HSBC Money Market Fund vs ICICI Prudential Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Money Market Fund is a Money Market fund and ICICI Prudential Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, HSBC Money Market Fund (Direct) returned 7.2% a year and ICICI Prudential Ultra Short Term Fund (Direct) returned 7.3% a year. HSBC Money Market Fund charges 0.15% a year and ICICI Prudential Ultra Short Term Fund 0.40% (Direct plans). Their portfolios overlap 18.3%: they hold 20 of the same securities.
HSBC Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.15%
- NAV
- ₹30.10
ICICI Prudential Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.3%
- Expense ratio
- 0.40%
- NAV
- ₹32.60
Which is better, HSBC Money Market or ICICI Prudential 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.
- ICICI Prudential Ultra Short Term returned more over 3 years: 7.3% a year against 7.2%.
- ICICI Prudential Ultra Short Term returned more over 1 year: 6.4% against 6.3%.
- HSBC Money Market costs less: 0.15% a year against 0.40% (Direct plans).
- ICICI Prudential Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- ICICI Prudential Ultra Short Term fell less in its worst fall since 28-11-2022: −0.1% against −0.2%.
- ICICI Prudential Ultra Short Term is the larger fund: ₹15,236 Cr against ₹6,382 Cr.
- Their portfolios overlap 18.3%: 20 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 | HSBC Money Market Fund | ICICI Prudential Ultra Short Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Money Market | Ultra Short |
| AUM | ₹6,382 Cr (30-09-2026) | ₹15,236 Cr (30-09-2026) |
| NAV | ₹30.10 (Direct) | ₹32.60 (Direct) |
| Expense ratio (Direct) | 0.15% | 0.40% |
| Expense ratio (Regular) | 0.35% | 0.80% |
| Riskometer | Low to Moderate | Not available |
| Benchmark | NIFTY Money Market Index A-I | NIFTY Ultra Short Duration Debt Index A-I |
| Launch date | 10-08-2005 | 03-05-2011 |
| Minimum investment | ₹5,000 | 1) Growth & IDCW - Rs. 5,000/- (plus multiples of Re. 1/-) 2) AEP – Rs. 25,000 (plus multiples of Re. 1/-) Minimum application amount for switch ins – Rs. 5,000 and any amount thereafter 1) Growth & IDCW - Rs. 5,000/- (plus multiples of Re. 1/-) 2) AEP – |
| Lock in | None | None |
| Fund managers | Mahesh Chhabria, Abhishek Iyer | Ritesh Lunawat, Manish Banthia |
| Exit load | Nil | Nil |
HSBC Money Market vs ICICI Prudential 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 |
|---|---|---|---|---|---|---|---|
| HSBC Money Market Fund (Direct) | +0.33% | +1.50% | +3.30% | +6.30% | +7.23% | -- | -- |
| ICICI Prudential Ultra Short Term Fund (Direct) | +0.29% | +1.40% | +3.20% | +6.37% | +7.31% | +6.78% | +7.15% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | -- | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 27 Money Market funds and the 26 Ultra Short funds, same plan type.
HSBC Money Market vs ICICI Prudential Ultra Short Term: Year-wise Returns
| Year | HSBC Money MarketHSBC Money Market | ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term |
|---|---|---|
| 2026to date | +5.22% | +5.28% |
| 2025 | +7.50% | +7.52% |
| 2024 | +7.77% | +7.90% |
| 2023 | +7.28% | +7.39% |
| 2022 | -- | +5.05% |
| 2021 | -- | +4.58% |
HSBC Money Market vs ICICI Prudential Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 222 of them, one for each trading day from 28-11-2025 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.
HSBC Money Market Fund (Direct)
ICICI Prudential Ultra Short Term Fund (Direct)
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.3% | 7.1% | 7.5% |
| ICICI Prudential Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 7.3% | 7.6% |
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 28-11-2022. Past returns do not promise future returns.
HSBC Money Market vs ICICI Prudential 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Money MarketHSBC Money Market Fund (Direct) | ₹4,80,000 | ₹5,53,188 | ₹73,188 | 7.1% |
| ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term Fund (Direct) | ₹4,80,000 | ₹5,54,045 | ₹74,045 | 7.1% |
HSBC Money MarketHSBC Money Market Fund (Direct)
ICICI Prudential Ultra Short TermICICI Prudential 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.
HSBC Money Market vs ICICI Prudential Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Money Market Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.30% | +6.37% |
| Standard deviation | 0.51% | 0.48% |
| Sharpe ratio | 2.05 | 2.35 |
| Sortino ratio | 3.26 | 3.82 |
| Maximum drawdown | −0.2% (22-05-2026) | −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 | HSBC Money Market Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.23% | +7.31% |
| Standard deviation | 0.42% | 0.39% |
| Sharpe ratio | 2.88 | 3.25 |
| Sortino ratio | 5.33 | 6.24 |
| Maximum drawdown | −0.2% (22-05-2026) | −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 | HSBC Money Market Fund (Direct) | ICICI Prudential Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.25% | +7.90% |
| Standard deviation | 0.40% | 1.69% |
| Sharpe ratio | 2.68 | 1.09 |
| Sortino ratio | 5.07 | 1.46 |
| Maximum drawdown | −0.2% (22-05-2026) | −7.5% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 28-11-2022 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.
