ICICI Prudential Money Market Fund vs Invesco India Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Money Market Fund and Invesco India Money Market Fund are both Money Market funds. In the 3 years to 30-10-2026, ICICI Prudential Money Market Fund (Direct) returned 7.3% a year and Invesco India Money Market Fund (Direct) returned 7.2% a year. ICICI Prudential Money Market Fund charges 0.21% a year and Invesco India Money Market Fund 0.16% (Direct plans). Their portfolios overlap 17.5%: they hold 25 of the same securities.
ICICI Prudential Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.21%
- NAV
- ₹417.79
Invesco India Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.16%
- NAV
- ₹3,424.35
Which is better, ICICI Prudential Money Market or Invesco India Money Market? 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 Money Market returned more over 5 years: 6.7% a year against 6.5%.
- ICICI Prudential Money Market returned more over 3 years: 7.3% a year against 7.2%.
- Invesco India Money Market costs less: 0.16% a year against 0.21% (Direct plans).
- Invesco India Money Market swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Invesco India Money Market fell less in its worst fall since 02-01-2013: −0.9% against −1.2%.
- Invesco India Money Market holds 1.8% of the fund in foreign stocks; ICICI Prudential Money Market 0.0%.
- ICICI Prudential Money Market is the larger fund: ₹31,010 Cr against ₹5,481 Cr.
- Their portfolios overlap 17.5%: 25 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 Money Market Fund | Invesco India Money Market Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Invesco Mutual Fund |
| Category | Money Market | Money Market |
| AUM | ₹31,010 Cr (30-09-2026) | ₹5,481 Cr (30-09-2026) |
| NAV | ₹417.79 (Direct) | ₹3,424.35 (Direct) |
| Expense ratio (Direct) | 0.21% | 0.16% |
| Expense ratio (Regular) | Not available | 0.43% |
| Riskometer | Not available | Low to Moderate |
| Benchmark | NIFTY Money Market Index A-I | NIFTY Money Market Index A-I |
| Launch date | 08-03-2006 | 28-08-2009 |
| Minimum investment | ₹500 | Not available |
| Lock in | None | None |
| Fund managers | Manish Banthia, Nikhil Kabra | Krishna Cheemalapati, Vikas Garg |
| Exit load | Nil | Nil |
ICICI Prudential Money Market vs Invesco India Money Market: 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 Money Market Fund (Direct) | +0.33% | +1.50% | +3.30% | +6.33% | +7.29% | +6.73% | +6.68% |
| Invesco India Money Market Fund (Direct) | +0.31% | +1.48% | +3.28% | +6.28% | +7.17% | +6.51% | +6.50% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
Category average: the average of the 27 Money Market funds, same plan type.
ICICI Prudential Money Market vs Invesco India Money Market: Year-wise Returns
| Year | ICICI PrudentialICICI Prudential Money Market | Invesco IndiaInvesco India Money Market |
|---|---|---|
| 2026to date | +5.25% | +5.21% |
| 2025 | +7.56% | +7.44% |
| 2024 | +7.84% | +7.64% |
| 2023 | +7.47% | +7.34% |
| 2022 | +4.85% | +4.25% |
| 2021 | +3.82% | +3.90% |
ICICI Prudential Money Market vs Invesco India Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,759 of them, one for each trading day from 03-01-2016 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 Money Market Fund (Direct)
Invesco India Money Market Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 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 Money Market | 0.0 | 4.1 | 95.9 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.4% | 4.9% | 8.9% |
| Invesco India Money Market | 0.0 | 13.8 | 86.2 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.3% | 4.6% | 9.6% |
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 02-01-2013. Past returns do not promise future returns.
ICICI Prudential Money Market vs Invesco India Money Market: 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Money MarketICICI Prudential Money Market Fund (Direct) | ₹16,60,000 | ₹27,20,057 | ₹10,60,057 | 6.8% |
| Invesco India Money MarketInvesco India Money Market Fund (Direct) | ₹16,60,000 | ₹26,95,111 | ₹10,35,111 | 6.7% |
ICICI Prudential Money MarketICICI Prudential Money Market Fund (Direct)
Invesco India Money MarketInvesco India Money Market 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 Money Market vs Invesco India Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Money Market Fund (Direct) | Invesco India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.33% | +6.28% |
| Standard deviation | 0.53% | 0.52% |
| Sharpe ratio | 2.06 | 2.01 |
| Sortino ratio | 3.28 | 3.18 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.1% (22-05-2026) |
| 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 | ICICI Prudential Money Market Fund (Direct) | Invesco India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.29% | +7.17% |
| Standard deviation | 0.43% | 0.42% |
| Sharpe ratio | 2.94 | 2.72 |
| Sortino ratio | 5.48 | 4.94 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.1% (22-05-2026) |
| 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 | ICICI Prudential Money Market Fund (Direct) | Invesco India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.73% | +6.51% |
| Standard deviation | 0.40% | 0.43% |
| Sharpe ratio | 2.31 | 1.64 |
| Sortino ratio | 4.12 | 2.49 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.6% (13-05-2022) |
| 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 | ICICI Prudential Money Market Fund (Direct) | Invesco India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.24% | +7.26% |
| Standard deviation | 0.49% | 0.48% |
| Sharpe ratio | 2.41 | 2.50 |
| Sortino ratio | 4.98 | 4.60 |
| Maximum drawdown | −1.2% (24-03-2020) | −0.9% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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 Money Market Fund (Direct)
