HDFC Overnight Fund vs SBI Overnight Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Overnight Fund and SBI Overnight Fund are both Overnight funds. In the 3 years to 30-10-2026, HDFC Overnight Fund (Direct) returned 6.0% a year and SBI Overnight Fund (Direct) returned 6.0% a year. HDFC Overnight Fund charges 0.11% a year and SBI Overnight Fund 0.09% (Direct plans). Their portfolios overlap 2.4%: they hold 4 of the same securities.
Which is better, HDFC Overnight or SBI Overnight? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI Overnight returned more over 5 years: 5.7% a year against 5.7%.
- SBI Overnight returned more over 3 years: 6.0% a year against 6.0%.
- SBI Overnight costs less: 0.09% a year against 0.11% (Direct plans).
- SBI Overnight swung less over 3 years: a standard deviation of 0.0% a year against 0.0%.
- SBI Overnight is the larger fund: ₹25,553 Cr against ₹10,342 Cr.
- Their portfolios overlap 2.4%: 4 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 | SBI Overnight Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Overnight | Overnight |
| AUM | ₹10,342 Cr (30-09-2026) | ₹25,553 Cr (30-09-2026) |
| NAV | ₹4,112.82 (Direct) | ₹4,511.40 (Direct) |
| Expense ratio (Direct) | 0.11% | 0.09% |
| Expense ratio (Regular) | 0.21% | 0.13% |
| Riskometer | Low | Low |
| Benchmark | CRISIL Liquid Overnight Index | CRISIL Liquid Overnight Index |
| Launch date | 06-02-2002 | 01-10-2002 |
| Minimum investment | Growth Option- Rs.100 Daily IDCW Option- Rs. 10,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Swapnil Jangam, Rohan Pillai | Ranjana Gupta |
| Exit load | NIL | Nil |
HDFC Overnight vs SBI 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% |
| SBI Overnight Fund (Direct) | +0.45% | +1.29% | +2.59% | +5.22% | +5.98% | +5.74% | +5.34% |
| 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 SBI Overnight: Year-wise Returns
| Year | HDFCHDFC Overnight | SBISBI Overnight |
|---|---|---|
| 2026to date | +4.30% | +4.29% |
| 2025 | +5.76% | +5.79% |
| 2024 | +6.66% | +6.68% |
| 2023 | +6.65% | +6.66% |
| 2022 | +4.66% | +4.68% |
| 2021 | +3.17% | +3.18% |
HDFC Overnight vs SBI Overnight: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,535 of them, one for each trading day from 03-01-2016 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 Overnight Fund (Direct)
SBI Overnight 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 Overnight | 0.0 | 29.0 | 71.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.7% | 6.0% | 3.6% | 8.0% |
| SBI Overnight | 0.0 | 27.9 | 72.1 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.0% | 3.6% | 8.6% |
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 03-01-2013. Past returns do not promise future returns.
HDFC Overnight vs SBI 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC OvernightHDFC Overnight Fund (Direct) | ₹16,60,000 | ₹24,69,859 | ₹8,09,859 | 5.5% |
| SBI OvernightSBI Overnight Fund (Direct) | ₹16,60,000 | ₹24,82,384 | ₹8,22,384 | 5.6% |
HDFC OvernightHDFC Overnight Fund (Direct)
SBI OvernightSBI 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 SBI 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) | SBI Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.22% | +5.22% |
| Standard deviation | 0.04% | 0.04% |
| Sharpe ratio | -0.53 | -0.57 |
| Sortino ratio | -1.71 | -1.82 |
| 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) | SBI Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.97% | +5.98% |
| Standard deviation | 0.04% | 0.04% |
| Sharpe ratio | -1.39 | -1.01 |
| Sortino ratio | -2.01 | -1.48 |
| 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) | SBI Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.72% | +5.74% |
| Standard deviation | 0.06% | 0.05% |
| Sharpe ratio | -1.29 | -1.17 |
| Sortino ratio | -1.80 | -1.46 |
| 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) | SBI Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.97% | +6.16% |
| Standard deviation | 0.16% | 0.12% |
| Sharpe ratio | -0.51 | 0.91 |
| Sortino ratio | -1.07 | 1.54 |
| Maximum drawdown | 0.0% | −0.1% (16-07-2013) |
| 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)
SBI 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% |
| SBI Overnight Fund (Direct) | −0.1% | 15-07-2013 | 16-07-2013 | 20-07-2013 | 4 days | 0.0% |
From daily values since 03-01-2013, 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 Overnight Fund (Direct)
SBI 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)
SBI 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)
SBI Overnight Fund (Direct)
HDFC Overnight vs SBI Overnight: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Overnight Fund, September 2026; SBI Overnight Fund, September 2026
Holdings in common
- Overlap
- 2.4%
- Held by both
- 4
- Only in HDFC Overnight
- 2
- Only in SBI Overnight
- 2
| Security | % of HDFC Overnight | % of SBI Overnight |
|---|---|---|
| 91 Days TBILL MAT 081026 | 3.62% | 1.17% |
| 91 Days TBILL MAT 011026 | 0.48% | 1.17% |
| 91 Days TBill Mat 151026 | 1.16% | 0.39% |
| 182 Days TBILL MAT 151026 | 0.72% | 0.39% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 2.4% means 2.4% 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 |
|---|---|
| 364 Days Tbill MAT 151026 | 0.29% |
| 364 Days Tbill MAT 081026 | 0.10% |
Largest holdings only in SBI Overnight Fund
| Security | % of fund |
|---|---|
| 91 DAY T-BILL 29.10.26 | 0.58% |
| 364 DAY T-BILL 23.10.26 | 0.39% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Overnight | SBI Overnight |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 6.4% | 4.1% |
| Cash and others | 93.6% | 95.9% |
HDFC Overnight vs SBI Overnight: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Overnight Fund | SBI Overnight Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.11% | 0.09% |
| Base expense ratio (Direct) | 0.08% | 0.07% |
| Total expense ratio (Regular) | 0.21% | 0.13% |
| Base expense ratio (Regular) | 0.16% | 0.10% |
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 SBI Overnight Fund: Frequently Asked Questions
What is the difference between HDFC Overnight Fund and SBI Overnight Fund?
Both are Overnight funds, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 2.4%. HDFC Overnight Fund charges 0.11% a year and SBI Overnight Fund 0.09%.
Which has given higher returns, HDFC Overnight Fund or SBI Overnight Fund?
Over 1 year: HDFC Overnight Fund +5.22%, SBI Overnight Fund +5.22%. Over 3 years: HDFC Overnight Fund +5.97% a year, SBI Overnight Fund +5.98% a year. Over 5 years: HDFC Overnight Fund +5.72% a year, SBI Overnight Fund +5.74% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Overnight Fund or SBI Overnight Fund?
SBI Overnight Fund charges less: 0.09% a year against 0.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Overnight Fund and SBI Overnight Fund overlap?
2.4%. They hold 4 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 SBI Overnight Fund?
On SEBI's riskometer, HDFC Overnight Fund is rated Low and SBI 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 SBI 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 ₹7,09,217 in SBI 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 SBI Overnight Fund?
Yes. 2.4% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages HDFC Overnight Fund and SBI Overnight Fund?
HDFC Overnight Fund: Swapnil Jangam, Rohan Pillai. SBI Overnight Fund: Ranjana Gupta.
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.