HDFC Money Market Fund vs SBI Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Money Market Fund and SBI Money Market Fund are both Money Market funds. In the 3 years to 30-10-2026, HDFC Money Market Fund (Direct) returned 7.3% a year and SBI Money Market Fund (Direct) returned 7.2% a year. HDFC Money Market Fund charges 0.22% a year and SBI Money Market Fund 0.26% (Direct plans). Their portfolios overlap 9.7%: they hold 18 of the same securities.
HDFC Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.22%
- NAV
- ₹6,341.47
SBI Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.26%
- NAV
- ₹48.30
Which is better, HDFC Money Market or SBI 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.
- HDFC Money Market returned more over 5 years: 6.8% a year against 6.7%.
- HDFC Money Market returned more over 3 years: 7.3% a year against 7.2%.
- HDFC Money Market costs less: 0.22% a year against 0.26% (Direct plans).
- SBI Money Market swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- SBI Money Market fell less in its worst fall since 04-01-2013: −1.0% against −1.4%.
- SBI Money Market is the larger fund: ₹27,850 Cr against ₹27,624 Cr.
- Their portfolios overlap 9.7%: 18 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 | SBI Money Market Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Money Market | Money Market |
| AUM | ₹27,624 Cr (30-09-2026) | ₹27,850 Cr (30-09-2026) |
| NAV | ₹6,341.47 (Direct) | ₹48.30 (Direct) |
| Expense ratio (Direct) | 0.22% | 0.26% |
| Expense ratio (Regular) | 0.41% | 0.63% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | CRISIL Money Market A-I Index | CRISIL Money Market A-I Index |
| Launch date | 18-11-1999 | 19-07-2004 |
| Minimum investment | ₹100 | ₹500 |
| Lock in | None | None |
| Fund managers | Praveen Jain, Gopal Agrawal | Rajeev Radhakrishnan |
| Exit load | NIL | Nil |
HDFC Money Market vs SBI 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 |
|---|---|---|---|---|---|---|---|
| HDFC Money Market Fund (Direct) | +0.31% | +1.47% | +3.28% | +6.35% | +7.30% | +6.75% | +6.74% |
| SBI Money Market Fund (Direct) | +0.32% | +1.47% | +3.23% | +6.21% | +7.23% | +6.69% | +6.75% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
Category average: the average of the 27 Money Market funds, same plan type.
HDFC Money Market vs SBI Money Market: Year-wise Returns
| Year | HDFCHDFC Money Market | SBISBI Money Market |
|---|---|---|
| 2026to date | +5.28% | +5.13% |
| 2025 | +7.55% | +7.51% |
| 2024 | +7.84% | +7.81% |
| 2023 | +7.47% | +7.45% |
| 2022 | +4.93% | +4.86% |
| 2021 | +3.92% | +3.86% |
HDFC Money Market vs SBI Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,759 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.
HDFC Money Market Fund (Direct)
SBI Money Market 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Money Market | 0.0 | 0.3 | 99.7 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.4% | 5.0% | 8.9% |
| SBI Money Market | 0.0 | 4.2 | 95.8 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.5% | 4.9% | 9.6% |
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 04-01-2013. Past returns do not promise future returns.
HDFC Money Market vs SBI 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Money MarketHDFC Money Market Fund (Direct) | ₹16,60,000 | ₹27,30,787 | ₹10,70,787 | 6.9% |
| SBI Money MarketSBI Money Market Fund (Direct) | ₹16,60,000 | ₹27,41,711 | ₹10,81,711 | 6.9% |
HDFC Money MarketHDFC Money Market Fund (Direct)
SBI Money MarketSBI 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.
HDFC Money Market vs SBI Money Market: 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) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.35% | +6.21% |
| Standard deviation | 0.52% | 0.51% |
| Sharpe ratio | 2.11 | 1.87 |
| Sortino ratio | 3.37 | 2.91 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | HDFC Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.30% | +7.23% |
| Standard deviation | 0.43% | 0.42% |
| Sharpe ratio | 3.00 | 2.88 |
| Sortino ratio | 5.59 | 5.27 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | HDFC Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.69% |
| Standard deviation | 0.40% | 0.40% |
| Sharpe ratio | 2.41 | 2.25 |
| Sortino ratio | 4.33 | 3.90 |
| 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 | HDFC Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.28% | +7.46% |
| Standard deviation | 0.55% | 0.50% |
| Sharpe ratio | 2.23 | 2.79 |
| Sortino ratio | 4.57 | 5.44 |
| 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)
SBI Money Market 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% |
| SBI Money Market Fund (Direct) | −1.0% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 04-01-2013, 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.
