Mahindra Manulife ELSS Tax Saver Fund vs UTI - Flexi Cap Fund.
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife ELSS Tax Saver Fund is an ELSS fund and UTI - Flexi Cap Fund. is a Flexi Cap fund. In the 3 years to 30-10-2026, Mahindra Manulife ELSS Tax Saver Fund (Direct) returned 8.2% a year and UTI - Flexi Cap Fund. (Direct) returned 8.5% a year. Mahindra Manulife ELSS Tax Saver Fund charges 1.05% a year and UTI - Flexi Cap Fund. 1.17% (Direct plans). Their portfolios overlap 38.9%: they hold 19 of the same securities.
Mahindra Manulife ELSS Tax Saver Fund
ELSS
- 3 year return
- 8.2%
- Expense ratio
- 1.05%
- NAV
- ₹30.98
UTI - Flexi Cap Fund.
Flexi Cap
- 3 year return
- 8.5%
- Expense ratio
- 1.17%
- NAV
- ₹336.25
Which is better, Mahindra Manulife ELSS Tax Saver or UTI - Flexi Cap Fund.? 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 ELSS Tax Saver returned more over 5 years: 8.2% a year against 3.9%.
- UTI - Flexi Cap Fund. returned more over 3 years: 8.5% a year against 8.2%.
- Mahindra Manulife ELSS Tax Saver costs less: 1.05% a year against 1.17% (Direct plans).
- UTI - Flexi Cap Fund. swung less over 3 years: a standard deviation of 12.9% a year against 13.1%.
- UTI - Flexi Cap Fund. fell less in its worst fall since 19-10-2016: −33.9% against −35.9%.
- UTI - Flexi Cap Fund. is the larger fund: ₹22,495 Cr against ₹829 Cr.
- Their portfolios overlap 38.9%: 19 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 | Mahindra Manulife ELSS Tax Saver Fund | UTI - Flexi Cap Fund. |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | UTI Mutual Fund |
| Category | ELSS | Flexi Cap |
| AUM | ₹829 Cr (30-09-2026) | ₹22,495 Cr (30-09-2026) |
| NAV | ₹30.98 (Direct) | ₹336.25 (Direct) |
| Expense ratio (Direct) | 1.05% | 1.17% |
| Expense ratio (Regular) | 2.49% | 1.69% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 18-10-2016 | 01-08-1992 |
| Minimum investment | ₹500 | Regular Plan-Growth- Rs.5000, Regular Plan-Reinvestment of IDCW- Rs.5000, Regular Plan-Payout of IDCW- Rs.5000, Direct Plan-Growth- Rs.5000, Direct Plan-Reinvestment of IDCW- Rs.5000, Direct Plan-Payout of IDCW- Rs.5000, |
| Lock in | 3 years | None |
| Fund managers | $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar | Ajay Tyagi FM 1, Kamal Gada FM 2, Akash Shah FM 3, Not Applicable FM 4, Not Applicable FM 5 |
| Exit load | Nil | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. |
Mahindra Manulife ELSS Tax Saver vs UTI - Flexi Cap Fund.: 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 |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife ELSS Tax Saver Fund (Direct) | −0.27% | −6.41% | −3.55% | −9.76% | +8.18% | +8.23% | +11.94% |
| UTI - Flexi Cap Fund. (Direct) | +0.06% | −4.46% | +6.64% | −5.64% | +8.51% | +3.93% | +11.68% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 50 ELSS funds and the 46 Flexi Cap funds, same plan type.
Mahindra Manulife ELSS Tax Saver vs UTI - Flexi Cap Fund.: Year-wise Returns
| Year | Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver | UTI - Flexi Cap Fund.UTI - Flexi Cap Fund. | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −10.27% | −2.66% | −7.51% |
| 2025 | +9.22% | +1.71% | +7.76% |
| 2024 | +14.09% | +15.12% | +16.24% |
| 2023 | +27.84% | +20.73% | +26.91% |
| 2022 | +3.80% | −12.68% | +4.25% |
| 2021 | +41.75% | +35.00% | +31.60% |
Mahindra Manulife ELSS Tax Saver vs UTI - Flexi Cap Fund.: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 1,734 of them, one for each trading day from 22-10-2019 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.
Mahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Flexi Cap Fund. (Direct)
Nifty 500 TRI
to
May 2020Jul 2018
to
Jul 2021Oct 2019
to
Oct 2022Dec 2020
to
Dec 2023Feb 2022
to
Feb 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife ELSS Tax Saver | 6.5 | 6.1 | 9.9 | 15.9 | 30.7 | 22.0 | 9.0 | 15.4% | 16.6% | −8.4% | 35.4% | 58% |
| UTI - Flexi Cap Fund. | 0.2 | 4.1 | 27.8 | 27.3 | 23.2 | 12.1 | 5.4 | 14.1% | 13.3% | −1.4% | 30.0% | 44% |
| Nifty 500 TRI | 2.9 | 6.6 | 5.4 | 25.7 | 39.6 | 15.3 | 4.4 | 15.4% | 16.1% | −6.3% | 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 19-10-2016. Past returns do not promise future returns.
