Mahindra Manulife Focused Fund vs SBI NIFTY Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Focused Fund is a Focused fund and SBI NIFTY Index Fund is an Index fund. In the 3 years to 30-10-2026, Mahindra Manulife Focused Fund (Direct) returned 12.6% a year and SBI NIFTY Index Fund (Direct) returned 7.3% a year. Mahindra Manulife Focused Fund charges 0.91% a year and SBI NIFTY Index Fund 0.24% (Direct plans). Their portfolios overlap 45.2%: they hold 16 of the same securities.
Mahindra Manulife Focused Fund
Focused
- 3 year return
- 12.6%
- Expense ratio
- 0.91%
- NAV
- ₹27.70
Which is better, Mahindra Manulife Focused or SBI NIFTY Index? 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 Focused returned more over 5 years: 12.2% a year against 6.4%.
- Mahindra Manulife Focused returned more over 3 years: 12.6% a year against 7.3%.
- SBI NIFTY Index costs less: 0.24% a year against 0.91% (Direct plans).
- SBI NIFTY Index swung less over 3 years: a standard deviation of 13.2% a year against 13.7%.
- Mahindra Manulife Focused fell less in its worst fall since 19-11-2020: −16.5% against −16.6%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 77.9%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹1,930 Cr.
- Their portfolios overlap 45.2%: 16 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 Focused Fund | SBI NIFTY Index Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | SBI Mutual Fund |
| Category | Focused | Index |
| AUM | ₹1,930 Cr (30-09-2026) | ₹13,190 Cr (30-09-2026) |
| NAV | ₹27.70 (Direct) | ₹215.76 (Direct) |
| Expense ratio (Direct) | 0.91% | 0.24% |
| Expense ratio (Regular) | 2.32% | 0.44% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 50 TRI |
| Launch date | 17-11-2020 | 17-01-2002 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Krishna Sanghavi, Kirti Dalvi | Raviprakash Sharma |
| Exit load | • An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 Months from the date of allotment; • Nil if Units are redeemed / switched-out after 3 Months from the date of allotment. | Exit load of 0.25% if redeemed within 30 days |
Mahindra Manulife Focused vs SBI NIFTY Index: 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 Focused Fund (Direct) | −0.79% | −6.54% | −5.73% | −7.72% | +12.56% | +12.18% | -- |
| SBI NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| Focused average | −1.00% | −4.12% | +1.39% | −3.09% | +12.30% | +10.21% | -- |
Category average: the average of the 28 Focused funds, same plan type.
Mahindra Manulife Focused vs SBI NIFTY Index: Year-wise Returns
| Year | Mahindra Manulife FocusedMahindra Manulife Focused | SBI NIFTY IndexSBI NIFTY Index |
|---|---|---|
| 2026to date | −7.73% | −11.09% |
| 2025 | +8.87% | +11.58% |
| 2024 | +22.68% | +9.80% |
| 2023 | +32.19% | +21.04% |
| 2022 | +10.72% | +5.43% |
| 2021 | +42.27% | +25.10% |
Mahindra Manulife Focused vs SBI NIFTY Index: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mahindra Manulife Focused Fund
Rolling returns
Every 3-year holding period, 726 of them, one for each trading day from 20-11-2023 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 Focused Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
to
Feb 2024Aug 2021
to
Aug 2024Feb 2022
to
Feb 2025Aug 2022
to
Aug 2025Feb 2023
to
Feb 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 Focused | 0.0 | 0.0 | 0.0 | 5.2 | 24.1 | 37.9 | 32.8 | 22.2% | 21.7% | 10.6% | 29.8% | 100% |
| SBI NIFTY Index | 0.0 | 0.0 | 16.9 | 52.7 | 30.4 | 0.0 | 0.0 | 13.2% | 13.5% | 5.1% | 18.8% | 0% |
| Nifty 500 TRI | 0.0 | 0.0 | 2.6 | 26.2 | 59.0 | 12.3 | 0.0 | 16.5% | 16.5% | 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 19-11-2020. Past returns do not promise future returns.
