ICICI Prudential Gilt Fund vs Kotak Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Gilt Fund and Kotak Gilt Fund are both Gilt funds. In the 3 years to 30-10-2026, ICICI Prudential Gilt Fund (Direct) returned 6.2% a year and Kotak Gilt Fund (Direct) returned 5.5% a year. ICICI Prudential Gilt Fund charges 0.58% a year and Kotak Gilt Fund 0.48% (Direct plans). Their portfolios overlap 21.0%: they hold 3 of the same securities.
ICICI Prudential Gilt Fund
Gilt
- 3 year return
- 6.2%
- Expense ratio
- 0.58%
- NAV
- ₹114.42
Which is better, ICICI Prudential Gilt or Kotak Gilt? 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 Gilt returned more over 5 years: 6.1% a year against 5.2%.
- ICICI Prudential Gilt returned more over 3 years: 6.2% a year against 5.5%.
- Kotak Gilt costs less: 0.48% a year against 0.58% (Direct plans).
- ICICI Prudential Gilt swung less over 3 years: a standard deviation of 2.4% a year against 3.3%.
- ICICI Prudential Gilt fell less in its worst fall since 23-01-2013: −12.3% against −13.3%.
- ICICI Prudential Gilt is the larger fund: ₹9,118 Cr against ₹2,065 Cr.
- Their portfolios overlap 21.0%: 3 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 | ICICI Prudential Gilt Fund | Kotak Gilt Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Gilt | Gilt |
| AUM | ₹9,118 Cr (30-09-2026) | ₹2,065 Cr (30-09-2026) |
| NAV | ₹114.42 (Direct) | ₹112.95 (Direct) |
| Expense ratio (Direct) | 0.58% | 0.48% |
| Expense ratio (Regular) | 1.11% | 1.49% |
| Riskometer | Not available | Moderate |
| Benchmark | Nifty All Duration G-Sec Index | Nifty All Duration G-Sec Index |
| Launch date | 19-08-1999 | 29-12-1998 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Manish Banthia, Raunak Surana | Abhishek Bisen |
| Exit load | Nil | Nil |
ICICI Prudential Gilt vs Kotak Gilt: 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Gilt Fund (Direct) | −1.33% | −2.32% | +0.99% | +1.91% | +6.23% | +6.08% | +7.15% |
| Kotak Gilt Fund (Direct) | −0.63% | −1.30% | +2.00% | +1.78% | +5.49% | +5.21% | +6.68% |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
Category average: the average of the 28 Gilt funds, same plan type.
ICICI Prudential Gilt vs Kotak Gilt: Year-wise Returns
| Year | ICICI PrudentialICICI Prudential Gilt | KotakKotak Gilt |
|---|---|---|
| 2026to date | +1.11% | +1.35% |
| 2025 | +7.33% | +3.37% |
| 2024 | +8.73% | +9.43% |
| 2023 | +8.83% | +8.41% |
| 2022 | +4.27% | +3.52% |
| 2021 | +4.40% | +3.23% |
ICICI Prudential Gilt vs Kotak Gilt: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,603 of them, one for each trading day from 25-01-2016 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.
ICICI Prudential Gilt Fund (Direct)
Kotak Gilt Fund (Direct)
to
Dec 2016Oct 2015
to
Oct 2018Aug 2017
to
Aug 2020Jun 2019
to
Jun 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Gilt | 0.0 | 0.0 | 77.8 | 21.2 | 1.0 | 0.0 | 0.0 | 8.8% | 8.5% | 5.3% | 16.2% |
| Kotak Gilt | 0.0 | 1.0 | 76.5 | 22.1 | 0.4 | 0.0 | 0.0 | 8.4% | 8.1% | 4.8% | 15.6% |
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 23-01-2013. Past returns do not promise future returns.
ICICI Prudential Gilt vs Kotak Gilt: 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential GiltICICI Prudential Gilt Fund (Direct) | ₹16,60,000 | ₹28,76,944 | ₹12,16,944 | 7.6% |
| Kotak GiltKotak Gilt Fund (Direct) | ₹16,60,000 | ₹27,60,207 | ₹11,00,207 | 7.0% |
ICICI Prudential GiltICICI Prudential Gilt Fund (Direct)
Kotak GiltKotak Gilt 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.