Invesco India Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Money Market Fund (Direct) | −1.2% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Invesco India Money Market Fund (Direct) | −0.9% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 02-01-2013, 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 Money Market Fund (Direct)
Invesco India Money Market 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 Money Market Fund (Direct)
Invesco India Money Market 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 Money Market Fund (Direct)
Invesco India Money Market Fund (Direct)
ICICI Prudential Money Market vs Invesco India Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Money Market Fund, September 2026; Invesco India Money Market Fund, September 2026
Holdings in common
- Overlap
- 17.5%
- Held by both
- 25
- Only in ICICI Prudential Money Market
- 103
- Only in Invesco India Money Market
- 44
| Security | % of ICICI Prudential Money Market | % of Invesco India Money Market |
|---|---|---|
| Small Industries Development Bank Of India. | 2.28% | 3.55% |
| NABARD | 1.25% | 1.15% |
| HDFC Bank Ltd. | 1.02% | 2.66% |
| 182 Days Treasury Bills | 1.00% | 2.06% |
| Punjab National Bank | 1.58% | 0.89% |
| Indian Bank | 1.58% | 0.89% |
| HDFC Bank Ltd. | 1.42% | 0.89% |
| Bank Of Baroda | 1.10% | 0.89% |
| HDFC Bank Ltd. | 1.02% | 0.89% |
| NABARD | 0.79% | 2.23% |
| Punjab National Bank | 0.79% | 0.89% |
| Bank Of Baroda | 0.77% | 0.89% |
| Small Industries Development Bank Of India. | 0.71% | 1.77% |
| NABARD | 0.63% | 0.89% |
| Indian Bank | 0.63% | 1.34% |
| National Bank for Financing Infrastructure and Development | 1.10% | 0.53% |
| IDFC First Bank Ltd. | 0.47% | 2.67% |
| Punjab National Bank | 1.73% | 0.45% |
| Muthoot Finance Ltd. | 0.47% | 0.45% |
| Axis Bank Ltd. | 0.31% | 1.95% |
| Canara Bank | 0.31% | 1.77% |
| Corporate Debt Market Development Fund (Class A2) | 0.30% | 0.31% |
| State Government of Uttar Pradesh | 0.16% | 0.91% |
| Cholamandalam Investment And Finance Company Ltd. | 0.16% | 1.77% |
| Punjab National Bank | 0.16% | 0.44% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.5% means 17.5% 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 ICICI Prudential Money Market Fund
| Security | % of fund |
|---|---|
| 182 Days Treasury Bills | 3.98% |
| Axis Bank Ltd. | 3.96% |
| HDFC Bank Ltd. | 3.08% |
| Bank Of Baroda | 3.00% |
| Small Industries Development Bank Of India. | 2.69% |
Largest holdings only in Invesco India Money Market Fund
| Security | % of fund |
|---|---|
| JIO Credit Limited 2027 | 3.53% |
| ICICI Bank Limited 2027 | 3.12% |
| ICICI Bank Limited 2027 | 3.10% |
| Manappuram Finance Limited 2027 | 2.66% |
| Bank of Baroda 2027 | 2.66% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Money Market | Invesco India Money Market |
|---|---|---|
| Equity | 0.0% | 1.8% |
| Debt | 105.9% | 95.2% |
| Cash and others | -5.9% | 3.0% |
Market cap of stocks
| Market cap | ICICI Prudential Money Market | Invesco India Money Market |
|---|---|---|
| Large Cap | -- | 0.0% |
| Mid Cap | -- | 0.0% |
| Small Cap | -- | 0.0% |
| Foreign stocks | -- | 1.8% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | ICICI Prudential Money Market | Invesco India Money Market |
|---|---|---|
| Other | 0.0% | 1.8% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Money Market vs Invesco India Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Money Market Fund | Invesco India Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.21% | 0.16% |
| Base expense ratio (Direct) | 0.18% | 0.13% |
| Total expense ratio (Regular) | Not available | 0.43% |
| Base expense ratio (Regular) | 0.28% | 0.36% |
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 Money Market with
Compare Invesco India Money Market with
ICICI Prudential Money Market Fund vs Invesco India Money Market Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Money Market Fund and Invesco India Money Market Fund?
Both are Money Market funds, run by ICICI Prudential Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 17.5%. ICICI Prudential Money Market Fund charges 0.21% a year and Invesco India Money Market Fund 0.16%.
Which has given higher returns, ICICI Prudential Money Market Fund or Invesco India Money Market Fund?
Over 1 year: ICICI Prudential Money Market Fund +6.33%, Invesco India Money Market Fund +6.28%. Over 3 years: ICICI Prudential Money Market Fund +7.29% a year, Invesco India Money Market Fund +7.17% a year. Over 5 years: ICICI Prudential Money Market Fund +6.73% a year, Invesco India Money Market Fund +6.51% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Money Market Fund or Invesco India Money Market Fund?
Invesco India Money Market Fund charges less: 0.16% a year against 0.21%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Money Market Fund and Invesco India Money Market Fund overlap?
17.5%. They hold 25 of the same securities, the largest shared ones being Small Industries Development Bank Of India., NABARD, HDFC Bank Ltd.. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Money Market Fund or Invesco India Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,30,979 in ICICI Prudential Money Market Fund (XIRR 7.1% a year) and ₹7,28,313 in Invesco India Money Market Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Money Market Fund and Invesco India Money Market Fund?
Yes. 17.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Money Market Fund and Invesco India Money Market Fund?
ICICI Prudential Money Market Fund: Manish Banthia, Nikhil Kabra. Invesco India Money Market Fund: Krishna Cheemalapati, Vikas Garg.
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.