ICICI Prudential Money Market Fund vs Kotak Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Money Market Fund is a Money Market fund and Kotak Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, ICICI Prudential Money Market Fund (Direct) returned 7.3% a year and Kotak Ultra Short Term Fund (Direct) returned 7.1% a year. ICICI Prudential Money Market Fund charges 0.21% a year and Kotak Ultra Short Term Fund 0.36% (Direct plans). Their portfolios overlap 19.1%: they hold 27 of the same securities.
ICICI Prudential Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.21%
- NAV
- ₹417.79
Kotak Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.36%
- NAV
- ₹48.77
Which is better, ICICI Prudential Money Market or Kotak 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.
- ICICI Prudential Money Market returned more over 5 years: 6.7% a year against 6.6%.
- ICICI Prudential Money Market returned more over 3 years: 7.3% a year against 7.1%.
- ICICI Prudential Money Market costs less: 0.21% a year against 0.36% (Direct plans).
- Kotak Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Kotak Ultra Short Term fell less in its worst fall since 02-01-2013: −0.9% against −1.2%.
- ICICI Prudential Money Market is the larger fund: ₹31,010 Cr against ₹15,261 Cr.
- Their portfolios overlap 19.1%: 27 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 | Kotak Ultra Short Term Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Money Market | Ultra Short |
| AUM | ₹31,010 Cr (30-09-2026) | ₹15,261 Cr (30-09-2026) |
| NAV | ₹417.79 (Direct) | ₹48.77 (Direct) |
| Expense ratio (Direct) | 0.21% | 0.36% |
| Expense ratio (Regular) | Not available | 0.82% |
| Riskometer | Not available | Moderate |
| Benchmark | NIFTY Money Market Index A-I | NIFTY Ultra Short Duration Debt Index A-I |
| Launch date | 08-03-2006 | 13-08-2004 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Manish Banthia, Nikhil Kabra | Deepak Agrawal, Manu Sharma |
| Exit load | Nil | Nil |
ICICI Prudential Money Market vs Kotak 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Money Market Fund (Direct) | +0.33% | +1.50% | +3.30% | +6.33% | +7.29% | +6.73% | +6.68% |
| Kotak Ultra Short Term Fund (Direct) | +0.30% | +1.36% | +3.08% | +6.25% | +7.13% | +6.61% | +6.67% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 27 Money Market funds and the 26 Ultra Short funds, same plan type.
ICICI Prudential Money Market vs Kotak Ultra Short Term: Year-wise Returns
| Year | ICICI Prudential Money MarketICICI Prudential Money Market | Kotak Ultra Short TermKotak Ultra Short Term |
|---|---|---|
| 2026to date | +5.25% | +5.18% |
| 2025 | +7.56% | +7.31% |
| 2024 | +7.84% | +7.72% |
| 2023 | +7.47% | +7.27% |
| 2022 | +4.85% | +4.90% |
| 2021 | +3.82% | +3.67% |
ICICI Prudential Money Market vs Kotak Ultra Short Term: 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)
Kotak Ultra Short Term 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% |
| Kotak Ultra Short Term | 0.0 | 6.8 | 93.2 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.4% | 4.9% | 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 Kotak 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 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% |
| Kotak Ultra Short TermKotak Ultra Short Term Fund (Direct) | ₹16,60,000 | ₹27,22,947 | ₹10,62,947 | 6.8% |
ICICI Prudential Money MarketICICI Prudential Money Market Fund (Direct)
Kotak Ultra Short TermKotak 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.
ICICI Prudential Money Market vs Kotak Ultra Short Term: 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) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.33% | +6.25% |
| Standard deviation | 0.53% | 0.49% |
| Sharpe ratio | 2.06 | 2.05 |
| Sortino ratio | 3.28 | 3.42 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.1% (08-07-2026) |
| 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) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.29% | +7.13% |
| Standard deviation | 0.43% | 0.40% |
| Sharpe ratio | 2.94 | 2.75 |
| Sortino ratio | 5.48 | 5.23 |
| Maximum drawdown | −0.2% (22-05-2026) | −0.1% (08-07-2026) |
| 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) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.73% | +6.61% |
| Standard deviation | 0.40% | 0.38% |
| Sharpe ratio | 2.31 | 2.11 |
| Sortino ratio | 4.12 | 3.70 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.3% (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 | ICICI Prudential Money Market Fund (Direct) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.24% | +7.35% |
| Standard deviation | 0.49% | 0.55% |
| Sharpe ratio | 2.41 | 2.36 |
| Sortino ratio | 4.98 | 3.95 |
| 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)
Kotak Ultra Short Term 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% |
| Kotak Ultra Short Term 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)
Kotak 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.
ICICI Prudential Money Market Fund (Direct)
Kotak 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.
