Mahindra Manulife Flexi Cap Fund vs Union ELSS Tax Saver Fund Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Flexi Cap Fund is a Flexi Cap fund and Union ELSS Tax Saver Fund Fund is an ELSS fund. In the 3 years to 30-10-2026, Mahindra Manulife Flexi Cap Fund (Direct) returned 9.3% a year and Union ELSS Tax Saver Fund Fund (Direct) returned 9.6% a year. Mahindra Manulife Flexi Cap Fund charges 1.00% a year and Union ELSS Tax Saver Fund Fund 1.71% (Direct plans). Their portfolios overlap 44.7%: they hold 33 of the same securities.
Mahindra Manulife Flexi Cap Fund
Flexi Cap
- 3 year return
- 9.3%
- Expense ratio
- 1.00%
- NAV
- ₹16.37
Union ELSS Tax Saver Fund Fund
ELSS
- 3 year return
- 9.6%
- Expense ratio
- 1.71%
- NAV
- ₹68.15
Which is better, Mahindra Manulife Flexi Cap or Union ELSS Tax Saver 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 Flexi Cap returned more over 5 years: 9.8% a year against 8.9%.
- Union ELSS Tax Saver Fund returned more over 3 years: 9.6% a year against 9.3%.
- Mahindra Manulife Flexi Cap costs less: 1.00% a year against 1.71% (Direct plans).
- Mahindra Manulife Flexi Cap swung less over 3 years: a standard deviation of 13.5% a year against 14.1%.
- Mahindra Manulife Flexi Cap fell less in its worst fall since 25-08-2021: −17.2% against −18.3%.
- Mahindra Manulife Flexi Cap is the larger fund: ₹1,510 Cr against ₹821 Cr.
- Their portfolios overlap 44.7%: 33 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 Flexi Cap Fund | Union ELSS Tax Saver Fund Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Union Mutual Fund |
| Category | Flexi Cap | ELSS |
| AUM | ₹1,510 Cr (30-09-2026) | ₹821 Cr (30-09-2026) |
| NAV | ₹16.37 (Direct) | ₹68.15 (Direct) |
| Expense ratio (Direct) | 1.00% | 1.71% |
| Expense ratio (Regular) | 2.49% | 2.55% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 23-08-2021 | 23-12-2011 |
| Minimum investment | ₹1,000 | ₹500 |
| Lock in | None | 3 years |
| Fund managers | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi | Vinod Malviya, Sanjay Bembalkar |
| Exit load | Exit load 1% if redeemed within 3 months. | Nil |
Mahindra Manulife Flexi Cap vs Union ELSS Tax Saver 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 Flexi Cap Fund (Direct) | −2.66% | −5.60% | −3.28% | −8.56% | +9.29% | +9.80% | -- |
| Union ELSS Tax Saver Fund Fund (Direct) | −1.94% | −4.87% | −0.94% | −6.57% | +9.64% | +8.90% | +12.34% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
Category average: the average of the 46 Flexi Cap funds and the 50 ELSS funds, same plan type.
Mahindra Manulife Flexi Cap vs Union ELSS Tax Saver Fund: Year-wise Returns
| Year | Mahindra Manulife Flexi CapMahindra Manulife Flexi Cap | Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund |
|---|---|---|
| 2026to date | −8.94% | −5.75% |
| 2025 | +8.59% | +5.29% |
| 2024 | +16.60% | +17.95% |
| 2023 | +33.23% | +27.50% |
| 2022 | +3.48% | +2.42% |
| 2021 | -- | +36.65% |
Mahindra Manulife Flexi Cap vs Union ELSS Tax Saver Fund: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mahindra Manulife Flexi Cap Fund
Rolling returns
Every 3-year holding period, 539 of them, one for each trading day from 26-08-2024 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 Flexi Cap Fund (Direct)
Union ELSS Tax Saver Fund Fund (Direct)
Nifty 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 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 Flexi Cap | 0.0 | 0.0 | 5.0 | 20.4 | 59.0 | 15.6 | 0.0 | 16.9% | 17.6% | 8.1% | 24.6% | 79% |
| Union ELSS Tax Saver Fund | 0.0 | 0.0 | 4.3 | 36.8 | 53.7 | 5.2 | 0.0 | 15.3% | 15.6% | 8.6% | 21.8% | 33% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.5 | 35.3 | 55.8 | 5.4 | 0.0 | 15.4% | 15.5% | 8.8% | 22.3% | -- |
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 25-08-2021. Past returns do not promise future returns.
