Axis Ultra Short to Short Term Fund vs Mahindra Manulife Ultra Short To Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Ultra Short to Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund are both Low Duration funds. In the 3 years to 30-10-2026, Axis Ultra Short to Short Term Fund (Direct) returned 7.3% a year and Mahindra Manulife Ultra Short To Short Term Fund (Direct) returned 7.3% a year. Axis Ultra Short to Short Term Fund charges 0.37% a year and Mahindra Manulife Ultra Short To Short Term Fund 0.34% (Direct plans). Their portfolios overlap 4.4%: they hold 8 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
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, Axis Ultra Short to 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.
- Axis Ultra Short to Short Term returned more over 5 years: 6.7% a year against 6.7%.
- Axis Ultra Short to Short Term returned more over 3 years: 7.3% a year against 7.3%.
- Mahindra Manulife Ultra Short To Short Term costs less: 0.34% a year against 0.37% (Direct plans).
- Mahindra Manulife Ultra Short To Short Term swung less over 3 years: a standard deviation of 0.5% a year against 0.5%.
- Mahindra Manulife Ultra Short To Short Term fell less in its worst fall since 16-02-2017: −1.0% against −1.5%.
- Axis Ultra Short to Short Term is the larger fund: ₹4,563 Cr against ₹497 Cr.
- Their portfolios overlap 4.4%: 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 | Axis Ultra Short to Short Term Fund | Mahindra Manulife Ultra Short To Short Term Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Low Duration | Low Duration |
| AUM | ₹4,563 Cr (30-09-2026) | ₹497 Cr (30-09-2026) |
| NAV | ₹3,518.21 (Direct) | ₹1,900.94 (Direct) |
| Expense ratio (Direct) | 0.37% | 0.34% |
| Expense ratio (Regular) | 0.73% | 1.07% |
| Riskometer | Low to Moderate | Moderate |
| Benchmark | NIFTY Low Duration Debt Index A-I | CRISIL Low Duration Debt A-I Index |
| Launch date | 09-10-2009 | 15-02-2017 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Devang Shah, Aditya Pagaria | Rahul Pal, Amit Garg |
| Exit load | Nil | Nil |
Axis Ultra Short to 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 |
|---|---|---|---|---|---|---|---|
| Axis Ultra Short to Short Term Fund (Direct) | +0.22% | +1.19% | +3.03% | +5.94% | +7.33% | +6.70% | +6.99% |
| Mahindra Manulife Ultra Short To Short Term Fund (Direct) | +0.14% | +1.09% | +2.98% | +5.90% | +7.31% | +6.67% | -- |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | -- |
Category average: the average of the 25 Low Duration funds, same plan type.
Axis Ultra Short to Short Term vs Mahindra Manulife Ultra Short To Short Term: Year-wise Returns
| Year | AxisAxis Ultra Short to Short Term | Mahindra ManulifeMahindra Manulife Ultra Short To Short Term |
|---|---|---|
| 2026to date | +4.87% | +4.88% |
| 2025 | +7.84% | +7.74% |
| 2024 | +8.02% | +8.03% |
| 2023 | +7.37% | +7.50% |
| 2022 | +4.73% | +4.54% |
| 2021 | +4.05% | +3.98% |
Axis Ultra Short to 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, 1,629 of them, one for each trading day from 17-02-2020 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)
Mahindra Manulife Ultra Short To Short Term Fund (Direct)
to
Aug 2020Oct 2018
to
Oct 2021Dec 2019
to
Dec 2022Jan 2021
to
Jan 2024Mar 2022
to
Mar 2025Apr 2023
to
Apr 2026
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 | 6.9% | 7.1% | 5.1% | 8.4% |
| Mahindra Manulife Ultra Short To Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.9% | 5.0% | 8.1% |
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 16-02-2017. Past returns do not promise future returns.
Axis Ultra Short to 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 01-02-2017 to 30-10-2026: 117 instalments, ₹11,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Ultra Short to Short TermAxis Ultra Short to Short Term Fund (Direct) | ₹11,70,000 | ₹16,44,708 | ₹4,74,708 | 6.8% |
| Mahindra Manulife Ultra Short To Short TermMahindra Manulife Ultra Short To Short Term Fund (Direct) | ₹11,70,000 | ₹16,37,138 | ₹4,67,138 | 6.7% |
Axis Ultra Short to Short TermAxis Ultra Short to 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.
Axis Ultra Short to 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 | Axis Ultra Short to Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.94% | +5.90% |
| Standard deviation | 0.62% | 0.62% |
| Sharpe ratio | 1.12 | 1.06 |
| Sortino ratio | 1.67 | 1.58 |
| Maximum drawdown | −0.2% (21-05-2026) | −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 | Axis Ultra Short to Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.33% | +7.31% |
| Standard deviation | 0.49% | 0.49% |
| Sharpe ratio | 2.66 | 2.63 |
| Sortino ratio | 4.55 | 4.46 |
| Maximum drawdown | −0.2% (21-05-2026) | −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 | Axis Ultra Short to Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.70% | +6.67% |
| Standard deviation | 0.48% | 0.46% |
| Sharpe ratio | 1.88 | 1.89 |
| Sortino ratio | 2.93 | 3.00 |
| Maximum drawdown | −0.4% (06-05-2022) | −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 | Axis Ultra Short to Short Term Fund (Direct) | Mahindra Manulife Ultra Short To Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.60% | +6.84% |
| Standard deviation | 0.67% | 0.60% |
| Sharpe ratio | 2.32 | 2.45 |
| Sortino ratio | 4.41 | 4.67 |
| Maximum drawdown | −1.5% (24-03-2020) | −1.0% (24-03-2020) |
| 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)
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 |
|---|---|---|---|---|---|---|
| Axis Ultra Short to Short Term Fund (Direct) | −1.5% | 06-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Mahindra Manulife Ultra Short To Short Term Fund (Direct) | −1.0% | 09-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | −0.0% |
From daily values since 16-02-2017, 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)
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.
