ICICI Prudential Ultra Short Term Fund vs Mahindra Manulife Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Ultra Short Term Fund and Mahindra Manulife Ultra Short Term Fund are both Ultra Short funds. In the 3 years to 30-10-2026, ICICI Prudential Ultra Short Term Fund (Direct) returned 7.3% a year and Mahindra Manulife Ultra Short Term Fund (Direct) returned 7.2% a year. ICICI Prudential Ultra Short Term Fund charges 0.40% a year and Mahindra Manulife Ultra Short Term Fund 0.31% (Direct plans). Their portfolios overlap 7.1%: they hold 10 of the same securities.
ICICI Prudential Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.3%
- Expense ratio
- 0.40%
- NAV
- ₹32.60
Mahindra Manulife Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.2%
- Expense ratio
- 0.31%
- NAV
- ₹1,531.87
Which is better, ICICI Prudential Ultra Short Term or Mahindra Manulife 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 Ultra Short Term returned more over 5 years: 6.8% a year against 6.6%.
- ICICI Prudential Ultra Short Term returned more over 3 years: 7.3% a year against 7.2%.
- Mahindra Manulife Ultra Short Term costs less: 0.31% a year against 0.40% (Direct plans).
- Mahindra Manulife Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Mahindra Manulife Ultra Short Term fell less in its worst fall since 18-10-2019: −0.5% against −1.1%.
- ICICI Prudential Ultra Short Term is the larger fund: ₹15,236 Cr against ₹205 Cr.
- Their portfolios overlap 7.1%: 10 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 Ultra Short Term Fund | Mahindra Manulife Ultra Short Term Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Ultra Short | Ultra Short |
| AUM | ₹15,236 Cr (30-09-2026) | ₹205 Cr (30-09-2026) |
| NAV | ₹32.60 (Direct) | ₹1,531.87 (Direct) |
| Expense ratio (Direct) | 0.40% | 0.31% |
| Expense ratio (Regular) | 0.80% | 0.73% |
| Riskometer | Not available | Low to Moderate |
| Benchmark | NIFTY Ultra Short Duration Debt Index A-I | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 03-05-2011 | 17-10-2019 |
| Minimum investment | 1) Growth & IDCW - Rs. 5,000/- (plus multiples of Re. 1/-) 2) AEP – Rs. 25,000 (plus multiples of Re. 1/-) Minimum application amount for switch ins – Rs. 5,000 and any amount thereafter 1) Growth & IDCW - Rs. 5,000/- (plus multiples of Re. 1/-) 2) AEP – | ₹1,000 |
| Lock in | None | None |
| Fund managers | Ritesh Lunawat, Manish Banthia | Rahul Pal |
| Exit load | Nil | Nil |
ICICI Prudential Ultra Short Term vs Mahindra Manulife 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 Ultra Short Term Fund (Direct) | +0.29% | +1.40% | +3.20% | +6.37% | +7.31% | +6.78% | +7.15% |
| Mahindra Manulife Ultra Short Term Fund (Direct) | +0.31% | +1.43% | +3.19% | +6.41% | +7.20% | +6.63% | -- |
| 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.
ICICI Prudential Ultra Short Term vs Mahindra Manulife Ultra Short Term: Year-wise Returns
| Year | ICICI PrudentialICICI Prudential Ultra Short Term | Mahindra ManulifeMahindra Manulife Ultra Short Term |
|---|---|---|
| 2026to date | +5.28% | +5.34% |
| 2025 | +7.52% | +7.24% |
| 2024 | +7.90% | +7.81% |
| 2023 | +7.39% | +7.30% |
| 2022 | +5.05% | +4.80% |
| 2021 | +4.58% | +3.72% |
ICICI Prudential Ultra Short Term vs Mahindra Manulife Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 976 of them, one for each trading day from 18-10-2022 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 Ultra Short Term Fund (Direct)
Mahindra Manulife Ultra Short Term Fund (Direct)
to
Feb 2023Oct 2020
to
Oct 2023Jun 2021
to
Jun 2024Mar 2022
to
Mar 2025Nov 2022
to
Nov 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.6% | 5.5% | 7.7% |
| Mahindra Manulife Ultra Short Term | 0.0 | 21.2 | 78.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.4% | 4.8% | 7.5% |
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 18-10-2019. Past returns do not promise future returns.
