Bank of India Ultra Short Term Fund vs Mirae Asset Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bank of India Ultra Short Term Fund is an Ultra Short fund and Mirae Asset Money Market Fund is a Money Market fund. In the 3 years to 30-10-2026, Bank of India Ultra Short Term Fund (Direct) returned 6.8% a year and Mirae Asset Money Market Fund (Direct) returned 7.3% a year. Bank of India Ultra Short Term Fund charges 0.42% a year and Mirae Asset Money Market Fund 0.11% (Direct plans). Their portfolios overlap 13.0%: they hold 7 of the same securities.
Bank of India Ultra Short Term Fund
Ultra Short
- 3 year return
- 6.8%
- Expense ratio
- 0.42%
- NAV
- ₹3,547.71
Mirae Asset Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.11%
- NAV
- ₹1,388.94
Which is better, Bank of India Ultra Short Term or Mirae Asset 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.
- Mirae Asset Money Market returned more over 5 years: 6.7% a year against 6.3%.
- Mirae Asset Money Market returned more over 3 years: 7.3% a year against 6.8%.
- Mirae Asset Money Market costs less: 0.11% a year against 0.42% (Direct plans).
- Bank of India Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Mirae Asset Money Market fell less in its worst fall since 12-08-2021: −0.1% against −0.2%.
- Mirae Asset Money Market is the larger fund: ₹2,452 Cr against ₹196 Cr.
- Their portfolios overlap 13.0%: 7 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 | Bank of India Ultra Short Term Fund | Mirae Asset Money Market Fund |
|---|---|---|
| Fund house | Bank of India Mutual Fund | Mirae Asset Mutual Fund |
| Category | Ultra Short | Money Market |
| AUM | ₹196 Cr (30-09-2026) | ₹2,452 Cr (30-09-2026) |
| NAV | ₹3,547.71 (Direct) | ₹1,388.94 (Direct) |
| Expense ratio (Direct) | 0.42% | 0.11% |
| Expense ratio (Regular) | 1.02% | 0.42% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | NIFTY Money Market Index A-I |
| Launch date | 16-07-2008 | 11-08-2021 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mithraem Bharucha | Pranavi Kulkarni |
| Exit load | NIL | NIL |
Bank of India Ultra Short Term vs Mirae Asset 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 |
|---|---|---|---|---|---|---|---|
| Bank of India Ultra Short Term Fund (Direct) | +0.29% | +1.36% | +3.08% | +6.24% | +6.83% | +6.26% | +6.43% |
| Mirae Asset Money Market Fund (Direct) | +0.32% | +1.49% | +3.29% | +6.26% | +7.31% | +6.65% | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | -- |
Category average: the average of the 26 Ultra Short funds and the 27 Money Market funds, same plan type.
Bank of India Ultra Short Term vs Mirae Asset Money Market: Year-wise Returns
| Year | Bank of India Ultra Short TermBank of India Ultra Short Term | Mirae Asset Money MarketMirae Asset Money Market |
|---|---|---|
| 2026to date | +5.20% | +5.18% |
| 2025 | +7.00% | +7.59% |
| 2024 | +7.19% | +7.89% |
| 2023 | +6.69% | +7.15% |
| 2022 | +4.56% | +4.76% |
| 2021 | +3.37% | -- |
Bank of India Ultra Short Term vs Mirae Asset Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 538 of them, one for each trading day from 12-08-2024 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.
Bank of India Ultra Short Term Fund (Direct)
Mirae Asset Money Market Fund (Direct)
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bank of India Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.9% | 5.6% | 7.0% |
| Mirae Asset Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.4% | 6.0% | 7.6% |
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 12-08-2021. Past returns do not promise future returns.
Bank of India Ultra Short Term vs Mirae Asset 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 02-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bank of India Ultra Short TermBank of India Ultra Short Term Fund (Direct) | ₹6,30,000 | ₹7,50,090 | ₹1,20,090 | 6.6% |
| Mirae Asset Money MarketMirae Asset Money Market Fund (Direct) | ₹6,30,000 | ₹7,57,810 | ₹1,27,810 | 7.0% |
Bank of India Ultra Short TermBank of India Ultra Short Term Fund (Direct)
Mirae Asset Money MarketMirae Asset 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.
Bank of India Ultra Short Term vs Mirae Asset Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bank of India Ultra Short Term Fund (Direct) | Mirae Asset Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.24% | +6.26% |
| Standard deviation | 0.47% | 0.53% |
| Sharpe ratio | 2.12 | 1.93 |
| Sortino ratio | 3.82 | 3.03 |
| Maximum drawdown | −0.1% (22-10-2026) | −0.1% (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 | Bank of India Ultra Short Term Fund (Direct) | Mirae Asset Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.83% | +7.31% |
| Standard deviation | 0.38% | 0.43% |
| Sharpe ratio | 2.15 | 3.01 |
| Sortino ratio | 4.12 | 5.54 |
| Maximum drawdown | −0.1% (22-10-2026) | −0.1% (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 | Bank of India Ultra Short Term Fund (Direct) | Mirae Asset Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.26% | +6.65% |
| Standard deviation | 0.36% | 0.38% |
| Sharpe ratio | 1.29 | 2.23 |
| Sortino ratio | 2.23 | 4.14 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.1% (22-05-2026) |
| 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 | Bank of India Ultra Short Term Fund (Direct) | Mirae Asset Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.24% | +6.50% |
| Standard deviation | 0.53% | 0.38% |
| Sharpe ratio | 2.27 | 2.14 |
| Sortino ratio | 3.94 | 3.97 |
| Maximum drawdown | −0.8% (24-03-2020) | −0.1% (22-05-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 03-01-2013 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.
