HSBC Ultra Short Term Fund vs SBI Ultra Short to Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Ultra Short Term Fund is an Ultra Short fund and SBI Ultra Short to Short Term Fund is a Low Duration fund. In the 3 years to 30-10-2026, HSBC Ultra Short Term Fund (Direct) returned 0.0% a year and SBI Ultra Short to Short Term Fund (Direct) returned 7.1% a year. HSBC Ultra Short Term Fund charges 0.18% a year and SBI Ultra Short to Short Term Fund 0.44% (Direct plans). Their portfolios overlap 10.6%: 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
SBI Ultra Short to Short Term Fund
Low Duration
- 3 year return
- 7.1%
- Expense ratio
- 0.44%
- NAV
- ₹3,925.81
Which is better, HSBC Ultra Short Term or SBI 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.
- SBI Ultra Short to Short Term returned more over 5 years: 6.5% a year against 0.4%.
- SBI Ultra Short to Short Term returned more over 3 years: 7.1% a year against 0.0%.
- HSBC Ultra Short Term costs less: 0.18% a year against 0.44% (Direct plans).
- HSBC Ultra Short Term swung less over 3 years: a standard deviation of 0.1% a year against 0.5%.
- HSBC Ultra Short Term fell less in its worst fall since 30-01-2020: −1.0% against −1.3%.
- SBI Ultra Short to Short Term is the larger fund: ₹10,942 Cr against ₹2,733 Cr.
- Their portfolios overlap 10.6%: 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 | SBI Ultra Short to Short Term Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | SBI Mutual Fund |
| Category | Ultra Short | Low Duration |
| AUM | ₹2,733 Cr (30-09-2026) | ₹10,942 Cr (30-09-2026) |
| NAV | ₹1,079.94 (Direct) | ₹3,925.81 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.44% |
| Expense ratio (Regular) | 0.38% | 0.92% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | NIFTY Ultra Short Duration Debt Index A-I | CRISIL Low Duration Debt A-I Index |
| Launch date | 29-01-2020 | 27-07-2007 |
| Minimum investment | Rs. 5,000 per application | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mahesh Chhabria, Rahul Totla | Rajeev Radhakrishnan |
| Exit load | Exit Load : Nil | Nil |
HSBC Ultra Short Term vs SBI 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 Ultra Short Term Fund (Direct) | 0.00% | 0.00% | +0.02% | 0.00% | 0.00% | +0.41% | -- |
| SBI Ultra Short to Short Term Fund (Direct) | +0.24% | +1.16% | +2.95% | +5.62% | +7.11% | +6.53% | +6.74% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
| Low Duration average | +0.18% | +1.12% | +2.95% | +5.79% | +7.22% | +6.58% | +6.73% |
Category average: the average of the 26 Ultra Short funds and the 25 Low Duration funds, same plan type.
HSBC Ultra Short Term vs SBI Ultra Short to Short Term: Year-wise Returns
| Year | HSBC UltraHSBC Ultra Short Term | SBI Ultra Short toSBI Ultra Short to Short Term |
|---|---|---|
| 2026to date | 0.00% | +4.65% |
| 2025 | 0.00% | +7.57% |
| 2024 | 0.00% | +7.87% |
| 2023 | 0.00% | +7.36% |
| 2022 | +1.35% | +4.59% |
| 2021 | +3.75% | +3.72% |
HSBC Ultra Short Term vs SBI Ultra Short to Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 907 of them, one for each trading day from 30-01-2023 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)
SBI Ultra Short to Short Term Fund (Direct)
to
May 2023Jan 2021
to
Jan 2024Aug 2021
to
Aug 2024Apr 2022
to
Apr 2025Dec 2022
to
Dec 2025Jul 2023
to
Jul 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 | 10.9 | 89.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8% | 0.5% | −0.3% | 2.9% |
| SBI Ultra Short to Short Term | 0.0 | 4.2 | 95.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.6% | 4.9% | 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 30-01-2020. Past returns do not promise future returns.
