HSBC Short Term Fund vs Kotak Ultra Short to Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Short Term Fund is a Short Duration fund and Kotak Ultra Short to Short Term Fund is a Low Duration fund. In the 3 years to 30-10-2026, HSBC Short Term Fund (Direct) returned −1.1% a year and Kotak Ultra Short to Short Term Fund (Direct) returned 7.3% a year. HSBC Short Term Fund charges 0.32% a year and Kotak Ultra Short to Short Term Fund 0.41% (Direct plans). Their portfolios overlap 14.2%: they hold 20 of the same securities.
HSBC Short Term Fund
Short Duration
- 3 year return
- −1.1%
- Expense ratio
- 0.32%
- NAV
- ₹12.24
Kotak Ultra Short to Short Term Fund
Low Duration
- 3 year return
- 7.3%
- Expense ratio
- 0.41%
- NAV
- ₹3,948.32
Which is better, HSBC Short Term or Kotak Ultra Short to 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.
- Kotak Ultra Short to Short Term returned more over 3 years: 7.3% a year against −1.1%.
- Kotak Ultra Short to Short Term returned more over 1 year: 5.7% against −3.9%.
- HSBC Short Term costs less: 0.32% a year against 0.41% (Direct plans).
- Kotak Ultra Short to Short Term swung less over 3 years: a standard deviation of 0.5% a year against 1.0%.
- Kotak Ultra Short to Short Term fell less in its worst fall since 28-11-2022: −0.2% against −0.6%.
- Kotak Ultra Short to Short Term is the larger fund: ₹12,566 Cr against ₹3,881 Cr.
- Their portfolios overlap 14.2%: 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 Short Term Fund | Kotak Ultra Short to Short Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Short Duration | Low Duration |
| AUM | ₹3,881 Cr (30-09-2026) | ₹12,566 Cr (30-09-2026) |
| NAV | ₹12.24 (Direct) | ₹3,948.32 (Direct) |
| Expense ratio (Direct) | 0.32% | 0.41% |
| Expense ratio (Regular) | 0.70% | 1.18% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | NIFTY Short Duration Debt Index A-II | NIFTY Low Duration Debt Index A-I |
| Launch date | 27-12-2011 | 06-03-2008 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Shriram Ramanathan, Mohd Asif Rizwi | Dharmesh Thakkar, Deepak Agrawal |
| Exit load | Nil | Nil |
HSBC Short Term vs Kotak Ultra Short to 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 Short Term Fund (Direct) | −0.12% | +0.20% | +2.44% | −3.88% | −1.14% | -- | -- |
| Kotak Ultra Short to Short Term Fund (Direct) | +0.13% | +0.98% | +2.86% | +5.73% | +7.33% | +6.70% | +7.25% |
| Short Duration average | −0.14% | +0.30% | +2.50% | +4.11% | +6.88% | -- | -- |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | +6.73% |
Category average: the average of the 25 Short Duration funds and the 25 Low Duration funds, same plan type.
HSBC Short Term vs Kotak Ultra Short to Short Term: Year-wise Returns
| Year | HSBCHSBC Short Term | Kotak Ultra Short toKotak Ultra Short to Short Term |
|---|---|---|
| 2026to date | −4.56% | +4.74% |
| 2025 | −0.10% | +7.86% |
| 2024 | −0.21% | +8.19% |
| 2023 | −0.26% | +7.49% |
| 2022 | -- | +4.68% |
| 2021 | -- | +4.26% |
HSBC Short Term vs Kotak Ultra Short to 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 Short Term Fund
Kotak Ultra Short to 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 Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.5% | 7.4% |
| Kotak Ultra Short to Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.6% | 7.6% | 7.3% | 7.9% |
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 Short Term vs Kotak Ultra Short to 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 Short TermHSBC Short Term Fund | ₹4,80,000 | ₹5,42,411 | ₹62,411 | 6.1% |
| Kotak Ultra Short to Short TermKotak Ultra Short to Short Term Fund (Direct) | ₹4,80,000 | ₹5,53,240 | ₹73,240 | 7.1% |
HSBC Short TermHSBC Short Term Fund
Kotak Ultra Short to Short TermKotak Ultra Short to 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 Short Term vs Kotak Ultra Short to Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Short Term Fund (Direct) | Kotak Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.88% | +5.73% |
| Standard deviation | 1.17% | 0.63% |
| Sharpe ratio | -1.17 | 0.77 |
| Sortino ratio | -1.61 | 1.16 |
| Maximum drawdown | −0.6% (21-05-2026) | −0.2% (21-05-2026) |
| 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 Short Term Fund (Direct) | Kotak Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.65% | +7.33% |
| Standard deviation | 0.97% | 0.51% |
| Sharpe ratio | 0.64 | 2.53 |
| Sortino ratio | 0.96 | 4.37 |
| Maximum drawdown | −0.6% (21-05-2026) | −0.2% (21-05-2026) |
| 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 Short Term Fund (Direct) | Kotak Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.49% | +7.62% |
| Standard deviation | 0.91% | 0.77% |
| Sharpe ratio | 0.34 | 2.59 |
| Sortino ratio | 0.50 | 4.49 |
| Maximum drawdown | −0.6% (21-05-2026) | −1.5% (24-03-2020) |
| 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 Short Term Fund
Kotak Ultra Short to Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Short Term Fund | −0.6% | 07-05-2026 | 21-05-2026 | 05-06-2026 | 15 days | −0.3% |