ICICI Prudential Money Market Fund (Direct)
Kotak Ultra Short Term Fund (Direct)
ICICI Prudential Money Market vs Kotak Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Money Market Fund, September 2026; Kotak Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 19.1%
- Held by both
- 27
- Only in ICICI Prudential Money Market
- 101
- Only in Kotak Ultra Short Term
- 84
| Security | % of ICICI Prudential Money Market | % of Kotak Ultra Short Term |
|---|---|---|
| HDFC Bank Ltd. | 3.08% | 1.77% |
| Small Industries Development Bank Of India. | 2.28% | 1.60% |
| Punjab National Bank | 1.73% | 1.60% |
| HDFC Bank Ltd. | 1.57% | 1.59% |
| Punjab National Bank | 1.58% | 1.44% |
| HDFC Bank Ltd. | 1.42% | 1.12% |
| NABARD | 1.11% | 1.61% |
| HDFC Bank Ltd. | 1.02% | 1.27% |
| Bank Of Baroda | 0.87% | 1.12% |
| Small Industries Development Bank Of India. | 1.66% | 0.64% |
| Canara Bank | 0.79% | 0.64% |
| IndusInd Bank Ltd. | 0.79% | 0.64% |
| Canara Bank | 1.59% | 0.48% |
| Muthoot Finance Ltd. | 0.55% | 0.48% |
| Muthoot Finance Ltd. | 0.47% | 0.64% |
| Small Industries Development Bank Of India. | 0.47% | 1.60% |
| Axis Securities Ltd. | 0.47% | 0.63% |
| Birla Group Holdings Pvt. Ltd. | 0.47% | 0.63% |
| Bank Of India | 1.41% | 0.32% |
| HDFC Bank Ltd. | 1.02% | 0.32% |
| Punjab National Bank | 0.79% | 0.32% |
| Canara Bank | 0.31% | 0.64% |
| Corporate Debt Market Development Fund (Class A2) | 0.30% | 0.31% |
| State Government of Tamil Nadu | 0.24% | 0.49% |
| Canara Bank | 0.16% | 0.16% |
| Bank Of Baroda | 0.16% | 3.84% |
| Canara Bank | 0.08% | 0.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.1% means 19.1% 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% |
| Bank Of Baroda | 3.00% |
| Small Industries Development Bank Of India. | 2.69% |
| Panatone Finvest Ltd. | 2.53% |
Largest holdings only in Kotak Ultra Short Term Fund
| Security | % of fund |
|---|---|
| AXIS BANK LTD.(^) | 4.53% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT(^) | 3.77% |
| 182 DAYS TREASURY BILL 11/02/2027 | 3.37% |
| Tamil Nadu State Govt - 2029 - Tamil Nadu(^) | 2.91% |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA(^) | 2.34% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Money Market | Kotak Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 105.9% | 100.5% |
| Cash and others | -5.9% | -0.5% |
ICICI Prudential Money Market vs Kotak Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Money Market Fund | Kotak Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.21% | 0.36% |
| Base expense ratio (Direct) | 0.18% | 0.31% |
| Total expense ratio (Regular) | Not available | 0.82% |
| Base expense ratio (Regular) | 0.28% | 0.70% |
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 Kotak Ultra Short Term with
ICICI Prudential Money Market Fund vs Kotak Ultra Short Term Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Money Market Fund and Kotak Ultra Short Term Fund?
ICICI Prudential Money Market Fund is a Money Market fund, Kotak Ultra Short Term Fund is an Ultra Short fund, run by ICICI Prudential Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 19.1%. ICICI Prudential Money Market Fund charges 0.21% a year and Kotak Ultra Short Term Fund 0.36%.
Which has given higher returns, ICICI Prudential Money Market Fund or Kotak Ultra Short Term Fund?
Over 1 year: ICICI Prudential Money Market Fund +6.33%, Kotak Ultra Short Term Fund +6.25%. Over 3 years: ICICI Prudential Money Market Fund +7.29% a year, Kotak Ultra Short Term Fund +7.13% a year. Over 5 years: ICICI Prudential Money Market Fund +6.73% a year, Kotak Ultra Short Term Fund +6.61% 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 Kotak Ultra Short Term Fund?
ICICI Prudential Money Market Fund charges less: 0.21% a year against 0.36%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Money Market Fund and Kotak Ultra Short Term Fund overlap?
19.1%. They hold 27 of the same securities, the largest shared ones being HDFC Bank Ltd., Small Industries Development Bank Of India., Punjab National Bank. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Money Market Fund or Kotak 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 ₹7,30,979 in ICICI Prudential Money Market Fund (XIRR 7.1% a year) and ₹7,28,196 in Kotak Ultra Short Term 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 Kotak Ultra Short Term Fund?
Yes. 19.1% 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 Kotak Ultra Short Term Fund?
ICICI Prudential Money Market Fund: Manish Banthia, Nikhil Kabra. Kotak Ultra Short Term Fund: Deepak Agrawal, Manu Sharma.
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.