Mahindra Manulife Multi Asset Allocation Fund vs Nippon India Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Multi Asset Allocation Fund and Nippon India Multi Asset Allocation Fund are both Multi Asset funds. In the year to 30-10-2026, Mahindra Manulife Multi Asset Allocation Fund (Direct) returned 4.2% and Nippon India Multi Asset Allocation Fund (Direct) returned 3.0%. Mahindra Manulife Multi Asset Allocation Fund charges 0.58% a year and Nippon India Multi Asset Allocation Fund 0.48% (Direct plans). Their portfolios overlap 27.1%: they hold 30 of the same securities.
Mahindra Manulife Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.2%
- Expense ratio
- 0.58%
- NAV
- ₹13.92
Nippon India Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 3.0%
- Expense ratio
- 0.48%
- NAV
- ₹25.81
Which is better, Mahindra Manulife Multi Asset Allocation or Nippon India Multi Asset Allocation? 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 Multi Asset Allocation returned more over 1 year: 4.2% against 3.0%.
- Nippon India Multi Asset Allocation costs less: 0.48% a year against 0.58% (Direct plans).
- Mahindra Manulife Multi Asset Allocation fell less in its worst fall since 15-03-2024: −9.5% against −10.8%.
- Nippon India Multi Asset Allocation holds 4.5% of the fund in foreign stocks; Mahindra Manulife Multi Asset Allocation 0.0%.
- Nippon India Multi Asset Allocation is the larger fund: ₹18,044 Cr against ₹1,214 Cr.
- Their portfolios overlap 27.1%: 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 Multi Asset Allocation Fund | Nippon India Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Nippon India Mutual Fund |
| Category | Multi Asset | Multi Asset |
| AUM | ₹1,214 Cr (30-09-2026) | ₹18,044 Cr (30-09-2026) |
| NAV | ₹13.92 (Direct) | ₹25.81 (Direct) |
| Expense ratio (Direct) | 0.58% | 0.48% |
| Expense ratio (Regular) | 1.89% | 1.44% |
| Riskometer | Very High | Not available |
| Benchmark | NIFTY 500 TRI 45% + CRISIL Composite Bond Index 40% + Domestic Price of Physical Gold 10% + Domestic Price of Silver 5% | Not available |
| Launch date | 13-03-2024 | Not available |
| Minimum investment | ₹1,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Renjith Sivaram, Rahul Pal, Kush Sonigara | Not available |
| Exit load | Exit load of 0.5%, if redeemed within 3 months. | Not available |
Mahindra Manulife Multi Asset Allocation vs Nippon India Multi Asset Allocation: 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% | -- | -- | -- |
| Nippon India Multi Asset Allocation Fund (Direct) | −2.06% | −3.53% | −1.74% | +3.05% | +17.96% | +13.83% | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
Mahindra Manulife Multi Asset Allocation vs Nippon India Multi Asset Allocation: Year-wise Returns
| Year | Mahindra ManulifeMahindra Manulife Multi Asset Allocation | Nippon IndiaNippon India Multi Asset Allocation |
|---|---|---|
| 2026to date | +1.10% | +0.43% |
| 2025 | +22.74% | +20.96% |
| 2024 | -- | +20.14% |
| 2023 | -- | +25.92% |
| 2022 | -- | +4.63% |
| 2021 | -- | +21.10% |
Mahindra Manulife Multi Asset Allocation vs Nippon India Multi Asset Allocation: 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)
Nippon India Multi Asset Allocation 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% |
| Nippon India Multi Asset Allocation | 0.0 | 2.0 | 6.7 | 41.9 | 28.9 | 12.7 | 7.7 | 15.7% | 14.9% | 2.3% | 30.7% |
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 Nippon India Multi Asset Allocation: 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% |
| Nippon India Multi Asset AllocationNippon India Multi Asset Allocation Fund (Direct) | ₹3,20,000 | ₹3,61,407 | ₹41,407 | 9.1% |
Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation Fund (Direct)
Nippon India Multi Asset AllocationNippon India Multi Asset Allocation 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 Nippon India Multi Asset Allocation: 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) | Nippon India Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.23% | +3.05% |
| Standard deviation | 10.26% | 11.30% |
| Sharpe ratio | -0.10 | -0.19 |
| Sortino ratio | -0.13 | -0.26 |
| Maximum drawdown | −9.5% (23-03-2026) | −10.8% (23-03-2026) |
| 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) | Nippon India Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.34% | +16.79% |
| Standard deviation | 8.92% | 9.40% |
| Sharpe ratio | 0.83 | 1.22 |
| Sortino ratio | 1.13 | 1.70 |
| Maximum drawdown | −9.5% (23-03-2026) | −10.8% (23-03-2026) |
| 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)
Nippon India Multi Asset Allocation 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% |
| Nippon India Multi Asset Allocation Fund (Direct) | −10.8% | 29-01-2026 | 23-03-2026 | 06-08-2026 | 4 months | −7.0% |
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)
Nippon India Multi Asset Allocation Fund (Direct)
