ICICI Prudential Ultra Short Term Fund vs Nippon India Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Ultra Short Term Fund and Nippon India Ultra Short Term Fund are both Ultra Short funds. ICICI Prudential Ultra Short Term Fund charges 0.40% a year and Nippon India Ultra Short Term Fund 0.33% (Direct plans). Their portfolios overlap 15.4%: they hold 24 of the same securities.
ICICI Prudential Ultra Short Term Fund
Ultra Short
- Expense ratio
- 0.40%
- NAV
- ₹32.60
Nippon India Ultra Short Term Fund
Ultra Short
- Expense ratio
- 0.33%
- NAV
- ₹4,851.45
Which is better, ICICI Prudential Ultra Short Term or Nippon India 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.
- Nippon India Ultra Short Term costs less: 0.33% a year against 0.40% (Direct plans).
- Nippon India Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- ICICI Prudential Ultra Short Term fell less in its worst fall since 21-05-2018: −1.1% against −5.2%.
- ICICI Prudential Ultra Short Term is the larger fund: ₹15,236 Cr against ₹11,551 Cr.
- Their portfolios overlap 15.4%: 24 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 | Nippon India Ultra Short Term Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Nippon India Mutual Fund |
| Category | Ultra Short | Ultra Short |
| AUM | ₹15,236 Cr (30-09-2026) | ₹11,551 Cr (30-09-2026) |
| NAV | ₹32.60 (Direct) | ₹4,851.45 (Direct) |
| Expense ratio (Direct) | 0.40% | 0.33% |
| Expense ratio (Regular) | 0.80% | 1.05% |
| Riskometer | Not available | Moderately High |
| Benchmark | NIFTY Ultra Short Duration Debt Index A-I | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 03-05-2011 | 07-12-2001 |
| 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 – | ₹10,000 |
| Lock in | None | None |
| Fund managers | Ritesh Lunawat, Manish Banthia | Vivek Sharma |
| Exit load | Nil | Nil |
ICICI Prudential Ultra Short Term vs Nippon India 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% |
| Nippon India Ultra Short Term Fund (Direct) | -- | -- | -- | -- | -- | -- | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 26 Ultra Short funds, same plan type.
ICICI Prudential Ultra Short Term vs Nippon India Ultra Short Term: Year-wise Returns
| Year | ICICI PrudentialICICI Prudential Ultra Short Term | Nippon IndiaNippon India Ultra Short Term |
|---|---|---|
| 2026to date | +5.28% | -- |
| 2025 | +7.52% | -- |
| 2024 | +7.90% | -- |
| 2023 | +7.39% | -- |
| 2022 | +5.05% | -- |
| 2021 | +4.58% | -- |
ICICI Prudential Ultra Short Term vs Nippon India Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,319 of them, one for each trading day from 21-05-2021 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)
Nippon India Ultra Short Term Fund (Direct)
to
Oct 2021Sept 2019
to
Sept 2022Sept 2020
to
Sept 2023Aug 2021
to
Aug 2024Jul 2022
to
Jul 2025May 2023
to
May 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% | 6.7% | 5.5% | 7.8% |
| Nippon India Ultra Short Term | 0.0 | 3.4 | 96.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 7.1% | 4.8% | 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 21-05-2018. Past returns do not promise future returns.
