Mahindra Manulife ELSS Tax Saver Fund vs UTI - Unit Linked Insurance Plan
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife ELSS Tax Saver Fund is an ELSS fund and UTI - Unit Linked Insurance Plan is a Balanced Advantage fund. In the 3 years to 30-10-2026, Mahindra Manulife ELSS Tax Saver Fund (Direct) returned 8.2% a year and UTI - Unit Linked Insurance Plan (Direct) returned 7.8% a year. Mahindra Manulife ELSS Tax Saver Fund charges 1.05% a year and UTI - Unit Linked Insurance Plan 1.11% (Direct plans). Their portfolios overlap 22.5%: they hold 17 of the same securities.
Mahindra Manulife ELSS Tax Saver Fund
ELSS
- 3 year return
- 8.2%
- Expense ratio
- 1.05%
- NAV
- ₹30.98
UTI - Unit Linked Insurance Plan
Balanced Advantage
- 3 year return
- 7.8%
- Expense ratio
- 1.11%
- NAV
- ₹45.91
Which is better, Mahindra Manulife ELSS Tax Saver or UTI - Unit Linked Insurance Plan? 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 5.7%.
- Mahindra Manulife ELSS Tax Saver returned more over 3 years: 8.2% a year against 7.8%.
- Mahindra Manulife ELSS Tax Saver costs less: 1.05% a year against 1.11% (Direct plans).
- UTI - Unit Linked Insurance Plan swung less over 3 years: a standard deviation of 5.6% a year against 13.1%.
- UTI - Unit Linked Insurance Plan fell less in its worst fall since 19-10-2016: −17.9% against −35.9%.
- Mahindra Manulife ELSS Tax Saver holds more in large companies: 68.0% of the fund in large caps against 23.8%.
- UTI - Unit Linked Insurance Plan is the larger fund: ₹4,930 Cr against ₹829 Cr.
- Their portfolios overlap 22.5%: 17 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 - Unit Linked Insurance Plan |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | UTI Mutual Fund |
| Category | ELSS | Balanced Advantage |
| AUM | ₹829 Cr (30-09-2026) | ₹4,930 Cr (30-09-2026) |
| NAV | ₹30.98 (Direct) | ₹45.91 (Direct) |
| Expense ratio (Direct) | 1.05% | 1.11% |
| Expense ratio (Regular) | 2.49% | 1.60% |
| Riskometer | Very High | High |
| Benchmark | Nifty 500 TRI | NIFTY 50 Hybrid Composite Debt 50:50 Index |
| Launch date | 18-10-2016 | 01-10-1971 |
| Minimum investment | ₹500 | Minimum target amount under the scheme is 15000 which is required to be invested over 10/15 year period. |
| Lock in | 3 years | None |
| Fund managers | $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar | Anurag Mittal FM 1, Ajay Tyagi FM 2, Kamal Gada FM 3 Mr. Akash Shah FM 4 |
| Exit load | Nil | If withdrawn prematurely – 2% On or after maturity – Nil |
Mahindra Manulife ELSS Tax Saver vs UTI - Unit Linked Insurance Plan: 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 - Unit Linked Insurance Plan (Direct) | −0.03% | −2.17% | +3.96% | −0.53% | +7.84% | +5.73% | +7.58% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Balanced Advantage average | −0.55% | −2.88% | +0.08% | −2.08% | +9.14% | +8.35% | +9.91% |
Category average: the average of the 50 ELSS funds and the 38 Balanced Advantage funds, same plan type.
