DSP Ultra Short Term Fund vs DSP Ultra Short to Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Ultra Short Term Fund is an Ultra Short fund and DSP Ultra Short to Short Term Fund is a Low Duration fund. In the 3 years to 30-10-2026, DSP Ultra Short Term Fund (Direct) returned 7.3% a year and DSP Ultra Short to Short Term Fund (Direct) returned 7.0% a year. DSP Ultra Short Term Fund charges 0.30% a year and DSP Ultra Short to Short Term Fund 0.31% (Direct plans). Their portfolios overlap 24.8%: they hold 28 of the same securities.
DSP Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.3%
- Expense ratio
- 0.30%
- NAV
- ₹4,027.55
DSP Ultra Short to Short Term Fund
Low Duration
- 3 year return
- 7.0%
- Expense ratio
- 0.31%
- NAV
- ₹22.09
Which is better, DSP Ultra Short Term or DSP 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.
- DSP Ultra Short Term returned more over 5 years: 6.7% a year against 6.4%.
- DSP Ultra Short Term returned more over 3 years: 7.3% a year against 7.0%.
- DSP Ultra Short Term costs less: 0.30% a year against 0.31% (Direct plans).
- DSP Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.5%.
- DSP Ultra Short Term fell less in its worst fall since 11-03-2015: −1.1% against −1.5%.
- DSP Ultra Short to Short Term is the larger fund: ₹4,455 Cr against ₹4,425 Cr.
- Their portfolios overlap 24.8%: 28 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 Ultra Short Term Fund | DSP Ultra Short to Short Term Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | DSP Mutual Fund |
| Category | Ultra Short | Low Duration |
| AUM | ₹4,425 Cr (30-09-2026) | ₹4,455 Cr (30-09-2026) |
| NAV | ₹4,027.55 (Direct) | ₹22.09 (Direct) |
| Expense ratio (Direct) | 0.30% | 0.31% |
| Expense ratio (Regular) | 1.01% | 0.63% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | NIFTY Low Duration Debt Index A-I |
| Launch date | 31-07-2006 | 10-03-2015 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Shalini Vasanta, Karan Mundhra | Karan Mundhra, Shalini Vasanta |
| Exit load | Nil | Nil |
DSP Ultra Short Term vs DSP 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 |
|---|---|---|---|---|---|---|---|
| DSP Ultra Short Term Fund (Direct) | +0.31% | +1.42% | +3.21% | +6.43% | +7.26% | +6.70% | +6.39% |
| DSP Ultra Short to Short Term Fund (Direct) | +0.10% | +0.97% | +2.78% | +5.47% | +6.98% | +6.42% | +6.70% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | +6.73% |
Category average: the average of the 26 Ultra Short funds and the 25 Low Duration funds, same plan type.
DSP Ultra Short Term vs DSP Ultra Short to Short Term: Year-wise Returns
| Year | TermDSP Ultra Short Term | to Short TermDSP Ultra Short to Short Term |
|---|---|---|
| 2026to date | +5.36% | +4.51% |
| 2025 | +7.47% | +7.46% |
| 2024 | +7.69% | +7.75% |
| 2023 | +7.46% | +7.24% |
| 2022 | +4.85% | +4.51% |
| 2021 | +3.60% | +3.76% |
DSP Ultra Short Term vs DSP Ultra Short to Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,097 of them, one for each trading day from 12-03-2018 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 Ultra Short Term Fund (Direct)
DSP Ultra Short to Short Term Fund (Direct)
to
Nov 2018May 2017
to
May 2020Oct 2018
to
Oct 2021Apr 2020
to
Apr 2023Oct 2021
to
Oct 2024Feb 2023
to
Feb 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Ultra Short Term | 0.0 | 15.8 | 84.2 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.7% | 4.5% | 7.8% |
| DSP Ultra Short to Short Term | 0.0 | 5.6 | 94.4 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 7.2% | 4.8% | 8.2% |
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 11-03-2015. Past returns do not promise future returns.
DSP Ultra Short Term vs DSP 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 02-03-2015 to 30-10-2026: 140 instalments, ₹14,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Ultra Short TermDSP Ultra Short Term Fund (Direct) | ₹14,00,000 | ₹20,68,497 | ₹6,68,497 | 6.5% |
| DSP Ultra Short to Short TermDSP Ultra Short to Short Term Fund (Direct) | ₹14,00,000 | ₹20,88,461 | ₹6,88,461 | 6.6% |
DSP Ultra Short TermDSP Ultra Short Term Fund (Direct)
DSP Ultra Short to Short TermDSP 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.
