 0.21% a year against 0.76%. These are the total expense ratios reported to AMFI.
How much do LIC Mf NIFTY Midcap 100 ETF and Mahindra Manulife Mid Cap Fund overlap?
30.6%. They hold 30 of the same securities, the largest shared ones being FEDERALBNK, COFORGE, INDUSINDBK. From each fund's latest monthly portfolio.
Which is riskier, LIC Mf NIFTY Midcap 100 ETF or Mahindra Manulife Mid Cap Fund?
On SEBI's riskometer, LIC Mf NIFTY Midcap 100 ETF is rated Very High and Mahindra Manulife Mid Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 17.08% and 16.79% a year.
Can I invest in both LIC Mf NIFTY Midcap 100 ETF and Mahindra Manulife Mid Cap Fund?
Yes. 30.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages LIC Mf NIFTY Midcap 100 ETF and Mahindra Manulife Mid Cap Fund?
LIC Mf NIFTY Midcap 100 ETF: Nikhil Kapoor, Sasikant Aravamuthan. Mahindra Manulife Mid Cap Fund: Kirti Dalvii, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi.
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.