Bandhan Ultra Short Term Fund vs HSBC Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Ultra Short Term Fund is an Ultra Short fund and HSBC Money Market Fund is a Money Market fund. In the 3 years to 30-10-2026, Bandhan Ultra Short Term Fund (Direct) returned 7.1% a year and HSBC Money Market Fund (Direct) returned 7.2% a year. Bandhan Ultra Short Term Fund charges 0.30% a year and HSBC Money Market Fund 0.15% (Direct plans). Their portfolios overlap 16.6%: they hold 12 of the same securities.
Bandhan Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.30%
- NAV
- ₹16.73
HSBC Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.15%
- NAV
- ₹30.10
Which is better, Bandhan Ultra Short Term or HSBC Money Market? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Money Market returned more over 3 years: 7.2% a year against 7.1%.
- Bandhan Ultra Short Term returned more over 1 year: 6.3% against 6.3%.
- HSBC Money Market costs less: 0.15% a year against 0.30% (Direct plans).
- Bandhan Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Bandhan Ultra Short Term fell less in its worst fall since 28-11-2022: −0.1% against −0.2%.
- HSBC Money Market is the larger fund: ₹6,382 Cr against ₹4,098 Cr.
- Their portfolios overlap 16.6%: 12 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 Ultra Short Term Fund | HSBC Money Market Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | HSBC Mutual Fund |
| Category | Ultra Short | Money Market |
| AUM | ₹4,098 Cr (30-09-2026) | ₹6,382 Cr (30-09-2026) |
| NAV | ₹16.73 (Direct) | ₹30.10 (Direct) |
| Expense ratio (Direct) | 0.30% | 0.15% |
| Expense ratio (Regular) | 0.49% | 0.35% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | NIFTY Ultra Short Duration Debt Index A-I | NIFTY Money Market Index A-I |
| Launch date | 18-07-2018 | 10-08-2005 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Harshal Joshi | Mahesh Chhabria, Abhishek Iyer |
| Exit load | Nil | Nil |
Bandhan Ultra Short Term vs HSBC Money Market: 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 Ultra Short Term Fund (Direct) | +0.33% | +1.44% | +3.20% | +6.31% | +7.08% | +6.50% | -- |
| HSBC Money Market Fund (Direct) | +0.33% | +1.50% | +3.30% | +6.30% | +7.23% | -- | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | -- | -- |
Category average: the average of the 26 Ultra Short funds and the 27 Money Market funds, same plan type.
Bandhan Ultra Short Term vs HSBC Money Market: Year-wise Returns
| Year | Bandhan Ultra Short TermBandhan Ultra Short Term | HSBC Money MarketHSBC Money Market |
|---|---|---|
| 2026to date | +5.26% | +5.22% |
| 2025 | +7.15% | +7.50% |
| 2024 | +7.64% | +7.77% |
| 2023 | +7.21% | +7.28% |
| 2022 | +4.59% | -- |
| 2021 | +3.46% | -- |
Bandhan Ultra Short Term vs HSBC Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 226 of them, one for each trading day from 28-11-2025 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 Ultra Short Term Fund (Direct)
HSBC Money Market Fund (Direct)
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 7.0% | 7.4% |
| HSBC Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.3% | 7.1% | 7.5% |
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 28-11-2022. Past returns do not promise future returns.
Bandhan Ultra Short Term vs HSBC Money Market: 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan Ultra Short TermBandhan Ultra Short Term Fund (Direct) | ₹4,80,000 | ₹5,51,836 | ₹71,836 | 6.9% |
| HSBC Money MarketHSBC Money Market Fund (Direct) | ₹4,80,000 | ₹5,53,188 | ₹73,188 | 7.1% |
Bandhan Ultra Short TermBandhan Ultra Short Term Fund (Direct)
HSBC Money MarketHSBC Money Market 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 Ultra Short Term vs HSBC Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Ultra Short Term Fund (Direct) | HSBC Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.31% | +6.30% |
| Standard deviation | 0.44% | 0.51% |
| Sharpe ratio | 2.41 | 2.05 |
| Sortino ratio | 3.98 | 3.26 |
| Maximum drawdown | −0.1% (22-05-2026) | −0.2% (22-05-2026) |
| 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 | Bandhan Ultra Short Term Fund (Direct) | HSBC Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.08% | +7.23% |
| Standard deviation | 0.37% | 0.42% |
| Sharpe ratio | 2.89 | 2.88 |
| Sortino ratio | 5.48 | 5.33 |
| Maximum drawdown | −0.1% (22-05-2026) | −0.2% (22-05-2026) |
| 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 | Bandhan Ultra Short Term Fund (Direct) | HSBC Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.40% | +7.25% |
| Standard deviation | 0.51% | 0.40% |
| Sharpe ratio | 2.20 | 2.68 |
| Sortino ratio | 4.43 | 5.07 |
| Maximum drawdown | −0.9% (24-03-2020) | −0.2% (22-05-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 19-07-2018 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 Ultra Short Term Fund (Direct)