Mahindra Manulife ELSS Tax Saver vs UTI - Unit Linked Insurance Plan: Year-wise Returns
| Year | Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver | UTI - Unit Linked Insurance PlanUTI - Unit Linked Insurance Plan |
|---|---|---|
| 2026to date | −10.27% | +0.38% |
| 2025 | +9.22% | +5.12% |
| 2024 | +14.09% | +12.24% |
| 2023 | +27.84% | +12.76% |
| 2022 | +3.80% | −1.60% |
| 2021 | +41.75% | +15.42% |
Mahindra Manulife ELSS Tax Saver vs UTI - Unit Linked Insurance Plan: 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, 1,734 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 - Unit Linked Insurance Plan (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 - Unit Linked Insurance Plan | 0.2 | 10.0 | 65.1 | 24.6 | 0.0 | 0.0 | 0.0 | 8.3% | 8.4% | −0.7% | 14.9% | 7% |
| 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 - Unit Linked Insurance Plan: 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 - Unit Linked Insurance PlanUTI - Unit Linked Insurance Plan (Direct) | ₹12,10,000 | ₹17,82,210 | ₹5,72,210 | 7.5% |
Mahindra Manulife ELSS Tax SaverMahindra Manulife ELSS Tax Saver Fund (Direct)
UTI - Unit Linked Insurance PlanUTI - Unit Linked Insurance Plan (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 - Unit Linked Insurance Plan: 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 - Unit Linked Insurance Plan (Direct) |
|---|---|---|
| Return (CAGR) | −9.76% | −0.53% |
| Standard deviation | 13.47% | 6.39% |
| Sharpe ratio | -1.11 | -0.90 |
| Sortino ratio | -1.48 | -1.23 |
| Maximum drawdown | −14.7% (31-03-2026) | −8.2% (30-03-2026) |
| Beta | 0.92 | -- |
| Alpha | −3.46% | -- |
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 - Unit Linked Insurance Plan (Direct) |
|---|---|---|
| Return (CAGR) | +8.18% | +7.84% |
| Standard deviation | 13.12% | 5.63% |
| Sharpe ratio | 0.16 | 0.32 |
| Sortino ratio | 0.22 | 0.46 |
| Maximum drawdown | −16.4% (28-02-2025) | −8.2% (30-03-2026) |
| 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.
| Measure | Mahindra Manulife ELSS Tax Saver Fund (Direct) | UTI - Unit Linked Insurance Plan (Direct) |
|---|---|---|
| Return (CAGR) | +8.23% | +5.73% |
| Standard deviation | 13.43% | 5.69% |
| Sharpe ratio | 0.18 | -0.01 |
| Sortino ratio | 0.25 | -0.02 |
| Maximum drawdown | −17.6% (17-06-2022) | −9.7% (17-06-2022) |
| Beta | 0.92 | -- |
| Alpha | −0.34% | -- |
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 - Unit Linked Insurance Plan (Direct) |
|---|---|---|
| Return (CAGR) | +11.90% | +7.05% |
| Standard deviation | 14.91% | 7.17% |
| Sharpe ratio | 0.44 | 0.14 |
| Sortino ratio | 0.59 | 0.17 |
| Maximum drawdown | −35.9% (23-03-2020) | −17.9% (23-03-2020) |
| Beta | 0.91 | -- |
| Alpha | +0.10% | -- |
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 - Unit Linked Insurance Plan (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 - Unit Linked Insurance Plan (Direct) | −17.9% | 12-02-2020 | 23-03-2020 | 16-09-2020 | 6 months | −3.4% |
| 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 - Unit Linked Insurance Plan (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 - Unit Linked Insurance Plan (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 - Unit Linked Insurance Plan (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 - Unit Linked Insurance Plan (Direct) | 47% | 37% | 10.55% |
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 - Unit Linked Insurance Plan: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife ELSS Tax Saver Fund, September 2026; UTI - Unit Linked Insurance Plan, September 2026
Holdings in common
- Overlap
- 22.5%
- Held by both
- 17
- Only in Mahindra Manulife ELSS Tax Saver
- 37
- Only in UTI - Unit Linked Insurance Plan
- 91
| Security | % of Mahindra Manulife ELSS Tax Saver | % of UTI - Unit Linked Insurance Plan |
|---|---|---|
| ICICI Bank Limited | 9.24% | 2.53% |
| Bajaj Finance Ltd | 3.56% | 2.34% |
| Eternal Limited | 2.22% | 2.89% |
| HDFC Bank Limited | 7.24% | 2.03% |
| Titan Company Limited | 1.62% | 1.72% |
| Info Edge India Ltd | 1.54% | 1.55% |
| Kotak Mahindra Bank Ltd | 2.57% | 1.51% |
| Bharti Airtel Limited | 4.28% | 1.46% |
| Avenue Supermarts Limited | 2.06% | 1.19% |
| Dr. Lal Path Labs Limited | 1.27% | 0.98% |
| LTM Limited | 1.11% | 0.95% |
| Eicher Motors Limited | 1.29% | 0.93% |