DSP Ultra Short Term vs DSP 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 | DSP Ultra Short Term Fund (Direct) | DSP Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +5.47% |
| Standard deviation | 0.49% | 0.66% |
| Sharpe ratio | 2.43 | 0.34 |
| Sortino ratio | 3.95 | 0.49 |
| Maximum drawdown | −0.1% (23-10-2026) | −0.3% (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 | DSP Ultra Short Term Fund (Direct) | DSP Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.26% | +6.98% |
| Standard deviation | 0.39% | 0.50% |
| Sharpe ratio | 3.15 | 1.90 |
| Sortino ratio | 5.97 | 3.07 |
| Maximum drawdown | −0.1% (23-10-2026) | −0.3% (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 | DSP Ultra Short Term Fund (Direct) | DSP Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.70% | +6.42% |
| Standard deviation | 0.38% | 0.47% |
| Sharpe ratio | 2.38 | 1.31 |
| Sortino ratio | 4.33 | 2.03 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.3% (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 Ultra Short Term Fund (Direct) | DSP Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.10% | +7.03% |
| Standard deviation | 0.58% | 0.92% |
| Sharpe ratio | 1.83 | 1.54 |
| Sortino ratio | 2.53 | 2.44 |
| Maximum drawdown | −1.1% (18-12-2018) | −1.5% (04-06-2019) |
| 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 Ultra Short Term Fund (Direct)
DSP 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 |
|---|---|---|---|---|---|---|
| DSP Ultra Short Term Fund (Direct) | −1.1% | 17-12-2018 | 18-12-2018 | 04-02-2019 | 48 days | 0.0% |
| DSP Ultra Short to Short Term Fund (Direct) | −1.5% | 03-06-2019 | 04-06-2019 | 03-07-2019 | 29 days | −0.0% |
From daily values since 11-03-2015, 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 Ultra Short Term Fund (Direct)
DSP 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.
DSP Ultra Short Term Fund (Direct)
DSP 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.
DSP Ultra Short Term Fund (Direct)
DSP Ultra Short to Short Term Fund (Direct)
DSP Ultra Short Term vs DSP Ultra Short to Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Ultra Short Term Fund, September 2026; DSP Ultra Short to Short Term Fund, September 2026
Holdings in common
- Overlap
- 24.8%
- Held by both
- 28
- Only in DSP Ultra Short Term
- 64
- Only in DSP Ultra Short to Short Term
- 66
| Security | % of DSP Ultra Short Term | % of DSP Ultra Short to Short Term |
|---|---|---|
| Export-Import Bank Of India | 2.19% | 2.18% |
| 6.38% Maharashtra SDL 25082027 | 1.71% | 3.39% |
| HDFC Bank Limited | 1.65% | 1.63% |
| National Bank For Agriculture & Rural Development | 2.04% | 1.35% |
| Bajaj Housing Finance Limited | 1.17% | 1.16% |
| LIC Housing Finance Limited | 1.96% | 1.15% |
| HDFC Bank Limited | 1.66% | 1.10% |
| Export-Import Bank Of India | 1.10% | 1.64% |
| Canara Bank | 4.94% | 1.09% |
| HDFC Bank Limited | 2.20% | 1.09% |
| HDFC Bank Limited | 1.10% | 1.09% |
| Union Bank of India | 1.62% | 1.08% |
| Bajaj Finance Limited | 2.15% | 1.07% |
| Union Bank of India | 1.08% | 1.07% |
| National Bank For Agriculture & Rural Development | 0.59% | 0.59% |
| Bajaj Housing Finance Limited | 0.58% | 2.29% |
| REC Limited | 0.58% | 1.16% |
| LIC Housing Finance Limited | 0.58% | 0.58% |
| 8.24% GOI 15022027 | 1.15% | 0.57% |
| National Bank For Agriculture & Rural Development | 0.56% | 1.46% |
| Canara Bank | 1.09% | 0.54% |
| Indian Bank | 0.54% | 1.07% |
| Indian Bank | 1.61% | 0.53% |
| Small Industries Development Bank of India | 0.53% | 0.53% |
| 364 DAYS T-BILL 11032027 | 1.10% | 0.44% |
| Tata Capital Housing Finance Limited | 1.17% | 0.35% |
| Punjab National Bank | 1.10% | 0.33% |
| SBI Funds Management Pvt Limited/Fund Parent | 0.26% | 0.41% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 24.8% means 24.8% 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 Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Small Industries Development Bank of India | 3.76% |