Mahindra Manulife Flexi Cap vs Union ELSS Tax Saver 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 25-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Flexi CapMahindra Manulife Flexi Cap Fund (Direct) | ₹6,30,000 | ₹7,77,422 | ₹1,47,422 | 8.0% |
| Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct) | ₹6,30,000 | ₹7,78,996 | ₹1,48,996 | 8.0% |
Mahindra Manulife Flexi CapMahindra Manulife Flexi Cap Fund (Direct)
Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund 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 Flexi Cap vs Union ELSS Tax Saver Fund: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Flexi Cap Fund (Direct) | Union ELSS Tax Saver Fund Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.56% | −6.57% |
| Standard deviation | 13.74% | 14.85% |
| Sharpe ratio | -1.00 | -0.80 |
| Sortino ratio | -1.33 | -1.05 |
| Maximum drawdown | −14.8% (31-03-2026) | −14.0% (30-03-2026) |
| Beta | 0.94 | 1.01 |
| Alpha | −1.99% | +1.27% |
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 Flexi Cap Fund (Direct) | Union ELSS Tax Saver Fund Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.29% | +9.64% |
| Standard deviation | 13.52% | 14.09% |
| Sharpe ratio | 0.24 | 0.26 |
| Sortino ratio | 0.33 | 0.34 |
| Maximum drawdown | −16.9% (28-02-2025) | −18.3% (28-02-2025) |
| Beta | 0.93 | 0.97 |
| Alpha | −0.63% | −0.15% |
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 Flexi Cap Fund (Direct) | Union ELSS Tax Saver Fund Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.80% | +8.90% |
| Standard deviation | 13.80% | 13.88% |
| Sharpe ratio | 0.29 | 0.22 |
| Sortino ratio | 0.39 | 0.30 |
| Maximum drawdown | −17.2% (20-06-2022) | −18.3% (28-02-2025) |
| Beta | 0.94 | 0.95 |
| Alpha | +1.16% | +0.39% |
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 Flexi Cap Fund (Direct) | Union ELSS Tax Saver Fund Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.96% | +12.58% |
| Standard deviation | 13.66% | 15.09% |
| Sharpe ratio | 0.31 | 0.43 |
| Sortino ratio | 0.42 | 0.58 |
| Maximum drawdown | −17.2% (20-06-2022) | −35.4% (23-03-2020) |
| Beta | 0.94 | 0.93 |
| Alpha | +0.27% | +0.21% |
From daily NAVs, 25-08-2021 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.
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 Flexi Cap Fund (Direct)
Union ELSS Tax Saver Fund 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 Flexi Cap Fund (Direct) | −17.2% | 17-01-2022 | 20-06-2022 | 12-09-2022 | 3 months | −10.1% |
| Union ELSS Tax Saver Fund Fund (Direct) | −18.3% | 23-09-2024 | 28-02-2025 | 05-08-2026 | 17 months | −7.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 25-08-2021, 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 Flexi Cap Fund (Direct)
Union ELSS Tax Saver Fund 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 Flexi Cap Fund (Direct)
Union ELSS Tax Saver Fund 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 Flexi Cap Fund (Direct)
Union ELSS Tax Saver Fund Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Flexi Cap Fund (Direct) | 98% | 94% | 2.95% |
| Union ELSS Tax Saver Fund Fund (Direct) | 94% | 90% | 3.55% |
From month-end values since 25-08-2021. 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 Flexi Cap vs Union ELSS Tax Saver Fund: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Flexi Cap Fund, September 2026; Union ELSS Tax Saver Fund Fund, September 2026
Holdings in common
- Overlap
- 44.7%
- Held by both
- 33
- Only in Mahindra Manulife Flexi Cap
- 39
- Only in Union ELSS Tax Saver Fund
- 50
| Security | % of Mahindra Manulife Flexi Cap | % of Union ELSS Tax Saver Fund |
|---|---|---|
| ICICI Bank Limited | 6.44% | 7.17% |
| HDFC Bank Limited | 3.93% | 4.92% |
| Axis Bank Limited | 2.55% | 3.18% |
| Bharti Airtel Limited | 2.49% | 3.08% |
| Eternal Limited | 2.50% | 2.05% |
| Larsen & Toubro Limited | 2.02% | 2.10% |
| Reliance Industries Limited | 1.81% | 2.46% |
| UNO Minda Limited | 1.74% | 1.41% |
| Tech Mahindra Limited | 1.50% | 1.38% |
| LG Electronics India Ltd | 1.33% | 1.44% |
| Ujjivan Small Finance Bank Limited | 1.32% | 1.50% |
| Shriram Finance Limited | 1.18% | 1.80% |
| Kotak Mahindra Bank Ltd | 1.92% | 1.11% |
| RBL Bank Limited | 1.52% | 1.11% |
| Aarti Industries Limited | 1.06% | 1.20% |
| Engineers India Limited | 1.50% | 1.02% |
| Maruti Suzuki India Limited | 1.01% | 1.53% |
| Bajaj Finance Ltd | 2.38% | 0.98% |
| The Federal Bank Limited | 1.91% | 0.95% |
| Torrent Pharmaceuticals Limited | 1.69% | 0.94% |
| Acutaas Chemicals Limited | 1.12% | 0.93% |
| Varun Beverages Ltd | 0.97% | 0.93% |
| InterGlobe Aviation Limited | 0.92% | 1.00% |
