Mahindra Manulife ELSS Tax Saver Fund vs UTI ELSS Tax Saver Fund
Mahindra Manulife ELSS Tax Saver Fund and UTI ELSS Tax Saver Fund are both ELSS (Tax Saving) funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +10.06% vs +9.25%, 5-year CAGR +9.35% vs +7.03%, volatility 14.38% vs 15.06%, maximum drawdown −35.89% vs −35.06%. Their portfolios overlap by 46% (20 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | UTI Mutual Fund |
| Compared as | ELSS (Tax Saving) | ELSS (Tax Saving) |
| NAV | ₹32.9235 | ₹226.2258 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 19 Oct 2016 | 2 Jan 2013 |
| Track record | 10.0 yrs | 13.8 yrs |
| Fund size (AUM) | ₹829 Cr | — |
| Securities held | 54 | 60 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| 1 month | +5.47% | +4.46% |
| 3 months | −2.00% | −2.91% |
| 6 months | +1.23% | +0.26% |
| 1 year | −3.73% | −3.62% |
| 3 years (CAGR) | +10.06% | +9.25% |
| 5 years (CAGR) | +9.35% | +7.03% |
| 7 years (CAGR) | +14.56% | +13.40% |
| 10 years (CAGR) | +12.61% | +12.26% |
| Since launch (CAGR) | +12.56% | +12.85% |
| SIP return (XIRR, 5 years) ⓘ | +8.55% | +7.31% |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| 2026 (year to date) | −4.64% | −4.45% |
| 2025 | +9.22% | +5.57% |
| 2024 | +14.09% | +15.08% |
| 2023 | +27.84% | +25.54% |
| 2022 | +3.80% | −2.51% |
| 2021 | +41.75% | +34.37% |
Risk
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Volatility (annualised) ⓘ | 14.38% | 15.06% |
| Downside volatility ⓘ | 10.27% | 10.94% |
| Sharpe ratio ⓘ | 0.25 | 0.18 |
| Sortino ratio ⓘ | 0.35 | 0.25 |
| Maximum drawdown ⓘ | −35.89% | −35.06% |
| Recovery from that fall | 8 months | 7 months |
| Current fall from peak | −5.87% | −8.24% |
| Rolling 1-year return: worst | −29.94% | −27.55% |
| Rolling 1-year return: median | +8.46% | +11.15% |
| Rolling 1-year return: best | +95.01% | +92.83% |
| Share of 1-year periods with a loss | 20.36% | 19.97% |
Against each fund's benchmark
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Beta ⓘ | 0.90 | 0.96 |
| Alpha (Jensen's, annualised) ⓘ | −1.54% | −1.92% |
| R² ⓘ | 96.79 | 96.25 |
| Upside capture | 89.80% | 92.18% |
| Downside capture | 95.51% | 100.40% |
| Tracking error | 3.00% | 3.03% |
| Information ratio | -0.65 | -0.73 |
| Treynor ratio | 1.94 | 1.53 |
Portfolio
Asset mix
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Equity | 94.65% | 98.97% |
| Cash & equivalents | 5.34% | 0.97% |
Market-cap split (share of fund assets)
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Large Cap | 67.97% | 67.92% |
| Mid Cap | 16.44% | 18.97% |
| Small Cap | 10.24% | 12.08% |
| Unclassified | 0.00% | 0.00% |
Concentration
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Top 10 holdings | 40.27% | 40.71% |
| Effective number of stocks ⓘ | 34.8 | 35.7 |
| Securities held | 54 | 60 |
Portfolio overlap: 46%
20 companies are held by both funds; by weight, 46% of the two portfolios is the same. That is a moderate overlap.
