Axis Ultra Short to Short Term Fund vs ICICI Prudential Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Ultra Short to Short Term Fund is a Low Duration fund and ICICI Prudential Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, Axis Ultra Short to Short Term Fund (Direct) returned 7.3% a year and ICICI Prudential Ultra Short Term Fund (Direct) returned 7.3% a year. Axis Ultra Short to Short Term Fund charges 0.37% a year and ICICI Prudential Ultra Short Term Fund 0.40% (Direct plans). Their portfolios overlap 14.0%: they hold 21 of the same securities.
Axis Ultra Short to Short Term Fund
Low Duration
- 3 year return
- 7.3%
- Expense ratio
- 0.37%
- NAV
- ₹3,518.21
ICICI Prudential Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.3%
- Expense ratio
- 0.40%
- NAV
- ₹32.60
Which is better, Axis Ultra Short to Short Term or ICICI Prudential Ultra 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.
- ICICI Prudential Ultra Short Term returned more over 5 years: 6.8% a year against 6.7%.
- Axis Ultra Short to Short Term returned more over 3 years: 7.3% a year against 7.3%.
- Axis Ultra Short to Short Term costs less: 0.37% a year against 0.40% (Direct plans).
- ICICI Prudential Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.5%.
- Axis Ultra Short to Short Term fell less in its worst fall since 09-01-2013: −1.5% against −7.5%.
- ICICI Prudential Ultra Short Term is the larger fund: ₹15,236 Cr against ₹4,563 Cr.
- Their portfolios overlap 14.0%: 21 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 | Axis Ultra Short to Short Term Fund | ICICI Prudential Ultra Short Term Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Low Duration | Ultra Short |
| AUM | ₹4,563 Cr (30-09-2026) | ₹15,236 Cr (30-09-2026) |
| NAV | ₹3,518.21 (Direct) | ₹32.60 (Direct) |
| Expense ratio (Direct) | 0.37% | 0.40% |
| Expense ratio (Regular) | 0.73% | 0.80% |
| Riskometer | Low to Moderate | Not available |
| Benchmark | NIFTY Low Duration Debt Index A-I | NIFTY Ultra Short Duration Debt Index A-I |
| Launch date | 09-10-2009 | 03-05-2011 |
| Minimum investment | ₹100 | 1) Growth & IDCW - Rs. 5,000/- (plus multiples of Re. 1/-) 2) AEP – Rs. 25,000 (plus multiples of Re. 1/-) Minimum application amount for switch ins – Rs. 5,000 and any amount thereafter 1) Growth & IDCW - Rs. 5,000/- (plus multiples of Re. 1/-) 2) AEP – |
| Lock in | None | None |
| Fund managers | Devang Shah, Aditya Pagaria | Ritesh Lunawat, Manish Banthia |
| Exit load | Nil | Nil |
Axis Ultra Short to Short Term vs ICICI Prudential Ultra 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 |
|---|---|---|---|---|---|---|---|
| Axis Ultra Short to Short Term Fund (Direct) | +0.22% | +1.19% | +3.03% | +5.94% | +7.33% | +6.70% | +6.99% |
| ICICI Prudential Ultra Short Term Fund (Direct) | +0.29% | +1.40% | +3.20% | +6.37% | +7.31% | +6.78% | +7.15% |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | +6.73% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 25 Low Duration funds and the 26 Ultra Short funds, same plan type.
Axis Ultra Short to Short Term vs ICICI Prudential Ultra Short Term: Year-wise Returns
| Year | Axis Ultra Short toAxis Ultra Short to Short Term | ICICI Prudential UltraICICI Prudential Ultra Short Term |
|---|---|---|
| 2026to date | +4.87% | +5.28% |
| 2025 | +7.84% | +7.52% |
| 2024 | +8.02% | +7.90% |
| 2023 | +7.37% | +7.39% |
| 2022 | +4.73% | +5.05% |
| 2021 | +4.05% | +4.58% |
Axis Ultra Short to Short Term vs ICICI Prudential Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,621 of them, one for each trading day from 11-01-2016 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.
Axis Ultra Short to Short Term Fund (Direct)
ICICI Prudential Ultra Short Term Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Ultra Short to Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.8% | 5.1% | 9.5% |
| ICICI Prudential Ultra Short Term | 0.0 | 0.0 | 87.2 | 12.8 | 0.0 | 0.0 | 0.0 | 8.0% | 7.7% | 5.5% | 12.9% |
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 09-01-2013. Past returns do not promise future returns.