| Export-Import Bank Of India | 2.76% |
| National Bank For Agriculture & Rural Development | 2.21% |
| Federal Bank Limited | 2.20% |
| 182 DAYS T-BILL 18032027 | 2.20% |
Largest holdings only in DSP Ultra Short to Short Term Fund
| Security | % of fund |
|---|---|
| Bharti Telecom Limited | 4.05% |
| National Bank For Agriculture & Rural Development | 2.92% |
| Small Industries Development Bank Of India | 2.88% |
| REC Limited | 2.85% |
| REC Limited | 2.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Ultra Short Term | DSP Ultra Short to Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 100.2% | 99.3% |
| Cash and others | -0.2% | 0.7% |
DSP Ultra Short Term vs DSP Ultra Short to Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Ultra Short Term Fund | DSP Ultra Short to Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.30% | 0.31% |
| Base expense ratio (Direct) | 0.25% | 0.25% |
| Total expense ratio (Regular) | 1.01% | 0.63% |
| Base expense ratio (Regular) | 0.86% | 0.52% |
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 Ultra Short Term with
Compare DSP Ultra Short to Short Term with
- DSP Ultra Short to Short Term vs HSBC Ultra Short to Short Term
- DSP Ultra Short to Short Term vs Nippon India Ultra Short to Short Term
- DSP Ultra Short to Short Term vs Axis Ultra Short to Short Term
- DSP Ultra Short to Short Term vs Kotak Ultra Short to Short Term
- DSP Ultra Short to Short Term vs Mirae Asset Ultra Short to Short Term
DSP Ultra Short Term Fund vs DSP Ultra Short to Short Term Fund: Frequently Asked Questions
What is the difference between DSP Ultra Short Term Fund and DSP Ultra Short to Short Term Fund?
DSP Ultra Short Term Fund is an Ultra Short fund, DSP Ultra Short to Short Term Fund is a Low Duration fund, run by DSP Mutual Fund. Their portfolios overlap 24.8%. DSP Ultra Short Term Fund charges 0.30% a year and DSP Ultra Short to Short Term Fund 0.31%.
Which has given higher returns, DSP Ultra Short Term Fund or DSP Ultra Short to Short Term Fund?
Over 1 year: DSP Ultra Short Term Fund +6.43%, DSP Ultra Short to Short Term Fund +5.47%. Over 3 years: DSP Ultra Short Term Fund +7.26% a year, DSP Ultra Short to Short Term Fund +6.98% a year. Over 5 years: DSP Ultra Short Term Fund +6.70% a year, DSP Ultra Short to Short Term Fund +6.42% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Ultra Short Term Fund or DSP Ultra Short to Short Term Fund?
DSP Ultra Short Term Fund charges less: 0.30% a year against 0.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Ultra Short Term Fund and DSP Ultra Short to Short Term Fund overlap?
24.8%. They hold 28 of the same securities, the largest shared ones being Export-Import Bank Of India, 6.38% Maharashtra SDL 25082027, HDFC Bank Limited. From each fund's latest monthly portfolio.
Which is riskier, DSP Ultra Short Term Fund or DSP Ultra Short to Short Term Fund?
On SEBI's riskometer, DSP Ultra Short Term Fund is rated Low to Moderate and DSP Ultra Short to Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.39% and 0.50% a year.
Which is better for SIP, DSP Ultra Short Term Fund or DSP 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 ₹7,30,776 in DSP Ultra Short Term Fund (XIRR 7.1% a year) and ₹7,24,108 in DSP Ultra Short to Short Term Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Ultra Short Term Fund and DSP Ultra Short to Short Term Fund?
Yes. 24.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Ultra Short Term Fund and DSP Ultra Short to Short Term Fund?
DSP Ultra Short Term Fund: Shalini Vasanta, Karan Mundhra. DSP Ultra Short to Short Term Fund: Karan Mundhra, Shalini Vasanta.
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.