| MTAR Technologies Limited | 0.83% | 0.76% |
| Doms Industries Limited | 0.73% | 0.75% |
| Sun Pharmaceutical Industries Limited | 1.56% | 0.66% |
| TVS Motor Company Limited | 1.53% | 0.64% |
| Zydus Lifesciences Limited | 1.25% | 0.64% |
| Schaeffler India Limited | 0.52% | 0.66% |
| One 97 Communications Limited | 0.51% | 1.97% |
| Coforge Limited | 1.34% | 0.49% |
| Tata Steel Limited | 0.96% | 0.47% |
| Cartrade Tech Limited | 1.29% | 0.39% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.7% means 44.7% 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 Flexi Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Limited | 1.72% |
| Adani Ports and Special Economic Zone Limited | 1.67% |
| Titan Company Limited | 1.60% |
| IndusInd Bank Limited | 1.50% |
| Multi Commodity Exchange of India Limited | 1.46% |
Largest holdings only in Union ELSS Tax Saver Fund Fund
| Security | % of fund |
|---|---|
| JSW Infrastructure Ltd. | 2.08% |
| Gabriel India Ltd. | 1.98% |
| State Bank of India | 1.85% |
| Jindal Steel Ltd. | 1.81% |
| Solar Industries India Ltd. | 1.79% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Flexi Cap | Union ELSS Tax Saver Fund |
|---|---|---|
| Equity | 96.8% | 98.9% |
| Debt | 0.0% | 0.1% |
| Cash and others | 3.2% | 1.0% |
Market cap of stocks
| Market cap | Mahindra Manulife Flexi Cap | Union ELSS Tax Saver Fund |
|---|---|---|
| Large Cap | 51.4% | 54.5% |
| Mid Cap | 21.8% | 22.4% |
| Small Cap | 23.0% | 21.5% |
| Not on AMFI's list | 0.7% | 0.5% |
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 Flexi Cap | Union ELSS Tax Saver Fund |
|---|---|---|
| Banks | 22.0% | 21.8% |
| Pharmaceuticals & Biotechnology | 9.7% | 6.4% |
| Auto Components | 3.1% | 6.6% |
| Retailing | 6.2% | 3.1% |
| Chemicals & Petrochemicals | 2.1% | 5.0% |
| IT - Software | 4.1% | 5.0% |
| Industrial Products | 4.8% | 3.9% |
| Finance | 4.8% | 3.3% |
| Electrical Equipment | 1.9% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Flexi Cap vs Union ELSS Tax Saver Fund: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Flexi Cap Fund | Union ELSS Tax Saver Fund Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.00% | 1.71% |
| Base expense ratio (Direct) | 0.52% | 1.23% |
| Total expense ratio (Regular) | 2.49% | 2.55% |
| Base expense ratio (Regular) | 1.83% | 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
Compare Mahindra Manulife Flexi Cap with
Compare Union ELSS Tax Saver Fund with
Mahindra Manulife Flexi Cap Fund vs Union ELSS Tax Saver Fund Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Flexi Cap Fund and Union ELSS Tax Saver Fund Fund?
Mahindra Manulife Flexi Cap Fund is a Flexi Cap fund, Union ELSS Tax Saver Fund Fund is an ELSS fund, run by Mahindra Manulife Mutual Fund and Union Mutual Fund. Their portfolios overlap 44.7%. Mahindra Manulife Flexi Cap Fund charges 1.00% a year and Union ELSS Tax Saver Fund Fund 1.71%.
Which has given higher returns, Mahindra Manulife Flexi Cap Fund or Union ELSS Tax Saver Fund Fund?
Over 1 year: Mahindra Manulife Flexi Cap Fund −8.56%, Union ELSS Tax Saver Fund Fund −6.57%. Over 3 years: Mahindra Manulife Flexi Cap Fund +9.29% a year, Union ELSS Tax Saver Fund Fund +9.64% a year. Over 5 years: Mahindra Manulife Flexi Cap Fund +9.80% a year, Union ELSS Tax Saver Fund Fund +8.90% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Flexi Cap Fund or Union ELSS Tax Saver Fund Fund?
Mahindra Manulife Flexi Cap Fund charges less: 1.00% a year against 1.71%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Flexi Cap Fund and Union ELSS Tax Saver Fund Fund overlap?
44.7%. They hold 33 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Flexi Cap Fund or Union ELSS Tax Saver Fund Fund?
On SEBI's riskometer, Mahindra Manulife Flexi Cap Fund is rated Very High and Union ELSS Tax Saver Fund Fund Very High. Over 3 years, the standard deviation of daily returns was 13.52% and 14.09% a year.
Which is better for SIP, Mahindra Manulife Flexi Cap Fund or Union ELSS Tax Saver Fund Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,44,780 in Mahindra Manulife Flexi Cap Fund (XIRR 7.8% a year) and ₹7,46,147 in Union ELSS Tax Saver Fund Fund (XIRR 7.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Flexi Cap Fund and Union ELSS Tax Saver Fund Fund?
Yes. 44.7% 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 Flexi Cap Fund and Union ELSS Tax Saver Fund Fund?
Mahindra Manulife Flexi Cap Fund: $ Mr. Neelesh Dhamnaskar, Kirti Dalvi. Union ELSS Tax Saver Fund Fund: Vinod Malviya, Sanjay Bembalkar.
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.