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    Mahindra Manulife Aggressive Hybrid Fund vs Mahindra Manulife ELSS Tax Saver Fund

    Direct Plan, Growth option · Data as on 30-10-2026

    Mahindra Manulife Aggressive Hybrid Fund is an Aggressive Hybrid fund and Mahindra Manulife ELSS Tax Saver Fund is an ELSS fund. In the 3 years to 30-10-2026, Mahindra Manulife Aggressive Hybrid Fund (Direct) returned 10.6% a year and Mahindra Manulife ELSS Tax Saver Fund (Direct) returned 8.2% a year. Mahindra Manulife Aggressive Hybrid Fund charges 0.84% a year and Mahindra Manulife ELSS Tax Saver Fund 1.05% (Direct plans). Their portfolios overlap 40.3%: they hold 32 of the same securities.

    Mahindra Manulife Aggressive Hybrid Fund

    Aggressive Hybrid

    3 year return
    10.6%
    Expense ratio
    0.84%
    NAV
    ₹28.59
    See Mahindra Manulife Aggressive Hybrid Fund

    Mahindra Manulife ELSS Tax Saver Fund

    ELSS

    3 year return
    8.2%
    Expense ratio
    1.05%
    NAV
    ₹30.98
    See Mahindra Manulife ELSS Tax Saver Fund

    Which is better, Mahindra Manulife Aggressive Hybrid or Mahindra Manulife ELSS Tax Saver? 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 Aggressive Hybrid returned more over 5 years: 10.2% a year against 8.2%.
    • Mahindra Manulife Aggressive Hybrid returned more over 3 years: 10.6% a year against 8.2%.
    • Mahindra Manulife Aggressive Hybrid costs less: 0.84% a year against 1.05% (Direct plans).
    • Mahindra Manulife Aggressive Hybrid swung less over 3 years: a standard deviation of 10.6% a year against 13.1%.
    • Mahindra Manulife Aggressive Hybrid fell less in its worst fall since 23-07-2019: −25.4% against −35.1%.
    • Mahindra Manulife ELSS Tax Saver holds more in large companies: 68.0% of the fund in large caps against 40.8%.
    • Mahindra Manulife Aggressive Hybrid is the larger fund: ₹2,798 Cr against ₹829 Cr.
    • Their portfolios overlap 40.3%: 32 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

    FactMahindra Manulife Aggressive Hybrid FundMahindra Manulife ELSS Tax Saver Fund
    Fund houseMahindra Manulife Mutual FundMahindra Manulife Mutual Fund
    CategoryAggressive HybridELSS
    AUM₹2,798 Cr (30-09-2026)₹829 Cr (30-09-2026)
    NAV₹28.59 (Direct)₹30.98 (Direct)
    Expense ratio (Direct)0.84%1.05%
    Expense ratio (Regular)2.17%2.49%
    RiskometerVery HighVery High
    BenchmarkCRISIL Hybrid 35+65 - Aggressive IndexNifty 500 TRI
    Launch date19-07-201918-10-2016
    Minimum investment₹1,000₹500
    Lock inNone3 years
    Fund managersKirti Dalvi, Vishal Jajoo, Rahul Pal, Amit Garg$ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar
    Exit loadExit load for units more than 10% of the investments, an exit load of 1% if redeemed within 3 months.Nil

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: Returns Comparison

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Fund1M3M6M1Y3Y5Y10Y
    Mahindra Manulife Aggressive Hybrid Fund (Direct)−2.15%−6.30%−4.03%−8.15%+10.64%+10.17%--
    Mahindra Manulife ELSS Tax Saver Fund (Direct)−0.27%−6.41%−3.55%−9.76%+8.18%+8.23%+11.94%
    Aggressive Hybrid average−0.88%−3.67%−0.27%−3.33%+10.77%+9.35%--
    ELSS average−2.34%−5.61%−1.63%−5.75%+10.92%+10.29%+13.05%

    Category average: the average of the 29 Aggressive Hybrid funds and the 50 ELSS funds, same plan type.

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: Year-wise Returns

    YearAggressive HybridMahindra Manulife Aggressive HybridELSS Tax SaverMahindra Manulife ELSS Tax Saver
    2026to date−8.78%−10.27%
    2025+9.85%+9.22%
    2024+21.67%+14.09%
    2023+25.49%+27.84%
    2022+6.29%+3.80%
    2021+33.09%+41.75%

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: Rolling Returns

    Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mahindra Manulife ELSS Tax Saver Fund

    Rolling returns

    Every 3-year holding period, 1,050 of them, one for each trading day from 25-07-2022 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.