Axis Ultra Short to Short Term vs ICICI Prudential Ultra 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Ultra Short to Short TermAxis Ultra Short to Short Term Fund (Direct) | ₹16,60,000 | ₹27,78,515 | ₹11,18,515 | 7.1% |
| ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term Fund (Direct) | ₹16,60,000 | ₹28,45,364 | ₹11,85,364 | 7.4% |
Axis Ultra Short to Short TermAxis Ultra Short to Short Term Fund (Direct)
ICICI Prudential Ultra Short TermICICI Prudential Ultra 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.
Axis Ultra Short to Short Term vs ICICI Prudential Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Ultra Short to Short Term Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.94% | +6.37% |
| Standard deviation | 0.62% | 0.48% |
| Sharpe ratio | 1.12 | 2.35 |
| Sortino ratio | 1.67 | 3.82 |
| Maximum drawdown | −0.2% (21-05-2026) | −0.1% (08-07-2026) |
| 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 | Axis Ultra Short to Short Term Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.33% | +7.31% |
| Standard deviation | 0.49% | 0.39% |
| Sharpe ratio | 2.66 | 3.25 |
| Sortino ratio | 4.55 | 6.24 |
| Maximum drawdown | −0.2% (21-05-2026) | −0.1% (08-07-2026) |
| 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 | Axis Ultra Short to Short Term Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.70% | +6.78% |
| Standard deviation | 0.48% | 0.37% |
| Sharpe ratio | 1.88 | 2.67 |
| Sortino ratio | 2.93 | 4.97 |
| Maximum drawdown | −0.4% (06-05-2022) | −0.2% (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 | Axis Ultra Short to Short Term Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.60% | +7.90% |
| Standard deviation | 0.67% | 1.69% |
| Sharpe ratio | 2.32 | 1.09 |
| Sortino ratio | 4.41 | 1.46 |
| Maximum drawdown | −1.5% (24-03-2020) | −7.5% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
Axis Ultra Short to Short Term Fund (Direct)
ICICI Prudential Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Ultra Short to Short Term Fund (Direct) | −1.5% | 06-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| ICICI Prudential Ultra Short Term Fund (Direct) | −7.5% | 28-05-2013 | 19-08-2013 | 27-03-2014 | 7 months | 0.0% |
From daily values since 09-01-2013, 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.
Axis Ultra Short to Short Term Fund (Direct)
ICICI Prudential Ultra 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.
Axis Ultra Short to Short Term Fund (Direct)
ICICI Prudential Ultra 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.
Axis Ultra Short to Short Term Fund (Direct)
ICICI Prudential Ultra Short Term Fund (Direct)
Axis Ultra Short to Short Term vs ICICI Prudential Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Ultra Short to Short Term Fund, September 2026; ICICI Prudential Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 14.0%
- Held by both
- 21
- Only in Axis Ultra Short to Short Term
- 84
- Only in ICICI Prudential Ultra Short Term
- 99
| Security | % of Axis Ultra Short to Short Term | % of ICICI Prudential Ultra Short Term |
|---|---|---|
| 4.04% Government of India (04/10/2028) | 3.84% | 2.03% |
| Punjab National Bank (04/02/2027) | 1.39% | 1.28% |
| Canara Bank (02/02/2027) | 1.07% | 1.12% |
| Small Industries Dev Bank of India (28/01/2027) | 1.07% | 2.89% |
| 8.4% DLF Cyber City Developers Limited (18/06/2027) | 1.12% | 0.99% |
| 360 One Prime Limited (25/07/2028) (FRN) | 0.88% | 0.73% |
| 7.44% National Bank For Agriculture and Rural Development (24/02/2028) | 2.18% | 0.65% |
| Radhakrishna Securitisation Trust (28/09/2028) | 0.65% | 1.72% |
| Canara Bank (26/02/2027) | 2.67% | 0.64% |
| 7.8% National Bank For Agriculture and Rural Development (15/03/2027) | 0.55% | 2.00% |
| 7.53% National Bank For Agriculture and Rural Development (24/03/2028) | 0.55% | 2.45% |
| IndusInd Bank Limited (09/03/2027) | 0.53% | 0.95% |
| 7.62% National Bank For Agriculture and Rural Development (31/01/2028) | 4.37% | 0.49% |
| Small Industries Dev Bank of India (18/02/2027) | 3.20% | 0.48% |
| 7.05% Embassy Office Parks REIT (18/10/2026) | 0.44% | 0.95% |
