HDFC Ultra Short Term Fund vs SBI Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Ultra Short Term Fund and SBI Ultra Short Term Fund are both Ultra Short funds. In the 3 years to 30-10-2026, HDFC Ultra Short Term Fund (Direct) returned 7.1% a year and SBI Ultra Short Term Fund (Direct) returned 7.1% a year. HDFC Ultra Short Term Fund charges 0.39% a year and SBI Ultra Short Term Fund 0.35% (Direct plans). Their portfolios overlap 9.1%: they hold 11 of the same securities.
HDFC Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.39%
- NAV
- ₹16.79
SBI Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.35%
- NAV
- ₹6,600.98
Which is better, HDFC Ultra Short Term or SBI 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 Ultra Short Term returned more over 5 years: 6.6% a year against 6.5%.
- HDFC Ultra Short Term returned more over 3 years: 7.1% a year against 7.1%.
- SBI Ultra Short Term costs less: 0.35% a year against 0.39% (Direct plans).
- SBI Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- SBI Ultra Short Term fell less in its worst fall since 25-09-2018: −0.9% against −1.0%.
- HDFC Ultra Short Term is the larger fund: ₹15,675 Cr against ₹11,237 Cr.
- Their portfolios overlap 9.1%: 11 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 | SBI Ultra Short Term Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Category | Ultra Short | Ultra Short |
| AUM | ₹15,675 Cr (30-09-2026) | ₹11,237 Cr (30-09-2026) |
| NAV | ₹16.79 (Direct) | ₹6,600.98 (Direct) |
| Expense ratio (Direct) | 0.39% | 0.35% |
| Expense ratio (Regular) | 0.71% | 0.57% |
| Riskometer | Moderate | Not available |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | Not available |
| Launch date | 25-09-2018 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Anil Bamboli, Praveen Jain, Gopal Agrawal | Not available |
| Exit load | NIL | Not available |
HDFC Ultra Short Term vs SBI 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% | -- |
| SBI Ultra Short Term Fund (Direct) | +0.37% | +1.48% | +3.20% | +6.28% | +7.10% | +6.51% | +6.55% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 26 Ultra Short funds, same plan type.
HDFC Ultra Short Term vs SBI Ultra Short Term: Year-wise Returns
| Year | HDFCHDFC Ultra Short Term | SBISBI Ultra Short Term |
|---|---|---|
| 2026to date | +5.09% | +5.21% |
| 2025 | +7.31% | +7.21% |
| 2024 | +7.80% | +7.67% |
| 2023 | +7.28% | +7.20% |
| 2022 | +4.81% | +4.64% |
| 2021 | +3.88% | +3.56% |
HDFC Ultra Short Term vs SBI 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)
SBI 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% |
| SBI Ultra Short Term | 0.0 | 26.2 | 73.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 5.9% | 4.7% | 7.4% |
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 SBI 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% |
| SBI Ultra Short TermSBI Ultra Short Term Fund (Direct) | ₹9,80,000 | ₹12,79,803 | ₹2,99,803 | 6.4% |
HDFC Ultra Short TermHDFC Ultra Short Term Fund (Direct)
SBI Ultra Short TermSBI 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 SBI 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) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.14% | +6.28% |
| Standard deviation | 0.49% | 0.46% |
| Sharpe ratio | 1.84 | 2.27 |
| Sortino ratio | 2.90 | 3.76 |
| 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) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.13% | +7.10% |
| Standard deviation | 0.39% | 0.37% |
| Sharpe ratio | 2.81 | 2.87 |
| Sortino ratio | 5.18 | 5.48 |
| 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) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.59% | +6.51% |
| Standard deviation | 0.37% | 0.36% |
| Sharpe ratio | 2.12 | 1.95 |
| Sortino ratio | 3.72 | 3.35 |
| 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 Ultra Short Term Fund (Direct) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.61% | +7.15% |
| Standard deviation | 0.56% | 0.41% |
| Sharpe ratio | 2.40 | 2.69 |
| Sortino ratio | 4.97 | 5.45 |