HSBC Ultra Short Term vs SBI 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 30-01-2020 to 30-10-2026: 82 instalments, ₹8,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Ultra Short TermHSBC Ultra Short Term Fund (Direct) | ₹8,20,000 | ₹8,32,799 | ₹12,799 | 0.4% |
| SBI Ultra Short to Short TermSBI Ultra Short to Short Term Fund (Direct) | ₹8,20,000 | ₹10,28,196 | ₹2,08,196 | 6.5% |
HSBC Ultra Short TermHSBC Ultra Short Term Fund (Direct)
SBI Ultra Short to Short TermSBI 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 Ultra Short Term vs SBI 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 Ultra Short Term Fund (Direct) | SBI Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | 0.00% | +5.62% |
| Standard deviation | 0.21% | 0.60% |
| Sharpe ratio | -24.69 | 0.62 |
| Sortino ratio | -13.62 | 0.92 |
| Maximum drawdown | −0.1% (22-10-2026) | −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 Ultra Short Term Fund (Direct) | SBI Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | 0.00% | +7.11% |
| Standard deviation | 0.15% | 0.48% |
| Sharpe ratio | -41.46 | 2.25 |
| Sortino ratio | -15.05 | 3.82 |
| Maximum drawdown | −0.1% (22-10-2026) | −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 Ultra Short Term Fund (Direct) | SBI Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.41% | +6.53% |
| Standard deviation | 0.41% | 0.46% |
| Sharpe ratio | -13.07 | 1.60 |
| Sortino ratio | -10.22 | 2.54 |
| Maximum drawdown | −0.9% (22-10-2026) | −0.4% (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) | SBI Ultra Short to Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.14% | +7.33% |
| Standard deviation | 0.54% | 0.63% |
| Sharpe ratio | -7.38 | 2.05 |
| Sortino ratio | -8.15 | 3.70 |
| Maximum drawdown | −1.0% (24-03-2020) | −1.3% (24-03-2020) |
| 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)
SBI 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 Ultra Short Term Fund (Direct) | −1.0% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | −0.8% |
| SBI Ultra Short to Short Term Fund (Direct) | −1.3% | 09-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 30-01-2020, 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)
SBI 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 Ultra Short Term Fund (Direct)
SBI Ultra Short to 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)
SBI Ultra Short to Short Term Fund (Direct)
HSBC Ultra Short Term vs SBI Ultra Short to Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Ultra Short Term Fund, September 2026; SBI Ultra Short to Short Term Fund, September 2026
Holdings in common
- Overlap
- 10.6%
- Held by both
- 6
- Only in HSBC Ultra Short Term
- 36
- Only in SBI Ultra Short to Short Term
- 41
| Security | % of HSBC Ultra Short Term | % of SBI Ultra Short to Short Term |
|---|---|---|
| Kotak Mahindra Bank Limited | 3.56% | 4.44% |
| HDFC Bank Limited | 3.59% | 3.14% |
| SIDBI | 1.78% | 3.12% |
| Axis Bank Limited | 1.78% | 1.33% |
| Indian Bank | 4.47% | 0.45% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.38% | 0.42% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 10.6% means 10.6% 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 |
|---|---|
| 91 Days Treasury Bill 24-Dec-2026 | 6.32% |
| Axis Bank Limited | 4.49% |
| Bank of Baroda | 4.47% |
| Bharti Telecom Limited | 3.89% |
| Bajaj Finance Limited | 3.78% |
Largest holdings only in SBI Ultra Short to Short Term Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd. | 5.55% |
| Radhakrishna Securitisation Trust (Obligor - Digital Fibre Infrastructure Trust) | 4.57% |
| Indian Bank | 4.47% |
| Canara Bank | 4.46% |
| ICICI Bank Ltd. | 4.43% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Ultra Short Term | SBI Ultra Short to Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 105.0% | 93.1% |
| Cash and others | -5.0% | 6.9% |
HSBC Ultra Short Term vs SBI Ultra Short to Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Ultra Short Term Fund | SBI Ultra Short to Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.44% |
| Base expense ratio (Direct) | 0.14% | 0.37% |
| Total expense ratio (Regular) | 0.38% | 0.92% |
| Base expense ratio (Regular) | 0.31% | 0.78% |
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
Compare SBI Ultra Short to Short Term with
- SBI Ultra Short to Short Term vs HSBC Ultra Short to Short Term
- SBI Ultra Short to Short Term vs Nippon India Ultra Short to Short Term
- SBI Ultra Short to Short Term vs Axis Ultra Short to Short Term
- SBI Ultra Short to Short Term vs Kotak Ultra Short to Short Term
- SBI Ultra Short to Short Term vs Mirae Asset Ultra Short to Short Term
HSBC Ultra Short Term Fund vs SBI Ultra Short to Short Term Fund: Frequently Asked Questions
What is the difference between HSBC Ultra Short Term Fund and SBI Ultra Short to Short Term Fund?
HSBC Ultra Short Term Fund is an Ultra Short fund, SBI Ultra Short to Short Term Fund is a Low Duration fund, run by HSBC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 10.6%. HSBC Ultra Short Term Fund charges 0.18% a year and SBI Ultra Short to Short Term Fund 0.44%.
Which has given higher returns, HSBC Ultra Short Term Fund or SBI Ultra Short to Short Term Fund?
Over 1 year: HSBC Ultra Short Term Fund 0.00%, SBI Ultra Short to Short Term Fund +5.62%. Over 3 years: HSBC Ultra Short Term Fund 0.00% a year, SBI Ultra Short to Short Term Fund +7.11% a year. Over 5 years: HSBC Ultra Short Term Fund +0.41% a year, SBI Ultra Short to Short Term Fund +6.53% 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 SBI Ultra Short to Short Term Fund?
HSBC Ultra Short Term Fund charges less: 0.18% a year against 0.44%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Ultra Short Term Fund and SBI Ultra Short to Short Term Fund overlap?
10.6%. They hold 6 of the same securities, the largest shared ones being Kotak Mahindra Bank Limited, HDFC Bank Limited, SIDBI. From each fund's latest monthly portfolio.
Which is riskier, HSBC Ultra Short Term Fund or SBI Ultra Short to Short Term Fund?
On SEBI's riskometer, HSBC Ultra Short Term Fund is rated Low to Moderate and SBI Ultra Short to Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.15% and 0.48% a year.
Which is better for SIP, HSBC Ultra Short Term Fund or SBI Ultra Short to 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 ₹7,26,585 in SBI Ultra Short to 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 SBI Ultra Short to Short Term Fund?
Yes. 10.6% 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 SBI Ultra Short to Short Term Fund?
HSBC Ultra Short Term Fund: Mahesh Chhabria, Rahul Totla. SBI Ultra Short to Short Term Fund: Rajeev Radhakrishnan.
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.