HDFC Money Market Fund vs HDFC Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Money Market Fund is a Money Market fund and HDFC Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, HDFC Money Market Fund (Direct) returned 7.3% a year and HDFC Ultra Short Term Fund (Direct) returned 7.1% a year. HDFC Money Market Fund charges 0.22% a year and HDFC Ultra Short Term Fund 0.39% (Direct plans). Their portfolios overlap 17.8%: they hold 26 of the same securities.
HDFC Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.22%
- NAV
- ₹6,341.47
HDFC Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.39%
- NAV
- ₹16.79
Which is better, HDFC Money Market or HDFC 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.
- HDFC Money Market returned more over 5 years: 6.8% a year against 6.6%.
- HDFC Money Market returned more over 3 years: 7.3% a year against 7.1%.
- HDFC Money Market costs less: 0.22% a year against 0.39% (Direct plans).
- HDFC Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- HDFC Ultra Short Term fell less in its worst fall since 25-09-2018: −1.0% against −1.4%.
- HDFC Money Market is the larger fund: ₹27,624 Cr against ₹15,675 Cr.
- Their portfolios overlap 17.8%: 26 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 | HDFC Money Market Fund | HDFC Ultra Short Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Money Market | Ultra Short |
| AUM | ₹27,624 Cr (30-09-2026) | ₹15,675 Cr (30-09-2026) |
| NAV | ₹6,341.47 (Direct) | ₹16.79 (Direct) |
| Expense ratio (Direct) | 0.22% | 0.39% |
| Expense ratio (Regular) | 0.41% | 0.71% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL Money Market A-I Index | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 18-11-1999 | 25-09-2018 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Praveen Jain, Gopal Agrawal | Anil Bamboli, Praveen Jain, Gopal Agrawal |
| Exit load | NIL | NIL |
HDFC Money Market vs HDFC 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 |
|---|---|---|---|---|---|---|---|
| HDFC Money Market Fund (Direct) | +0.31% | +1.47% | +3.28% | +6.35% | +7.30% | +6.75% | +6.74% |
| HDFC Ultra Short Term Fund (Direct) | +0.30% | +1.41% | +3.12% | +6.14% | +7.13% | +6.59% | -- |
| 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% | -- |
Category average: the average of the 27 Money Market funds and the 26 Ultra Short funds, same plan type.
HDFC Money Market vs HDFC Ultra Short Term: Year-wise Returns
| Year | Money MarketHDFC Money Market | Ultra Short TermHDFC Ultra Short Term |
|---|---|---|
| 2026to date | +5.28% | +5.09% |
| 2025 | +7.55% | +7.31% |
| 2024 | +7.84% | +7.80% |
| 2023 | +7.47% | +7.28% |
| 2022 | +4.93% | +4.81% |
| 2021 | +3.92% | +3.88% |
HDFC Money Market vs HDFC Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,234 of them, one for each trading day from 27-09-2021 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.
HDFC Money Market Fund (Direct)
HDFC Ultra Short Term Fund (Direct)
to
Feb 2022Jan 2020
to
Jan 2023Nov 2020
to
Nov 2023Sept 2021
to
Sept 2024Aug 2022
to
Aug 2025Jun 2023
to
Jun 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Money Market | 0.0 | 0.7 | 99.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.2% | 5.0% | 7.7% |
| HDFC Ultra Short Term | 0.0 | 0.9 | 99.1 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2% | 6.1% | 5.0% | 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 25-09-2018. Past returns do not promise future returns.
HDFC Money Market vs HDFC 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 03-09-2018 to 30-10-2026: 98 instalments, ₹9,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Money MarketHDFC Money Market Fund (Direct) | ₹9,80,000 | ₹12,93,602 | ₹3,13,602 | 6.7% |
| HDFC Ultra Short TermHDFC Ultra Short Term Fund (Direct) | ₹9,80,000 | ₹12,85,989 | ₹3,05,989 | 6.5% |
HDFC Money MarketHDFC Money Market Fund (Direct)
HDFC Ultra Short TermHDFC 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.
HDFC Money Market vs HDFC Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Money Market Fund (Direct) | HDFC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.35% | +6.14% |
| Standard deviation | 0.52% | 0.49% |
| Sharpe ratio | 2.11 | 1.84 |
| Sortino ratio | 3.37 | 2.90 |
| 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 | HDFC Money Market Fund (Direct) | HDFC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.30% | +7.13% |
| Standard deviation | 0.43% | 0.39% |
| Sharpe ratio | 3.00 | 2.81 |
| Sortino ratio | 5.59 | 5.18 |
| Maximum drawdown | −0.1% (22-05-2026) | −0.1% (08-07-2026) |
| 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 | HDFC Money Market Fund (Direct) | HDFC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.59% |
| Standard deviation | 0.40% | 0.37% |
| Sharpe ratio | 2.41 | 2.12 |
| Sortino ratio | 4.33 | 3.72 |
| Maximum drawdown | −0.2% (06-05-2022) | −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 | HDFC Money Market Fund (Direct) | HDFC Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.28% | +6.61% |
| Standard deviation | 0.55% | 0.56% |
| Sharpe ratio | 2.23 | 2.40 |
| Sortino ratio | 4.57 | 4.97 |
| Maximum drawdown | −1.4% (24-03-2020) | −1.0% (24-03-2020) |
| 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.
HDFC Money Market Fund (Direct)
HDFC Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Money Market Fund (Direct) | −1.4% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| HDFC Ultra Short Term Fund (Direct) | −1.0% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 25-09-2018, 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.
HDFC Money Market Fund (Direct)
HDFC 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.
