HDFC Ultra Short Term Fund vs Nippon India Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Ultra Short Term Fund and Nippon India Ultra Short Term Fund are both Ultra Short funds. HDFC Ultra Short Term Fund charges 0.39% a year and Nippon India Ultra Short Term Fund 0.33% (Direct plans). Their portfolios overlap 11.4%: they hold 18 of the same securities.
Nippon India Ultra Short Term Fund
Ultra Short
- Expense ratio
- 0.33%
- NAV
- ₹4,851.45
Which is better, HDFC Ultra Short Term or Nippon 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.
- Nippon India Ultra Short Term costs less: 0.33% a year against 0.39% (Direct plans).
- Nippon India 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 −5.2%.
- HDFC Ultra Short Term is the larger fund: ₹15,675 Cr against ₹11,551 Cr.
- Their portfolios overlap 11.4%: 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 Ultra Short Term Fund | Nippon India Ultra Short Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Nippon India Mutual Fund |
| Category | Ultra Short | Ultra Short |
| AUM | ₹15,675 Cr (30-09-2026) | ₹11,551 Cr (30-09-2026) |
| NAV | ₹16.79 (Direct) | ₹4,851.45 (Direct) |
| Expense ratio (Direct) | 0.39% | 0.33% |
| Expense ratio (Regular) | 0.71% | 1.05% |
| Riskometer | Moderate | Moderately High |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 25-09-2018 | 07-12-2001 |
| Minimum investment | ₹100 | ₹10,000 |
| Lock in | None | None |
| Fund managers | Anil Bamboli, Praveen Jain, Gopal Agrawal | Vivek Sharma |
| Exit load | NIL | Nil |
HDFC Ultra Short Term vs Nippon 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 |
|---|---|---|---|---|---|---|---|
| HDFC Ultra Short Term Fund (Direct) | +0.30% | +1.41% | +3.12% | +6.14% | +7.13% | +6.59% | -- |
| Nippon India Ultra Short Term Fund (Direct) | -- | -- | -- | -- | -- | -- | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
Category average: the average of the 26 Ultra Short funds, same plan type.
HDFC Ultra Short Term vs Nippon India Ultra Short Term: Year-wise Returns
| Year | HDFCHDFC Ultra Short Term | Nippon IndiaNippon India Ultra Short Term |
|---|---|---|
| 2026to date | +5.09% | -- |
| 2025 | +7.31% | -- |
| 2024 | +7.80% | -- |
| 2023 | +7.28% | -- |
| 2022 | +4.81% | -- |
| 2021 | +3.88% | -- |
HDFC Ultra Short Term vs Nippon India 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 Ultra Short Term Fund (Direct)
Nippon India 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 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% |
| Nippon India Ultra Short Term | 0.0 | 2.6 | 97.4 | 0.0 | 0.0 | 0.0 | 0.0 | 6.9% | 7.2% | 4.8% | 7.8% |
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 Ultra Short Term vs Nippon 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 25-09-2018 to 30-10-2026: 98 instalments, ₹9,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Ultra Short TermHDFC Ultra Short Term Fund (Direct) | ₹9,80,000 | ₹12,85,989 | ₹3,05,989 | 6.5% |
| Nippon India Ultra Short TermNippon India Ultra Short Term Fund (Direct) | ₹9,80,000 | ₹13,13,512 | ₹3,33,512 | 7.0% |
HDFC Ultra Short TermHDFC Ultra Short Term Fund (Direct)
Nippon India Ultra Short TermNippon 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.
