Franklin India Money Market Fund vs Franklin India Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India Money Market Fund is a Money Market fund and Franklin India Ultra Short Term Fund is an Ultra Short fund. In the year to 30-10-2026, Franklin India Money Market Fund (Direct) returned 6.4% and Franklin India Ultra Short Term Fund (Direct) returned 6.3%. Franklin India Money Market Fund charges 0.14% a year and Franklin India Ultra Short Term Fund 0.29% (Direct plans). Their portfolios overlap 13.3%: they hold 7 of the same securities.
Franklin India Money Market Fund
Money Market
- 1 year return
- 6.4%
- Expense ratio
- 0.14%
- NAV
- ₹56.43
Franklin India Ultra Short Term Fund
Ultra Short
- 1 year return
- 6.3%
- Expense ratio
- 0.29%
- NAV
- ₹11.60
Which is better, Franklin India Money Market or Franklin India 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.
- Franklin India Money Market returned more over 1 year: 6.4% against 6.3%.
- Franklin India Money Market costs less: 0.14% a year against 0.29% (Direct plans).
- Franklin India Ultra Short Term fell less in its worst fall since 29-08-2024: −0.1% against −0.1%.
- Franklin India Money Market is the larger fund: ₹3,887 Cr against ₹300 Cr.
- Their portfolios overlap 13.3%: 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 | Franklin India Money Market Fund | Franklin India Ultra Short Term Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Franklin Templeton Mutual Fund |
| Category | Money Market | Ultra Short |
| AUM | ₹3,887 Cr (30-09-2026) | ₹300 Cr (30-09-2026) |
| NAV | ₹56.43 (Direct) | ₹11.60 (Direct) |
| Expense ratio (Direct) | 0.14% | 0.29% |
| Expense ratio (Regular) | 0.30% | 0.72% |
| Riskometer | Not available | Not available |
| Benchmark | NIFTY Money Market Index A-I | Not available |
| Launch date | 11-02-2002 | Not available |
| Minimum investment | Retail Plan: 10000/1 | Not available |
| Lock in | None | Not available |
| Fund managers | Rohan Maru, Chandni Gupta, Rahul Goswami | Not available |
| Exit load | Nil | Not available |
Franklin India Money Market vs Franklin India 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 |
|---|---|---|---|---|---|---|---|
| Franklin India Money Market Fund (Direct) | +0.38% | +1.57% | +3.35% | +6.43% | +7.33% | +6.69% | +6.76% |
| Franklin India Ultra Short Term Fund (Direct) | +0.35% | +1.45% | +3.15% | +6.29% | -- | -- | -- |
| 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% | -- | -- | -- |
Category average: the average of the 27 Money Market funds and the 26 Ultra Short funds, same plan type.
Franklin India Money Market vs Franklin India Ultra Short Term: Year-wise Returns
| Year | Money MarketFranklin India Money Market | Ultra Short TermFranklin India Ultra Short Term |
|---|---|---|
| 2026to date | +5.34% | +5.24% |
| 2025 | +7.61% | +7.49% |
| 2024 | +7.83% | -- |
| 2023 | +7.44% | -- |
| 2022 | +4.59% | -- |
| 2021 | +3.75% | -- |
Franklin India Money Market vs Franklin India Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 282 of them, one for each trading day from 29-08-2025 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.
Franklin India Money Market Fund (Direct)
Franklin India Ultra Short Term Fund (Direct)
to
Oct 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin India Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 6.7% | 5.9% | 8.1% |
| Franklin India Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 6.9% | 6.3% | 7.9% |
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 29-08-2024. Past returns do not promise future returns.
Franklin India Money Market vs Franklin India 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 01-08-2024 to 30-10-2026: 27 instalments, ₹2,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India Money MarketFranklin India Money Market Fund (Direct) | ₹2,70,000 | ₹2,91,743 | ₹21,743 | 6.8% |
| Franklin India Ultra Short TermFranklin India Ultra Short Term Fund (Direct) | ₹2,70,000 | ₹2,91,313 | ₹21,313 | 6.7% |
Franklin India Money MarketFranklin India Money Market Fund (Direct)
Franklin India Ultra Short TermFranklin India 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.
Franklin India Money Market vs Franklin India Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Money Market Fund (Direct) | Franklin India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.29% |
| Standard deviation | 0.50% | 0.44% |
| Sharpe ratio | 2.37 | 2.36 |
| Sortino ratio | 3.86 | 3.85 |
| Maximum drawdown | −0.1% (22-05-2026) | −0.1% (08-07-2026) |
| 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 | Franklin India Money Market Fund (Direct) | Franklin India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.42% | +7.07% |
| Standard deviation | 0.61% | 0.41% |
| Sharpe ratio | 2.27 | 3.29 |
| Sortino ratio | 4.04 | 6.25 |
| Maximum drawdown | −1.2% (24-03-2020) | −0.1% (08-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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.
