Mahindra Manulife Multi Asset Allocation Fund vs Mahindra Manulife Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund and Mahindra Manulife Short Term Fund is a Short Duration fund. In the year to 30-10-2026, Mahindra Manulife Multi Asset Allocation Fund (Direct) returned 4.2% and Mahindra Manulife Short Term Fund (Direct) returned 4.8%. Mahindra Manulife Multi Asset Allocation Fund charges 0.58% a year and Mahindra Manulife Short Term Fund 0.33% (Direct plans). Their portfolios overlap 10.1%: they hold 8 of the same securities.
Mahindra Manulife Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.2%
- Expense ratio
- 0.58%
- NAV
- ₹13.92
Mahindra Manulife Short Term Fund
Short Duration
- 1 year return
- 4.8%
- Expense ratio
- 0.33%
- NAV
- ₹14.25
Which is better, Mahindra Manulife Multi Asset Allocation or Mahindra Manulife Short Term? 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 Short Term returned more over 1 year: 4.8% against 4.2%.
- Mahindra Manulife Short Term costs less: 0.33% a year against 0.58% (Direct plans).
- Mahindra Manulife Short Term fell less in its worst fall since 15-03-2024: −0.6% against −9.5%.
- Mahindra Manulife Multi Asset Allocation is the larger fund: ₹1,214 Cr against ₹79 Cr.
- Their portfolios overlap 10.1%: 8 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 Multi Asset Allocation Fund | Mahindra Manulife Short Term Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Multi Asset | Short Duration |
| AUM | ₹1,214 Cr (30-09-2026) | ₹79 Cr (30-09-2026) |
| NAV | ₹13.92 (Direct) | ₹14.25 (Direct) |
| Expense ratio (Direct) | 0.58% | 0.33% |
| Expense ratio (Regular) | 1.89% | 1.24% |
| Riskometer | Very High | Moderate |
| Benchmark | NIFTY 500 TRI 45% + CRISIL Composite Bond Index 40% + Domestic Price of Physical Gold 10% + Domestic Price of Silver 5% | CRISIL Short Duration Debt A-II Index |
| Launch date | 13-03-2024 | 23-02-2021 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Renjith Sivaram, Rahul Pal, Kush Sonigara | Rahul Pal, Kush Sonigara |
| Exit load | Exit load of 0.5%, if redeemed within 3 months. | Nil |
Mahindra Manulife Multi Asset Allocation vs Mahindra Manulife Short Term: 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 Multi Asset Allocation Fund (Direct) | −1.20% | −2.61% | +0.40% | +4.23% | -- | -- | -- |
| Mahindra Manulife Short Term Fund (Direct) | −0.29% | +0.05% | +2.45% | +4.78% | +7.49% | +6.52% | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
| Short Duration average | −0.14% | +0.30% | +2.50% | +4.11% | +6.88% | +6.62% | -- |
Category average: the average of the 37 Multi Asset funds and the 25 Short Duration funds, same plan type.
Mahindra Manulife Multi Asset Allocation vs Mahindra Manulife Short Term: Year-wise Returns
| Year | Multi Asset AllocationMahindra Manulife Multi Asset Allocation | Short TermMahindra Manulife Short Term |
|---|---|---|
| 2026to date | +1.10% | +3.86% |
| 2025 | +22.74% | +8.19% |
| 2024 | -- | +8.54% |
| 2023 | -- | +7.65% |
| 2022 | -- | +3.72% |
Mahindra Manulife Multi Asset Allocation vs Mahindra Manulife Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 401 of them, one for each trading day from 17-03-2025 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 Multi Asset Allocation Fund (Direct)
Mahindra Manulife Short Term Fund (Direct)
to
May 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 Multi Asset Allocation | 0.0 | 2.5 | 10.7 | 31.9 | 34.7 | 14.5 | 5.7 | 15.7% | 15.8% | 3.1% | 29.5% |
| Mahindra Manulife Short Term | 0.0 | 5.1 | 89.8 | 5.1 | 0.0 | 0.0 | 0.0 | 7.7% | 8.1% | 4.7% | 10.3% |
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. Every fund is measured over the days all of them have, from 15-03-2024. Past returns do not promise future returns.