HSBC Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Ultra Short Term Fund (Direct) | −0.1% | 19-05-2026 | 22-05-2026 | 29-05-2026 | 7 days | 0.0% |
| HSBC Money Market Fund (Direct) | −0.2% | 11-05-2026 | 22-05-2026 | 01-06-2026 | 10 days | 0.0% |
From daily values since 28-11-2022, 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 Ultra Short Term Fund (Direct)
HSBC Money Market 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 Ultra Short Term Fund (Direct)
HSBC Money Market Fund (Direct)
Bandhan Ultra Short Term vs HSBC Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Ultra Short Term Fund, September 2026; HSBC Money Market Fund, September 2026
Holdings in common
- Overlap
- 16.6%
- Held by both
- 12
- Only in Bandhan Ultra Short Term
- 57
- Only in HSBC Money Market
- 65
| Security | % of Bandhan Ultra Short Term | % of HSBC Money Market |
|---|---|---|
| Export Import Bank of India | 3.58% | 3.83% |
| Canara Bank | 5.97% | 1.92% |
| Punjab National Bank | 1.55% | 2.30% |
| HDFC Bank Limited | 1.44% | 2.31% |
| Axis Bank Limited | 1.20% | 1.92% |
| Punjab National Bank | 1.19% | 1.53% |
| National Bank For Agriculture and Rural Development | 1.18% | 2.66% |
| Export Import Bank of India | 1.18% | 1.52% |
| National Bank For Agriculture and Rural Development | 5.38% | 1.15% |
| Axis Bank Limited | 1.80% | 1.15% |
| Small Industries Dev Bank of India | 1.20% | 0.77% |
| Corporate Debt Market Development Fund Class A2 | 0.33% | 0.27% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.6% means 16.6% 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 Ultra Short Term Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited | 6.57% |
| 7.79% Small Industries Dev Bank of India | 4.89% |
| 91 Days Tbill (MD 01/10/2026) | 4.88% |
| 8.1% Tata Capital Housing Finance Limited | 4.77% |
| National Bank For Agriculture and Rural Development | 4.19% |
Largest holdings only in HSBC Money Market Fund
| Security | % of fund |
|---|---|
| Union Bank of India | 4.56% |
| Canara Bank | 3.43% |
| 182 Days Treasury Bill 26-Feb-2027 | 3.06% |
| Bank of Baroda | 3.06% |
| NABARD | 2.66% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Ultra Short Term | HSBC Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 95.5% | 112.5% |
| Cash and others | 4.5% | -12.5% |
Bandhan Ultra Short Term vs HSBC Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Ultra Short Term Fund | HSBC Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.30% | 0.15% |
| Base expense ratio (Direct) | 0.23% | 0.12% |
| Total expense ratio (Regular) | 0.49% | 0.35% |
| Base expense ratio (Regular) | 0.39% | 0.29% |
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 Ultra Short Term with
Bandhan Ultra Short Term Fund vs HSBC Money Market Fund: Frequently Asked Questions
What is the difference between Bandhan Ultra Short Term Fund and HSBC Money Market Fund?
Bandhan Ultra Short Term Fund is an Ultra Short fund, HSBC Money Market Fund is a Money Market fund, run by Bandhan Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 16.6%. Bandhan Ultra Short Term Fund charges 0.30% a year and HSBC Money Market Fund 0.15%.
Which has given higher returns, Bandhan Ultra Short Term Fund or HSBC Money Market Fund?
Over 1 year: Bandhan Ultra Short Term Fund +6.31%, HSBC Money Market Fund +6.30%. Over 3 years: Bandhan Ultra Short Term Fund +7.08% a year, HSBC Money Market Fund +7.23% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Ultra Short Term Fund or HSBC Money Market Fund?
HSBC Money Market Fund charges less: 0.15% a year against 0.30%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Ultra Short Term Fund and HSBC Money Market Fund overlap?
16.6%. They hold 12 of the same securities, the largest shared ones being Export Import Bank of India, Canara Bank, Punjab National Bank. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Ultra Short Term Fund or HSBC Money Market Fund?
On SEBI's riskometer, Bandhan Ultra Short Term Fund is rated Low to Moderate and HSBC Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.37% and 0.42% a year.
Which is better for SIP, Bandhan Ultra Short Term Fund or HSBC Money Market Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,213 in Bandhan Ultra Short Term Fund (XIRR 6.8% a year) and ₹4,11,996 in HSBC Money Market Fund (XIRR 6.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Bandhan Ultra Short Term Fund and HSBC Money Market Fund?
Yes. 16.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bandhan Ultra Short Term Fund and HSBC Money Market Fund?
Bandhan Ultra Short Term Fund: Harshal Joshi. HSBC Money Market Fund: Mahesh Chhabria, Abhishek Iyer.
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.