ICICI Prudential Ultra Short Term vs Mahindra Manulife 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 01-10-2019 to 30-10-2026: 85 instalments, ₹8,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term Fund (Direct) | ₹8,50,000 | ₹10,85,156 | ₹2,35,156 | 6.8% |
| Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term Fund (Direct) | ₹8,50,000 | ₹10,77,031 | ₹2,27,031 | 6.6% |
ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term Fund (Direct)
Mahindra Manulife Ultra Short TermMahindra Manulife 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 Ultra Short Term vs Mahindra Manulife 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 Ultra Short Term Fund (Direct) | Mahindra Manulife Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.37% | +6.41% |
| Standard deviation | 0.48% | 0.41% |
| Sharpe ratio | 2.35 | 2.81 |
| Sortino ratio | 3.82 | 4.80 |
| Maximum drawdown | −0.1% (08-07-2026) | −0.1% (23-10-2026) |
| 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 | ICICI Prudential Ultra Short Term Fund (Direct) | Mahindra Manulife Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.31% | +7.20% |
| Standard deviation | 0.39% | 0.36% |
| Sharpe ratio | 3.25 | 3.26 |
| Sortino ratio | 6.24 | 6.54 |
| Maximum drawdown | −0.1% (08-07-2026) | −0.1% (23-10-2026) |
| 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 | ICICI Prudential Ultra Short Term Fund (Direct) | Mahindra Manulife Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.78% | +6.63% |
| Standard deviation | 0.37% | 0.35% |
| Sharpe ratio | 2.67 | 2.39 |
| Sortino ratio | 4.97 | 4.39 |
| Maximum drawdown | −0.2% (06-05-2022) | −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 | ICICI Prudential Ultra Short Term Fund (Direct) | Mahindra Manulife Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.90% | +6.25% |
| Standard deviation | 1.69% | 0.46% |
| Sharpe ratio | 1.09 | 2.45 |
| Sortino ratio | 1.46 | 5.37 |
| Maximum drawdown | −7.5% (19-08-2013) | −0.5% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 09-01-2013 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 Ultra Short Term Fund (Direct)
Mahindra Manulife 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 Ultra Short Term Fund (Direct) | −1.1% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Mahindra Manulife Ultra Short Term Fund (Direct) | −0.5% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 18-10-2019, 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 Ultra Short Term Fund (Direct)
Mahindra Manulife 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 Ultra Short Term Fund (Direct)
Mahindra Manulife 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 Ultra Short Term Fund (Direct)
Mahindra Manulife Ultra Short Term Fund (Direct)
ICICI Prudential Ultra Short Term vs Mahindra Manulife Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Ultra Short Term Fund, September 2026; Mahindra Manulife Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 7.1%
- Held by both
- 10
- Only in ICICI Prudential Ultra Short Term
- 110
- Only in Mahindra Manulife Ultra Short Term
- 19
| Security | % of ICICI Prudential Ultra Short Term | % of Mahindra Manulife Ultra Short Term |
|---|---|---|
| NABARD | 2.00% | 6.83% |
| Indian Railway Finance Corporation Ltd. | 0.99% | 7.83% |
| Rural Electrification Corporation Ltd. | 0.82% | 2.68% |
| 360 One Prime Ltd | 0.73% | 1.22% |
| NABARD | 0.66% | 1.22% |
| Bank Of Baroda | 0.64% | 2.37% |
| 360 One Prime Ltd. | 0.49% | 0.97% |
| Corporate Debt Market Development Fund (Class A2) | 0.33% | 0.34% |
| Small Industries Development Bank Of India. | 0.32% | 9.04% |
| Muthoot Finance Ltd. | 0.16% | 2.44% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 7.1% means 7.1% 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 Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bills | 3.28% |
| Canara Bank | 3.03% |
| Small Industries Development Bank Of India. | 2.89% |
| Punjab National Bank | 2.57% |
| NABARD | 2.45% |
Largest holdings only in Mahindra Manulife Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Indian Bank 2027 | 8.61% |
| 7.64% REC Limited 2027 | 6.82% |
| 8.30% Godrej Properties Limited 2027 | 5.86% |
| 7.95% Mindspace Business Parks REIT 2027 | 4.88% |
| 7.55% Power Finance Corporation Limited 2027 | 3.66% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Ultra Short Term | Mahindra Manulife Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.3% | 94.4% |
| Cash and others | 2.7% | 5.6% |
ICICI Prudential Ultra Short Term vs Mahindra Manulife Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Ultra Short Term Fund | Mahindra Manulife Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.40% | 0.31% |
| Base expense ratio (Direct) | 0.34% | 0.26% |
| Total expense ratio (Regular) | 0.80% | 0.73% |
| Base expense ratio (Regular) | 0.68% | 0.62% |
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 Ultra Short Term with
Compare Mahindra Manulife Ultra Short Term with
ICICI Prudential Ultra Short Term Fund vs Mahindra Manulife Ultra Short Term Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Ultra Short Term Fund and Mahindra Manulife Ultra Short Term Fund?
Both are Ultra Short funds, run by ICICI Prudential Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 7.1%. ICICI Prudential Ultra Short Term Fund charges 0.40% a year and Mahindra Manulife Ultra Short Term Fund 0.31%.
Which has given higher returns, ICICI Prudential Ultra Short Term Fund or Mahindra Manulife Ultra Short Term Fund?
Over 1 year: ICICI Prudential Ultra Short Term Fund +6.37%, Mahindra Manulife Ultra Short Term Fund +6.41%. Over 3 years: ICICI Prudential Ultra Short Term Fund +7.31% a year, Mahindra Manulife Ultra Short Term Fund +7.20% a year. Over 5 years: ICICI Prudential Ultra Short Term Fund +6.78% a year, Mahindra Manulife Ultra Short Term Fund +6.63% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Ultra Short Term Fund or Mahindra Manulife Ultra Short Term Fund?
Mahindra Manulife Ultra Short Term Fund charges less: 0.31% a year against 0.40%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Ultra Short Term Fund and Mahindra Manulife Ultra Short Term Fund overlap?
7.1%. They hold 10 of the same securities, the largest shared ones being NABARD, Indian Railway Finance Corporation Ltd., Rural Electrification Corporation Ltd.. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Ultra Short Term Fund or Mahindra Manulife 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 ₹7,31,280 in ICICI Prudential Ultra Short Term Fund (XIRR 7.1% a year) and ₹7,29,393 in Mahindra Manulife Ultra Short Term Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Ultra Short Term Fund and Mahindra Manulife Ultra Short Term Fund?
Yes. 7.1% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages ICICI Prudential Ultra Short Term Fund and Mahindra Manulife Ultra Short Term Fund?
ICICI Prudential Ultra Short Term Fund: Ritesh Lunawat, Manish Banthia. Mahindra Manulife Ultra Short Term Fund: Rahul Pal.
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.