Franklin India Money Market Fund (Direct)
Franklin India Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Franklin India Money Market Fund (Direct) | −0.1% | 19-05-2026 | 22-05-2026 | 29-05-2026 | 7 days | 0.0% |
| Franklin India Ultra Short Term Fund (Direct) | −0.1% | 06-07-2026 | 08-07-2026 | 13-07-2026 | 5 days | 0.0% |
From daily values since 29-08-2024, 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.
Franklin India Money Market Fund (Direct)
Franklin India Ultra Short Term Fund (Direct)
Franklin India Money Market vs Franklin India Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Money Market Fund, September 2026; Franklin India Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 13.3%
- Held by both
- 7
- Only in Franklin India Money Market
- 32
- Only in Franklin India Ultra Short Term
- 9
| Security | % of Franklin India Money Market | % of Franklin India Ultra Short Term |
|---|---|---|
| National Bank For Agriculture & Rural Development (28-Jan-2027) | 3.77% | 8.16% |
| Credila Financial Services Ltd (01-Mar-2027) | 3.48% | 3.23% |
| Canara Bank (04-Mar-2027) | 1.88% | 8.11% |
| Piramal Finance Ltd (30-Oct-2026) | 6.78% | 1.66% |
| Small Industries Development Bank of India (28-Jan-2027) | 1.26% | 8.16% |
| Bank of Baroda (05-Mar-2027) | 1.25% | 8.11% |
| Corporate Debt Market Development Fund Class A2 | 0.29% | 0.29% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.3% means 13.3% 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 Franklin India Money Market Fund
| Security | % of fund |
|---|---|
| Bajaj Housing Finance Ltd (23-Feb-2027) | 7.51% |
| HDFC Bank Ltd (24-Feb-2027) | 6.26% |
| 7.67% Uttar Pradesh SDL (12-Apr-2027) | 5.23% |
| Qatar National Bank (Q.P.S.C) (11-Jan-2027) | 5.05% |
| IDBI Bank Ltd (11-Mar-2027) | 4.99% |
Largest holdings only in Franklin India Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 7.71% REC Ltd (26-Feb-2027) | 8.74% |
| 7.70% Sundaram Home Finance Ltd (26-Mar-2027) | 8.68% |
| 7.59% National Housing Bank (08-Sep-2027) | 8.53% |
| HDFC Bank Ltd (09-Mar-2027) | 8.10% |
| 0.00% Jubilant Bevco Ltd (31-May-2028) | 6.61% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Money Market | Franklin India Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.0% | 89.7% |
| Cash and others | 3.0% | 10.3% |
Franklin India Money Market vs Franklin India Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Money Market Fund | Franklin India Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.14% | 0.29% |
| Base expense ratio (Direct) | 0.12% | 0.24% |
| Total expense ratio (Regular) | 0.30% | 0.72% |
| Base expense ratio (Regular) | 0.26% | 0.61% |
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 Franklin India Money Market with
Compare Franklin India Ultra Short Term with
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- Franklin India Ultra Short Term vs Mirae Asset Ultra Short-Term
- Franklin India Ultra Short Term vs ICICI Prudential Ultra Short Term
Franklin India Money Market Fund vs Franklin India Ultra Short Term Fund: Frequently Asked Questions
What is the difference between Franklin India Money Market Fund and Franklin India Ultra Short Term Fund?
Franklin India Money Market Fund is a Money Market fund, Franklin India Ultra Short Term Fund is an Ultra Short fund, run by Franklin Templeton Mutual Fund. Their portfolios overlap 13.3%. Franklin India Money Market Fund charges 0.14% a year and Franklin India Ultra Short Term Fund 0.29%.
Which has given higher returns, Franklin India Money Market Fund or Franklin India Ultra Short Term Fund?
Over 1 year: Franklin India Money Market Fund +6.43%, Franklin India Ultra Short Term Fund +6.29%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Money Market Fund or Franklin India Ultra Short Term Fund?
Franklin India Money Market Fund charges less: 0.14% a year against 0.29%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Money Market Fund and Franklin India Ultra Short Term Fund overlap?
13.3%. They hold 7 of the same securities, the largest shared ones being National Bank For Agriculture & Rural Development (28-Jan-2027), Credila Financial Services Ltd (01-Mar-2027), Canara Bank (04-Mar-2027). From each fund's latest monthly portfolio.
Can I invest in both Franklin India Money Market Fund and Franklin India Ultra Short Term Fund?
Yes. 13.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.