| Trent Limited | 1.26% | 0.91% |
| Maruti Suzuki India Limited | 2.15% | 0.87% |
| Grindwell Norton Limited | 1.04% | 0.51% |
| Nestle India Limited | 1.01% | 0.44% |
| Marico Limited | 0.95% | 0.44% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 22.5% means 22.5% 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% |
| TVS Motor Company Limited | 2.56% |
| Infosys Limited | 2.44% |
| Hindustan Unilever Limited | 2.31% |
Largest holdings only in UTI - Unit Linked Insurance Plan
| Security | % of fund |
|---|---|
| 07.18% GSEC MAT -24/07/2037 | 8.09% |
| 07.32% GSEC MAT -13/11/2030 | 4.12% |
| 7.24% GSEC MAT- 18/08/2055 | 2.60% |
| NCD MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD | 2.53% |
| NCD INDIAN RAILWAY FINANCE CORPORATION LIMITED | 2.01% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife ELSS Tax Saver | UTI - Unit Linked Insurance Plan |
|---|---|---|
| Equity | 94.7% | 38.0% |
| Debt | 0.0% | 53.3% |
| Cash and others | 5.3% | 8.7% |
Market cap of stocks
| Market cap | Mahindra Manulife ELSS Tax Saver | UTI - Unit Linked Insurance Plan |
|---|---|---|
| Large Cap | 68.0% | 23.8% |
| Mid Cap | 16.4% | 10.7% |
| Small Cap | 10.2% | 3.5% |
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 - Unit Linked Insurance Plan |
|---|---|---|
| Banks | 23.7% | 6.5% |
| Retailing | 7.8% | 6.7% |
| Automobiles | 7.0% | 2.8% |
| Pharmaceuticals & Biotechnology | 7.0% | 3.4% |
| Finance | 5.7% | 2.6% |
| IT - Software | 5.3% | 4.0% |
| Consumer Durables | 4.6% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife ELSS Tax Saver vs UTI - Unit Linked Insurance Plan: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife ELSS Tax Saver Fund | UTI - Unit Linked Insurance Plan |
|---|---|---|
| Total expense ratio (Direct) | 1.05% | 1.11% |
| Base expense ratio (Direct) | 0.72% | 0.92% |
| Total expense ratio (Regular) | 2.49% | 1.60% |
| Base expense ratio (Regular) | 2.00% | 1.37% |
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
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Mahindra Manulife ELSS Tax Saver Fund vs UTI - Unit Linked Insurance Plan: Frequently Asked Questions
What is the difference between Mahindra Manulife ELSS Tax Saver Fund and UTI - Unit Linked Insurance Plan?
Mahindra Manulife ELSS Tax Saver Fund is an ELSS fund, UTI - Unit Linked Insurance Plan is a Balanced Advantage fund, run by Mahindra Manulife Mutual Fund and UTI Mutual Fund. Their portfolios overlap 22.5%. Mahindra Manulife ELSS Tax Saver Fund charges 1.05% a year and UTI - Unit Linked Insurance Plan 1.11%.
Which has given higher returns, Mahindra Manulife ELSS Tax Saver Fund or UTI - Unit Linked Insurance Plan?
Over 1 year: Mahindra Manulife ELSS Tax Saver Fund −9.76%, UTI - Unit Linked Insurance Plan −0.53%. Over 3 years: Mahindra Manulife ELSS Tax Saver Fund +8.18% a year, UTI - Unit Linked Insurance Plan +7.84% a year. Over 5 years: Mahindra Manulife ELSS Tax Saver Fund +8.23% a year, UTI - Unit Linked Insurance Plan +5.73% 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 - Unit Linked Insurance Plan?
Mahindra Manulife ELSS Tax Saver Fund charges less: 1.05% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife ELSS Tax Saver Fund and UTI - Unit Linked Insurance Plan overlap?
22.5%. They hold 17 of the same securities, the largest shared ones being ICICIBANK, BAJFINANCE, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife ELSS Tax Saver Fund or UTI - Unit Linked Insurance Plan?
On SEBI's riskometer, Mahindra Manulife ELSS Tax Saver Fund is rated Very High and UTI - Unit Linked Insurance Plan High. Over 3 years, the standard deviation of daily returns was 13.12% and 5.63% a year.
Which is better for SIP, Mahindra Manulife ELSS Tax Saver Fund or UTI - Unit Linked Insurance Plan?
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 ₹7,14,591 in UTI - Unit Linked Insurance Plan (XIRR 6.2% 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 - Unit Linked Insurance Plan?
Yes. 22.5% 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 - Unit Linked Insurance Plan?
Mahindra Manulife ELSS Tax Saver Fund: $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar. UTI - Unit Linked Insurance Plan: Anurag Mittal FM 1, Ajay Tyagi FM 2, Kamal Gada FM 3 Mr. Akash Shah FM 4.
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.