Mahindra Manulife Equity Savings Fund vs Mirae Asset Equity Savings Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Equity Savings Fund and Mirae Asset Equity Savings Fund are both Equity Savings funds. In the 3 years to 30-10-2026, Mahindra Manulife Equity Savings Fund (Direct) returned 9.3% a year and Mirae Asset Equity Savings Fund (Direct) returned 10.0% a year. Mahindra Manulife Equity Savings Fund charges 1.28% a year and Mirae Asset Equity Savings Fund 0.73% (Direct plans). Their portfolios overlap 26.2%: they hold 34 of the same securities.
Mahindra Manulife Equity Savings Fund
Equity Savings
- 3 year return
- 9.3%
- Expense ratio
- 1.28%
- NAV
- ₹25.40
Mirae Asset Equity Savings Fund
Equity Savings
- 3 year return
- 10.0%
- Expense ratio
- 0.73%
- NAV
- ₹22.84
Which is better, Mahindra Manulife Equity Savings or Mirae Asset Equity Savings? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mirae Asset Equity Savings returned more over 5 years: 8.7% a year against 8.1%.
- Mirae Asset Equity Savings returned more over 3 years: 10.0% a year against 9.3%.
- Mirae Asset Equity Savings costs less: 0.73% a year against 1.28% (Direct plans).
- Mahindra Manulife Equity Savings swung less over 3 years: a standard deviation of 5.1% a year against 5.7%.
- Mirae Asset Equity Savings fell less in its worst fall since 18-12-2018: −18.2% against −20.5%.
- Mirae Asset Equity Savings is the larger fund: ₹1,994 Cr against ₹519 Cr.
- Their portfolios overlap 26.2%: 34 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 Equity Savings Fund | Mirae Asset Equity Savings Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mirae Asset Mutual Fund |
| Category | Equity Savings | Equity Savings |
| AUM | ₹519 Cr (30-09-2026) | ₹1,994 Cr (30-09-2026) |
| NAV | ₹25.40 (Direct) | ₹22.84 (Direct) |
| Expense ratio (Direct) | 1.28% | 0.73% |
| Expense ratio (Regular) | 2.83% | 1.73% |
| Riskometer | Moderately High | Moderately High |
| Benchmark | Nifty Equity Savings Index | Nifty Equity Savings Index |
| Launch date | 01-02-2017 | 17-12-2018 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Renjith Sivaram, Navin Matta, Rahul Pal, Kush Sonigara | Harshad Borawake, Vrijesh Kasera, Bharti Sawant, Basant Bafna |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 15 days. | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 90 Days. |
Mahindra Manulife Equity Savings vs Mirae Asset Equity Savings: 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 Equity Savings Fund (Direct) | −0.12% | −0.68% | +2.15% | +2.74% | +9.27% | +8.05% | -- |
| Mirae Asset Equity Savings Fund (Direct) | +0.07% | −0.57% | +1.77% | +2.60% | +9.98% | +8.69% | -- |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | +7.55% | -- |
Category average: the average of the 23 Equity Savings funds, same plan type.
Mahindra Manulife Equity Savings vs Mirae Asset Equity Savings: Year-wise Returns
| Year | Mahindra ManulifeMahindra Manulife Equity Savings | Mirae AssetMirae Asset Equity Savings |
|---|---|---|
| 2026to date | +1.88% | +1.45% |
| 2025 | +8.90% | +9.77% |
| 2024 | +10.14% | +12.51% |
| 2023 | +16.60% | +15.09% |
| 2022 | +4.24% | +4.73% |
| 2021 | +18.36% | +16.90% |
Mahindra Manulife Equity Savings vs Mirae Asset Equity Savings: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,199 of them, one for each trading day from 20-12-2021 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.
Mahindra Manulife Equity Savings Fund (Direct)
Mirae Asset Equity Savings Fund (Direct)
to
May 2022Mar 2020
to
Mar 2023Jan 2021
to
Jan 2024Nov 2021
to
Nov 2024Aug 2022
to
Aug 2025Jun 2023
to
Jun 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife Equity Savings | 0.0 | 0.0 | 9.9 | 79.7 | 10.3 | 0.0 | 0.0 | 12.4% | 12.2% | 8.7% | 19.9% |
| Mirae Asset Equity Savings | 0.0 | 0.0 | 4.3 | 89.0 | 6.8 | 0.0 | 0.0 | 12.3% | 12.1% | 9.4% | 18.6% |
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 18-12-2018. Past returns do not promise future returns.
