Bandhan Banking and PSU Debt Fund vs HSBC Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Banking and PSU Debt Fund is a Banking & PSU fund and HSBC Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, Bandhan Banking and PSU Debt Fund (Direct) returned 7.0% a year and HSBC Ultra Short Term Fund (Direct) returned 0.0% a year. Bandhan Banking and PSU Debt Fund charges 0.39% a year and HSBC Ultra Short Term Fund 0.18% (Direct plans). Their portfolios overlap 15.6%: they hold 11 of the same securities.
Bandhan Banking and PSU Debt Fund
Banking & PSU
- 3 year return
- 7.0%
- Expense ratio
- 0.39%
- NAV
- ₹27.16
HSBC Ultra Short Term Fund
Ultra Short
- 3 year return
- 0.0%
- Expense ratio
- 0.18%
- NAV
- ₹1,079.94
Which is better, Bandhan Banking and PSU Debt or HSBC 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.
- Bandhan Banking and PSU Debt returned more over 5 years: 6.2% a year against 0.4%.
- Bandhan Banking and PSU Debt returned more over 3 years: 7.0% a year against 0.0%.
- HSBC Ultra Short Term costs less: 0.18% a year against 0.39% (Direct plans).
- HSBC Ultra Short Term swung less over 3 years: a standard deviation of 0.1% a year against 0.9%.
- HSBC Ultra Short Term fell less in its worst fall since 30-01-2020: −1.0% against −3.3%.
- Bandhan Banking and PSU Debt is the larger fund: ₹11,893 Cr against ₹2,733 Cr.
- Their portfolios overlap 15.6%: 11 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 | Bandhan Banking and PSU Debt Fund | HSBC Ultra Short Term Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | HSBC Mutual Fund |
| Category | Banking & PSU | Ultra Short |
| AUM | ₹11,893 Cr (30-09-2026) | ₹2,733 Cr (30-09-2026) |
| NAV | ₹27.16 (Direct) | ₹1,079.94 (Direct) |
| Expense ratio (Direct) | 0.39% | 0.18% |
| Expense ratio (Regular) | 0.68% | 0.38% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | NIFTY Banking & PSU Debt Index A-II | NIFTY Ultra Short Duration Debt Index A-I |
| Launch date | 13-03-2013 | 29-01-2020 |
| Minimum investment | ₹1,000 | Rs. 5,000 per application |
| Lock in | None | None |
| Fund managers | Gautam Kaul, Suyash Choudhary | Mahesh Chhabria, Rahul Totla |
| Exit load | Nil | Exit Load : Nil |
Bandhan Banking and PSU Debt vs HSBC 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 |
|---|---|---|---|---|---|---|---|
| Bandhan Banking and PSU Debt Fund (Direct) | −0.01% | +0.57% | +3.03% | +5.08% | +7.00% | +6.24% | +7.14% |
| HSBC Ultra Short Term Fund (Direct) | 0.00% | 0.00% | +0.02% | 0.00% | 0.00% | +0.41% | -- |
| Banking & PSU average | −0.21% | +0.14% | +2.36% | +4.04% | +6.88% | +6.22% | +6.95% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
Category average: the average of the 19 Banking & PSU funds and the 26 Ultra Short funds, same plan type.
Bandhan Banking and PSU Debt vs HSBC Ultra Short Term: Year-wise Returns
| Year | Bandhan Banking and PSU DebtBandhan Banking and PSU Debt | HSBC Ultra Short TermHSBC Ultra Short Term |
|---|---|---|
| 2026to date | +4.28% | 0.00% |
| 2025 | +7.43% | 0.00% |
| 2024 | +7.91% | 0.00% |
| 2023 | +7.06% | 0.00% |
| 2022 | +3.93% | +1.35% |
| 2021 | +3.74% | +3.75% |
Bandhan Banking and PSU Debt vs HSBC Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 915 of them, one for each trading day from 30-01-2023 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.