Mahindra Manulife ELSS Tax Saver vs UTI - Flexi Cap Fund.: 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 19-10-2016 to 30-10-2026: 121 instalments, ₹12,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver Fund (Direct) | ₹12,10,000 | ₹22,35,192 | ₹10,25,192 | 11.7% |
| UTI - Flexi Cap Fund.UTI - Flexi Cap Fund. (Direct) | ₹12,10,000 | ₹21,09,282 | ₹8,99,282 | 10.6% |
Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Flexi Cap Fund.UTI - Flexi 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.
Mahindra Manulife ELSS Tax Saver vs UTI - Flexi Cap Fund.: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife ELSS Tax Saver Fund (Direct) | UTI - Flexi Cap Fund. (Direct) |
|---|---|---|
| Return (CAGR) | −9.76% | −5.64% |
| Standard deviation | 13.47% | 14.17% |
| Sharpe ratio | -1.11 | -0.77 |
| Sortino ratio | -1.48 | -1.05 |
| Maximum drawdown | −14.7% (31-03-2026) | −18.9% (23-03-2026) |
| Beta | 0.92 | 0.93 |
| Alpha | −3.46% | +0.85% |
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 | Mahindra Manulife ELSS Tax Saver Fund (Direct) | UTI - Flexi Cap Fund. (Direct) |
|---|---|---|
| Return (CAGR) | +8.18% | +8.51% |
| Standard deviation | 13.12% | 12.92% |
| Sharpe ratio | 0.16 | 0.19 |
| Sortino ratio | 0.22 | 0.27 |
| Maximum drawdown | −16.4% (28-02-2025) | −20.1% (23-03-2026) |
| Beta | 0.90 | 0.83 |
| Alpha | −1.62% | −0.99% |
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 | Mahindra Manulife ELSS Tax Saver Fund (Direct) | UTI - Flexi Cap Fund. (Direct) |
|---|---|---|
| Return (CAGR) | +8.23% | +3.93% |
| Standard deviation | 13.43% | 13.42% |
| Sharpe ratio | 0.18 | -0.14 |
| Sortino ratio | 0.25 | -0.19 |
| Maximum drawdown | −17.6% (17-06-2022) | −25.6% (17-06-2022) |
| Beta | 0.92 | 0.87 |
| Alpha | −0.34% | −4.47% |
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 | Mahindra Manulife ELSS Tax Saver Fund (Direct) | UTI - Flexi Cap Fund. (Direct) |
|---|---|---|
| Return (CAGR) | +11.90% | +12.83% |
| Standard deviation | 14.91% | 14.69% |
| Sharpe ratio | 0.44 | 0.46 |
| Sortino ratio | 0.59 | 0.63 |
| Maximum drawdown | −35.9% (23-03-2020) | −33.9% (23-03-2020) |
| Beta | 0.91 | 0.88 |
| Alpha | +0.10% | +0.83% |
From daily NAVs, 19-10-2016 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.
Mahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Flexi Cap Fund. (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife ELSS Tax Saver Fund (Direct) | −35.9% | 09-01-2018 | 23-03-2020 | 11-11-2020 | 8 months | −11.4% |
| UTI - Flexi Cap Fund. (Direct) | −33.9% | 12-02-2020 | 23-03-2020 | 08-10-2020 | 7 months | −7.0% |
| Nifty 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −8.8% |
From daily values since 19-10-2016, 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.
Mahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Flexi Cap Fund. (Direct)
Nifty 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.
Mahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Flexi Cap Fund. (Direct)
Nifty 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.
Mahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Flexi Cap Fund. (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife ELSS Tax Saver Fund (Direct) | 92% | 90% | 4.42% |
| UTI - Flexi Cap Fund. (Direct) | 91% | 89% | 5.85% |
From month-end values since 19-10-2016. 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 ELSS Tax Saver vs UTI - Flexi Cap Fund.: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife ELSS Tax Saver Fund, September 2026; UTI - Flexi Cap Fund., September 2026
Holdings in common
- Overlap
- 38.9%
- Held by both
- 19
- Only in Mahindra Manulife ELSS Tax Saver
- 35
- Only in UTI - Flexi Cap Fund.
- 35
| Security | % of Mahindra Manulife ELSS Tax Saver | % of UTI - Flexi Cap Fund. |
|---|---|---|
| ICICI Bank Limited | 9.24% | 5.81% |
| HDFC Bank Limited | 7.24% | 4.61% |
| Bajaj Finance Ltd | 3.56% | 5.53% |
| Bharti Airtel Limited | 4.28% | 3.37% |
| Kotak Mahindra Bank Ltd | 2.57% | 3.41% |
| Eternal Limited | 2.22% | 6.56% |
| Maruti Suzuki India Limited | 2.15% | 2.06% |
| Avenue Supermarts Limited | 2.06% | 2.84% |
| Titan Company Limited | 1.62% | 3.94% |
| Info Edge India Ltd | 1.54% | 3.59% |
| Eicher Motors Limited | 1.29% | 2.19% |
| Dr. Lal Path Labs Limited | 1.27% | 2.22% |
| Trent Limited | 1.26% | 2.10% |
| LTM Limited | 1.11% | 2.05% |
| Grindwell Norton Limited | 1.04% | 1.19% |
| Nestle India Limited | 1.01% | 1.02% |
| Marico Limited | 0.95% | 1.05% |
| TVS Motor Company Limited | 2.56% | 0.79% |
| CG Power and Industrial Solutions Limited | 0.77% | 1.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.9% means 38.9% 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 ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 3.11% |
| Larsen & Toubro Limited | 2.96% |
| Infosys Limited | 2.44% |
| Hindustan Unilever Limited | 2.31% |
| Axis Bank Limited | 2.31% |
Largest holdings only in UTI - Flexi Cap Fund.
