Mahindra Manulife Mid Cap Fund vs Motilal Oswal Nifty Midcap 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Mahindra Manulife Mid Cap Fund is a Mid Cap fund and Motilal Oswal Nifty Midcap 100 ETF is an ETF fund. In the 3 years to 30-10-2026, Mahindra Manulife Mid Cap Fund (Direct) returned 15.3% a year and Motilal Oswal Nifty Midcap 100 ETF returned 14.5% a year. Mahindra Manulife Mid Cap Fund charges 0.76% a year and Motilal Oswal Nifty Midcap 100 ETF 0.34%. Their portfolios overlap 30.3%: they hold 30 of the same securities.
Mahindra Manulife Mid Cap Fund
Mid Cap
- 3 year return
- 15.3%
- Expense ratio
- 0.76%
- NAV
- ₹37.50
Motilal Oswal Nifty Midcap 100 ETF
ETF
- 3 year return
- 14.5%
- Expense ratio
- 0.34%
- NAV
- ₹61.90
Which is better, Mahindra Manulife Mid Cap or Motilal Oswal Nifty Midcap 100 ETF? 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 Mid Cap returned more over 5 years: 14.9% a year against 14.1%.
- Mahindra Manulife Mid Cap returned more over 3 years: 15.3% a year against 14.5%.
- Motilal Oswal Nifty Midcap 100 ETF costs less: 0.34% a year against 0.76%.
- Mahindra Manulife Mid Cap swung less over 3 years: a standard deviation of 16.8% a year against 17.9%.
- Mahindra Manulife Mid Cap fell less in its worst fall since 06-02-2018: −33.1% against −44.5%.
- Mahindra Manulife Mid Cap is the larger fund: ₹5,058 Cr against ₹821 Cr.
- Their portfolios overlap 30.3%: 30 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 Mid Cap Fund | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Mid Cap | ETF |
| AUM | ₹5,058 Cr (30-09-2026) | ₹821 Cr (30-09-2026) |
| NAV | ₹37.50 (Direct) | ₹61.90 |
| Expense ratio (Direct) | 0.76% | Not available |
| Expense ratio (Regular) | 2.03% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | NIFTY Midcap 100 TRI |
| Launch date | 30-01-2018 | 31-01-2011 |
| Minimum investment | ₹1,000 | ₹500 |
| Lock in | None | None |
| Fund managers | Kirti Dalvii, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi | Swapnil Mayekar |
| Exit load | 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 | Yes |
Mahindra Manulife Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: 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 Mid Cap Fund (Direct) | −4.55% | −10.11% | −5.44% | −2.19% | +15.25% | +14.94% | -- |
| Motilal Oswal Nifty Midcap 100 ETF | −3.38% | −8.43% | −3.85% | −4.14% | +14.53% | +14.09% | +14.13% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
Mahindra Manulife Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: Year-wise Returns
| Year | Mahindra Manulife Mid CapMahindra Manulife Mid Cap | Motilal Oswal Nifty Midcap 100 ETFMotilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| 2026to date | −2.60% | −4.83% |
| 2025 | +2.66% | +6.22% |
| 2024 | +31.20% | +24.51% |
| 2023 | +49.29% | +47.37% |
| 2022 | +1.96% | +4.11% |
| 2021 | +52.30% | +46.83% |
Mahindra Manulife Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of Mahindra Manulife Mid Cap Fund
Rolling returns
Every 3-year holding period, 1,411 of them, one for each trading day from 08-02-2021 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 Mid Cap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 TRI
to
Jul 2021Jul 2019
to
Jul 2022Jul 2020
to
Jul 2023Jun 2021
to
Jun 2024Jun 2022
to
Jun 2025May 2023
to
May 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 Mid Cap | 0.0 | 0.0 | 0.0 | 4.5 | 6.9 | 32.6 | 56.0 | 25.7% | 25.6% | 11.6% | 36.8% | 83% |
| Motilal Oswal Nifty Midcap 100 ETF | 0.0 | 0.1 | 4.5 | 6.6 | 14.1 | 34.8 | 39.9 | 23.5% | 23.7% | 5.0% | 39.9% | 56% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 1.4 | 6.0 | 13.5 | 37.8 | 41.2 | 24.1% | 24.0% | 8.9% | 40.6% | -- |
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. The benchmark is Nifty Midcap 150 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 06-02-2018. Past returns do not promise future returns.
