Mahindra Manulife Multi Cap Fund vs Axis Multicap Fund
Mahindra Manulife Multi Cap Fund (Direct) and Axis Multicap Fund (Direct) head to head: growth of ₹100, returns across every window, risk, cost, and portfolio overlap — every figure computed from AMFI NAV history, nothing supplied by a fund house. Both are Multi Cap Fund schemes — see the best multi cap mutual funds for the full ranking.
Head to head
NAVs as of 05 Nov 2026
Growth of ₹100 (rebased over the selected window)
Common period 23 Dec 2021 – 05 Nov 2026, limited by Axis Multicap Fund. Every series is rebased to ₹100 at the start of this window. Benchmark lines are the category index WealthTicker measures against, which is not always the benchmark the scheme itself declares — the fund page’s Scheme Info names that one.
View as table
| Date | Mahindra Manulife Multi Cap Fund | Axis Multicap Fund | Nifty 500 TRI |
|---|---|---|---|
| 23 Dec 2021 | ₹100.00 | ₹100.00 | ₹100.00 |
| 20 May 2022 | ₹95.24 | ₹89.31 | ₹94.64 |
| 15 Oct 2022 | ₹102.02 | ₹98.60 | ₹101.47 |
| 13 Mar 2023 | ₹100.66 | ₹96.10 | ₹99.54 |
| 08 Aug 2023 | ₹122.46 | ₹114.99 | ₹117.37 |
| 03 Jan 2024 | ₹144.78 | ₹137.46 | ₹134.80 |
| 30 May 2024 | ₹162.61 | ₹156.74 | ₹147.08 |
| 25 Oct 2024 | ₹176.60 | ₹178.42 | ₹157.97 |
| 22 Mar 2025 | ₹164.58 | ₹169.63 | ₹150.08 |
| 18 Aug 2025 | ₹183.15 | ₹186.11 | ₹162.53 |
| 13 Jan 2026 | ₹188.07 | ₹186.71 | ₹167.21 |
| 10 Jun 2026 | ₹189.89 | ₹187.51 | ₹159.08 |
| 05 Nov 2026 | ₹206.63 | ₹210.09 | ₹163.61 |
Portfolio overlap (same stocks held through more than one fund)
Some overlap is structural: SEBI defines large cap as the top 100 stocks by market capitalisation, so two large-cap funds are fishing the same pond by regulation. The bands below are measured per sleeve pairing rather than against one blanket threshold. How this is measured →
- 45 stocks only in Mahindra Manulife Multi Cap Fund
- 28 stocks in both — 28.1% of each portfolio by weight
- 80 stocks only in Axis Multicap Fund
The more the circles overlap, the more the funds hold the same stocks.
Mahindra Manulife Multi Cap Fund and Axis Multicap Fund share 28% of their equity book by weight.
Shared holdings — Mahindra Manulife Multi Cap Fund vs Axis Multicap Fund
| Stock | Mahindra Manulife Multi Cap Fund | Axis Multicap Fund | |
|---|---|---|---|
| ICICI Bank Limited | 3.51% | 3.41% | 3.41% |
| HDFC Bank Limited | 3.07% | 2.85% | 2.85% |
| Multi Commodity Exchange of India Limited | 4.54% | 2.06% | 2.06% |
| Torrent Pharmaceuticals Limited | 2.53% | 1.51% | 1.51% |
| Radico Khaitan Limited | 1.35% | 1.28% | 1.28% |
| State Bank of India | 1.93% | 1.26% | 1.26% |
| Divi's Laboratories Limited | 5.40% | 1.17% | 1.17% |
| Larsen & Toubro Limited | 1.09% | 1.43% | 1.09% |
| Eternal Limited | 1.07% | 2.53% | 1.07% |
| Sai Life Sciences Limited | 0.95% | 1.37% | 0.95% |
| Reliance Industries Limited | 0.86% | 1.16% | 0.86% |
| Laurus Labs Limited | 1.06% | 0.86% | 0.86% |
| NTPC Limited | 0.84% | 0.84% | 0.84% |
| Lenskart Solutions Limited | 1.07% | 0.81% | 0.81% |
| PB Fintech Limited | 0.94% | 0.80% | 0.80% |
13 more stocks in common. 28 shared of 73 / 108 positions. Weights are shown as a share of each fund's equity book.