Mahindra Manulife Multi Asset Allocation vs Nippon India Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Multi Asset Allocation Fund, September 2026; Nippon India Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 27.1%
- Held by both
- 30
- Only in Mahindra Manulife Multi Asset Allocation
- 51
- Only in Nippon India Multi Asset Allocation
- 133
| Security | % of Mahindra Manulife Multi Asset Allocation | % of Nippon India Multi Asset Allocation |
|---|---|---|
| ICICI Bank Limited | 3.39% | 3.44% |
| HDFC Bank Limited | 3.50% | 3.25% |
| Nippon India Silver ETF | 2.87% | 2.70% |
| State Bank of India | 1.62% | 1.69% |
| Reliance Industries Limited | 1.99% | 1.49% |
| Axis Bank Limited | 1.24% | 2.42% |
| Kotak Mahindra Bank Ltd | 1.40% | 1.16% |
| Infosys Limited | 0.99% | 1.35% |
| Eternal Limited | 0.98% | 1.65% |
| NTPC Limited | 0.94% | 1.14% |
| 8.42% Muthoot Finance Limited 2029 (FRN) | 3.09% | 0.89% |
| Mahindra & Mahindra Limited | 0.81% | 1.44% |
| Sun Pharmaceutical Industries Limited | 1.05% | 0.75% |
| Hindustan Aeronautics Limited | 0.73% | 1.35% |
| Bharti Airtel Limited | 2.08% | 0.61% |
| Hyundai Motor India Ltd | 0.64% | 0.59% |
| Oil & Natural Gas Corporation Limited | 0.59% | 0.81% |
| Shriram Finance Limited | 0.71% | 0.53% |
| Tata Consumer Products Limited | 0.53% | 0.60% |
| Hindustan Unilever Limited | 0.49% | 1.33% |
| 8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) | 1.44% | 0.42% |
| Bajaj Finance Ltd | 0.85% | 0.40% |
| Tech Mahindra Limited | 1.01% | 0.37% |
| Grasim Industries Limited | 0.72% | 0.31% |
| Sai Life Sciences Limited | 0.76% | 0.27% |
| L&T Finance Limited | 0.67% | 0.26% |
| 7.24% Government of India 2055 | 0.39% | 0.26% |
| Raajmarg Infra Investment Trust | 0.57% | 0.23% |
| Persistent Systems Ltd | 1.03% | 0.15% |
| 7.4% Bharti Telecom Limited 2029 | 1.61% | 0.14% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.1% means 27.1% 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% |
| Brookfield India Real Estate Trust | 3.36% |
| 8.85% TVS Credit Services Limited 2027 | 2.07% |
| Divi's Laboratories Limited | 2.02% |
Largest holdings only in Nippon India Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Nippon India ETF Gold Bees | 7.94% |
| Info Edge (India) Limited | 1.42% |
| HDFC Life Insurance Company Limited | 1.27% |
| Trent Limited | 1.24% |
| HDFC Asset Management Company Limited | 1.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Multi Asset Allocation | Nippon India Multi Asset Allocation |
|---|---|---|
| Equity | 52.2% | 62.0% |
| Debt | 19.4% | 18.6% |
| Cash and others | 28.4% | 19.3% |
Market cap of stocks
| Market cap | Mahindra Manulife Multi Asset Allocation | Nippon India Multi Asset Allocation |
|---|---|---|
| Large Cap | 35.1% | 40.1% |
| Mid Cap | 6.7% | 10.3% |
| Small Cap | 10.4% | 7.0% |
| Foreign stocks | 0.0% | 4.5% |
| Not on AMFI's list | 0.0% | 0.2% |
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 | Nippon India Multi Asset Allocation |
|---|---|---|
| Banks | 11.8% | 12.3% |
| Retailing | 2.3% | 6.6% |
| Pharmaceuticals & Biotechnology | 4.6% | 1.7% |
| Other | 0.0% | 4.5% |
| Industrial Products | 3.4% | 0.4% |
| Finance | 2.2% | 3.1% |
| IT - Software | 3.0% | 2.2% |
| Consumer Durables | 0.6% | 3.0% |
| Automobiles | 2.0% | 3.0% |
| Power | 2.4% | 2.1% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Multi Asset Allocation vs Nippon India Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Multi Asset Allocation Fund | Nippon India Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.58% | 0.48% |
| Base expense ratio (Direct) | 0.41% | 0.30% |
| Total expense ratio (Regular) | 1.89% | 1.44% |
| Base expense ratio (Regular) | 1.56% | 1.14% |
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 Multi Asset Allocation with
Compare Nippon India Multi Asset Allocation with
Mahindra Manulife Multi Asset Allocation Fund vs Nippon India Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Multi Asset Allocation Fund and Nippon India Multi Asset Allocation Fund?
Both are Multi Asset funds, run by Mahindra Manulife Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 27.1%. Mahindra Manulife Multi Asset Allocation Fund charges 0.58% a year and Nippon India Multi Asset Allocation Fund 0.48%.
Which has given higher returns, Mahindra Manulife Multi Asset Allocation Fund or Nippon India Multi Asset Allocation Fund?
Over 1 year: Mahindra Manulife Multi Asset Allocation Fund +4.23%, Nippon India Multi Asset Allocation Fund +3.05%. 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 Nippon India Multi Asset Allocation Fund?
Nippon India Multi Asset Allocation Fund charges less: 0.48% 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 Nippon India Multi Asset Allocation Fund overlap?
27.1%. They hold 30 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SILVERBEES. From each fund's latest monthly portfolio.
Can I invest in both Mahindra Manulife Multi Asset Allocation Fund and Nippon India Multi Asset Allocation Fund?
Yes. 27.1% 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.