| Kotak Ultra Short to Short Term Fund (Direct) | −0.2% | 11-05-2026 | 21-05-2026 | 03-06-2026 | 13 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 Short Term Fund
Kotak Ultra Short to 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 Short Term Fund
Kotak Ultra Short to Short Term Fund (Direct)
HSBC Short Term vs Kotak Ultra Short to Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Short Term Fund, September 2026; Kotak Ultra Short to Short Term Fund, September 2026
Holdings in common
- Overlap
- 14.2%
- Held by both
- 20
- Only in HSBC Short Term
- 66
- Only in Kotak Ultra Short to Short Term
- 83
| Security | % of HSBC Short Term | % of Kotak Ultra Short to Short Term |
|---|---|---|
| Bajaj Housing Finance Ltd | 2.00% | 3.16% |
| NABARD | 1.56% | 3.78% |
| Bharti Telecom Limited | 1.42% | 1.56% |
| NABARD | 2.01% | 1.27% |
| Punjab National Bank | 1.25% | 3.87% |
| Radhakrishna Securitisation Trust | 1.11% | 1.59% |
| Bharti Telecom Limited | 1.32% | 0.97% |
| Bharti Telecom Limited | 0.68% | 1.04% |
| Bajaj Housing Finance Ltd | 0.65% | 2.03% |
| Bharti Telecom Limited | 0.70% | 0.64% |
| REC Limited | 0.86% | 0.40% |
| Bajaj Finance Limited | 1.30% | 0.39% |
| Embassy Office Parks REIT | 0.64% | 0.39% |
| Embassy Office Parks REIT | 0.39% | 0.40% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.35% | 0.35% |
| India Universal Trust AL1 | 0.30% | 0.61% |
| India Universal Trust AL2 | 0.63% | 0.29% |
| Embassy Office Parks REIT | 0.39% | 0.06% |
| EXIM Bank | 1.25% | 0.04% |
| 6.54% Tamil Nadu SDL - 25-Feb-2029 | 1.28% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.2% means 14.2% 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 HSBC Short Term Fund
| Security | % of fund |
|---|---|
| 6.94% GOI 11-May-2036 | 2.99% |
| Shivshakti Securitisation Trust | 2.58% |
| NABARD | 2.57% |
| Embassy Office Parks REIT | 2.55% |
| NTPC Limited | 2.08% |
Largest holdings only in Kotak Ultra Short to Short Term Fund
| Security | % of fund |
|---|---|
| Karnataka State Govt - 2031 - Karnataka(^) | 3.93% |
| JTPM METAL TRADERS PVT LTD ( CATALYST TRUSTEESHIP LIMITE) (^) | 3.44% |
| PUNJAB NATIONAL BANK | 3.11% |
| CANARA BANK | 2.72% |
| HDFC BANK LTD. | 2.52% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Short Term | Kotak Ultra Short to Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 96.9% | 98.1% |
| Cash and others | 3.1% | 1.9% |
HSBC Short Term vs Kotak Ultra Short to Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Short Term Fund | Kotak Ultra Short to Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.32% | 0.41% |
| Base expense ratio (Direct) | 0.27% | 0.35% |
| Total expense ratio (Regular) | 0.70% | 1.18% |
| Base expense ratio (Regular) | 0.59% | 1.00% |
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 Short Term with
Compare Kotak Ultra Short to Short Term with
HSBC Short Term Fund vs Kotak Ultra Short to Short Term Fund: Frequently Asked Questions
What is the difference between HSBC Short Term Fund and Kotak Ultra Short to Short Term Fund?
HSBC Short Term Fund is a Short Duration fund, Kotak Ultra Short to Short Term Fund is a Low Duration fund, run by HSBC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 14.2%. HSBC Short Term Fund charges 0.32% a year and Kotak Ultra Short to Short Term Fund 0.41%.
Which has given higher returns, HSBC Short Term Fund or Kotak Ultra Short to Short Term Fund?
Over 1 year: HSBC Short Term Fund −3.88%, Kotak Ultra Short to Short Term Fund +5.73%. Over 3 years: HSBC Short Term Fund −1.14% a year, Kotak Ultra Short to Short Term Fund +7.33% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Short Term Fund or Kotak Ultra Short to Short Term Fund?
HSBC Short Term Fund charges less: 0.32% a year against 0.41%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Short Term Fund and Kotak Ultra Short to Short Term Fund overlap?
14.2%. They hold 20 of the same securities, the largest shared ones being Bajaj Housing Finance Ltd, NABARD, Bharti Telecom Limited. From each fund's latest monthly portfolio.
Which is riskier, HSBC Short Term Fund or Kotak Ultra Short to Short Term Fund?
On SEBI's riskometer, HSBC Short Term Fund is rated Moderate and Kotak Ultra Short to Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.97% and 0.51% a year.
Which is better for SIP, HSBC Short Term Fund or Kotak Ultra Short to Short Term Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,04,684 in HSBC Short Term Fund (XIRR 5.8% a year) and ₹4,11,437 in Kotak Ultra Short to Short Term Fund (XIRR 6.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Short Term Fund and Kotak Ultra Short to Short Term Fund?
Yes. 14.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Short Term Fund and Kotak Ultra Short to Short Term Fund?
HSBC Short Term Fund: Shriram Ramanathan, Mohd Asif Rizwi. Kotak Ultra Short to Short Term Fund: Dharmesh Thakkar, Deepak Agrawal.
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.