Mahindra Manulife Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: 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 06-02-2018 to 30-10-2026: 105 instalments, ₹10,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Mid CapMahindra Manulife Mid Cap Fund (Direct) | ₹10,50,000 | ₹24,50,212 | ₹14,00,212 | 18.7% |
| Motilal Oswal Nifty Midcap 100 ETFMotilal Oswal Nifty Midcap 100 ETF | ₹10,50,000 | ₹22,87,418 | ₹12,37,418 | 17.2% |
Mahindra Manulife Mid CapMahindra Manulife Mid Cap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETFMotilal Oswal Nifty Midcap 100 ETF
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 Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Mid Cap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | −2.19% | −4.14% |
| Standard deviation | 16.79% | 17.09% |
| Sharpe ratio | -0.44 | -0.55 |
| Sortino ratio | -0.60 | -0.73 |
| Maximum drawdown | −14.6% (23-10-2026) | −14.2% (30-03-2026) |
| Beta | 0.99 | 1.00 |
| Alpha | +2.06% | −0.08% |
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 Mid Cap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | +15.25% | +14.53% |
| Standard deviation | 16.81% | 17.94% |
| Sharpe ratio | 0.55 | 0.47 |
| Sortino ratio | 0.73 | 0.63 |
| Maximum drawdown | −20.9% (28-02-2025) | −21.1% (28-02-2025) |
| Beta | 0.96 | 1.00 |
| Alpha | +1.73% | −0.09% |
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 Mid Cap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | +14.94% | +14.09% |
| Standard deviation | 16.34% | 17.73% |
| Sharpe ratio | 0.56 | 0.47 |
| Sortino ratio | 0.74 | 0.62 |
| Maximum drawdown | −20.9% (28-02-2025) | −21.1% (28-02-2025) |
| Beta | 0.95 | 1.00 |
| Alpha | +1.48% | −0.17% |
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 Mid Cap Fund (Direct) | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Return (CAGR) | +17.25% | +14.02% |
| Standard deviation | 16.75% | 18.20% |
| Sharpe ratio | 0.71 | 0.43 |
| Sortino ratio | 0.95 | 0.56 |
| Maximum drawdown | −33.1% (23-03-2020) | −48.4% (23-03-2020) |
| Beta | 0.90 | -- |
| Alpha | +3.14% | -- |
From daily NAVs, 06-02-2018 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 Mid Cap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Mid Cap Fund (Direct) | −33.1% | 07-02-2020 | 23-03-2020 | 17-11-2020 | 8 months | −12.7% |
| Motilal Oswal Nifty Midcap 100 ETF | −44.5% | 30-04-2018 | 23-03-2020 | 02-12-2020 | 8 months | −10.7% |
| Nifty Midcap 150 TRI | −40.0% | 30-04-2018 | 23-03-2020 | 13-11-2020 | 8 months | −10.5% |
From daily values since 06-02-2018, 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 Mid Cap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 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 Mid Cap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 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 Mid Cap Fund (Direct)
Motilal Oswal Nifty Midcap 100 ETF
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Mid Cap Fund (Direct) | 94% | 83% | 5.76% |
| Motilal Oswal Nifty Midcap 100 ETF | 102% | 108% | 2.01% |
From month-end values since 06-02-2018. 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 Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Mid Cap Fund, September 2026; Motilal Oswal Nifty Midcap 100 ETF, September 2026
Holdings in common
- Overlap
- 30.3%
- Held by both
- 30
- Only in Mahindra Manulife Mid Cap
- 33
- Only in Motilal Oswal Nifty Midcap 100 ETF
- 70
| Security | % of Mahindra Manulife Mid Cap | % of Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| The Federal Bank Limited | 3.42% | 2.40% |
| Coforge Limited | 2.65% | 1.87% |
| IndusInd Bank Limited | 3.19% | 1.82% |
| IDFC First Bank Limited | 2.16% | 1.66% |
| GE Vernova T&D India Limited | 1.77% | 1.60% |
| Marico Limited | 1.94% | 1.28% |
| Fortis Healthcare Limited | 1.90% | 1.23% |
| APL Apollo Tubes Limited | 2.03% | 1.22% |
| PB Fintech Limited | 1.53% | 1.16% |
| Max Financial Services Limited | 1.92% | 1.12% |
| SRF Limited | 1.39% | 1.10% |
| Glenmark Pharmaceuticals Limited | 2.60% | 1.08% |
| Radico Khaitan Limited | 2.00% | 1.05% |
| Aditya Birla Capital Limited | 2.79% | 0.99% |
| JSW Energy Limited | 1.93% | 0.93% |
| MphasiS Limited | 1.50% | 0.87% |
| KEI Industries Limited | 2.13% | 0.84% |
| 360 One WAM Limited | 1.52% | 0.83% |
| NMDC Limited | 1.23% | 0.81% |
| Biocon Limited | 1.64% | 0.79% |
| Tube Investments Of India Limited | 1.68% | 0.78% |
| L&T Finance Limited | 1.73% | 0.69% |
| Godrej Properties Limited | 1.21% | 0.67% |
| Blue Star Limited | 1.76% | 0.60% |
