HDFC Overnight Fund vs Nippon India Overnight Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Overnight Fund and Nippon India Overnight Fund are both Overnight funds. In the 3 years to 30-10-2026, HDFC Overnight Fund (Direct) returned 6.0% a year and Nippon India Overnight Fund (Direct) returned 6.0% a year. HDFC Overnight Fund charges 0.11% a year and Nippon India Overnight Fund 0.10% (Direct plans). Their portfolios overlap 4.2%: they hold 3 of the same securities.
Nippon India Overnight Fund
Overnight
- 3 year return
- 6.0%
- Expense ratio
- 0.10%
- NAV
- ₹149.08
Which is better, HDFC Overnight or Nippon India Overnight? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Overnight returned more over 5 years: 5.8% a year against 5.7%.
- Nippon India Overnight returned more over 3 years: 6.0% a year against 6.0%.
- Nippon India Overnight costs less: 0.10% a year against 0.11% (Direct plans).
- HDFC Overnight swung less over 3 years: a standard deviation of 0.0% a year against 0.0%.
- HDFC Overnight is the larger fund: ₹10,342 Cr against ₹6,791 Cr.
- Their portfolios overlap 4.2%: 3 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 Overnight Fund | Nippon India Overnight Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Nippon India Mutual Fund |
| Category | Overnight | Overnight |
| AUM | ₹10,342 Cr (30-09-2026) | ₹6,791 Cr (30-09-2026) |
| NAV | ₹4,112.82 (Direct) | ₹149.08 (Direct) |
| Expense ratio (Direct) | 0.11% | 0.10% |
| Expense ratio (Regular) | 0.21% | 0.17% |
| Riskometer | Low | Low |
| Benchmark | CRISIL Liquid Overnight Index | CRISIL Liquid Overnight Index |
| Launch date | 06-02-2002 | 18-12-2018 |
| Minimum investment | Growth Option- Rs.100 Daily IDCW Option- Rs. 10,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Swapnil Jangam, Rohan Pillai | Vikash Agarwal |
| Exit load | NIL | Nil |
HDFC Overnight vs Nippon India Overnight: 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 Overnight Fund (Direct) | +0.44% | +1.28% | +2.58% | +5.22% | +5.97% | +5.72% | +5.34% |
| Nippon India Overnight Fund (Direct) | +0.45% | +1.30% | +2.61% | +5.27% | +6.04% | +5.79% | -- |
| Overnight average | +0.45% | +1.28% | +2.59% | +5.22% | +5.99% | +5.75% | -- |
Category average: the average of the 40 Overnight funds, same plan type.
HDFC Overnight vs Nippon India Overnight: Year-wise Returns
| Year | HDFCHDFC Overnight | Nippon IndiaNippon India Overnight |
|---|---|---|
| 2026to date | +4.30% | +4.33% |
| 2025 | +5.76% | +5.85% |
| 2024 | +6.66% | +6.74% |
| 2023 | +6.65% | +6.72% |
| 2022 | +4.66% | +4.73% |
| 2021 | +3.17% | +3.19% |
HDFC Overnight vs Nippon India Overnight: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,731 of them, one for each trading day from 19-12-2021 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 Overnight Fund (Direct)
Nippon India Overnight Fund (Direct)
to
May 2022Mar 2020
to
Mar 2023Jan 2021
to
Jan 2024Oct 2021
to
Oct 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 Overnight | 0.0 | 43.6 | 56.4 | 0.0 | 0.0 | 0.0 | 0.0 | 5.2% | 5.4% | 3.6% | 6.4% |
| Nippon India Overnight | 0.0 | 42.7 | 57.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.2% | 5.4% | 3.7% | 6.5% |
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 19-12-2018. Past returns do not promise future returns.
