DSP Money Market Fund vs DSP Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Money Market Fund is a Money Market fund and DSP Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, DSP Money Market Fund (Direct) returned 7.2% a year and DSP Ultra Short Term Fund (Direct) returned 7.3% a year. DSP Money Market Fund charges 0.18% a year and DSP Ultra Short Term Fund 0.30% (Direct plans). Their portfolios overlap 24.7%: they hold 35 of the same securities.
DSP Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.18%
- NAV
- ₹58.98
DSP Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.3%
- Expense ratio
- 0.30%
- NAV
- ₹4,027.55
Which is better, DSP Money Market or DSP 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.
- DSP Ultra Short Term returned more over 5 years: 6.7% a year against 6.5%.
- DSP Ultra Short Term returned more over 3 years: 7.3% a year against 7.2%.
- DSP Money Market costs less: 0.18% a year against 0.30% (Direct plans).
- DSP Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- DSP Ultra Short Term fell less in its worst fall since 02-01-2013: −1.1% against −1.7%.
- DSP Money Market is the larger fund: ₹8,072 Cr against ₹4,425 Cr.
- Their portfolios overlap 24.7%: 35 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 | DSP Money Market Fund | DSP Ultra Short Term Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | DSP Mutual Fund |
| Category | Money Market | Ultra Short |
| AUM | ₹8,072 Cr (30-09-2026) | ₹4,425 Cr (30-09-2026) |
| NAV | ₹58.98 (Direct) | ₹4,027.55 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.30% |
| Expense ratio (Regular) | 0.40% | 1.01% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Money Market A-I Index | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 30-09-1999 | 31-07-2006 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Karan Mundhra, Shalini Vasanta | Shalini Vasanta, Karan Mundhra |
| Exit load | Nil | Nil |
DSP Money Market vs DSP 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 |
|---|---|---|---|---|---|---|---|
| DSP Money Market Fund (Direct) | +0.30% | +1.46% | +3.30% | +6.35% | +7.15% | +6.51% | +6.43% |
| DSP Ultra Short Term Fund (Direct) | +0.31% | +1.42% | +3.21% | +6.43% | +7.26% | +6.70% | +6.39% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 27 Money Market funds and the 26 Ultra Short funds, same plan type.
DSP Money Market vs DSP Ultra Short Term: Year-wise Returns
| Year | Money MarketDSP Money Market | Ultra Short TermDSP Ultra Short Term |
|---|---|---|
| 2026to date | +5.27% | +5.36% |
| 2025 | +7.27% | +7.47% |
| 2024 | +7.63% | +7.69% |
| 2023 | +7.43% | +7.46% |
| 2022 | +4.24% | +4.85% |
| 2021 | +3.88% | +3.60% |
DSP Money Market vs DSP Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,627 of them, one for each trading day from 04-01-2016 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.
DSP Money Market Fund (Direct)
DSP 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Money Market | 0.0 | 13.1 | 86.9 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.9% | 4.6% | 8.9% |
| DSP Ultra Short Term | 0.0 | 12.6 | 87.4 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 7.0% | 4.5% | 9.3% |
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 02-01-2013. Past returns do not promise future returns.
DSP Money Market vs DSP 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 |
|---|---|---|---|---|
| DSP Money MarketDSP Money Market Fund (Direct) | ₹16,60,000 | ₹26,68,526 | ₹10,08,526 | 6.6% |
| DSP Ultra Short TermDSP Ultra Short Term Fund (Direct) | ₹16,60,000 | ₹26,80,305 | ₹10,20,305 | 6.6% |
DSP Money MarketDSP Money Market Fund (Direct)
DSP Ultra Short TermDSP 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.
DSP Money Market vs DSP Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Money Market Fund (Direct) | DSP Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.35% | +6.43% |
| Standard deviation | 0.54% | 0.49% |
| Sharpe ratio | 2.04 | 2.43 |
| Sortino ratio | 3.29 | 3.95 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.1% (23-10-2026) |
| 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 | DSP Money Market Fund (Direct) | DSP Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.15% | +7.26% |
| Standard deviation | 0.42% | 0.39% |
| Sharpe ratio | 2.69 | 3.15 |
| Sortino ratio | 4.84 | 5.97 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.1% (23-10-2026) |
| 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 | DSP Money Market Fund (Direct) | DSP Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.51% | +6.70% |
| Standard deviation | 0.44% | 0.38% |
| Sharpe ratio | 1.62 | 2.38 |
| Sortino ratio | 2.42 | 4.33 |
| Maximum drawdown | −0.6% (13-05-2022) | −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 | DSP Money Market Fund (Direct) | DSP Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.98% | +7.10% |
| Standard deviation | 0.79% | 0.58% |
| Sharpe ratio | 1.18 | 1.83 |
| Sortino ratio | 2.45 | 2.53 |
| Maximum drawdown | −1.7% (24-03-2020) | −1.1% (18-12-2018) |
| 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.
DSP Money Market Fund (Direct)
DSP Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Money Market Fund (Direct) | −1.7% | 11-03-2020 | 24-03-2020 | 30-03-2020 | 6 days | 0.0% |
| DSP Ultra Short Term Fund (Direct) | −1.1% | 17-12-2018 | 18-12-2018 | 04-02-2019 | 48 days | 0.0% |
From daily values since 02-01-2013, 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.
DSP Money Market Fund (Direct)
DSP 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.
DSP Money Market Fund (Direct)
DSP 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.
