Mahindra Manulife Multi Asset Allocation Fund vs SBI BSE 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund and SBI BSE 100 ETF is a mutual fund. In the year to 30-10-2026, Mahindra Manulife Multi Asset Allocation Fund (Direct) returned 4.2% and SBI BSE 100 ETF (Regular) returned −9.1%. Mahindra Manulife Multi Asset Allocation Fund charges 0.58% a year and SBI BSE 100 ETF 0.16%. Their portfolios overlap 32.5%: they hold 32 of the same securities.
Mahindra Manulife Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.2%
- Expense ratio
- 0.58%
- NAV
- ₹13.92
Which is better, Mahindra Manulife Multi Asset Allocation or SBI BSE 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 Multi Asset Allocation returned more over 1 year: 4.2% against −9.1%.
- SBI BSE 100 ETF costs less: 0.16% a year against 0.58%.
- Mahindra Manulife Multi Asset Allocation fell less in its worst fall since 15-03-2024: −9.5% against −16.7%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 35.1%.
- Mahindra Manulife Multi Asset Allocation is the larger fund: ₹1,214 Cr against ₹9 Cr.
- Their portfolios overlap 32.5%: 32 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 | SBI BSE 100 ETF |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | SBI Mutual Fund |
| Category | Multi Asset | Not available |
| AUM | ₹1,214 Cr (30-09-2026) | ₹9 Cr (30-09-2026) |
| NAV | ₹13.92 (Direct) | ₹272.01 (Regular) |
| Expense ratio (Direct) | 0.58% | Not available |
| Expense ratio (Regular) | 1.89% | 0.16% |
| 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 SBI BSE 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 Multi Asset Allocation Fund (Direct) | −1.20% | −2.61% | +0.40% | +4.23% | -- | -- | -- |
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
Mahindra Manulife Multi Asset Allocation vs SBI BSE 100 ETF: Year-wise Returns
| Year | Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation | SBI BSE 100 ETFSBI BSE 100 ETF |
|---|---|---|
| 2026to date | +1.10% | −9.80% |
| 2025 | +22.74% | +10.33% |
| 2024 | -- | +13.11% |
| 2023 | -- | +23.07% |
| 2022 | -- | +5.85% |
| 2021 | -- | +26.33% |
Mahindra Manulife Multi Asset Allocation vs SBI BSE 100 ETF: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of SBI BSE 100 ETF
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)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | 100% |
| SBI BSE 100 ETF | 32.7 | 25.8 | 27.8 | 13.3 | 0.5 | 0.0 | 0.0 | 3.3% | 2.8% | −10.5% | 16.3% | 1% |
| BSE 100 TRI | 31.7 | 26.2 | 27.4 | 14.2 | 0.5 | 0.0 | 0.0 | 3.4% | 2.9% | −10.3% | 15.3% | -- |
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 BSE 100 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 15-03-2024. Past returns do not promise future returns.
Mahindra Manulife Multi Asset Allocation vs SBI BSE 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 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% |
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹3,20,000 | ₹3,12,642 | −₹7,358 | −1.7% |
Mahindra Manulife Multi Asset AllocationMahindra Manulife Multi Asset Allocation Fund (Direct)
SBI BSE 100 ETFSBI BSE 100 ETF (Regular)
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 SBI BSE 100 ETF: 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) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +4.23% | −9.05% |
| Standard deviation | 10.26% | 13.91% |
| Sharpe ratio | -0.10 | -1.03 |
| Sortino ratio | -0.13 | -1.36 |
| Maximum drawdown | −9.5% (23-03-2026) | −15.0% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.16% |
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) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +13.34% | +10.40% |
| Standard deviation | 8.92% | 15.99% |
| Sharpe ratio | 0.83 | 0.30 |
| Sortino ratio | 1.13 | 0.40 |
| Maximum drawdown | −9.5% (23-03-2026) | −38.2% (23-03-2020) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.44% |
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)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
| 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% |
| SBI BSE 100 ETF (Regular) | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.6% |
| BSE 100 TRI | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.4% |
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)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Multi Asset Allocation Fund (Direct) | 79% | 23% | 8.05% |
| SBI BSE 100 ETF (Regular) | 99% | 100% | 0.02% |
From month-end values since 15-03-2024. 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 Multi Asset Allocation vs SBI BSE 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Multi Asset Allocation Fund, September 2026; SBI BSE 100 ETF, September 2026
