HSBC Ultra Short Term Fund vs ITI Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Ultra Short Term Fund and ITI Ultra Short Term Fund are both Ultra Short funds. In the 3 years to 30-10-2026, HSBC Ultra Short Term Fund (Direct) returned 0.0% a year and ITI Ultra Short Term Fund (Direct) returned 7.0% a year. HSBC Ultra Short Term Fund charges 0.18% a year and ITI Ultra Short Term Fund 0.21% (Direct plans). Their portfolios overlap 15.5%: they hold 6 of the same securities.
HSBC Ultra Short Term Fund
Ultra Short
- 3 year return
- 0.0%
- Expense ratio
- 0.18%
- NAV
- ₹1,079.94
ITI Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.0%
- Expense ratio
- 0.21%
- NAV
- ₹1,388.36
Which is better, HSBC Ultra Short Term or ITI 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.
- ITI Ultra Short Term returned more over 5 years: 6.4% a year against 0.4%.
- ITI Ultra Short Term returned more over 3 years: 7.0% a year against 0.0%.
- HSBC Ultra Short Term costs less: 0.18% a year against 0.21% (Direct plans).
- HSBC Ultra Short Term swung less over 3 years: a standard deviation of 0.1% a year against 0.3%.
- ITI Ultra Short Term fell less in its worst fall since 06-05-2021: −0.2% against −0.9%.
- HSBC Ultra Short Term is the larger fund: ₹2,733 Cr against ₹167 Cr.
- Their portfolios overlap 15.5%: 6 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 Ultra Short Term Fund | ITI Ultra Short Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | ITI Mutual Fund |
| Category | Ultra Short | Ultra Short |
| AUM | ₹2,733 Cr (30-09-2026) | ₹167 Cr (30-09-2026) |
| NAV | ₹1,079.94 (Direct) | ₹1,388.36 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.21% |
| Expense ratio (Regular) | 0.38% | 0.91% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | NIFTY Ultra Short Duration Debt Index A-I | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 29-01-2020 | 05-05-2021 |
| Minimum investment | Rs. 5,000 per application | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mahesh Chhabria, Rahul Totla | Laukik Bagwe |
| Exit load | Exit Load : Nil | Nil |
HSBC Ultra Short Term vs ITI 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 Ultra Short Term Fund (Direct) | 0.00% | 0.00% | +0.02% | 0.00% | 0.00% | +0.41% | -- |
| ITI Ultra Short Term Fund (Direct) | +0.33% | +1.39% | +3.06% | +6.26% | +6.99% | +6.43% | -- |
| 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.
HSBC Ultra Short Term vs ITI Ultra Short Term: Year-wise Returns
| Year | HSBCHSBC Ultra Short Term | ITIITI Ultra Short Term |
|---|---|---|
| 2026to date | 0.00% | +5.20% |
| 2025 | 0.00% | +6.98% |
| 2024 | 0.00% | +7.49% |
| 2023 | 0.00% | +7.18% |
| 2022 | +1.35% | +4.65% |
| 2021 | +3.75% | -- |
HSBC Ultra Short Term vs ITI Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 605 of them, one for each trading day from 06-05-2024 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 Ultra Short Term Fund (Direct)
ITI Ultra Short Term Fund (Direct)
to
Jul 2024Dec 2021
to
Dec 2024May 2022
to
May 2025Oct 2022
to
Oct 2025Mar 2023
to
Mar 2026Aug 2023
to
Aug 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 Ultra Short Term | 16.4 | 83.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3% | 0.0% | −0.3% | 1.3% |
| ITI Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 7.1% | 5.6% | 7.3% |
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 06-05-2021. Past returns do not promise future returns.
HSBC Ultra Short Term vs ITI 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 03-05-2021 to 30-10-2026: 66 instalments, ₹6,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Ultra Short TermHSBC Ultra Short Term Fund (Direct) | ₹6,60,000 | ₹6,62,487 | ₹2,487 | 0.1% |
| ITI Ultra Short TermITI Ultra Short Term Fund (Direct) | ₹6,60,000 | ₹7,94,502 | ₹1,34,502 | 6.7% |
HSBC Ultra Short TermHSBC Ultra Short Term Fund (Direct)
ITI Ultra Short TermITI 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 Ultra Short Term vs ITI Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Ultra Short Term Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | 0.00% | +6.26% |
| Standard deviation | 0.21% | 0.38% |
| Sharpe ratio | -24.69 | 2.64 |
| Sortino ratio | -13.62 | 4.48 |
| Maximum drawdown | −0.1% (22-10-2026) | −0.1% (22-10-2026) |
| 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 Ultra Short Term Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | 0.00% | +6.99% |
| Standard deviation | 0.15% | 0.35% |
| Sharpe ratio | -41.46 | 2.79 |
| Sortino ratio | -15.05 | 5.56 |
| Maximum drawdown | −0.1% (22-10-2026) | −0.1% (22-10-2026) |
| 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 Ultra Short Term Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.41% | +6.43% |
| Standard deviation | 0.41% | 0.33% |
| Sharpe ratio | -13.07 | 1.89 |
| Sortino ratio | -10.22 | 3.43 |
| Maximum drawdown | −0.9% (22-10-2026) | −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 | HSBC Ultra Short Term Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.14% | +6.16% |
| Standard deviation | 0.54% | 0.33% |
| Sharpe ratio | -7.38 | 1.80 |
| Sortino ratio | -8.15 | 3.28 |
| Maximum drawdown | −1.0% (24-03-2020) | −0.2% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-01-2020 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 Ultra Short Term Fund (Direct)
ITI 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 Ultra Short Term Fund (Direct) | −0.9% | 29-07-2022 | 22-10-2026 | Not yet | -- | −0.8% |
| ITI Ultra Short Term Fund (Direct) | −0.2% | 02-05-2022 | 06-05-2022 | 23-05-2022 | 17 days | 0.0% |
From daily values since 06-05-2021, 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 Ultra Short Term Fund (Direct)
ITI 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 Ultra Short Term Fund (Direct)
ITI 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.