DSP Money Market Fund (Direct)
DSP Ultra Short Term Fund (Direct)
DSP Money Market vs DSP Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Money Market Fund, September 2026; DSP Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 24.7%
- Held by both
- 35
- Only in DSP Money Market
- 78
- Only in DSP Ultra Short Term
- 57
| Security | % of DSP Money Market | % of DSP Ultra Short Term |
|---|---|---|
| Canara Bank | 2.11% | 4.94% |
| National Bank For Agriculture & Rural Development | 1.50% | 1.64% |
| Indian Bank | 1.18% | 1.61% |
| 364 DAYS T-BILL 03122026 | 2.21% | 1.12% |
| Export-Import Bank Of India | 2.41% | 1.10% |
| National Bank For Agriculture & Rural Development | 2.10% | 1.10% |
| Equitas Small Finance Bank Limited | 1.20% | 1.10% |
| Canara Bank | 1.50% | 1.09% |
| Kotak Mahindra Prime Limited | 1.47% | 1.07% |
| Punjab National Bank | 1.03% | 1.10% |
| 364 DAYS T-BILL 11032027 | 0.91% | 1.10% |
| Union Bank of India | 0.89% | 1.62% |
| Bajaj Finance Limited | 0.88% | 2.15% |
| IDFC First Bank Limited | 0.61% | 1.11% |
| IndusInd Bank Limited | 0.61% | 1.10% |
| Export-Import Bank Of India | 0.61% | 2.76% |
| HDFC Bank Limited | 0.60% | 1.65% |
| HDFC Bank Limited | 0.60% | 1.10% |
| National Bank For Agriculture & Rural Development | 0.60% | 2.21% |
| Punjab National Bank | 3.01% | 0.55% |
| Small Industries Development Bank of India | 1.81% | 0.55% |
| IDFC First Bank Limited | 1.69% | 0.55% |
| Bank of Baroda | 0.90% | 0.55% |
| Piramal Finance Limited | 0.90% | 0.55% |
| Infina Finance Pvt Limited | 1.15% | 0.53% |
| 7.52% Gujarat SDL 24052027 | 0.55% | 0.35% |
| 8.24% GOI 15022027 | 0.32% | 1.15% |
| HDFC Bank Limited | 0.30% | 1.10% |
| Bajaj Finance Limited | 0.30% | 0.55% |
| Small Industries Development Bank of India | 0.30% | 1.10% |
| Small Industries Development Bank of India | 0.29% | 0.53% |
| Indian Bank | 0.29% | 0.54% |
| Union Bank of India | 0.29% | 1.08% |
| SBI Funds Management Pvt Limited/Fund Parent | 0.30% | 0.26% |
| 7.08% Karnataka SDL 14122026 | 0.02% | 0.23% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 24.7% means 24.7% 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 DSP Money Market Fund
| Security | % of fund |
|---|---|
| Small Industries Development Bank of India | 3.02% |
| Panatone Finvest Limited | 2.73% |
| HDFC Bank Limited | 2.40% |
| Small Industries Development Bank of India | 2.33% |
| Kotak Mahindra Bank Limited | 1.81% |
Largest holdings only in DSP Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Small Industries Development Bank of India | 3.76% |
| Federal Bank Limited | 2.20% |
| 182 DAYS T-BILL 18032027 | 2.20% |
| HDFC Bank Limited | 2.20% |
| Export-Import Bank Of India | 2.19% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Money Market | DSP Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 102.9% | 100.2% |
| Cash and others | -2.9% | -0.2% |
DSP Money Market vs DSP Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Money Market Fund | DSP Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.30% |
| Base expense ratio (Direct) | 0.15% | 0.25% |
| Total expense ratio (Regular) | 0.40% | 1.01% |
| Base expense ratio (Regular) | 0.34% | 0.86% |
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 DSP Money Market with
DSP Money Market Fund vs DSP Ultra Short Term Fund: Frequently Asked Questions
What is the difference between DSP Money Market Fund and DSP Ultra Short Term Fund?
DSP Money Market Fund is a Money Market fund, DSP Ultra Short Term Fund is an Ultra Short fund, run by DSP Mutual Fund. Their portfolios overlap 24.7%. DSP Money Market Fund charges 0.18% a year and DSP Ultra Short Term Fund 0.30%.
Which has given higher returns, DSP Money Market Fund or DSP Ultra Short Term Fund?
Over 1 year: DSP Money Market Fund +6.35%, DSP Ultra Short Term Fund +6.43%. Over 3 years: DSP Money Market Fund +7.15% a year, DSP Ultra Short Term Fund +7.26% a year. Over 5 years: DSP Money Market Fund +6.51% a year, DSP Ultra Short Term Fund +6.70% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Money Market Fund or DSP Ultra Short Term Fund?
DSP Money Market Fund charges less: 0.18% a year against 0.30%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Money Market Fund and DSP Ultra Short Term Fund overlap?
24.7%. They hold 35 of the same securities, the largest shared ones being Canara Bank, National Bank For Agriculture & Rural Development, Indian Bank. From each fund's latest monthly portfolio.
Which is riskier, DSP Money Market Fund or DSP Ultra Short Term Fund?
On SEBI's riskometer, DSP Money Market Fund is rated Low to Moderate and DSP Ultra Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.42% and 0.39% a year.
Which is better for SIP, DSP Money Market Fund or DSP 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 ₹7,28,184 in DSP Money Market Fund (XIRR 6.9% a year) and ₹7,30,776 in DSP 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 DSP Money Market Fund and DSP Ultra Short Term Fund?
Yes. 24.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Money Market Fund and DSP Ultra Short Term Fund?
DSP Money Market Fund: Karan Mundhra, Shalini Vasanta. DSP Ultra Short Term Fund: Shalini Vasanta, Karan Mundhra.
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.