| LG Electronics India Ltd | 0.88% | 0.54% |
| SBI Cards and Payment Services Limited | 1.09% | 0.53% |
| Astral Limited | 1.64% | 0.51% |
| Bank of Maharashtra | 2.07% | 0.50% |
| Container Corporation of India Limited | 0.93% | 0.47% |
| Cochin Shipyard Limited | 1.86% | 0.39% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.3% means 30.3% 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 Mid Cap Fund
| Security | % of fund |
|---|---|
| Nippon Life India Asset Management Limited | 2.04% |
| Anthem Biosciences Limited | 2.02% |
| AIA Engineering Limited | 1.98% |
| UNO Minda Limited | 1.95% |
| Belrise Industries Ltd. | 1.93% |
Largest holdings only in Motilal Oswal Nifty Midcap 100 ETF
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Limited | 2.58% |
| Laurus Labs Limited | 2.36% |
| One 97 Communications Limited | 2.21% |
| Hero MotoCorp Limited | 2.09% |
| The Indian Hotels Company Limited | 1.96% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Mid Cap | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Equity | 97.3% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.7% | -0.0% |
Market cap of stocks
| Market cap | Mahindra Manulife Mid Cap | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Large Cap | 6.1% | 7.1% |
| Mid Cap | 74.1% | 91.3% |
| Small Cap | 17.1% | 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 Mid Cap | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Banks | 13.6% | 10.7% |
| Industrial Products | 10.7% | 3.3% |
| Auto Components | 9.4% | 3.8% |
| Pharmaceuticals & Biotechnology | 7.3% | 8.0% |
| Finance | 7.9% | 4.8% |
| Electrical Equipment | 4.4% | 7.0% |
| Retailing | 0.0% | 7.0% |
| IT - Software | 4.2% | 5.3% |
| Capital Markets | 3.6% | 5.3% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Mid Cap vs Motilal Oswal Nifty Midcap 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Mid Cap Fund | Motilal Oswal Nifty Midcap 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.76% | Not available |
| Base expense ratio (Direct) | 0.50% | 0.00% |
| Total expense ratio (Regular) | 2.03% | Not available |
| Base expense ratio (Regular) | 1.61% | 0.20% |
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 Mid Cap Fund vs Motilal Oswal Nifty Midcap 100 ETF: Frequently Asked Questions
What is the difference between Mahindra Manulife Mid Cap Fund and Motilal Oswal Nifty Midcap 100 ETF?
Mahindra Manulife Mid Cap Fund is a Mid Cap fund, Motilal Oswal Nifty Midcap 100 ETF is an ETF fund, run by Mahindra Manulife Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 30.3%. Mahindra Manulife Mid Cap Fund charges 0.76% a year and Motilal Oswal Nifty Midcap 100 ETF 0.34%.
Which has given higher returns, Mahindra Manulife Mid Cap Fund or Motilal Oswal Nifty Midcap 100 ETF?
Over 1 year: Mahindra Manulife Mid Cap Fund −2.19%, Motilal Oswal Nifty Midcap 100 ETF −4.14%. Over 3 years: Mahindra Manulife Mid Cap Fund +15.25% a year, Motilal Oswal Nifty Midcap 100 ETF +14.53% a year. Over 5 years: Mahindra Manulife Mid Cap Fund +14.94% a year, Motilal Oswal Nifty Midcap 100 ETF +14.09% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Mid Cap Fund or Motilal Oswal Nifty Midcap 100 ETF?
Motilal Oswal Nifty Midcap 100 ETF charges less: 0.34% a year against 0.76%. These are the total expense ratios reported to AMFI.
How much do Mahindra Manulife Mid Cap Fund and Motilal Oswal Nifty Midcap 100 ETF overlap?
30.3%. They hold 30 of the same securities, the largest shared ones being FEDERALBNK, COFORGE, INDUSINDBK. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Mid Cap Fund or Motilal Oswal Nifty Midcap 100 ETF?
On SEBI's riskometer, Mahindra Manulife Mid Cap Fund is rated Very High and Motilal Oswal Nifty Midcap 100 ETF Very High. Over 3 years, the standard deviation of daily returns was 16.81% and 17.94% a year.
Which is better for SIP, Mahindra Manulife Mid Cap Fund or Motilal Oswal Nifty Midcap 100 ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,62,003 in Mahindra Manulife Mid Cap Fund (XIRR 13.6% a year) and ₹8,44,232 in Motilal Oswal Nifty Midcap 100 ETF (XIRR 12.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Mid Cap Fund and Motilal Oswal Nifty Midcap 100 ETF?
Yes. 30.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Mid Cap Fund and Motilal Oswal Nifty Midcap 100 ETF?
Mahindra Manulife Mid Cap Fund: Kirti Dalvii, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi. Motilal Oswal Nifty Midcap 100 ETF: Swapnil Mayekar.
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.