| 8.8% 360 One Prime Limited (22/06/2028) | 1.74% | 0.33% |
| SBI - Corporate Debt Market Development Fund (CDMDF) - Class A2 | 0.39% | 0.33% |
| Bank of Baroda (05/02/2027) | 2.14% | 0.32% |
| Small Industries Dev Bank of India (04/02/2027) | 1.07% | 0.32% |
| HDFC Bank Limited (15/02/2027) | 0.41% | 0.32% |
| 7.70% National Bank For Agriculture and Rural Development (30/09/2027) | 0.22% | 0.66% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.0% means 14.0% 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 Axis Ultra Short to Short Term Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited (15/01/2027) | 3.76% |
| 7.96% Pipeline Infrastructure Private Limited (11/03/2027) | 2.26% |
| Bank of Baroda (04/02/2027) | 2.14% |
| Standard Chartered Capital Limited (26/02/2027) | 2.13% |
| AU Small Finance Bank Limited (09/03/2027) | 2.12% |
Largest holdings only in ICICI Prudential Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bills | 3.28% |
| Canara Bank | 3.03% |
| Punjab National Bank | 2.57% |
| Small Industries Development Bank Of India. | 2.30% |
| HDFC Bank Ltd. | 2.24% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Ultra Short to Short Term | ICICI Prudential Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 99.3% | 97.3% |
| Cash and others | 0.7% | 2.7% |
Axis Ultra Short to Short Term vs ICICI Prudential Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Ultra Short to Short Term Fund | ICICI Prudential Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.37% | 0.40% |
| Base expense ratio (Direct) | 0.30% | 0.34% |
| Total expense ratio (Regular) | 0.73% | 0.80% |
| Base expense ratio (Regular) | 0.60% | 0.68% |
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 Axis Ultra Short to Short Term with
Compare ICICI Prudential Ultra Short Term with
Axis Ultra Short to Short Term Fund vs ICICI Prudential Ultra Short Term Fund: Frequently Asked Questions
What is the difference between Axis Ultra Short to Short Term Fund and ICICI Prudential Ultra Short Term Fund?
Axis Ultra Short to Short Term Fund is a Low Duration fund, ICICI Prudential Ultra Short Term Fund is an Ultra Short fund, run by Axis Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 14.0%. Axis Ultra Short to Short Term Fund charges 0.37% a year and ICICI Prudential Ultra Short Term Fund 0.40%.
Which has given higher returns, Axis Ultra Short to Short Term Fund or ICICI Prudential Ultra Short Term Fund?
Over 1 year: Axis Ultra Short to Short Term Fund +5.94%, ICICI Prudential Ultra Short Term Fund +6.37%. Over 3 years: Axis Ultra Short to Short Term Fund +7.33% a year, ICICI Prudential Ultra Short Term Fund +7.31% a year. Over 5 years: Axis Ultra Short to Short Term Fund +6.70% a year, ICICI Prudential Ultra Short Term Fund +6.78% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Ultra Short to Short Term Fund or ICICI Prudential Ultra Short Term Fund?
Axis Ultra Short to Short Term Fund charges less: 0.37% a year against 0.40%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Ultra Short to Short Term Fund and ICICI Prudential Ultra Short Term Fund overlap?
14.0%. They hold 21 of the same securities, the largest shared ones being 4.04% Government of India (04/10/2028), Punjab National Bank (04/02/2027), Canara Bank (02/02/2027). From each fund's latest monthly portfolio.
Which is better for SIP, Axis Ultra Short to Short Term Fund or ICICI Prudential Ultra Short Term Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,30,235 in Axis Ultra Short to Short Term Fund (XIRR 7.0% a year) and ₹7,31,280 in ICICI Prudential Ultra Short Term Fund (XIRR 7.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Ultra Short to Short Term Fund and ICICI Prudential Ultra Short Term Fund?
Yes. 14.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Ultra Short to Short Term Fund and ICICI Prudential Ultra Short Term Fund?
Axis Ultra Short to Short Term Fund: Devang Shah, Aditya Pagaria. ICICI Prudential Ultra Short Term Fund: Ritesh Lunawat, Manish Banthia.
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.