Mahindra Manulife Short Term Fund vs Mahindra Manulife Ultra Short To Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Short Term Fund is a Short Duration fund and Mahindra Manulife Ultra Short To Short Term Fund is a Low Duration fund. In the 3 years to 30-10-2026, Mahindra Manulife Short Term Fund (Direct) returned 7.5% a year and Mahindra Manulife Ultra Short To Short Term Fund (Direct) returned 7.3% a year. Mahindra Manulife Short Term Fund charges 0.33% a year and Mahindra Manulife Ultra Short To Short Term Fund 0.34% (Direct plans). Their portfolios overlap 18.5%: they hold 8 of the same securities.
Mahindra Manulife Short Term Fund
Short Duration
- 3 year return
- 7.5%
- Expense ratio
- 0.33%
- NAV
- ₹14.25
Mahindra Manulife Ultra Short To Short Term Fund
Low Duration
- 3 year return
- 7.3%
- Expense ratio
- 0.34%
- NAV
- ₹1,900.94
Which is better, Mahindra Manulife Short Term or Mahindra Manulife Ultra Short To 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 Ultra Short To Short Term returned more over 5 years: 6.7% a year against 6.5%.
- Mahindra Manulife Short Term returned more over 3 years: 7.5% a year against 7.3%.
- Mahindra Manulife Short Term costs less: 0.33% a year against 0.34% (Direct plans).
- Mahindra Manulife Ultra Short To Short Term swung less over 3 years: a standard deviation of 0.5% a year against 0.9%.
- Mahindra Manulife Ultra Short To Short Term fell less in its worst fall since 25-02-2021: −0.4% against −1.1%.
- Mahindra Manulife Ultra Short To Short Term is the larger fund: ₹497 Cr against ₹79 Cr.
- Their portfolios overlap 18.5%: 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 Short Term Fund | Mahindra Manulife Ultra Short To Short Term Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Short Duration | Low Duration |
| AUM | ₹79 Cr (30-09-2026) | ₹497 Cr (30-09-2026) |
| NAV | ₹14.25 (Direct) | ₹1,900.94 (Direct) |
| Expense ratio (Direct) | 0.33% | 0.34% |
| Expense ratio (Regular) | 1.24% | 1.07% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL Short Duration Debt A-II Index | CRISIL Low Duration Debt A-I Index |
| Launch date | 23-02-2021 | 15-02-2017 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Rahul Pal, Kush Sonigara | Rahul Pal, Amit Garg |
| Exit load | Nil | Nil |
Mahindra Manulife Short Term vs Mahindra Manulife Ultra Short To 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 Short Term Fund (Direct) | −0.29% | +0.05% | +2.45% | +4.78% | +7.49% | +6.52% | -- |
| Mahindra Manulife Ultra Short To Short Term Fund (Direct) | +0.14% | +1.09% | +2.98% | +5.90% | +7.31% | +6.67% | -- |
| Short Duration average | −0.14% | +0.30% | +2.50% | +4.11% | +6.88% | +6.62% | -- |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | -- |
Category average: the average of the 25 Short Duration funds and the 25 Low Duration funds, same plan type.
Mahindra Manulife Short Term vs Mahindra Manulife Ultra Short To Short Term: Year-wise Returns
| Year | ShortMahindra Manulife Short Term | Ultra Short To ShortMahindra Manulife Ultra Short To Short Term |
|---|---|---|
| 2026to date | +3.86% | +4.88% |
| 2025 | +8.19% | +7.74% |
| 2024 | +8.54% | +8.03% |
| 2023 | +7.65% | +7.50% |
| 2022 | +3.72% | +4.54% |
| 2021 | -- | +3.98% |
Mahindra Manulife Short Term vs Mahindra Manulife Ultra Short To Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 648 of them, one for each trading day from 26-02-2024 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 Short Term Fund (Direct)
Mahindra Manulife Ultra Short To Short Term Fund (Direct)
to
May 2024Oct 2021
to
Oct 2024Apr 2022
to
Apr 2025Sept 2022
to
Sept 2025Mar 2023
to
Mar 2026Aug 2023
to
Aug 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 Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.7% | 5.7% | 8.4% |
| Mahindra Manulife Ultra Short To Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.5% | 5.6% | 7.9% |
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 25-02-2021. Past returns do not promise future returns.
