Mahindra Manulife Liquid Fund vs Mirae Asset Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Liquid Fund and Mirae Asset Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, Mahindra Manulife Liquid Fund (Direct) returned 6.9% a year and Mirae Asset Liquid Fund (Direct) returned 6.9% a year. Mahindra Manulife Liquid Fund charges 0.15% a year and Mirae Asset Liquid Fund 0.09% (Direct plans). Their portfolios overlap 11.8%: they hold 9 of the same securities.
Mahindra Manulife Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.15%
- NAV
- ₹1,864.32
Mirae Asset Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.09%
- NAV
- ₹3,020.32
Which is better, Mahindra Manulife Liquid or Mirae Asset Liquid? 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 Liquid returned more over 5 years: 6.5% a year against 6.4%.
- Mahindra Manulife Liquid returned more over 3 years: 6.9% a year against 6.9%.
- Mirae Asset Liquid costs less: 0.09% a year against 0.15% (Direct plans).
- Mahindra Manulife Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.1%.
- Mirae Asset Liquid fell less in its worst fall since 04-07-2016: −0.2% against −0.2%.
- Mirae Asset Liquid is the larger fund: ₹14,887 Cr against ₹1,041 Cr.
- Their portfolios overlap 11.8%: 9 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 Liquid Fund | Mirae Asset Liquid Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mirae Asset Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹1,041 Cr (30-09-2026) | ₹14,887 Cr (30-09-2026) |
| NAV | ₹1,864.32 (Direct) | ₹3,020.32 (Direct) |
| Expense ratio (Direct) | 0.15% | 0.09% |
| Expense ratio (Regular) | 0.26% | 0.20% |
| Riskometer | Moderate | Not available |
| Benchmark | CRISIL Liquid Debt A-I Index | Not available |
| Launch date | 04-07-2016 | Not available |
| Minimum investment | ₹1,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Rahul Pal, Amit Garg | Not available |
| Exit load | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. | Not available |
Mahindra Manulife Liquid vs Mirae Asset Liquid: 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 Liquid Fund (Direct) | +0.45% | +1.54% | +3.20% | +6.49% | +6.93% | +6.46% | +6.19% |
| Mirae Asset Liquid Fund (Direct) | +0.44% | +1.50% | +3.13% | +6.38% | +6.88% | +6.41% | +6.10% |
| Liquid average | +0.44% | +1.46% | +3.06% | +6.23% | +6.66% | +6.18% | +5.85% |
Category average: the average of the 44 Liquid funds, same plan type.
Mahindra Manulife Liquid vs Mirae Asset Liquid: Year-wise Returns
| Year | Mahindra ManulifeMahindra Manulife Liquid | Mirae AssetMirae Asset Liquid |
|---|---|---|
| 2026to date | +5.41% | +5.31% |
| 2025 | +6.62% | +6.60% |
| 2024 | +7.47% | +7.46% |
| 2023 | +7.17% | +7.13% |
| 2022 | +4.99% | +4.93% |
| 2021 | +3.41% | +3.40% |
Mahindra Manulife Liquid vs Mirae Asset Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,672 of them, one for each trading day from 04-07-2019 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 Liquid Fund (Direct)
Mirae Asset Liquid Fund (Direct)
to
Feb 2020May 2018
to
May 2021Jul 2019
to
Jul 2022Oct 2020
to
Oct 2023Jan 2022
to
Jan 2025Mar 2023
to
Mar 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 Liquid | 0.0 | 26.8 | 73.2 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.2% | 4.2% | 7.3% |
| Mirae Asset Liquid | 0.0 | 26.5 | 73.5 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.2% | 4.1% | 7.1% |
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 04-07-2016. Past returns do not promise future returns.