HSBC Money Market Fund (Direct)
ICICI Prudential Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Money Market Fund (Direct) | −0.2% | 11-05-2026 | 22-05-2026 | 01-06-2026 | 10 days | 0.0% |
| ICICI Prudential Ultra Short Term Fund (Direct) | −0.1% | 06-07-2026 | 08-07-2026 | 13-07-2026 | 5 days | 0.0% |
From daily values since 28-11-2022, 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.
HSBC Money Market Fund (Direct)
ICICI Prudential 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.
HSBC Money Market Fund (Direct)
ICICI Prudential Ultra Short Term Fund (Direct)
HSBC Money Market vs ICICI Prudential Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Money Market Fund, September 2026; ICICI Prudential Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 18.3%
- Held by both
- 20
- Only in HSBC Money Market
- 57
- Only in ICICI Prudential Ultra Short Term
- 100
| Security | % of HSBC Money Market | % of ICICI Prudential Ultra Short Term |
|---|---|---|
| Canara Bank | 3.43% | 3.03% |
| Punjab National Bank | 1.53% | 2.57% |
| IndusInd Bank Limited | 1.30% | 1.61% |
| Punjab National Bank | 2.30% | 1.28% |
| The Federal Bank Limited | 1.49% | 1.25% |
| Axis Bank Limited | 1.15% | 1.93% |
| HDFC Bank Limited | 1.15% | 2.24% |
| NABARD | 1.53% | 0.96% |
| LIC Housing Finance Limited | 1.52% | 0.80% |
| Motilal Oswal Financial Services Limited | 0.76% | 1.28% |
| SIDBI | 0.74% | 0.92% |
| Axis Bank Limited | 1.14% | 0.64% |
| SIDBI | 1.52% | 0.64% |
| Bank of Baroda | 1.14% | 0.64% |
| Union Bank of India | 4.56% | 0.64% |
| SIDBI | 0.76% | 0.48% |
| Canara Bank | 0.38% | 0.64% |
| NABARD | 1.15% | 0.32% |
| SIDBI | 1.53% | 0.32% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.27% | 0.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.3% means 18.3% 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 HSBC Money Market Fund
| Security | % of fund |
|---|---|
| EXIM Bank | 3.83% |
| 182 Days Treasury Bill 26-Feb-2027 | 3.06% |
| Bank of Baroda | 3.06% |
| NABARD | 2.66% |
| NABARD | 2.66% |
Largest holdings only in ICICI Prudential Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bills | 3.28% |
| Small Industries Development Bank Of India. | 2.89% |
| NABARD | 2.45% |
| Small Industries Development Bank Of India. | 2.30% |
| Vedanta Ltd. | 2.08% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Money Market | ICICI Prudential Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 112.5% | 97.3% |
| Cash and others | -12.5% | 2.7% |
HSBC Money Market vs ICICI Prudential Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Money Market Fund | ICICI Prudential Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.15% | 0.40% |
| Base expense ratio (Direct) | 0.12% | 0.34% |
| Total expense ratio (Regular) | 0.35% | 0.80% |
| Base expense ratio (Regular) | 0.29% | 0.68% |
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 HSBC Money Market with
Compare ICICI Prudential Ultra Short Term with
HSBC Money Market Fund vs ICICI Prudential Ultra Short Term Fund: Frequently Asked Questions
What is the difference between HSBC Money Market Fund and ICICI Prudential Ultra Short Term Fund?
HSBC Money Market Fund is a Money Market fund, ICICI Prudential Ultra Short Term Fund is an Ultra Short fund, run by HSBC Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 18.3%. HSBC Money Market Fund charges 0.15% a year and ICICI Prudential Ultra Short Term Fund 0.40%.
Which has given higher returns, HSBC Money Market Fund or ICICI Prudential Ultra Short Term Fund?
Over 1 year: HSBC Money Market Fund +6.30%, ICICI Prudential Ultra Short Term Fund +6.37%. Over 3 years: HSBC Money Market Fund +7.23% a year, ICICI Prudential Ultra Short Term Fund +7.31% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Money Market Fund or ICICI Prudential Ultra Short Term Fund?
HSBC Money Market Fund charges less: 0.15% a year against 0.40%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Money Market Fund and ICICI Prudential Ultra Short Term Fund overlap?
18.3%. They hold 20 of the same securities, the largest shared ones being Canara Bank, Punjab National Bank, IndusInd Bank Limited. From each fund's latest monthly portfolio.
Which is better for SIP, HSBC Money Market Fund or ICICI Prudential Ultra Short Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,996 in HSBC Money Market Fund (XIRR 6.9% a year) and ₹4,12,393 in ICICI Prudential Ultra Short Term Fund (XIRR 7.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Money Market Fund and ICICI Prudential Ultra Short Term Fund?
Yes. 18.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Money Market Fund and ICICI Prudential Ultra Short Term Fund?
HSBC Money Market Fund: Mahesh Chhabria, Abhishek Iyer. ICICI Prudential Ultra Short Term Fund: Ritesh Lunawat, Manish Banthia.
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.