Axis Ultra Short to 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.
Axis Ultra Short to Short Term Fund (Direct)
Mahindra Manulife Ultra Short To Short Term Fund (Direct)
Axis Ultra Short to Short Term vs Mahindra Manulife Ultra Short To Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Ultra Short to Short Term Fund, September 2026; Mahindra Manulife Ultra Short To Short Term Fund, September 2026
Holdings in common
- Overlap
- 4.4%
- Held by both
- 8
- Only in Axis Ultra Short to Short Term
- 97
- Only in Mahindra Manulife Ultra Short To Short Term
- 31
| Security | % of Axis Ultra Short to Short Term | % of Mahindra Manulife Ultra Short To Short Term |
|---|---|---|
| 7.45% Power Finance Corporation Limited (15/07/2028) | 1.09% | 5.01% |
| 360 One Prime Limited (25/07/2028) (FRN) | 0.88% | 1.01% |
| 8.60% Muthoot Finance Limited (02/03/2028) | 0.87% | 2.01% |
| 7.9% LIC Housing Finance Limited (23/06/2027) | 0.44% | 1.01% |
| 8.75% Piramal Finance Limited (29/10/2027) | 0.44% | 1.01% |
| SBI - Corporate Debt Market Development Fund (CDMDF) - Class A2 | 0.39% | 0.37% |
| 7.70% National Bank For Agriculture and Rural Development (30/09/2027) | 0.22% | 2.01% |
| 7.74% LIC Housing Finance Limited (22/10/2027) | 0.11% | 4.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 4.4% means 4.4% 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 |
|---|---|
| 7.62% National Bank For Agriculture and Rural Development (31/01/2028) | 4.37% |
| 4.04% Government of India (04/10/2028) | 3.84% |
| HDFC Bank Limited (15/01/2027) | 3.76% |
| Small Industries Dev Bank of India (18/02/2027) | 3.20% |
| Canara Bank (26/02/2027) | 2.67% |
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 | Axis Ultra Short to Short Term | Mahindra Manulife Ultra Short To Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 99.3% | 96.5% |
| Cash and others | 0.7% | 3.5% |
Axis Ultra Short to 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 | Axis Ultra Short to Short Term Fund | Mahindra Manulife Ultra Short To Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.37% | 0.34% |
| Base expense ratio (Direct) | 0.30% | 0.29% |
| Total expense ratio (Regular) | 0.73% | 1.07% |
| Base expense ratio (Regular) | 0.60% | 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 Axis Ultra Short to 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 Kotak Ultra Short to Short Term
- Mahindra Manulife Ultra Short To Short Term vs Mirae Asset Ultra Short to Short Term
Axis Ultra Short to Short Term Fund vs Mahindra Manulife Ultra Short To Short Term Fund: Frequently Asked Questions
What is the difference between Axis Ultra Short to Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund?
Both are Low Duration funds, run by Axis Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 4.4%. Axis Ultra Short to Short Term Fund charges 0.37% a year and Mahindra Manulife Ultra Short To Short Term Fund 0.34%.
Which has given higher returns, Axis Ultra Short to Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
Over 1 year: Axis Ultra Short to Short Term Fund +5.94%, Mahindra Manulife Ultra Short To Short Term Fund +5.90%. Over 3 years: Axis Ultra Short to Short Term Fund +7.33% a year, Mahindra Manulife Ultra Short To Short Term Fund +7.31% a year. Over 5 years: Axis Ultra Short to Short Term Fund +6.70% 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, Axis Ultra Short to Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
Mahindra Manulife Ultra Short To Short Term Fund charges less: 0.34% a year against 0.37%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Ultra Short to Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund overlap?
4.4%. They hold 8 of the same securities, the largest shared ones being 7.45% Power Finance Corporation Limited (15/07/2028), 360 One Prime Limited (25/07/2028) (FRN), 8.60% Muthoot Finance Limited (02/03/2028). From each fund's latest monthly portfolio.
Which is riskier, Axis Ultra Short to Short Term Fund or Mahindra Manulife Ultra Short To Short Term Fund?
On SEBI's riskometer, Axis Ultra Short to Short Term Fund is rated Low to Moderate and Mahindra Manulife Ultra Short To Short Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.49% and 0.49% a year.
Which is better for SIP, Axis Ultra Short to 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 ₹7,30,235 in Axis Ultra Short to Short Term Fund (XIRR 7.0% 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 Axis Ultra Short to Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund?
Yes. 4.4% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Axis Ultra Short to Short Term Fund and Mahindra Manulife Ultra Short To Short Term Fund?
Axis Ultra Short to Short Term Fund: Devang Shah, Aditya Pagaria. 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.