Bank of India Ultra Short Term Fund (Direct)
Mirae Asset Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bank of India Ultra Short Term Fund (Direct) | −0.2% | 02-05-2022 | 06-05-2022 | 31-05-2022 | 25 days | 0.0% |
| Mirae Asset Money Market Fund (Direct) | −0.1% | 11-05-2026 | 22-05-2026 | 01-06-2026 | 10 days | 0.0% |
From daily values since 12-08-2021, 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.
Bank of India Ultra Short Term Fund (Direct)
Mirae Asset 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.
Bank of India Ultra Short Term Fund (Direct)
Mirae Asset Money Market 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.
Bank of India Ultra Short Term Fund (Direct)
Mirae Asset Money Market Fund (Direct)
Bank of India Ultra Short Term vs Mirae Asset Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Bank of India Ultra Short Term Fund, September 2026; Mirae Asset Money Market Fund, September 2026
Holdings in common
- Overlap
- 13.0%
- Held by both
- 7
- Only in Bank of India Ultra Short Term
- 17
- Only in Mirae Asset Money Market
- 45
| Security | % of Bank of India Ultra Short Term | % of Mirae Asset Money Market |
|---|---|---|
| National Bank For Agriculture and Rural Development (17/03/2027) | 5.44% | 6.92% |
| HDFC Bank Limited (24/02/2027) | 4.97% | 2.98% |
| Aditya Birla Housing Finance Limited (09/03/2027) | 4.95% | 1.98% |
| Axis Bank Limited (12/02/2027) | 4.98% | 0.99% |
| Small Industries Dev Bank of India (03/09/2027) | 0.95% | 1.91% |
| Punjab National Bank (12/03/2027) | 3.96% | 0.40% |
| Corporate Debt Market Development Fund | 0.26% | 0.42% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.0% means 13.0% 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 Bank of India Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Union Bank of India (12/03/2027) | 7.43% |
| 6.27% Power Finance Corporation Limited (15/07/2027) | 7.08% |
| Kotak Mahindra Bank Limited (21/12/2026) | 7.05% |
| 7.59% REC Limited (31/05/2027) | 6.12% |
| Bank of Baroda (11/12/2026) | 5.05% |
Largest holdings only in Mirae Asset Money Market Fund
| Security | % of fund |
|---|---|
| 364 Days Treasury Bills (MD 11/02/2027) | 11.98% |
| Kotak Mahindra Bank Ltd. (MD 05/03/2027) | 6.94% |
| Punjab National Bank (MD 04/03/2027) | 4.96% |
| Bajaj Auto Credit Ltd. (MD 22/02/2027) | 4.96% |
| 364 Days Treasury Bills (MD 19/02/2027) | 3.99% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bank of India Ultra Short Term | Mirae Asset Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 94.5% | 119.1% |
| Cash and others | 5.5% | -19.1% |
Bank of India Ultra Short Term vs Mirae Asset Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bank of India Ultra Short Term Fund | Mirae Asset Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.42% | 0.11% |
| Base expense ratio (Direct) | 0.34% | 0.09% |
| Total expense ratio (Regular) | 1.02% | 0.42% |
| Base expense ratio (Regular) | 0.85% | 0.35% |
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 Bank of India Ultra Short Term with
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Bank of India Ultra Short Term Fund vs Mirae Asset Money Market Fund: Frequently Asked Questions
What is the difference between Bank of India Ultra Short Term Fund and Mirae Asset Money Market Fund?
Bank of India Ultra Short Term Fund is an Ultra Short fund, Mirae Asset Money Market Fund is a Money Market fund, run by Bank of India Mutual Fund and Mirae Asset Mutual Fund. Their portfolios overlap 13.0%. Bank of India Ultra Short Term Fund charges 0.42% a year and Mirae Asset Money Market Fund 0.11%.
Which has given higher returns, Bank of India Ultra Short Term Fund or Mirae Asset Money Market Fund?
Over 1 year: Bank of India Ultra Short Term Fund +6.24%, Mirae Asset Money Market Fund +6.26%. Over 3 years: Bank of India Ultra Short Term Fund +6.83% a year, Mirae Asset Money Market Fund +7.31% a year. Over 5 years: Bank of India Ultra Short Term Fund +6.26% a year, Mirae Asset Money Market Fund +6.65% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bank of India Ultra Short Term Fund or Mirae Asset Money Market Fund?
Mirae Asset Money Market Fund charges less: 0.11% a year against 0.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bank of India Ultra Short Term Fund and Mirae Asset Money Market Fund overlap?
13.0%. They hold 7 of the same securities, the largest shared ones being National Bank For Agriculture and Rural Development (17/03/2027), HDFC Bank Limited (24/02/2027), Aditya Birla Housing Finance Limited (09/03/2027). From each fund's latest monthly portfolio.
Which is riskier, Bank of India Ultra Short Term Fund or Mirae Asset Money Market Fund?
On SEBI's riskometer, Bank of India Ultra Short Term Fund is rated Low to Moderate and Mirae Asset Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.38% and 0.43% a year.
Which is better for SIP, Bank of India Ultra Short Term Fund or Mirae Asset Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,22,840 in Bank of India Ultra Short Term Fund (XIRR 6.6% a year) and ₹7,30,071 in Mirae Asset Money Market Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bank of India Ultra Short Term Fund and Mirae Asset Money Market Fund?
Yes. 13.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bank of India Ultra Short Term Fund and Mirae Asset Money Market Fund?
Bank of India Ultra Short Term Fund: Mithraem Bharucha. Mirae Asset Money Market Fund: Pranavi Kulkarni.
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.