| Held by both | Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver |
|---|---|---|
| HDFC Bank Limited | 7.24% | 8.11% |
| ICICI Bank Limited | 9.24% | 7.11% |
| Bharti Airtel Limited | 4.28% | 4.32% |
| Bajaj Finance Limited | 3.56% | 2.95% |
| Reliance Industries Limited | 3.11% | 2.74% |
| Kotak Mahindra Bank Limited | 2.57% | 4.49% |
| Infosys Limited | 2.44% | 2.44% |
| Axis Bank Limited | 2.31% | 3.70% |
| Maruti Suzuki India Limited | 2.15% | 1.84% |
| Tech Mahindra Limited | 1.71% | 2.08% |
| Info Edge (India) Limited | 1.54% | 1.78% |
| Eternal Limited | 2.22% | 1.48% |
| Sun Pharmaceutical Industries Limited | 1.60% | 1.34% |
| Eicher Motors Ltd. | 1.29% | 1.38% |
| Avenue Supermarts Ltd. | 2.06% | 1.05% |
Top 10 holdings
Mahindra Manulife ELSS Tax Saver
- ICICI Bank Limited9.24%
- HDFC Bank Limited7.24%
- Bharti Airtel Limited4.28%
- Bajaj Finance Limited3.56%
- Reliance Industries Limited3.11%
- Larsen & Toubro Limited2.96%
- Kotak Mahindra Bank Limited2.57%
- TVS Motor Company Ltd.2.56%
- Infosys Limited2.44%
- Hindustan Unilever Ltd.2.31%
UTI ELSS Tax Saver
- HDFC Bank Limited8.11%
- ICICI Bank Limited7.11%
- Kotak Mahindra Bank Limited4.49%
- Bharti Airtel Limited4.32%
- Axis Bank Limited3.70%
- Bajaj Finance Limited2.95%
- Reliance Industries Limited2.74%
- Mahindra & Mahindra Limited2.49%
- Infosys Limited2.44%
- State Bank of India2.36%
Sector exposure
| Mahindra Manulife ELSS Tax Saver | UTI ELSS Tax Saver | |
|---|---|---|
| Banks | 23.70% | 26.45% |
| Retailing | 7.85% | 6.53% |
| IT - Software | 5.26% | 7.26% |
| Automobiles | 7.05% | 5.71% |
| Pharmaceuticals & Biotechnology | 7.04% | 4.29% |
| Finance | 5.67% | 4.32% |
| Telecom - Services | 5.25% | 4.32% |
| Consumer Durables | 4.62% | 4.17% |
| Auto Components | 2.06% | 3.73% |
| Realty | 1.14% | 3.49% |
| Petroleum Products | 3.11% | 2.74% |
| Construction | 2.96% | 0.00% |
| Healthcare Services | 2.21% | 2.60% |
| Diversified FMCG | 2.31% | 0.00% |
Questions people ask
What is the difference between Mahindra Manulife ELSS Tax Saver and UTI ELSS Tax Saver returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return −3.73% vs −3.62%; 3-year CAGR +10.06% vs +9.25%; 5-year CAGR +9.35% vs +7.03%; 10-year CAGR +12.61% vs +12.26%. Past returns do not indicate future returns.
How do Mahindra Manulife ELSS Tax Saver and UTI ELSS Tax Saver compare on risk?
Volatility (36 monthly returns, annualised) 14.38% vs 15.06%; Sharpe ratio 0.25 vs 0.18; Sortino ratio 0.35 vs 0.25; maximum drawdown −35.89% vs −35.06%; beta 0.90 vs 0.96.
How much do Mahindra Manulife ELSS Tax Saver and UTI ELSS Tax Saver overlap?
By weight, 46% of the two portfolios is invested in the same companies; 20 stocks are held by both, the largest shared positions being HDFC Bank Limited, ICICI Bank Limited, Bharti Airtel Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Mahindra Manulife ELSS Tax Saver and UTI ELSS Tax Saver?
Mahindra Manulife ELSS Tax Saver: large cap 68.0%, mid cap 16.4%, small cap 10.2%. UTI ELSS Tax Saver: large cap 67.9%, mid cap 19.0%, small cap 12.1% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 5 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.