HDFC Overnight vs Nippon India Overnight: 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 02-12-2018 to 30-10-2026: 95 instalments, ₹9,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC OvernightHDFC Overnight Fund (Direct) | ₹9,50,000 | ₹11,82,698 | ₹2,32,698 | 5.4% |
| Nippon India OvernightNippon India Overnight Fund (Direct) | ₹9,50,000 | ₹11,85,784 | ₹2,35,784 | 5.5% |
HDFC OvernightHDFC Overnight Fund (Direct)
Nippon India OvernightNippon India Overnight 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 Overnight vs Nippon India Overnight: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Overnight Fund (Direct) | Nippon India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.22% | +5.27% |
| Standard deviation | 0.04% | 0.04% |
| Sharpe ratio | -0.53 | 0.71 |
| Sortino ratio | -1.71 | 2.63 |
| Maximum drawdown | 0.0% | 0.0% |
| 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 Overnight Fund (Direct) | Nippon India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.97% | +6.04% |
| Standard deviation | 0.04% | 0.04% |
| Sharpe ratio | -1.39 | 0.33 |
| Sortino ratio | -2.01 | 0.52 |
| Maximum drawdown | 0.0% | 0.0% |
| 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 Overnight Fund (Direct) | Nippon India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.72% | +5.79% |
| Standard deviation | 0.06% | 0.06% |
| Sharpe ratio | -1.29 | -0.13 |
| Sortino ratio | -1.80 | -0.18 |
| Maximum drawdown | 0.0% | 0.0% |
| 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 Overnight Fund (Direct) | Nippon India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.97% | +5.20% |
| Standard deviation | 0.16% | 0.09% |
| Sharpe ratio | -0.51 | -0.16 |
| Sortino ratio | -1.07 | -0.25 |
| Maximum drawdown | 0.0% | 0.0% |
| 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 Overnight Fund (Direct)
Nippon India Overnight Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Overnight Fund (Direct) | 0.0% | -- | -- | -- | -- | 0.0% |
| Nippon India Overnight Fund (Direct) | 0.0% | -- | -- | -- | -- | 0.0% |
From daily values since 19-12-2018, 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 Overnight Fund (Direct)
Nippon India Overnight 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 Overnight Fund (Direct)
Nippon India Overnight 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 Overnight Fund (Direct)
Nippon India Overnight Fund (Direct)
HDFC Overnight vs Nippon India Overnight: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Overnight Fund, September 2026; Nippon India Overnight Fund, September 2026
Holdings in common
- Overlap
- 4.2%
- Held by both
- 3
- Only in HDFC Overnight
- 3
- Only in Nippon India Overnight
- 2
| Security | % of HDFC Overnight | % of Nippon India Overnight |
|---|---|---|
| 91 Days TBILL MAT 081026 | 3.62% | 3.53% |
| 91 Days TBILL MAT 011026 | 0.48% | 2.36% |
| 91 Days TBill Mat 151026 | 1.16% | 0.15% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 4.2% means 4.2% 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 Overnight Fund
| Security | % of fund |
|---|---|
| 182 Days TBILL MAT 151026 | 0.72% |
| 364 Days Tbill MAT 151026 | 0.29% |
| 364 Days Tbill MAT 081026 | 0.10% |
Largest holdings only in Nippon India Overnight Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill | 0.74% |
| 91 Days Tbill | 0.29% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Overnight | Nippon India Overnight |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 6.4% | 7.1% |
| Cash and others | 93.6% | 92.9% |
HDFC Overnight vs Nippon India Overnight: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Overnight Fund | Nippon India Overnight Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.11% | 0.10% |
| Base expense ratio (Direct) | 0.08% | 0.07% |
| Total expense ratio (Regular) | 0.21% | 0.17% |
| Base expense ratio (Regular) | 0.16% | 0.13% |
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 Overnight with
HDFC Overnight Fund vs Nippon India Overnight Fund: Frequently Asked Questions
What is the difference between HDFC Overnight Fund and Nippon India Overnight Fund?
Both are Overnight funds, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 4.2%. HDFC Overnight Fund charges 0.11% a year and Nippon India Overnight Fund 0.10%.
Which has given higher returns, HDFC Overnight Fund or Nippon India Overnight Fund?
Over 1 year: HDFC Overnight Fund +5.22%, Nippon India Overnight Fund +5.27%. Over 3 years: HDFC Overnight Fund +5.97% a year, Nippon India Overnight Fund +6.04% a year. Over 5 years: HDFC Overnight Fund +5.72% a year, Nippon India Overnight Fund +5.79% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Overnight Fund or Nippon India Overnight Fund?
Nippon India Overnight Fund charges less: 0.10% a year against 0.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Overnight Fund and Nippon India Overnight Fund overlap?
4.2%. They hold 3 of the same securities, the largest shared ones being 91 Days TBILL MAT 081026, 91 Days TBILL MAT 011026, 91 Days TBill Mat 151026. From each fund's latest monthly portfolio.
Which is riskier, HDFC Overnight Fund or Nippon India Overnight Fund?
On SEBI's riskometer, HDFC Overnight Fund is rated Low and Nippon India Overnight Fund Low. Over 3 years, the standard deviation of daily returns was 0.04% and 0.04% a year.
Which is better for SIP, HDFC Overnight Fund or Nippon India Overnight Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,08,957 in HDFC Overnight Fund (XIRR 5.9% a year) and ₹7,10,175 in Nippon India Overnight Fund (XIRR 5.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Overnight Fund and Nippon India Overnight Fund?
Yes. 4.2% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Overnight Fund and Nippon India Overnight Fund?
HDFC Overnight Fund: Swapnil Jangam, Rohan Pillai. Nippon India Overnight Fund: Vikash Agarwal.
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.