Mahindra Manulife Focused vs SBI NIFTY Index: 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 19-11-2020 to 30-10-2026: 72 instalments, ₹7,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife FocusedMahindra Manulife Focused Fund (Direct) | ₹7,20,000 | ₹10,37,008 | ₹3,17,008 | 12.1% |
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹7,20,000 | ₹8,75,984 | ₹1,55,984 | 6.5% |
Mahindra Manulife FocusedMahindra Manulife Focused Fund (Direct)
SBI NIFTY IndexSBI NIFTY Index 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 Focused vs SBI NIFTY Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Focused Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.72% | −10.22% |
| Standard deviation | 13.00% | 13.62% |
| Sharpe ratio | -1.00 | -1.14 |
| Sortino ratio | -1.31 | -1.52 |
| Maximum drawdown | −11.6% (30-03-2026) | −15.1% (31-03-2026) |
| Beta | 0.87 | 1.00 |
| Alpha | −1.99% | −0.23% |
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 Focused Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.56% | +7.34% |
| Standard deviation | 13.71% | 13.21% |
| Sharpe ratio | 0.48 | 0.10 |
| Sortino ratio | 0.65 | 0.14 |
| Maximum drawdown | −16.5% (28-02-2025) | −15.5% (04-03-2025) |
| Beta | 0.93 | 1.00 |
| Alpha | +2.65% | −0.29% |
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 Focused Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.18% | +6.43% |
| Standard deviation | 14.04% | 13.69% |
| Sharpe ratio | 0.45 | 0.05 |
| Sortino ratio | 0.62 | 0.06 |
| Maximum drawdown | −16.5% (28-02-2025) | −15.9% (17-06-2022) |
| Beta | 0.95 | 1.00 |
| Alpha | +3.52% | −0.27% |
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 Focused Fund (Direct) | SBI NIFTY Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.69% | +10.95% |
| Standard deviation | 14.09% | 15.84% |
| Sharpe ratio | 0.94 | 0.31 |
| Sortino ratio | 1.31 | 0.42 |
| Maximum drawdown | −16.5% (28-02-2025) | −38.4% (23-03-2020) |
| Beta | 0.95 | 1.00 |
| Alpha | +4.81% | −0.62% |
From daily NAVs, 19-11-2020 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 Focused Fund (Direct)
SBI NIFTY Index 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 Focused Fund (Direct) | −16.5% | 27-09-2024 | 28-02-2025 | 11-02-2026 | 11 months | −9.7% |
| SBI NIFTY Index Fund (Direct) | −16.6% | 18-10-2021 | 17-06-2022 | 11-11-2022 | 5 months | −11.8% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 19-11-2020, 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 Focused Fund (Direct)
SBI NIFTY Index 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 Focused Fund (Direct)
SBI NIFTY Index 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 Focused Fund (Direct)
SBI NIFTY Index Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Focused Fund (Direct) | 106% | 83% | 4.20% |
| SBI NIFTY Index Fund (Direct) | 87% | 93% | 3.70% |
From month-end values since 19-11-2020. 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 Focused vs SBI NIFTY Index: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Focused Fund, September 2026; SBI NIFTY Index Fund, September 2026
Holdings in common
- Overlap
- 45.2%
- Held by both
- 16
- Only in Mahindra Manulife Focused
- 14
- Only in SBI NIFTY Index
- 34
| Security | % of Mahindra Manulife Focused | % of SBI NIFTY Index |
|---|---|---|
| ICICI Bank Limited | 8.29% | 9.07% |
| Reliance Industries Limited | 6.40% | 7.60% |
| HDFC Bank Limited | 6.11% | 10.40% |
| Larsen & Toubro Limited | 4.61% | 4.21% |
| State Bank of India | 4.17% | 3.80% |
| Axis Bank Limited | 5.08% | 3.37% |
| Bajaj Finance Ltd | 3.86% | 2.51% |
| Sun Pharmaceutical Industries Limited | 3.15% | 1.84% |
| Infosys Limited | 1.43% | 3.36% |
| Adani Ports and Special Economic Zone Limited | 3.52% | 1.35% |
| JSW Steel Limited | 2.68% | 1.16% |
| Bajaj Auto Limited | 4.06% | 1.14% |