Mahindra Manulife Multi Asset Allocation vs Mahindra Manulife Short Term: 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 15-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,66,322 | ₹46,322 | 10.2% |
| Mahindra Manulife Short TermMahindra Manulife Short Term Fund (Direct) | ₹3,20,000 | ₹3,47,702 | ₹27,702 | 6.2% |
Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation Fund (Direct)
Mahindra Manulife Short TermMahindra Manulife Short Term 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 Multi Asset Allocation vs Mahindra Manulife Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Multi Asset Allocation Fund (Direct) | Mahindra Manulife Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.23% | +4.78% |
| Standard deviation | 10.26% | 1.19% |
| Sharpe ratio | -0.10 | -0.39 |
| Sortino ratio | -0.13 | -0.54 |
| Maximum drawdown | −9.5% (23-03-2026) | −0.6% (23-10-2026) |
| 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 Multi Asset Allocation Fund (Direct) | Mahindra Manulife Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.34% | +6.43% |
| Standard deviation | 8.92% | 0.92% |
| Sharpe ratio | 0.83 | 1.02 |
| Sortino ratio | 1.13 | 1.43 |
| Maximum drawdown | −9.5% (23-03-2026) | −1.1% (09-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 15-03-2024 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 Multi Asset Allocation Fund (Direct)
Mahindra Manulife Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Multi Asset Allocation Fund (Direct) | −9.5% | 29-01-2026 | 23-03-2026 | 03-08-2026 | 4 months | −5.2% |
| Mahindra Manulife Short Term Fund (Direct) | −0.6% | 23-09-2026 | 23-10-2026 | Not yet | -- | −0.5% |
From daily values since 15-03-2024, 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 Multi Asset Allocation Fund (Direct)
Mahindra Manulife Short Term Fund (Direct)
Mahindra Manulife Multi Asset Allocation vs Mahindra Manulife Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Multi Asset Allocation Fund, September 2026; Mahindra Manulife Short Term Fund, September 2026
Holdings in common
- Overlap
- 10.1%
- Held by both
- 8
- Only in Mahindra Manulife Multi Asset Allocation
- 73
- Only in Mahindra Manulife Short Term
- 15
| Security | % of Mahindra Manulife Multi Asset Allocation | % of Mahindra Manulife Short Term |
|---|---|---|
| 8.42% Muthoot Finance Limited 2029 (FRN) | 3.09% | 3.81% |
| 8.7% Shriram Finance Limited 2028 | 1.86% | 3.20% |
| 7.71% Government of India 2066 | 1.40% | 3.81% |
| 7.45% Power Finance Corporation Limited 2028 | 1.23% | 6.33% |
| 6.98% State Government Securities 2037 | 0.96% | 2.98% |
| 8.42% Godrej Industries Limited 2027 | 0.70% | 3.82% |
| 7.63% State Government Securities 2036 | 0.41% | 3.13% |
| 8.55% Aditya Birla Real Estate Limited 2029 | 0.41% | 6.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 10.1% means 10.1% 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 Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| ICICI Prudential Gold ETF | 12.32% |
| Mahindra Manulife Liquid Fund -Direct Plan -Growth | 4.94% |
| HDFC Bank Limited | 3.50% |
| ICICI Bank Limited | 3.39% |
| Brookfield India Real Estate Trust | 3.36% |
Largest holdings only in Mahindra Manulife Short Term Fund
| Security | % of fund |
|---|---|
| 7.77% REC Limited 2028 | 6.36% |
| 7.73% Embassy Office Parks REIT 2029 | 6.31% |
| 7.27% Tata Capital Housing Finance Limited 2028 | 6.27% |
| 7.68% Godrej Seeds & Genetics Limited 2028 | 6.25% |
| 6.9601% Mindspace Business Parks REIT 2028 | 6.25% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Multi Asset Allocation | Mahindra Manulife Short Term |
|---|---|---|
| Equity | 52.2% | 0.0% |
| Debt | 19.4% | 95.6% |
| Cash and others | 28.4% | 4.4% |
Market cap of stocks
| Market cap | Mahindra Manulife Multi Asset Allocation | Mahindra Manulife Short Term |
|---|---|---|
| Large Cap | 35.1% | -- |
| Mid Cap | 6.7% | -- |
| Small Cap | 10.4% | -- |
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 Multi Asset Allocation | Mahindra Manulife Short Term |
|---|---|---|
| Banks | 11.8% | 0.0% |
| Pharmaceuticals & Biotechnology | 4.6% | 0.0% |
| Industrial Products | 3.4% | 0.0% |
| IT - Software | 3.0% | 0.0% |
| Power | 2.4% | 0.0% |
| Retailing | 2.3% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Multi Asset Allocation vs Mahindra Manulife Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Multi Asset Allocation Fund | Mahindra Manulife Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.58% | 0.33% |
| Base expense ratio (Direct) | 0.41% | 0.27% |
| Total expense ratio (Regular) | 1.89% | 1.24% |
| Base expense ratio (Regular) | 1.56% | 1.09% |
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
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Mahindra Manulife Multi Asset Allocation Fund vs Mahindra Manulife Short Term Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Multi Asset Allocation Fund and Mahindra Manulife Short Term Fund?
Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund, Mahindra Manulife Short Term Fund is a Short Duration fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 10.1%. Mahindra Manulife Multi Asset Allocation Fund charges 0.58% a year and Mahindra Manulife Short Term Fund 0.33%.
Which has given higher returns, Mahindra Manulife Multi Asset Allocation Fund or Mahindra Manulife Short Term Fund?
Over 1 year: Mahindra Manulife Multi Asset Allocation Fund +4.23%, Mahindra Manulife Short Term Fund +4.78%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Multi Asset Allocation Fund or Mahindra Manulife Short Term Fund?
Mahindra Manulife Short Term Fund charges less: 0.33% a year against 0.58%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Multi Asset Allocation Fund and Mahindra Manulife Short Term Fund overlap?
10.1%. They hold 8 of the same securities, the largest shared ones being 8.42% Muthoot Finance Limited 2029 (FRN), 8.7% Shriram Finance Limited 2028, 7.71% Government of India 2066. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Multi Asset Allocation Fund or Mahindra Manulife Short Term Fund?
On SEBI's riskometer, Mahindra Manulife Multi Asset Allocation Fund is rated Very High and Mahindra Manulife Short Term Fund Moderate. Over 1 years, the standard deviation of daily returns was 10.26% and 1.19% a year.
Can I invest in both Mahindra Manulife Multi Asset Allocation Fund and Mahindra Manulife Short Term Fund?
Yes. 10.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Multi Asset Allocation Fund and Mahindra Manulife Short Term Fund?
Mahindra Manulife Multi Asset Allocation Fund: Renjith Sivaram, Rahul Pal, Kush Sonigara. Mahindra Manulife Short Term Fund: Rahul Pal, Kush Sonigara.
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.