ICICI Prudential Gilt vs Kotak Gilt: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Gilt Fund (Direct) | Kotak Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.91% | +1.78% |
| Standard deviation | 3.42% | 3.43% |
| Sharpe ratio | -0.98 | -1.01 |
| Sortino ratio | -1.32 | -1.36 |
| Maximum drawdown | −3.7% (27-10-2026) | −2.9% (02-04-2026) |
| 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 | ICICI Prudential Gilt Fund (Direct) | Kotak Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.23% | +5.49% |
| Standard deviation | 2.39% | 3.33% |
| Sharpe ratio | 0.09 | -0.16 |
| Sortino ratio | 0.12 | -0.22 |
| Maximum drawdown | −3.7% (27-10-2026) | −4.7% (01-09-2025) |
| 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 | ICICI Prudential Gilt Fund (Direct) | Kotak Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.08% | +5.21% |
| Standard deviation | 2.23% | 2.84% |
| Sharpe ratio | 0.12 | -0.21 |
| Sortino ratio | 0.17 | -0.28 |
| Maximum drawdown | −3.7% (27-10-2026) | −4.7% (01-09-2025) |
| 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 | ICICI Prudential Gilt Fund (Direct) | Kotak Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.10% | +7.58% |
| Standard deviation | 4.32% | 4.37% |
| Sharpe ratio | 0.47 | 0.35 |
| Sortino ratio | 0.67 | 0.49 |
| Maximum drawdown | −12.3% (19-08-2013) | −13.3% (19-08-2013) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
ICICI Prudential Gilt Fund (Direct)
Kotak Gilt Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Gilt Fund (Direct) | −12.3% | 27-05-2013 | 19-08-2013 | 23-07-2014 | 11 months | −3.4% |
| Kotak Gilt Fund (Direct) | −13.3% | 27-05-2013 | 19-08-2013 | 15-09-2014 | 13 months | −2.3% |
From daily values since 23-01-2013, 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.
ICICI Prudential Gilt Fund (Direct)
Kotak Gilt 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.
ICICI Prudential Gilt Fund (Direct)
Kotak Gilt 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.
ICICI Prudential Gilt Fund (Direct)
Kotak Gilt Fund (Direct)
ICICI Prudential Gilt vs Kotak Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Gilt Fund, September 2026; Kotak Gilt Fund, September 2026
Holdings in common
- Overlap
- 21.0%
- Held by both
- 3
- Only in ICICI Prudential Gilt
- 43
- Only in Kotak Gilt
- 35
| Security | % of ICICI Prudential Gilt | % of Kotak Gilt |
|---|---|---|
| Government Securities | 14.11% | 15.64% |
| Government Securities | 6.80% | 14.54% |
| Government Securities | 0.11% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 21.0% means 21.0% 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 ICICI Prudential Gilt Fund
| Security | % of fund |
|---|---|
| Government Securities | 21.22% |
| Government Securities | 8.24% |
| Government Securities | 3.51% |
| State Government of Maharashtra | 3.02% |
| State Government of Maharashtra | 2.93% |
Largest holdings only in Kotak Gilt Fund
| Security | % of fund |
|---|---|
| 91 DAYS TREASURY BILL 08/10/2026 | 16.21% |
| 91 DAYS TREASURY BILL 01/10/2026 | 7.26% |
| 91 DAYS TREASURY BILL 22/10/2026 | 6.04% |
| Central Government - 2035 | 4.86% |
| Bihar State Govt - 2035 - Bihar | 2.27% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Gilt | Kotak Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.1% | 79.5% |
| Cash and others | 2.9% | 20.5% |
ICICI Prudential Gilt vs Kotak Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Gilt Fund | Kotak Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.58% | 0.48% |
| Base expense ratio (Direct) | 0.49% | 0.41% |
| Total expense ratio (Regular) | 1.11% | 1.49% |
| Base expense ratio (Regular) | 0.94% | 1.25% |
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 ICICI Prudential Gilt with
ICICI Prudential Gilt Fund vs Kotak Gilt Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Gilt Fund and Kotak Gilt Fund?
Both are Gilt funds, run by ICICI Prudential Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 21.0%. ICICI Prudential Gilt Fund charges 0.58% a year and Kotak Gilt Fund 0.48%.
Which has given higher returns, ICICI Prudential Gilt Fund or Kotak Gilt Fund?
Over 1 year: ICICI Prudential Gilt Fund +1.91%, Kotak Gilt Fund +1.78%. Over 3 years: ICICI Prudential Gilt Fund +6.23% a year, Kotak Gilt Fund +5.49% a year. Over 5 years: ICICI Prudential Gilt Fund +6.08% a year, Kotak Gilt Fund +5.21% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Gilt Fund or Kotak Gilt Fund?
Kotak Gilt Fund charges less: 0.48% a year against 0.58%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Gilt Fund and Kotak Gilt Fund overlap?
21.0%. They hold 3 of the same securities, the largest shared ones being Government Securities, Government Securities, Government Securities. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Gilt Fund or Kotak Gilt Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,08,531 in ICICI Prudential Gilt Fund (XIRR 5.8% a year) and ₹6,90,824 in Kotak Gilt Fund (XIRR 4.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Gilt Fund and Kotak Gilt Fund?
Yes. 21.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Gilt Fund and Kotak Gilt Fund?
ICICI Prudential Gilt Fund: Manish Banthia, Raunak Surana. Kotak Gilt Fund: Abhishek Bisen.
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.