Mahindra Manulife Short Term vs Mahindra Manulife Ultra Short To 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 25-02-2021 to 30-10-2026: 69 instalments, ₹6,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Short TermMahindra Manulife Short Term Fund (Direct) | ₹6,90,000 | ₹8,39,210 | ₹1,49,210 | 6.7% |
| Mahindra Manulife Ultra Short To Short TermMahindra Manulife Ultra Short To Short Term Fund (Direct) | ₹6,90,000 | ₹8,42,529 | ₹1,52,529 | 6.9% |
Mahindra Manulife Short TermMahindra Manulife Short Term Fund (Direct)
Mahindra Manulife Ultra Short To Short TermMahindra Manulife Ultra Short To 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 Short Term vs Mahindra Manulife Ultra Short To Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.78% | +5.90% |
| Standard deviation | 1.19% | 0.62% |
| Sharpe ratio | -0.39 | 1.06 |
| Sortino ratio | -0.54 | 1.58 |
| Maximum drawdown | −0.6% (23-10-2026) | −0.2% (21-05-2026) |
| 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 Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.49% | +7.31% |
| Standard deviation | 0.93% | 0.49% |
| Sharpe ratio | 1.56 | 2.63 |
| Sortino ratio | 2.36 | 4.46 |
| Maximum drawdown | −0.6% (23-10-2026) | −0.2% (21-05-2026) |
| 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 Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.52% | +6.67% |
| Standard deviation | 0.95% | 0.46% |
| Sharpe ratio | 0.76 | 1.89 |
| Sortino ratio | 1.06 | 3.00 |
| Maximum drawdown | −1.1% (09-05-2022) | −0.4% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.84% |
| Standard deviation | 0.92% | 0.60% |
| Sharpe ratio | 1.02 | 2.45 |
| Sortino ratio | 1.43 | 4.67 |
| Maximum drawdown | −1.1% (09-05-2022) | −1.0% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-02-2021 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.
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 Short Term Fund (Direct)
Mahindra Manulife Ultra Short To 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 Short Term Fund (Direct) | −1.1% | 07-04-2022 | 09-05-2022 | 13-07-2022 | 2 months | −0.5% |
| Mahindra Manulife Ultra Short To Short Term Fund (Direct) | −0.4% | 02-05-2022 | 06-05-2022 | 09-06-2022 | 34 days | −0.0% |
From daily values since 25-02-2021, 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 Short Term Fund (Direct)
Mahindra Manulife Ultra Short To Short Term 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 Short Term Fund (Direct)
Mahindra Manulife Ultra Short To Short Term 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 Short Term Fund (Direct)
Mahindra Manulife Ultra Short To Short Term Fund (Direct)
Mahindra Manulife Short Term vs Mahindra Manulife Ultra Short To Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Short Term Fund, September 2026; Mahindra Manulife Ultra Short To Short Term Fund, September 2026
Holdings in common
- Overlap
- 18.5%
- Held by both
- 8
- Only in Mahindra Manulife Short Term
- 15
- Only in Mahindra Manulife Ultra Short To Short Term
- 31
| Security | % of Mahindra Manulife Short Term | % of Mahindra Manulife Ultra Short To Short Term |
|---|---|---|
| 7.45% Power Finance Corporation Limited 2028 | 6.33% | 5.01% |
| 8.3% JM Financial Services Limited 2027 | 3.80% | 3.01% |
| 9.12% Piramal Finance Limited 2027 | 2.55% | 3.03% |
| 8.55% Aditya Birla Real Estate Limited 2029 | 6.32% | 2.40% |
| 6.9601% Mindspace Business Parks REIT 2028 | 6.25% | 1.98% |
| 8.40% Godrej Industries Limited 2027 | 1.91% | 4.73% |
| 9.61% 360 One Prime Limited 2027 | 1.28% | 4.84% |
| Corporate Debt Market Development Fund Class A2 | 0.33% | 0.37% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.5% means 18.5% 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 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% |