Holdings in common
- Overlap
- 32.5%
- Held by both
- 32
- Only in Mahindra Manulife Multi Asset Allocation
- 49
- Only in SBI BSE 100 ETF
- 68
| Security | % of Mahindra Manulife Multi Asset Allocation | % of SBI BSE 100 ETF |
|---|---|---|
| HDFC Bank Limited | 3.50% | 8.26% |
| ICICI Bank Limited | 3.39% | 7.24% |
| Bharti Airtel Limited | 2.08% | 4.18% |
| Reliance Industries Limited | 1.99% | 6.01% |
| State Bank of India | 1.62% | 3.04% |
| Kotak Mahindra Bank Ltd | 1.40% | 2.34% |
| Axis Bank Limited | 1.24% | 2.68% |
| Sun Pharmaceutical Industries Limited | 1.05% | 1.50% |
| Infosys Limited | 0.99% | 2.68% |
| Eternal Limited | 0.98% | 1.76% |
| Larsen & Toubro Limited | 0.98% | 3.35% |
| NTPC Limited | 0.94% | 1.17% |
| Tata Steel Limited | 0.92% | 1.16% |
| Divi's Laboratories Limited | 2.02% | 0.90% |
| Bajaj Finance Ltd | 0.85% | 1.96% |
| Mahindra & Mahindra Limited | 0.81% | 2.01% |
| Tech Mahindra Limited | 1.01% | 0.75% |
| Grasim Industries Limited | 0.72% | 0.87% |
| Shriram Finance Limited | 0.71% | 1.04% |
| Hindustan Aeronautics Limited | 0.73% | 0.66% |
| TVS Motor Company Limited | 0.60% | 0.73% |
| Power Grid Corporation of India Limited | 0.60% | 0.91% |
| Oil & Natural Gas Corporation Limited | 0.59% | 0.67% |
| SBI Life Insurance Company Limited | 0.56% | 0.58% |
| Bharat Electronics Limited | 0.55% | 1.07% |
| Tata Motors Ltd | 0.53% | 0.68% |
| Hindalco Industries Limited | 0.53% | 1.03% |
| Hindustan Unilever Limited | 0.49% | 1.28% |
| Tata Consumer Products Limited | 0.53% | 0.47% |
| Tata Power Company Limited | 0.89% | 0.46% |
| Persistent Systems Ltd | 1.03% | 0.44% |
| Shree Cement Limited | 0.57% | 0.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.5% means 32.5% 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% |
| 8.42% Muthoot Finance Limited 2029 (FRN) | 3.09% |
| Nippon India Silver ETF | 2.87% |
Largest holdings only in SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| ITC Ltd. | 1.94% |
| Tata Consultancy Services Ltd. | 1.58% |
| Titan Company Ltd. | 1.43% |
| Maruti Suzuki India Ltd. | 1.18% |
| Adani Ports and Special Economic Zone Ltd. | 1.07% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Multi Asset Allocation | SBI BSE 100 ETF |
|---|---|---|
| Equity | 52.2% | 100.0% |
| Debt | 19.4% | 0.0% |
| Cash and others | 28.4% | 0.0% |
Market cap of stocks
| Market cap | Mahindra Manulife Multi Asset Allocation | SBI BSE 100 ETF |
|---|---|---|
| Large Cap | 35.1% | 90.2% |
| Mid Cap | 6.7% | 9.7% |
| Small Cap | 10.4% | 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 Multi Asset Allocation | SBI BSE 100 ETF |
|---|---|---|
| Banks | 11.8% | 26.7% |
| IT - Software | 3.0% | 7.5% |
| Petroleum Products | 2.0% | 6.8% |
| Automobiles | 2.0% | 6.5% |
| Finance | 2.2% | 5.8% |
| Pharmaceuticals & Biotechnology | 4.6% | 3.9% |
| Telecom - Services | 2.1% | 4.5% |
| Industrial Products | 3.4% | 0.5% |
| Retailing | 2.3% | 3.3% |
| Power | 2.4% | 3.2% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Multi Asset Allocation vs SBI BSE 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Multi Asset Allocation Fund | SBI BSE 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.58% | Not available |
| Base expense ratio (Direct) | 0.41% | 0.00% |
| Total expense ratio (Regular) | 1.89% | 0.16% |
| Base expense ratio (Regular) | 1.56% | 0.12% |
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 SBI BSE 100 ETF: Frequently Asked Questions
What is the difference between Mahindra Manulife Multi Asset Allocation Fund and SBI BSE 100 ETF?
Mahindra Manulife Multi Asset Allocation Fund is a Multi Asset fund, SBI BSE 100 ETF is a mutual fund, run by Mahindra Manulife Mutual Fund and SBI Mutual Fund. Their portfolios overlap 32.5%. Mahindra Manulife Multi Asset Allocation Fund charges 0.58% a year and SBI BSE 100 ETF 0.16%.
Which has given higher returns, Mahindra Manulife Multi Asset Allocation Fund or SBI BSE 100 ETF?
Over 1 year: Mahindra Manulife Multi Asset Allocation Fund +4.23%, SBI BSE 100 ETF −9.05%. 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 SBI BSE 100 ETF?
SBI BSE 100 ETF charges less: 0.16% a year against 0.58%. These are the total expense ratios reported to AMFI.
How much do Mahindra Manulife Multi Asset Allocation Fund and SBI BSE 100 ETF overlap?
32.5%. They hold 32 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both Mahindra Manulife Multi Asset Allocation Fund and SBI BSE 100 ETF?
Yes. 32.5% 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.