Mahindra Manulife Equity Savings vs Mirae Asset Equity Savings: 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 03-12-2018 to 30-10-2026: 95 instalments, ₹9,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Equity SavingsMahindra Manulife Equity Savings Fund (Direct) | ₹9,50,000 | ₹14,31,572 | ₹4,81,572 | 10.1% |
| Mirae Asset Equity SavingsMirae Asset Equity Savings Fund (Direct) | ₹9,50,000 | ₹14,40,958 | ₹4,90,958 | 10.3% |
Mahindra Manulife Equity SavingsMahindra Manulife Equity Savings Fund (Direct)
Mirae Asset Equity SavingsMirae Asset Equity Savings 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 Equity Savings vs Mirae Asset Equity Savings: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Equity Savings Fund (Direct) | Mirae Asset Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.74% | +2.60% |
| Standard deviation | 5.15% | 5.76% |
| Sharpe ratio | -0.49 | -0.46 |
| Sortino ratio | -0.66 | -0.63 |
| Maximum drawdown | −4.6% (30-03-2026) | −5.1% (30-03-2026) |
| 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 | Mahindra Manulife Equity Savings Fund (Direct) | Mirae Asset Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.27% | +9.98% |
| Standard deviation | 5.15% | 5.66% |
| Sharpe ratio | 0.63 | 0.70 |
| Sortino ratio | 0.86 | 0.97 |
| Maximum drawdown | −4.6% (30-03-2026) | −5.1% (30-03-2026) |
| 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 | Mahindra Manulife Equity Savings Fund (Direct) | Mirae Asset Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.05% | +8.69% |
| Standard deviation | 5.88% | 5.65% |
| Sharpe ratio | 0.38 | 0.51 |
| Sortino ratio | 0.51 | 0.70 |
| Maximum drawdown | −7.8% (20-06-2022) | −6.9% (17-06-2022) |
| 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 | Mahindra Manulife Equity Savings Fund (Direct) | Mirae Asset Equity Savings Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.99% | +11.02% |
| Standard deviation | 7.62% | 7.23% |
| Sharpe ratio | 0.60 | 0.80 |
| Sortino ratio | 0.81 | 1.08 |
| Maximum drawdown | −20.5% (23-03-2020) | −18.2% (23-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 08-02-2017 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 Equity Savings Fund (Direct)
Mirae Asset Equity Savings Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Equity Savings Fund (Direct) | −20.5% | 20-02-2020 | 23-03-2020 | 11-08-2020 | 5 months | −1.8% |
| Mirae Asset Equity Savings Fund (Direct) | −18.2% | 20-02-2020 | 23-03-2020 | 23-07-2020 | 4 months | −1.6% |
From daily values since 18-12-2018, 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.
Mahindra Manulife Equity Savings Fund (Direct)
Mirae Asset Equity Savings 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.
Mahindra Manulife Equity Savings Fund (Direct)
Mirae Asset Equity Savings 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.
Mahindra Manulife Equity Savings Fund (Direct)
Mirae Asset Equity Savings Fund (Direct)
Mahindra Manulife Equity Savings vs Mirae Asset Equity Savings: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Equity Savings Fund, September 2026; Mirae Asset Equity Savings Fund, September 2026
Holdings in common
- Overlap
- 26.2%
- Held by both
- 34
- Only in Mahindra Manulife Equity Savings
- 54
- Only in Mirae Asset Equity Savings
- 135
| Security | % of Mahindra Manulife Equity Savings | % of Mirae Asset Equity Savings |
|---|---|---|
| ICICI Bank Limited | 5.87% | 3.28% |
| HDFC Bank Limited | 6.04% | 3.01% |
| Reliance Industries Limited | 5.40% | 2.21% |
| Kotak Mahindra Bank Ltd | 1.56% | 1.28% |
| Mahindra & Mahindra Limited | 2.30% | 1.27% |
| Bharti Airtel Limited | 1.25% | 2.24% |
| Bajaj Finance Ltd | 4.79% | 1.02% |
| Larsen & Toubro Limited | 1.74% | 0.98% |
| State Bank of India | 0.97% | 2.07% |
| Sun Pharmaceutical Industries Limited | 3.30% | 0.86% |
| Titan Company Limited | 0.76% | 1.27% |
| Axis Bank Limited | 0.73% | 2.12% |
| Ambuja Cements Limited | 3.73% | 0.59% |
| Jindal Steel Limited | 1.63% | 0.58% |
| Eternal Limited | 0.56% | 0.81% |
| Divi's Laboratories Limited | 1.22% | 0.55% |
| Tata Steel Limited | 0.52% | 1.39% |
| Shriram Finance Limited | 0.51% | 0.89% |
| Infosys Limited | 0.48% | 0.55% |
| Hindustan Aeronautics Limited | 0.45% | 0.76% |
| NTPC Limited | 0.41% | 0.54% |
| TVS Motor Company Limited | 0.37% | 0.75% |
| Tata Power Company Limited | 0.35% | 0.72% |
| Hindalco Industries Limited | 0.35% | 0.53% |
| Bank of Baroda | 0.36% | 0.34% |
| Oil & Natural Gas Corporation Limited | 0.34% | 0.42% |
| Bharat Electronics Limited | 0.34% | 0.40% |
| SBI Life Insurance Company Limited | 0.34% | 1.06% |