    0%10%20%30%40%
    Nov 2019
    to
    Nov 2022
    Aug 2020
    to
    Aug 2023
    May 2021
    to
    May 2024
    Jan 2022
    to
    Jan 2025
    Oct 2022
    to
    Oct 2025
    Jun 2023
    to
    Jun 2026
    Mahindra Manulife Aggressive Hybrid Fund (Direct)Mahindra Manulife ELSS Tax Saver Fund (Direct)Nifty 500 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    Mahindra Manulife Aggressive Hybrid0.00.00.110.749.436.63.219.3%19.4%9.9%28.3%89%
    Mahindra Manulife ELSS Tax Saver0.00.04.518.435.826.514.919.0%19.0%6.4%35.4%69%
    Nifty 500 TRI0.00.01.818.153.019.77.318.1%17.9%8.8%33.5%--

    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 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 23-07-2019. Past returns do not promise future returns.

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: 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

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 23-07-2019 to 30-10-2026: 88 instalments, ₹8,80,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    Mahindra Manulife Aggressive HybridMahindra Manulife Aggressive Hybrid Fund (Direct) ₹8,80,000 ₹14,12,180 ₹5,32,180 12.7%
    Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver Fund (Direct) ₹8,80,000 ₹13,57,693 ₹4,77,693 11.6%
    ₹0₹5.0 L₹10.0 L₹15.0 L₹20.0 L
    2020202120222023202420252026
    Mahindra Manulife Aggressive HybridMahindra Manulife Aggressive Hybrid Fund (Direct)Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver 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.

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: Risk and Drawdowns

    How much each fund swings, and the worst fall over the same days

    Risk and return

    MeasureMahindra Manulife Aggressive Hybrid Fund (Direct)Mahindra Manulife ELSS Tax Saver Fund (Direct)
    Return (CAGR)+10.64%+8.18%
    Standard deviation10.64%13.12%
    Sharpe ratio0.430.16
    Sortino ratio0.590.22
    Maximum drawdown−12.3% (28-02-2025)−16.4% (28-02-2025)
    Beta--0.90
    Alpha--−1.62%

    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.

    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.

    −40%−30%−20%−10%0%
    2020202120222023202420252026
    Mahindra Manulife Aggressive Hybrid Fund (Direct)Mahindra Manulife ELSS Tax Saver Fund (Direct)Nifty 500 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    Mahindra Manulife Aggressive Hybrid Fund (Direct)−25.4%20-02-202023-03-202028-08-20205 months−9.5%
    Mahindra Manulife ELSS Tax Saver Fund (Direct)−35.1%12-02-202023-03-202009-11-20208 months−11.4%
    Nifty 500 TRI−38.1%17-01-202023-03-202006-11-20207 months−8.8%

    From daily values since 23-07-2019, 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 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

    0%5%10%15%20%25%
    2023202420252026
    Mahindra Manulife Aggressive Hybrid Fund (Direct)Mahindra Manulife ELSS Tax Saver Fund (Direct)Nifty 500 TRI

    Against Nifty 500 TRI

    FundUp captureDown captureTracking error
    Mahindra Manulife Aggressive Hybrid Fund (Direct)84%65%5.82%
    Mahindra Manulife ELSS Tax Saver Fund (Direct)98%93%3.64%

    From month-end values since 23-07-2019. 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.

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: Portfolio Overlap

    From each fund's latest monthly portfolio: Mahindra Manulife Aggressive Hybrid Fund, September 2026; Mahindra Manulife ELSS Tax Saver Fund, September 2026

    Holdings in common

    Overlap
    40.3%
    Held by both
    32
    Only in Mahindra Manulife Aggressive Hybrid
    79
    Only in Mahindra Manulife ELSS Tax Saver
    22
    Security% of Mahindra Manulife Aggressive Hybrid% of Mahindra Manulife ELSS Tax Saver
    ICICI Bank Limited4.79%9.24%
    HDFC Bank Limited4.69%7.24%
    Reliance Industries Limited2.32%3.11%
    Bharti Airtel Limited2.13%4.28%
    Axis Bank Limited1.89%2.31%
    Kotak Mahindra Bank Ltd1.85%2.57%
    Eternal Limited1.58%2.22%
    Larsen & Toubro Limited1.53%2.96%
    Tech Mahindra Limited1.50%1.71%
    IndusInd Bank Limited1.36%1.43%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.3% means 40.3% 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 Mahindra Manulife Aggressive Hybrid Fund

    Security% of fund
    Mahindra Manulife Liquid Fund -Direct Plan -Growth4.65%
    Bajaj Finserv Limited1.79%
    7.71% Government of India 20661.70%
    7.24% Government of India 20551.53%
    Kirloskar Oil Engines Limited1.41%