| Maximum drawdown | −1.0% (24-03-2020) | −0.9% (24-03-2020) |
| 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)
SBI 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% |
| SBI Ultra Short Term Fund (Direct) | −0.9% | 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 Ultra Short Term Fund (Direct)
SBI 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)
SBI 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)
SBI Ultra Short Term Fund (Direct)
HDFC Ultra Short Term vs SBI Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Ultra Short Term Fund, September 2026; SBI Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 9.1%
- Held by both
- 11
- Only in HDFC Ultra Short Term
- 117
- Only in SBI Ultra Short Term
- 50
| Security | % of HDFC Ultra Short Term | % of SBI Ultra Short Term |
|---|---|---|
| Radhakrishna Securitisation Trust (Originator - Jamnagar Utilities & Power Private Limited) | 2.13% | 2.16% |
| Punjab National Bank | 2.34% | 1.74% |
| Kotak Mahindra Bank Limited | 1.55% | 6.92% |
| National Bank for Agri & Rural Dev. | 1.55% | 1.29% |
| Muthoot Finance Ltd. | 0.54% | 2.87% |
| Muthoot Finance Ltd. | 0.48% | 0.45% |
| Muthoot Fincorp Limited | 0.43% | 3.43% |
| Corporate Debt Market Development Fund | 0.33% | 0.44% |
| Muthoot Finance Ltd. | 0.32% | 1.78% |
| MANKIND PHARMA LIMITED | 0.19% | 0.89% |
| Motilal Oswal Home Fin Ltd. (Erst Aspire Home Fin) | 0.16% | 0.89% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 9.1% means 9.1% 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% |
| Small Industries Development Bank | 2.40% |
Largest holdings only in SBI Ultra Short Term Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd. | 9.60% |
| 91 DAY T-BILL 22.10.26 | 7.10% |
| National Bank for Agriculture and Rural Development | 6.05% |
| Punjab National Bank | 3.91% |
| Bank of Baroda | 3.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Ultra Short Term | SBI Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 99.4% | 95.5% |
| Cash and others | 0.6% | 4.5% |
HDFC Ultra Short Term vs SBI Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Ultra Short Term Fund | SBI Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.39% | 0.35% |
| Base expense ratio (Direct) | 0.33% | 0.30% |
| Total expense ratio (Regular) | 0.71% | 0.57% |
| Base expense ratio (Regular) | 0.60% | 0.49% |
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 SBI Ultra Short Term Fund: Frequently Asked Questions
What is the difference between HDFC Ultra Short Term Fund and SBI Ultra Short Term Fund?
Both are Ultra Short funds, run by HDFC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 9.1%. HDFC Ultra Short Term Fund charges 0.39% a year and SBI Ultra Short Term Fund 0.35%.
Which has given higher returns, HDFC Ultra Short Term Fund or SBI Ultra Short Term Fund?
Over 1 year: HDFC Ultra Short Term Fund +6.14%, SBI Ultra Short Term Fund +6.28%. Over 3 years: HDFC Ultra Short Term Fund +7.13% a year, SBI Ultra Short Term Fund +7.10% a year. Over 5 years: HDFC Ultra Short Term Fund +6.59% a year, SBI Ultra Short Term Fund +6.51% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Ultra Short Term Fund or SBI Ultra Short Term Fund?
SBI Ultra Short Term Fund charges less: 0.35% 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 SBI Ultra Short Term Fund overlap?
9.1%. They hold 11 of the same securities, the largest shared ones being Radhakrishna Securitisation Trust (Originator - Jamnagar Utilities & Power Private Limited), Punjab National Bank, Kotak Mahindra Bank Limited. From each fund's latest monthly portfolio.
Which is better for SIP, HDFC Ultra Short Term Fund or SBI 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 ₹7,27,285 in SBI 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 Ultra Short Term Fund and SBI Ultra Short Term Fund?
Yes. 9.1% of each fund's money sits in the same holdings, so the two hold mostly different investments.
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.