| Grasim Industries Limited | 4.59% | 1.11% |
| Tech Mahindra Limited | 3.67% | 0.93% |
| Trent Limited | 1.92% | 0.84% |
| Dr Reddys Laboratories Limited | 2.40% | 0.72% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.2% means 45.2% 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 Focused Fund
| Security | % of fund |
|---|---|
| Avenue Supermarts Limited | 3.35% |
| IndusInd Bank Limited | 3.15% |
| Vodafone Idea Limited | 2.79% |
| Biocon Limited | 2.77% |
| Hindustan Aeronautics Limited | 2.42% |
Largest holdings only in SBI NIFTY Index Fund
| Security | % of fund |
|---|---|
| Bharti Airtel Ltd. | 5.12% |
| Kotak Mahindra Bank Ltd. | 2.94% |
| Mahindra & Mahindra Ltd. | 2.52% |
| ITC Ltd. | 2.43% |
| Eternal Ltd. | 2.22% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Focused | SBI NIFTY Index |
|---|---|---|
| Equity | 97.6% | 100.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.4% | -0.2% |
Market cap of stocks
| Market cap | Mahindra Manulife Focused | SBI NIFTY Index |
|---|---|---|
| Large Cap | 77.9% | 98.8% |
| Mid Cap | 14.0% | 1.4% |
| Small Cap | 4.3% | 0.0% |
| Not on AMFI's list | 1.4% | 0.0% |
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 Focused | SBI NIFTY Index |
|---|---|---|
| Banks | 26.8% | 29.6% |
| Pharmaceuticals & Biotechnology | 8.3% | 3.3% |
| Petroleum Products | 6.4% | 7.6% |
| IT - Software | 5.1% | 7.5% |
| Automobiles | 4.1% | 6.7% |
| Cement & Cement Products | 6.6% | 2.4% |
| Finance | 5.5% | 5.5% |
| Retailing | 5.3% | 3.1% |
| Telecom - Services | 4.5% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Focused vs SBI NIFTY Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Focused Fund | SBI NIFTY Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.91% | 0.24% |
| Base expense ratio (Direct) | 0.55% | 0.16% |
| Total expense ratio (Regular) | 2.32% | 0.44% |
| Base expense ratio (Regular) | 1.77% | 0.33% |
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 Focused Fund vs SBI NIFTY Index Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Focused Fund and SBI NIFTY Index Fund?
Mahindra Manulife Focused Fund is a Focused fund, SBI NIFTY Index Fund is an Index fund, run by Mahindra Manulife Mutual Fund and SBI Mutual Fund. Their portfolios overlap 45.2%. Mahindra Manulife Focused Fund charges 0.91% a year and SBI NIFTY Index Fund 0.24%.
Which has given higher returns, Mahindra Manulife Focused Fund or SBI NIFTY Index Fund?
Over 1 year: Mahindra Manulife Focused Fund −7.72%, SBI NIFTY Index Fund −10.22%. Over 3 years: Mahindra Manulife Focused Fund +12.56% a year, SBI NIFTY Index Fund +7.34% a year. Over 5 years: Mahindra Manulife Focused Fund +12.18% a year, SBI NIFTY Index Fund +6.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Focused Fund or SBI NIFTY Index Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 0.91%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Focused Fund and SBI NIFTY Index Fund overlap?
45.2%. They hold 16 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Focused Fund or SBI NIFTY Index Fund?
On SEBI's riskometer, Mahindra Manulife Focused Fund is rated Very High and SBI NIFTY Index Fund Very High. Over 3 years, the standard deviation of daily returns was 13.71% and 13.21% a year.
Which is better for SIP, Mahindra Manulife Focused Fund or SBI NIFTY Index Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,84,827 in Mahindra Manulife Focused Fund (XIRR 9.9% a year) and ₹6,92,459 in SBI NIFTY Index Fund (XIRR 4.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Focused Fund and SBI NIFTY Index Fund?
Yes. 45.2% 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 Focused Fund and SBI NIFTY Index Fund?
Mahindra Manulife Focused Fund: Krishna Sanghavi, Kirti Dalvi. SBI NIFTY Index Fund: Raviprakash Sharma.
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.