| Security | % of fund |
|---|---|
| EQ - COFORGE LTD | 3.77% |
| EQ - DIXON TECHNOLOGIES (INDIA) LTD | 3.61% |
| EQ - PERSISTENT SYSTEMS LTD. | 3.44% |
| EQ - MAHINDRA & MAHINDRA LTD. | 2.44% |
| EQ - AJANTA PHARMA LTD. | 2.12% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife ELSS Tax Saver | UTI - Flexi Cap Fund. |
|---|---|---|
| Equity | 94.7% | 97.0% |
| Debt | 0.0% | 0.2% |
| Cash and others | 5.3% | 2.7% |
Market cap of stocks
| Market cap | Mahindra Manulife ELSS Tax Saver | UTI - Flexi Cap Fund. |
|---|---|---|
| Large Cap | 68.0% | 58.4% |
| Mid Cap | 16.4% | 26.3% |
| Small Cap | 10.2% | 12.4% |
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 | Mahindra Manulife ELSS Tax Saver | UTI - Flexi Cap Fund. |
|---|---|---|
| Banks | 23.7% | 14.9% |
| Retailing | 7.8% | 16.6% |
| Consumer Durables | 4.6% | 10.4% |
| IT - Software | 5.3% | 9.3% |
| Pharmaceuticals & Biotechnology | 7.0% | 8.4% |
| Finance | 5.7% | 7.7% |
| Automobiles | 7.0% | 7.5% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife ELSS Tax Saver vs UTI - Flexi Cap Fund.: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife ELSS Tax Saver Fund | UTI - Flexi Cap Fund. |
|---|---|---|
| Total expense ratio (Direct) | 1.05% | 1.17% |
| Base expense ratio (Direct) | 0.72% | 0.94% |
| Total expense ratio (Regular) | 2.49% | 1.69% |
| Base expense ratio (Regular) | 2.00% | 1.40% |
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
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Mahindra Manulife ELSS Tax Saver Fund vs UTI - Flexi Cap Fund.: Frequently Asked Questions
What is the difference between Mahindra Manulife ELSS Tax Saver Fund and UTI - Flexi Cap Fund.?
Mahindra Manulife ELSS Tax Saver Fund is an ELSS fund, UTI - Flexi Cap Fund. is a Flexi Cap fund, run by Mahindra Manulife Mutual Fund and UTI Mutual Fund. Their portfolios overlap 38.9%. Mahindra Manulife ELSS Tax Saver Fund charges 1.05% a year and UTI - Flexi Cap Fund. 1.17%.
Which has given higher returns, Mahindra Manulife ELSS Tax Saver Fund or UTI - Flexi Cap Fund.?
Over 1 year: Mahindra Manulife ELSS Tax Saver Fund −9.76%, UTI - Flexi Cap Fund. −5.64%. Over 3 years: Mahindra Manulife ELSS Tax Saver Fund +8.18% a year, UTI - Flexi Cap Fund. +8.51% a year. Over 5 years: Mahindra Manulife ELSS Tax Saver Fund +8.23% a year, UTI - Flexi Cap Fund. +3.93% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife ELSS Tax Saver Fund or UTI - Flexi Cap Fund.?
Mahindra Manulife ELSS Tax Saver Fund charges less: 1.05% a year against 1.17%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife ELSS Tax Saver Fund and UTI - Flexi Cap Fund. overlap?
38.9%. They hold 19 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BAJFINANCE. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife ELSS Tax Saver Fund or UTI - Flexi Cap Fund.?
On SEBI's riskometer, Mahindra Manulife ELSS Tax Saver Fund is rated Very High and UTI - Flexi Cap Fund. Very High. Over 3 years, the standard deviation of daily returns was 13.12% and 12.92% a year.
Which is better for SIP, Mahindra Manulife ELSS Tax Saver Fund or UTI - Flexi Cap Fund.?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,16,676 in Mahindra Manulife ELSS Tax Saver Fund (XIRR 6.3% a year) and ₹7,04,539 in UTI - Flexi Cap Fund. (XIRR 5.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife ELSS Tax Saver Fund and UTI - Flexi Cap Fund.?
Yes. 38.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife ELSS Tax Saver Fund and UTI - Flexi Cap Fund.?
Mahindra Manulife ELSS Tax Saver Fund: $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar. UTI - Flexi Cap Fund.: Ajay Tyagi FM 1, Kamal Gada FM 2, Akash Shah FM 3, Not Applicable FM 4, Not Applicable FM 5.
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.