HDFC Ultra Short Term vs Nippon India Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Ultra Short Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.14% | +6.77% |
| Standard deviation | 0.49% | 0.44% |
| Sharpe ratio | 1.84 | 3.48 |
| Sortino ratio | 2.90 | 6.02 |
| Maximum drawdown | −0.1% (08-07-2026) | −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 Ultra Short Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.13% | +7.50% |
| Standard deviation | 0.39% | 0.38% |
| Sharpe ratio | 2.81 | 3.92 |
| Sortino ratio | 5.18 | 8.05 |
| Maximum drawdown | −0.1% (08-07-2026) | −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 Ultra Short Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.59% | +7.01% |
| Standard deviation | 0.37% | 0.37% |
| Sharpe ratio | 2.12 | 3.30 |
| Sortino ratio | 3.72 | 6.31 |
| 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 Ultra Short Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.61% | +6.58% |
| Standard deviation | 0.56% | 2.03% |
| Sharpe ratio | 2.40 | 0.64 |
| Sortino ratio | 4.97 | 0.74 |
| Maximum drawdown | −1.0% (24-03-2020) | −5.2% (25-09-2019) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-09-2018 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 Ultra Short Term Fund (Direct)
Nippon 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 |
|---|---|---|---|---|---|---|
| HDFC Ultra Short Term Fund (Direct) | −1.0% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Nippon India Ultra Short Term Fund (Direct) | −5.2% | 12-09-2019 | 25-09-2019 | 01-06-2020 | 8 months | 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 Ultra Short Term Fund (Direct)
Nippon India 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 Ultra Short Term Fund (Direct)
Nippon India 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 Ultra Short Term Fund (Direct)
Nippon India Ultra Short Term Fund (Direct)
HDFC Ultra Short Term vs Nippon India Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Ultra Short Term Fund, September 2026; Nippon India Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 11.4%
- Held by both
- 18
- Only in HDFC Ultra Short Term
- 110
- Only in Nippon India Ultra Short Term
- 99
| Security | % of HDFC Ultra Short Term | % of Nippon India Ultra Short Term |
|---|---|---|
| Small Industries Development Bank | 2.40% | 2.03% |
| ADITYA BIRLA RENEWABLES LIMITED | 1.75% | 2.16% |
| National Bank for Agri & Rural Dev. | 1.55% | 2.73% |
| Canara Bank | 1.25% | 1.69% |
| Small Industries Development Bank | 1.21% | 2.18% |
| Bank of Baroda | 0.94% | 0.85% |
| Canara Bank | 0.93% | 0.42% |
| GMR Airports Limited | 1.02% | 0.41% |
| Corporate Debt Market Development Fund | 0.33% | 0.27% |
| 7.20% Tamil Nadu Mat 250127 | 0.64% | 0.22% |
| REC Limited. | 0.42% | 0.22% |
| CanFin Homes Ltd. | 0.38% | 0.22% |
| Punjab National Bank | 2.34% | 0.21% |
| Vastu Finserve India Pvt. Ltd. | 0.19% | 0.30% |
| Pipeline Infrastructure Pvt. Ltd. | 0.16% | 0.22% |
| REC Limited. | 0.16% | 1.64% |
| SMFG India Home Finance Company Ltd | 0.16% | 0.43% |
| National Bank for Agri & Rural Dev. | 0.16% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 11.4% means 11.4% 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 Ultra Short Term Fund
| Security | % of fund |
|---|---|
| National Bank for Financing Infrastructure and Development | 8.67% |
| 182 Days TBILL MAT 140127 | 3.77% |
| Yes Bank Ltd. | 3.11% |
| National Bank for Agri & Rural Dev. | 2.40% |
| IIFL CAPITAL SERVICES LIMITED | 2.35% |
Largest holdings only in Nippon India Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 8.5% Nirma Limited | 3.00% |
| 9.4% Vedanta Aluminium Metal Limited | 2.78% |
| Punjab National Bank | 2.54% |
| HDFC Bank Limited | 2.52% |
| 364 Days Tbill | 2.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Ultra Short Term | Nippon India Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 99.4% | 97.4% |
| Cash and others | 0.6% | 2.6% |
HDFC Ultra Short Term vs Nippon India Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Ultra Short Term Fund | Nippon India Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.39% | 0.33% |
| Base expense ratio (Direct) | 0.33% | 0.28% |
| Total expense ratio (Regular) | 0.71% | 1.05% |
| Base expense ratio (Regular) | 0.60% | 0.89% |
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 Ultra Short Term with
HDFC Ultra Short Term Fund vs Nippon India Ultra Short Term Fund: Frequently Asked Questions
What is the difference between HDFC Ultra Short Term Fund and Nippon India Ultra Short Term Fund?
Both are Ultra Short funds, run by HDFC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 11.4%. HDFC Ultra Short Term Fund charges 0.39% a year and Nippon India Ultra Short Term Fund 0.33%.
Which has the lower expense ratio, HDFC Ultra Short Term Fund or Nippon India Ultra Short Term Fund?
Nippon India Ultra Short Term Fund charges less: 0.33% a year against 0.39%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Ultra Short Term Fund and Nippon India Ultra Short Term Fund overlap?
11.4%. They hold 18 of the same securities, the largest shared ones being Small Industries Development Bank, ADITYA BIRLA RENEWABLES LIMITED, National Bank for Agri & Rural Dev.. From each fund's latest monthly portfolio.
Which is riskier, HDFC Ultra Short Term Fund or Nippon India Ultra Short Term Fund?
On SEBI's riskometer, HDFC Ultra Short Term Fund is rated Moderate and Nippon India Ultra Short Term Fund Moderately High. Over 3 years, the standard deviation of daily returns was 0.39% and 0.38% a year.
Which is better for SIP, HDFC Ultra Short Term Fund or Nippon India 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 ₹7,27,973 in HDFC Ultra Short Term Fund (XIRR 6.9% a year) and ₹7,35,302 in Nippon India Ultra Short Term Fund (XIRR 7.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Ultra Short Term Fund and Nippon India Ultra Short Term Fund?
Yes. 11.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Ultra Short Term Fund and Nippon India Ultra Short Term Fund?
HDFC Ultra Short Term Fund: Anil Bamboli, Praveen Jain, Gopal Agrawal. Nippon India Ultra Short Term Fund: Vivek Sharma.
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.