HDFC Money Market Fund (Direct)
HDFC 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.
HDFC Money Market Fund (Direct)
HDFC Ultra Short Term Fund (Direct)
HDFC Money Market vs HDFC Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Money Market Fund, September 2026; HDFC Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 17.8%
- Held by both
- 26
- Only in HDFC Money Market
- 94
- Only in HDFC Ultra Short Term
- 102
| Security | % of HDFC Money Market | % of HDFC Ultra Short Term |
|---|---|---|
| Small Industries Development Bank | 3.40% | 2.40% |
| Indian Overseas Bank | 3.53% | 2.33% |
| Punjab National Bank | 1.77% | 2.34% |
| Yes Bank Ltd. | 1.76% | 3.11% |
| 182 Days TBILL MAT 180227 | 1.19% | 1.72% |
| TATA Capital Housing Finance Ltd. | 0.89% | 1.57% |
| National Bank for Agri & Rural Dev. | 0.72% | 1.55% |
| Small Industries Development Bank | 3.01% | 0.62% |
| National Bank for Agri & Rural Dev. | 2.57% | 0.62% |
| Punjab & Sind Bank | 2.02% | 0.62% |
| Kotak Mahindra Bank Limited | 0.49% | 1.55% |
| IIFL CAPITAL SERVICES LIMITED | 0.45% | 2.35% |
| National Bank for Financing Infrastructure and Development | 0.44% | 2.02% |
| Canara Bank | 0.44% | 1.25% |
| Muthoot Fincorp Limited | 0.80% | 0.43% |
| 182 Days TBILL MAT 19112026 | 0.66% | 0.41% |
| National Bank for Financing Infrastructure and Development | 0.35% | 8.67% |
| Corporate Debt Market Development Fund | 0.34% | 0.33% |
| National Bank for Agri & Rural Dev. | 2.48% | 0.31% |
| Bank of India | 1.59% | 0.31% |
| Aditya Birla Capital ltd. | 0.53% | 0.31% |
| IGH Holdings Private Limited | 0.26% | 0.46% |
| Yes Bank Ltd. | 0.18% | 0.31% |
| Canara Bank | 0.09% | 0.93% |
| Small Industries Development Bank | 0.09% | 1.21% |
| National Bank for Agri & Rural Dev. | 0.71% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.8% means 17.8% 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 HDFC Money Market Fund
| Security | % of fund |
|---|---|
| Indusind Bank Ltd. | 3.53% |
| 182 Days TBILL MAT 280127 | 2.49% |
| 182 Days TBILL MAT 040227 | 2.48% |
| Small Industries Development Bank | 2.30% |
| Punjab & Sind Bank | 2.29% |
Largest holdings only in HDFC Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 182 Days TBILL MAT 140127 | 3.77% |
| National Bank for Agri & Rural Dev. | 2.40% |
| Mindspace Business Parks REIT | 2.18% |
| Radhakrishna Securitisation Trust (Originator - Jamnagar Utilities & Power Private Limited) | 2.13% |
| National Bank for Agri & Rural Dev. | 1.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Money Market | HDFC Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 104.2% | 99.4% |
| Cash and others | -4.2% | 0.6% |
HDFC Money Market vs HDFC Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Money Market Fund | HDFC Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.22% | 0.39% |
| Base expense ratio (Direct) | 0.19% | 0.33% |
| Total expense ratio (Regular) | 0.41% | 0.71% |
| Base expense ratio (Regular) | 0.35% | 0.60% |
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 HDFC Money Market with
Compare HDFC Ultra Short Term with
HDFC Money Market Fund vs HDFC Ultra Short Term Fund: Frequently Asked Questions
What is the difference between HDFC Money Market Fund and HDFC Ultra Short Term Fund?
HDFC Money Market Fund is a Money Market fund, HDFC Ultra Short Term Fund is an Ultra Short fund, run by HDFC Mutual Fund. Their portfolios overlap 17.8%. HDFC Money Market Fund charges 0.22% a year and HDFC Ultra Short Term Fund 0.39%.
Which has given higher returns, HDFC Money Market Fund or HDFC Ultra Short Term Fund?
Over 1 year: HDFC Money Market Fund +6.35%, HDFC Ultra Short Term Fund +6.14%. Over 3 years: HDFC Money Market Fund +7.30% a year, HDFC Ultra Short Term Fund +7.13% a year. Over 5 years: HDFC Money Market Fund +6.75% a year, HDFC Ultra Short Term Fund +6.59% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Money Market Fund or HDFC Ultra Short Term Fund?
HDFC Money Market Fund charges less: 0.22% a year against 0.39%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Money Market Fund and HDFC Ultra Short Term Fund overlap?
17.8%. They hold 26 of the same securities, the largest shared ones being Small Industries Development Bank, Indian Overseas Bank, Punjab National Bank. From each fund's latest monthly portfolio.
Which is riskier, HDFC Money Market Fund or HDFC Ultra Short Term Fund?
On SEBI's riskometer, HDFC Money Market Fund is rated Moderate and HDFC Ultra Short Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.43% and 0.39% a year.
Which is better for SIP, HDFC Money Market Fund or HDFC 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 ₹7,31,174 in HDFC Money Market Fund (XIRR 7.1% a year) and ₹7,27,973 in HDFC Ultra Short Term Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Money Market Fund and HDFC Ultra Short Term Fund?
Yes. 17.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Money Market Fund and HDFC Ultra Short Term Fund?
HDFC Money Market Fund: Praveen Jain, Gopal Agrawal. HDFC Ultra Short Term Fund: Anil Bamboli, Praveen Jain, Gopal Agrawal.
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.