| 7.16% National Bank For Agriculture and Rural Development 2029 | 6.24% |
Largest holdings only in Mahindra Manulife Ultra Short To Short Term Fund
| Security | % of fund |
|---|---|
| 7.95% Mindspace Business Parks REIT 2027 | 5.04% |
| 7.96% Embassy Office Parks REIT 2027 | 5.04% |
| 7.56% REC Limited 2027 | 5.03% |
| 7.75% LIC Housing Finance Limited 2027 | 5.02% |
| 7.48% National Bank For Agriculture and Rural Development 2028 | 5.00% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Short Term | Mahindra Manulife Ultra Short To Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 95.6% | 96.5% |
| Cash and others | 4.4% | 3.5% |
Mahindra Manulife Short Term vs Mahindra Manulife Ultra Short To Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Short Term Fund | Mahindra Manulife Ultra Short To Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.33% | 0.34% |
| Base expense ratio (Direct) | 0.27% | 0.29% |
| Total expense ratio (Regular) | 1.24% | 1.07% |
| Base expense ratio (Regular) | 1.09% | 0.94% |
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 Short Term with
Compare Mahindra Manulife Ultra Short To Short Term with
- Mahindra Manulife Ultra Short To Short Term vs HSBC Ultra Short to Short Term
- Mahindra Manulife Ultra Short To Short Term vs Nippon India Ultra Short to Short Term
- Mahindra Manulife Ultra Short To Short Term vs Axis Ultra Short to Short Term
- Mahindra Manulife Ultra Short To Short Term vs Kotak Ultra Short to Short Term
- Mahindra Manulife Ultra Short To Short Term vs Mirae Asset Ultra Short to Short Term
Mahindra Manulife Short Term Fund vs Mahindra Manulife Ultra Short To Short Term Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund?
Mahindra Manulife Short Term Fund is a Short Duration fund, Mahindra Manulife Ultra Short To Short Term Fund is a Low Duration fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 18.5%. Mahindra Manulife Short Term Fund charges 0.33% a year and Mahindra Manulife Ultra Short To Short Term Fund 0.34%.
Which has given higher returns, Mahindra Manulife Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
Over 1 year: Mahindra Manulife Short Term Fund +4.78%, Mahindra Manulife Ultra Short To Short Term Fund +5.90%. Over 3 years: Mahindra Manulife Short Term Fund +7.49% a year, Mahindra Manulife Ultra Short To Short Term Fund +7.31% a year. Over 5 years: Mahindra Manulife Short Term Fund +6.52% a year, Mahindra Manulife Ultra Short To Short Term Fund +6.67% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
Mahindra Manulife Short Term Fund charges less: 0.33% a year against 0.34%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund overlap?
18.5%. They hold 8 of the same securities, the largest shared ones being 7.45% Power Finance Corporation Limited 2028, 8.3% JM Financial Services Limited 2027, 9.12% Piramal Finance Limited 2027. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
On SEBI's riskometer, Mahindra Manulife Short Term Fund is rated Moderate and Mahindra Manulife Ultra Short To Short Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.93% and 0.49% a year.
Which is better for SIP, Mahindra Manulife Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,26,983 in Mahindra Manulife Short Term Fund (XIRR 6.8% a year) and ₹7,30,037 in Mahindra Manulife Ultra Short To Short Term Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund?
Yes. 18.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund?
Mahindra Manulife Short Term Fund: Rahul Pal, Kush Sonigara. Mahindra Manulife Ultra Short To Short Term Fund: Rahul Pal, Amit Garg.
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.