| National Aluminium Company Limited | 0.33% | 0.29% |
| Sai Life Sciences Limited | 0.48% | 0.29% |
| 7.44% National Bank For Agriculture and Rural Development 2028 | 1.92% | 0.25% |
| Canara Bank | 1.74% | 0.25% |
| Tech Mahindra Limited | 0.54% | 0.24% |
| Hindustan Unilever Limited | 0.32% | 0.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.2% means 26.2% 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 Equity Savings Fund
| Security | % of fund |
|---|---|
| 7.4% Bharti Telecom Limited 2029 | 3.77% |
| 364 Days Tbill 2027 | 2.78% |
| 7.79% Bajaj Housing Finance Limited 2031 | 2.36% |
| 8.37% REC Limited 2028 | 1.96% |
| 8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) | 1.93% |
Largest holdings only in Mirae Asset Equity Savings Fund
| Security | % of fund |
|---|---|
| 8.65% Muthoot Finance Ltd. (MD 31/01/2028) | 2.50% |
| 7.88% Muthoot Finance Ltd. (MD 22/11/2028) | 2.46% |
| 7.47% Reliance Industries Ltd. (MD 16/09/2031) | 2.44% |
| 7.45% Torrent Pharmaceuticals Ltd. (MD 19/01/2028) | 1.99% |
| 6.79% Government of India (MD 07/10/2034) | 1.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Equity Savings | Mirae Asset Equity Savings |
|---|---|---|
| Equity | 61.6% | 64.9% |
| Debt | 29.1% | 29.7% |
| Cash and others | 9.3% | 5.5% |
Market cap of stocks
| Market cap | Mahindra Manulife Equity Savings | Mirae Asset Equity Savings |
|---|---|---|
| Large Cap | 51.3% | 45.1% |
| Mid Cap | 4.0% | 11.7% |
| Small Cap | 6.3% | 6.4% |
| Not on AMFI's list | 0.0% | 1.6% |
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 Equity Savings | Mirae Asset Equity Savings |
|---|---|---|
| Banks | 17.6% | 13.9% |
| Finance | 5.7% | 3.4% |
| Petroleum Products | 5.5% | 2.6% |
| Pharmaceuticals & Biotechnology | 5.5% | 5.2% |
| Automobiles | 3.0% | 4.9% |
| Cement & Cement Products | 4.6% | 0.9% |
| Consumer Durables | 1.1% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Equity Savings vs Mirae Asset Equity Savings: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Equity Savings Fund | Mirae Asset Equity Savings Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.28% | 0.73% |
| Base expense ratio (Direct) | 0.75% | 0.31% |
| Total expense ratio (Regular) | 2.83% | 1.73% |
| Base expense ratio (Regular) | 2.09% | 1.16% |
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 Mahindra Manulife Equity Savings with
Mahindra Manulife Equity Savings Fund vs Mirae Asset Equity Savings Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Equity Savings Fund and Mirae Asset Equity Savings Fund?
Both are Equity Savings funds, run by Mahindra Manulife Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 26.2%. Mahindra Manulife Equity Savings Fund charges 1.28% a year and Mirae Asset Equity Savings Fund 0.73%.
Which has given higher returns, Mahindra Manulife Equity Savings Fund or Mirae Asset Equity Savings Fund?
Over 1 year: Mahindra Manulife Equity Savings Fund +2.74%, Mirae Asset Equity Savings Fund +2.60%. Over 3 years: Mahindra Manulife Equity Savings Fund +9.27% a year, Mirae Asset Equity Savings Fund +9.98% a year. Over 5 years: Mahindra Manulife Equity Savings Fund +8.05% a year, Mirae Asset Equity Savings Fund +8.69% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Equity Savings Fund or Mirae Asset Equity Savings Fund?
Mirae Asset Equity Savings Fund charges less: 0.73% a year against 1.28%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Equity Savings Fund and Mirae Asset Equity Savings Fund overlap?
26.2%. They hold 34 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Equity Savings Fund or Mirae Asset Equity Savings Fund?
On SEBI's riskometer, Mahindra Manulife Equity Savings Fund is rated Moderately High and Mirae Asset Equity Savings Fund Moderately High. Over 3 years, the standard deviation of daily returns was 5.15% and 5.66% a year.
Which is better for SIP, Mahindra Manulife Equity Savings Fund or Mirae Asset Equity Savings Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,54,200 in Mahindra Manulife Equity Savings Fund (XIRR 8.3% a year) and ₹7,62,082 in Mirae Asset Equity Savings Fund (XIRR 8.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Equity Savings Fund and Mirae Asset Equity Savings Fund?
Yes. 26.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Equity Savings Fund and Mirae Asset Equity Savings Fund?
Mahindra Manulife Equity Savings Fund: Renjith Sivaram, Navin Matta, Rahul Pal, Kush Sonigara. Mirae Asset Equity Savings Fund: Harshad Borawake, Vrijesh Kasera, Bharti Sawant, Basant Bafna.
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.