Mahindra Manulife Liquid vs Mirae Asset Liquid: 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 04-07-2016 to 30-10-2026: 124 instalments, ₹12,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife LiquidMahindra Manulife Liquid Fund (Direct) | ₹12,40,000 | ₹17,20,590 | ₹4,80,590 | 6.2% |
| Mirae Asset LiquidMirae Asset Liquid Fund (Direct) | ₹12,40,000 | ₹17,14,701 | ₹4,74,701 | 6.1% |
Mahindra Manulife LiquidMahindra Manulife Liquid Fund (Direct)
Mirae Asset LiquidMirae Asset Liquid 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 Liquid vs Mirae Asset Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Liquid Fund (Direct) | Mirae Asset Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.49% | +6.38% |
| Standard deviation | 0.17% | 0.18% |
| Sharpe ratio | 7.14 | 6.25 |
| Sortino ratio | 20.09 | 14.51 |
| Maximum drawdown | −0.0% (07-07-2026) | −0.0% (07-07-2026) |
| 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 Liquid Fund (Direct) | Mirae Asset Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.93% | +6.88% |
| Standard deviation | 0.13% | 0.14% |
| Sharpe ratio | 7.06 | 6.21 |
| Sortino ratio | 19.53 | 15.52 |
| Maximum drawdown | −0.0% (07-07-2026) | −0.0% (07-07-2026) |
| 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 Liquid Fund (Direct) | Mirae Asset Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.46% | +6.41% |
| Standard deviation | 0.12% | 0.15% |
| Sharpe ratio | 5.33 | 4.17 |
| Sortino ratio | 11.22 | 9.44 |
| Maximum drawdown | −0.0% (05-05-2022) | −0.0% (07-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2021 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 Liquid Fund (Direct) | Mirae Asset Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.22% | +6.70% |
| Standard deviation | 0.18% | 0.20% |
| Sharpe ratio | 4.39 | 3.19 |
| Sortino ratio | 10.07 | 7.90 |
| Maximum drawdown | −0.2% (24-03-2020) | −0.2% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 04-07-2016 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 Liquid Fund (Direct)
Mirae Asset Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Mirae Asset Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 04-07-2016, 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 Liquid Fund (Direct)
Mirae Asset Liquid 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 Liquid Fund (Direct)
Mirae Asset Liquid 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 Liquid Fund (Direct)
Mirae Asset Liquid Fund (Direct)
Mahindra Manulife Liquid vs Mirae Asset Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Liquid Fund, September 2026; Mirae Asset Liquid Fund, September 2026
Holdings in common
- Overlap
- 11.8%
- Held by both
- 9
- Only in Mahindra Manulife Liquid
- 25
- Only in Mirae Asset Liquid
- 115
| Security | % of Mahindra Manulife Liquid | % of Mirae Asset Liquid |
|---|---|---|
| Canara Bank 2026 | 4.75% | 3.32% |
| 182 Days Tbill 2026 | 9.52% | 2.66% |
| 91 Days Tbill 2026 | 4.78% | 2.01% |
| Small Industries Dev Bank of India 2026 | 4.78% | 1.34% |
| HDFC Bank Limited 2026 | 4.79% | 1.00% |
| Nuvama Wealth Finance Limited 2026 | 3.32% | 0.50% |
| Small Industries Dev Bank of India 2026 | 2.39% | 0.33% |
| Bharat Petroleum Corporation Limited 2026 | 4.77% | 0.33% |
| Corporate Debt Market Development Fund Class A2 | 0.32% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 11.8% means 11.8% 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 Liquid Fund
| Security | % of fund |
|---|---|
| Indian Bank 2026 | 7.12% |
| Union Bank of India 2026 | 4.78% |
| REC Limited 2026 | 4.78% |
| TATA Realty & Infrastructure Limited 2026 | 4.78% |
| Union Bank of India 2026 | 4.77% |
Largest holdings only in Mirae Asset Liquid Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bills (MD 24/12/2026) | 3.98% |
| HDFC Bank Ltd. (MD 04/12/2026) | 3.49% |
| Small Industries Development Bank of India (MD 10/11/2026) | 3.34% |
| Bank of Baroda (MD 06/11/2026) | 2.84% |
| 91 Days Treasury Bills (MD 12/11/2026) | 2.67% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Liquid | Mirae Asset Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 112.8% | 119.3% |
| Cash and others | -12.8% | -19.3% |
Mahindra Manulife Liquid vs Mirae Asset Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Liquid Fund | Mirae Asset Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.15% | 0.09% |
| Base expense ratio (Direct) | 0.13% | 0.08% |
| Total expense ratio (Regular) | 0.26% | 0.20% |
| Base expense ratio (Regular) | 0.22% | 0.17% |
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 Liquid with
Mahindra Manulife Liquid Fund vs Mirae Asset Liquid Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Liquid Fund and Mirae Asset Liquid Fund?
Both are Liquid funds, run by Mahindra Manulife Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 11.8%. Mahindra Manulife Liquid Fund charges 0.15% a year and Mirae Asset Liquid Fund 0.09%.
Which has given higher returns, Mahindra Manulife Liquid Fund or Mirae Asset Liquid Fund?
Over 1 year: Mahindra Manulife Liquid Fund +6.49%, Mirae Asset Liquid Fund +6.38%. Over 3 years: Mahindra Manulife Liquid Fund +6.93% a year, Mirae Asset Liquid Fund +6.88% a year. Over 5 years: Mahindra Manulife Liquid Fund +6.46% a year, Mirae Asset Liquid Fund +6.41% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Liquid Fund or Mirae Asset Liquid Fund?
Mirae Asset Liquid Fund charges less: 0.09% a year against 0.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Liquid Fund and Mirae Asset Liquid Fund overlap?
11.8%. They hold 9 of the same securities, the largest shared ones being Canara Bank 2026, 182 Days Tbill 2026, 91 Days Tbill 2026. From each fund's latest monthly portfolio.
Which is better for SIP, Mahindra Manulife Liquid Fund or Mirae Asset Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,25,457 in Mahindra Manulife Liquid Fund (XIRR 6.8% a year) and ₹7,24,436 in Mirae Asset Liquid Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Liquid Fund and Mirae Asset Liquid Fund?
Yes. 11.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.