Bandhan Banking and PSU Debt Fund (Direct)
HSBC Ultra Short Term Fund (Direct)
to
May 2023Jan 2021
to
Jan 2024Aug 2021
to
Aug 2024Apr 2022
to
Apr 2025Dec 2022
to
Dec 2025Jul 2023
to
Jul 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bandhan Banking and PSU Debt | 0.0 | 10.9 | 89.1 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.3% | 4.7% | 7.7% |
| HSBC Ultra Short Term | 10.9 | 89.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8% | 0.5% | −0.3% | 2.9% |
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 30-01-2020. Past returns do not promise future returns.
Bandhan Banking and PSU Debt vs HSBC 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 01-01-2020 to 30-10-2026: 82 instalments, ₹8,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan Banking and PSU DebtBandhan Banking and PSU Debt Fund (Direct) | ₹8,20,000 | ₹10,22,457 | ₹2,02,457 | 6.4% |
| HSBC Ultra Short TermHSBC Ultra Short Term Fund (Direct) | ₹8,20,000 | ₹8,32,799 | ₹12,799 | 0.4% |
Bandhan Banking and PSU DebtBandhan Banking and PSU Debt Fund (Direct)
HSBC Ultra Short TermHSBC 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.
Bandhan Banking and PSU Debt vs HSBC Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Banking and PSU Debt Fund (Direct) | HSBC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.08% | 0.00% |
| Standard deviation | 1.19% | 0.21% |
| Sharpe ratio | -0.14 | -24.69 |
| Sortino ratio | -0.22 | -13.62 |
| Maximum drawdown | −0.6% (21-05-2026) | −0.1% (22-10-2026) |
| 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 | Bandhan Banking and PSU Debt Fund (Direct) | HSBC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.00% | 0.00% |
| Standard deviation | 0.92% | 0.15% |
| Sharpe ratio | 1.06 | -41.46 |
| Sortino ratio | 1.65 | -15.05 |
| Maximum drawdown | −0.6% (21-05-2026) | −0.1% (22-10-2026) |
| 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 | Bandhan Banking and PSU Debt Fund (Direct) | HSBC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.24% | +0.41% |
| Standard deviation | 0.84% | 0.41% |
| Sharpe ratio | 0.53 | -13.07 |
| Sortino ratio | 0.78 | -10.22 |
| Maximum drawdown | −0.7% (13-05-2022) | −0.9% (22-10-2026) |
| 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 | Bandhan Banking and PSU Debt Fund (Direct) | HSBC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.59% | +1.14% |
| Standard deviation | 1.45% | 0.54% |
| Sharpe ratio | 1.08 | -7.38 |
| Sortino ratio | 1.86 | -8.15 |
| Maximum drawdown | −3.3% (23-03-2020) | −1.0% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 08-03-2013 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.
Bandhan Banking and PSU Debt Fund (Direct)
HSBC Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Banking and PSU Debt Fund (Direct) | −3.3% | 06-03-2020 | 23-03-2020 | 27-03-2020 | 4 days | −0.1% |
| HSBC Ultra Short Term Fund (Direct) | −1.0% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | −0.8% |
From daily values since 30-01-2020, 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.
Bandhan Banking and PSU Debt Fund (Direct)
HSBC 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.
Bandhan Banking and PSU Debt Fund (Direct)
HSBC 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.