    Largest holdings only in Mahindra Manulife ELSS Tax Saver Fund

    Security% of fund
    Bajaj Finance Ltd3.56%
    Infosys Limited2.44%
    Hindustan Unilever Limited2.31%
    Maruti Suzuki India Limited2.15%
    Info Edge India Ltd1.54%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetMahindra Manulife Aggressive HybridMahindra Manulife ELSS Tax Saver
    Equity73.9%94.7%
    Debt17.2%0.0%
    Cash and others8.9%5.3%

    Market cap of stocks

    Market capMahindra Manulife Aggressive HybridMahindra Manulife ELSS Tax Saver
    Large Cap40.8%68.0%
    Mid Cap22.6%16.4%
    Small Cap10.5%10.2%

    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

    SectorMahindra Manulife Aggressive HybridMahindra Manulife ELSS Tax Saver
    Banks16.0%23.7%
    Retailing4.2%7.8%
    Automobiles2.2%7.0%
    Pharmaceuticals & Biotechnology5.0%7.0%
    Finance7.0%5.7%
    IT - Software2.5%5.3%
    Consumer Durables3.6%4.6%
    Industrial Products4.2%2.0%

    The six largest sectors of each fund's stocks, % of the fund.

    Mahindra Manulife Aggressive Hybrid vs Mahindra Manulife ELSS Tax Saver: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeMahindra Manulife Aggressive Hybrid FundMahindra Manulife ELSS Tax Saver Fund
    Total expense ratio (Direct)0.84%1.05%
    Base expense ratio (Direct)0.49%0.72%
    Total expense ratio (Regular)2.17%2.49%
    Base expense ratio (Regular)1.67%2.00%

    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

    Mahindra Manulife Aggressive Hybrid Fund vs Mahindra Manulife ELSS Tax Saver Fund: Frequently Asked Questions

    What is the difference between Mahindra Manulife Aggressive Hybrid Fund and Mahindra Manulife ELSS Tax Saver Fund?

    Mahindra Manulife Aggressive Hybrid Fund is an Aggressive Hybrid fund, Mahindra Manulife ELSS Tax Saver Fund is an ELSS fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 40.3%. Mahindra Manulife Aggressive Hybrid Fund charges 0.84% a year and Mahindra Manulife ELSS Tax Saver Fund 1.05%.

    Which has given higher returns, Mahindra Manulife Aggressive Hybrid Fund or Mahindra Manulife ELSS Tax Saver Fund?

    Over 1 year: Mahindra Manulife Aggressive Hybrid Fund −8.15%, Mahindra Manulife ELSS Tax Saver Fund −9.76%. Over 3 years: Mahindra Manulife Aggressive Hybrid Fund +10.64% a year, Mahindra Manulife ELSS Tax Saver Fund +8.18% a year. Over 5 years: Mahindra Manulife Aggressive Hybrid Fund +10.17% a year, Mahindra Manulife ELSS Tax Saver Fund +8.23% a year. As on 30-10-2026. Past returns do not promise future returns.

    Which has the lower expense ratio, Mahindra Manulife Aggressive Hybrid Fund or Mahindra Manulife ELSS Tax Saver Fund?

    Mahindra Manulife Aggressive Hybrid Fund charges less: 0.84% a year against 1.05%. These are the Direct plans' total expense ratios reported to AMFI.

    How much do Mahindra Manulife Aggressive Hybrid Fund and Mahindra Manulife ELSS Tax Saver Fund overlap?

    40.3%. They hold 32 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.

    Which is riskier, Mahindra Manulife Aggressive Hybrid Fund or Mahindra Manulife ELSS Tax Saver Fund?

    On SEBI's riskometer, Mahindra Manulife Aggressive Hybrid Fund is rated Very High and Mahindra Manulife ELSS Tax Saver Fund Very High. Over 3 years, the standard deviation of daily returns was 10.64% and 13.12% a year.

    Which is better for SIP, Mahindra Manulife Aggressive Hybrid Fund or Mahindra Manulife ELSS Tax Saver Fund?

    Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,55,156 in Mahindra Manulife Aggressive Hybrid Fund (XIRR 8.3% a year) and ₹7,16,676 in Mahindra Manulife ELSS Tax Saver Fund (XIRR 6.3% a year). Both received 61 instalments. Past returns do not promise future returns.

    Can I invest in both Mahindra Manulife Aggressive Hybrid Fund and Mahindra Manulife ELSS Tax Saver Fund?

    Yes. 40.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

    Who manages Mahindra Manulife Aggressive Hybrid Fund and Mahindra Manulife ELSS Tax Saver Fund?

    Mahindra Manulife Aggressive Hybrid Fund: Kirti Dalvi, Vishal Jajoo, Rahul Pal, Amit Garg. Mahindra Manulife ELSS Tax Saver Fund: $ Mr. Hemang Kapasi, $ Mr. 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.

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