HDFC Money Market Fund (Direct)
SBI 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.
HDFC Money Market Fund (Direct)
SBI 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.
HDFC Money Market Fund (Direct)
SBI Money Market Fund (Direct)
HDFC Money Market vs SBI Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Money Market Fund, September 2026; SBI Money Market Fund, September 2026
Holdings in common
- Overlap
- 9.7%
- Held by both
- 18
- Only in HDFC Money Market
- 102
- Only in SBI Money Market
- 70
| Security | % of HDFC Money Market | % of SBI Money Market |
|---|---|---|
| 182 Days Tbill ISD 250626 MAT 241226 | 1.79% | 6.52% |
| National Bank for Agri & Rural Dev. | 2.57% | 1.05% |
| IDBI Bank Limited | 0.88% | 2.09% |
| National Bank for Agri & Rural Dev. | 0.72% | 1.32% |
| Punjab National Bank | 0.71% | 3.07% |
| Small Industries Development Bank | 2.30% | 0.70% |
| Axis Bank Ltd. | 0.70% | 1.05% |
| National Bank for Agri & Rural Dev. | 2.48% | 0.44% |
| Canara Bank | 0.44% | 1.23% |
| Canara Bank | 0.61% | 0.35% |
| LIC Housing Finance Ltd. | 0.35% | 4.03% |
| Muthoot Finance Ltd. | 0.35% | 0.70% |
| Corporate Debt Market Development Fund | 0.34% | 0.35% |
| Bank of Baroda | 0.27% | 0.71% |
| Small Industries Development Bank | 3.01% | 0.18% |
| National Bank for Agri & Rural Dev. | 0.71% | 0.18% |
| National Bank for Agri & Rural Dev. | 0.35% | 0.17% |
| Canara Bank | 0.09% | 1.20% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 9.7% means 9.7% 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 HDFC Money Market Fund
| Security | % of fund |
|---|---|
| Indusind Bank Ltd. | 3.53% |
| Indian Overseas Bank | 3.53% |
| Small Industries Development Bank | 3.40% |
| 182 Days TBILL MAT 280127 | 2.49% |
| 182 Days TBILL MAT 040227 | 2.48% |
Largest holdings only in SBI Money Market Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 5.22% |
| National Bank for Financing Infrastructure and Development | 5.06% |
| 182 DAY T-BILL 31.12.26 | 3.54% |
| Union Bank of India | 3.46% |
| Union Bank of India | 3.43% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Money Market | SBI Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 104.2% | 99.9% |
| Cash and others | -4.2% | 0.1% |
HDFC Money Market vs SBI Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Money Market Fund | SBI Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.22% | 0.26% |
| Base expense ratio (Direct) | 0.19% | 0.22% |
| Total expense ratio (Regular) | 0.41% | 0.63% |
| Base expense ratio (Regular) | 0.35% | 0.54% |
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
HDFC Money Market Fund vs SBI Money Market Fund: Frequently Asked Questions
What is the difference between HDFC Money Market Fund and SBI Money Market Fund?
Both are Money Market funds, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 9.7%. HDFC Money Market Fund charges 0.22% a year and SBI Money Market Fund 0.26%.
Which has given higher returns, HDFC Money Market Fund or SBI Money Market Fund?
Over 1 year: HDFC Money Market Fund +6.35%, SBI Money Market Fund +6.21%. Over 3 years: HDFC Money Market Fund +7.30% a year, SBI Money Market Fund +7.23% a year. Over 5 years: HDFC Money Market Fund +6.75% a year, SBI Money Market Fund +6.69% 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 SBI Money Market Fund?
HDFC Money Market Fund charges less: 0.22% a year against 0.26%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Money Market Fund and SBI Money Market Fund overlap?
9.7%. They hold 18 of the same securities, the largest shared ones being 182 Days Tbill ISD 250626 MAT 241226, National Bank for Agri & Rural Dev., IDBI Bank Limited. From each fund's latest monthly portfolio.
Which is riskier, HDFC Money Market Fund or SBI Money Market Fund?
On SEBI's riskometer, HDFC Money Market Fund is rated Moderate and SBI Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.43% and 0.42% a year.
Which is better for SIP, HDFC Money Market Fund or SBI Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,31,174 in HDFC Money Market Fund (XIRR 7.1% a year) and ₹7,29,802 in SBI Money Market Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Money Market Fund and SBI Money Market Fund?
Yes. 9.7% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Money Market Fund and SBI Money Market Fund?
HDFC Money Market Fund: Praveen Jain, Gopal Agrawal. SBI Money Market Fund: Rajeev Radhakrishnan.
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.