HSBC Ultra Short Term Fund (Direct)
ITI Ultra Short Term Fund (Direct)
HSBC Ultra Short Term vs ITI Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Ultra Short Term Fund, September 2026; ITI Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 15.5%
- Held by both
- 6
- Only in HSBC Ultra Short Term
- 36
- Only in ITI Ultra Short Term
- 18
| Security | % of HSBC Ultra Short Term | % of ITI Ultra Short Term |
|---|---|---|
| 91 Days Treasury Bill 24-Dec-2026 | 6.32% | 5.93% |
| Axis Bank Limited | 3.57% | 5.86% |
| Punjab National Bank | 3.57% | 2.93% |
| SIDBI | 1.78% | 5.85% |
| ICICI Bank Limited | 0.89% | 2.92% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.38% | 0.40% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 15.5% means 15.5% 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 Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 4.49% |
| Indian Bank | 4.47% |
| Bank of Baroda | 4.47% |
| Bharti Telecom Limited | 3.89% |
| Bajaj Finance Limited | 3.78% |
Largest holdings only in ITI Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Export Import Bank of India (14/12/2026) | 9.48% |
| Indian Bank (24/06/2027) | 8.55% |
| Bank of Baroda (05/03/2027) | 8.17% |
| ICICI Securities Limited (26/10/2026) | 6.57% |
| 7.95% REC Limited (12/03/2027) | 6.02% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Ultra Short Term | ITI Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 105.0% | 97.9% |
| Cash and others | -5.0% | 2.1% |
HSBC Ultra Short Term vs ITI Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Ultra Short Term Fund | ITI Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.21% |
| Base expense ratio (Direct) | 0.14% | 0.17% |
| Total expense ratio (Regular) | 0.38% | 0.91% |
| Base expense ratio (Regular) | 0.31% | 0.79% |
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 Ultra Short Term with
HSBC Ultra Short Term Fund vs ITI Ultra Short Term Fund: Frequently Asked Questions
What is the difference between HSBC Ultra Short Term Fund and ITI Ultra Short Term Fund?
Both are Ultra Short funds, run by HSBC Mutual Fund and ITI Mutual Fund. Their portfolios overlap 15.5%. HSBC Ultra Short Term Fund charges 0.18% a year and ITI Ultra Short Term Fund 0.21%.
Which has given higher returns, HSBC Ultra Short Term Fund or ITI Ultra Short Term Fund?
Over 1 year: HSBC Ultra Short Term Fund 0.00%, ITI Ultra Short Term Fund +6.26%. Over 3 years: HSBC Ultra Short Term Fund 0.00% a year, ITI Ultra Short Term Fund +6.99% a year. Over 5 years: HSBC Ultra Short Term Fund +0.41% a year, ITI Ultra Short Term Fund +6.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Ultra Short Term Fund or ITI Ultra Short Term Fund?
HSBC Ultra Short Term Fund charges less: 0.18% a year against 0.21%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Ultra Short Term Fund and ITI Ultra Short Term Fund overlap?
15.5%. They hold 6 of the same securities, the largest shared ones being 91 Days Treasury Bill 24-Dec-2026, Axis Bank Limited, Punjab National Bank. From each fund's latest monthly portfolio.
Which is riskier, HSBC Ultra Short Term Fund or ITI Ultra Short Term Fund?
On SEBI's riskometer, HSBC Ultra Short Term Fund is rated Low to Moderate and ITI Ultra Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.15% and 0.35% a year.
Which is better for SIP, HSBC Ultra Short Term Fund or ITI 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 ₹6,10,883 in HSBC Ultra Short Term Fund (XIRR 0.1% a year) and ₹7,25,494 in ITI Ultra Short Term Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Ultra Short Term Fund and ITI Ultra Short Term Fund?
Yes. 15.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Ultra Short Term Fund and ITI Ultra Short Term Fund?
HSBC Ultra Short Term Fund: Mahesh Chhabria, Rahul Totla. ITI Ultra Short Term Fund: Laukik Bagwe.
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.