What differs, in plain wordsAI
| Metric | Mahindra Manulife · Direct NAV ₹46.01 Very High risk ★★★★☆ | Axis · Direct NAV ₹21.03 Very High risk ★★★★★ | Category median Multi Cap Fund · 33 funds |
|---|---|---|---|
| +9.11%Best in row | +8.89% | +3.65% | |
| +17.85% | +19.69%Best in row | +15.07% | |
| +14.61% | — | +13.30% | |
| +17.48% | +16.47% | +15.41% | |
| +16.22% | — | — | |
| +22.08% | +22.33%Best in row | +17.91% | |
| +22.10% | — | +16.57% | |
| Risk | |||
| 16.80% | 15.02%Best in row | 15.02% | |
| 0.68 | 0.88Best in row | 0.60 | |
| 0.90 | 1.20Best in row | 0.81 | |
| -34.44% | -18.08% | -19.95% | |
| +5.11% | +7.56%Best in row | +3.02% | |
| 1.01 | 0.98 | 1.01 | |
| 118.9% | 123.9%Best in row | 109.9% | |
| 98.9% | 91.5%Best in row | 100.0% | |
| 0.94% | 0.93% | 0.96% | |
| ₹7,383Cr | ₹11,430Cr | ₹3,532Cr | |
| ₹500 | ₹100 | — | |
| ₹1.00K | ₹100 | — | |
| 113% | 57% | 63% | |
| Vishal Jajoo · 1y | Shreyash Devalkar | — | |
| 11 May 2017 | 17 Dec 2021 | — | |
| 73 | 108 | — | |
| 30.0% | 22.9% | — | |
| 6.6% | 4.6% | — | |
5 rows carry the same value for every fund — show
- 10Y return (CAGR)
- —
- 10Y rolling avg
- —
- Benchmark
- Nifty 500 TRI
- Exit load
- Up to 1.00%
- Lock-in
- None
Best marks the strongest value in a row, and only where the gap is bigger than noise — a near-tie is left unmarked rather than dressed up as a result. SIP XIRR is a ₹10,000/month instalment over 5 years of real NAV history. Nothing here is supplied by a fund house. For research only — not investment advice.
Frequently asked questions
Which fund has delivered higher returns — Mahindra Manulife Multi Cap Fund or Axis Multicap Fund?
Over the last 3 years, Axis Multicap Fund returned +19.69% CAGR against Mahindra Manulife Multi Cap Fund's +17.85%, computed from AMFI NAV history. Past returns don't guarantee future performance.
Which fund is cheaper — Mahindra Manulife Multi Cap Fund or Axis Multicap Fund?
Axis Multicap Fund has the lower expense ratio: Mahindra Manulife Multi Cap Fund charges 0.94% a year against Axis Multicap Fund's 0.93%. The expense ratio is deducted from the NAV daily, so a lower one compounds in the investor's favour.
Which fund is riskier — Mahindra Manulife Multi Cap Fund or Axis Multicap Fund?
Mahindra Manulife Multi Cap Fund has shown higher volatility (+16.80% annualized vs Axis Multicap Fund's +15.02%), measured as the annualized standard deviation of daily returns over the trailing 3 years. Worst 3-year drawdown: Mahindra Manulife Multi Cap Fund -20.17% vs Axis Multicap Fund -18.08%.
Which fund manages more money — Mahindra Manulife Multi Cap Fund or Axis Multicap Fund?
Axis Multicap Fund is the larger fund: Mahindra Manulife Multi Cap Fund manages ₹7,383Cr against Axis Multicap Fund's ₹11,430Cr in assets. Size cuts both ways — scale lowers costs, but a very large fund can find it harder to move in and out of positions.
Are Mahindra Manulife Multi Cap Fund and Axis Multicap Fund in the same category?
Yes — both are Multi Cap Fund schemes, so their returns, risk and cost are directly comparable against the same peer set.
Figures update daily from AMFI NAV history; ratings and ranks are WealthTicker’s own — see the methodology. This is data, not investment advice.