Bandhan Banking and PSU Debt Fund (Direct)
HSBC Ultra Short Term Fund (Direct)
Bandhan Banking and PSU Debt vs HSBC Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Banking and PSU Debt Fund, September 2026; HSBC Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 15.6%
- Held by both
- 11
- Only in Bandhan Banking and PSU Debt
- 81
- Only in HSBC Ultra Short Term
- 31
| Security | % of Bandhan Banking and PSU Debt | % of HSBC Ultra Short Term |
|---|---|---|
| Punjab National Bank | 2.46% | 3.57% |
| Indian Bank | 2.26% | 4.47% |
| Export Import Bank of India | 2.06% | 1.79% |
| Axis Bank Limited | 2.46% | 1.78% |
| Axis Bank Limited | 1.65% | 4.49% |
| Bank of Baroda | 1.44% | 1.79% |
| Axis Bank Limited | 1.23% | 3.57% |
| 7.53% National Bank For Agriculture and Rural Development | 1.63% | 0.95% |
| ICICI Bank Limited | 1.02% | 0.89% |
| Bank of Baroda | 0.82% | 4.47% |
| Corporate Debt Market Development Fund Class A2 | 0.37% | 0.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 15.6% means 15.6% 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 Bandhan Banking and PSU Debt Fund
| Security | % of fund |
|---|---|
| Canara Bank | 4.11% |
| 6.45% ICICI Bank Limited | 3.34% |
| 7.7% HDFC Bank Limited | 3.31% |
| 8.24% Power Grid Corporation of India Limited | 3.17% |
| 7.37% Indian Railway Finance Corporation Limited | 2.96% |
Largest holdings only in HSBC Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bill 24-Dec-2026 | 6.32% |
| Bharti Telecom Limited | 3.89% |
| Bajaj Finance Limited | 3.78% |
| 364 Days Treasury Bill 26-Nov-2026 | 3.63% |
| HDFC Bank Limited | 3.59% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Banking and PSU Debt | HSBC Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 85.7% | 105.0% |
| Cash and others | 14.3% | -5.0% |
Bandhan Banking and PSU Debt vs HSBC Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Banking and PSU Debt Fund | HSBC Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.39% | 0.18% |
| Base expense ratio (Direct) | 0.32% | 0.14% |
| Total expense ratio (Regular) | 0.68% | 0.38% |
| Base expense ratio (Regular) | 0.57% | 0.31% |
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 Bandhan Banking and PSU Debt with
Compare HSBC Ultra Short Term with
Bandhan Banking and PSU Debt Fund vs HSBC Ultra Short Term Fund: Frequently Asked Questions
What is the difference between Bandhan Banking and PSU Debt Fund and HSBC Ultra Short Term Fund?
Bandhan Banking and PSU Debt Fund is a Banking & PSU fund, HSBC Ultra Short Term Fund is an Ultra Short fund, run by Bandhan Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 15.6%. Bandhan Banking and PSU Debt Fund charges 0.39% a year and HSBC Ultra Short Term Fund 0.18%.
Which has given higher returns, Bandhan Banking and PSU Debt Fund or HSBC Ultra Short Term Fund?
Over 1 year: Bandhan Banking and PSU Debt Fund +5.08%, HSBC Ultra Short Term Fund 0.00%. Over 3 years: Bandhan Banking and PSU Debt Fund +7.00% a year, HSBC Ultra Short Term Fund 0.00% a year. Over 5 years: Bandhan Banking and PSU Debt Fund +6.24% a year, HSBC Ultra Short Term Fund +0.41% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Banking and PSU Debt Fund or HSBC Ultra Short Term Fund?
HSBC Ultra Short Term Fund charges less: 0.18% a year against 0.39%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Banking and PSU Debt Fund and HSBC Ultra Short Term Fund overlap?
15.6%. They hold 11 of the same securities, the largest shared ones being Punjab National Bank, Indian Bank, Export Import Bank of India. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Banking and PSU Debt Fund or HSBC Ultra Short Term Fund?
On SEBI's riskometer, Bandhan Banking and PSU Debt Fund is rated Low to Moderate and HSBC Ultra Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.92% and 0.15% a year.
Which is better for SIP, Bandhan Banking and PSU Debt Fund or HSBC 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 ₹7,21,694 in Bandhan Banking and PSU Debt Fund (XIRR 6.6% a year) and ₹6,10,883 in HSBC Ultra Short Term Fund (XIRR 0.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bandhan Banking and PSU Debt Fund and HSBC Ultra Short Term Fund?
Yes. 15.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bandhan Banking and PSU Debt Fund and HSBC Ultra Short Term Fund?
Bandhan Banking and PSU Debt Fund: Gautam Kaul, Suyash Choudhary. HSBC Ultra Short Term Fund: Mahesh Chhabria, Rahul Totla.
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.