ICICI Prudential Ultra Short Term vs Nippon India 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 02-05-2018 to 30-10-2026: 102 instalments, ₹10,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term Fund (Direct) | ₹10,20,000 | ₹13,71,392 | ₹3,51,392 | 6.8% |
| Nippon India Ultra Short TermNippon India Ultra Short Term Fund (Direct) | ₹10,20,000 | ₹13,81,520 | ₹3,61,520 | 7.0% |
ICICI Prudential Ultra Short TermICICI Prudential Ultra Short Term Fund (Direct)
Nippon India Ultra Short TermNippon India 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 Nippon India 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) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.37% | +6.77% |
| Standard deviation | 0.48% | 0.44% |
| Sharpe ratio | 2.35 | 3.48 |
| Sortino ratio | 3.82 | 6.02 |
| Maximum drawdown | −0.1% (08-07-2026) | −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 Ultra Short Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.31% | +7.50% |
| Standard deviation | 0.39% | 0.38% |
| Sharpe ratio | 3.25 | 3.92 |
| Sortino ratio | 6.24 | 8.05 |
| Maximum drawdown | −0.1% (08-07-2026) | −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 Ultra Short Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.78% | +7.01% |
| Standard deviation | 0.37% | 0.37% |
| Sharpe ratio | 2.67 | 3.30 |
| Sortino ratio | 4.97 | 6.31 |
| 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) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.90% | +6.58% |
| Standard deviation | 1.69% | 2.03% |
| Sharpe ratio | 1.09 | 0.64 |
| Sortino ratio | 1.46 | 0.74 |
| Maximum drawdown | −7.5% (19-08-2013) | −5.2% (25-09-2019) |
| 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)
Nippon India 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% |
| Nippon India Ultra Short Term Fund (Direct) | −5.2% | 12-09-2019 | 25-09-2019 | 01-06-2020 | 8 months | 0.0% |
From daily values since 21-05-2018, 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)
Nippon India 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)
Nippon India 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)
Nippon India Ultra Short Term Fund (Direct)
ICICI Prudential Ultra Short Term vs Nippon India Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Ultra Short Term Fund, September 2026; Nippon India Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 15.4%
- Held by both
- 24
- Only in ICICI Prudential Ultra Short Term
- 96
- Only in Nippon India Ultra Short Term
- 93
| Security | % of ICICI Prudential Ultra Short Term | % of Nippon India Ultra Short Term |
|---|---|---|
| Vedanta Ltd. | 2.08% | 2.23% |
| Punjab National Bank | 1.28% | 2.54% |
| Canara Bank | 1.12% | 1.69% |
| Nirma Ltd. | 0.96% | 3.00% |
| NABARD | 0.96% | 1.69% |
| Small Industries Development Bank Of India. | 0.92% | 2.03% |
| Bank Of Baroda | 1.61% | 0.85% |
| 360 One Prime Ltd | 0.73% | 0.87% |
| NABARD | 0.66% | 1.21% |
| Axis Bank Ltd. | 0.64% | 1.69% |
| HDFC Bank Ltd. | 2.24% | 0.63% |
| 360 One Prime Ltd. | 0.49% | 1.21% |
| Small Industries Development Bank Of India. | 0.48% | 1.26% |
| NABARD | 0.65% | 0.47% |
| Piramal Finance Ltd. | 1.51% | 0.43% |
| Canara Bank | 3.03% | 0.42% |
| Small Industries Development Bank Of India. | 0.64% | 0.42% |
| Aavas Financiers Ltd. | 0.33% | 0.43% |
| Small Industries Development Bank Of India. | 0.32% | 1.48% |
| NABARD | 0.49% | 0.30% |
| Corporate Debt Market Development Fund (Class A2) | 0.33% | 0.27% |
| Rural Electrification Corporation Ltd. | 0.82% | 0.22% |
| Bahadur Chand Investments Pvt. Ltd. | 0.33% | 0.22% |
| Punjab National Bank | 2.57% | 0.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 15.4% means 15.4% 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% |
| Small Industries Development Bank Of India. | 2.89% |
| NABARD | 2.45% |
| Small Industries Development Bank Of India. | 2.30% |
| Government Securities | 2.03% |
Largest holdings only in Nippon India Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 9.4% Vedanta Aluminium Metal Limited | 2.78% |
| National Bank For Agriculture and Rural Development | 2.73% |
| HDFC Bank Limited | 2.52% |
| 364 Days Tbill | 2.44% |
| Small Industries Dev Bank of India | 2.18% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Ultra Short Term | Nippon India Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.3% | 97.4% |
| Cash and others | 2.7% | 2.6% |
ICICI Prudential Ultra Short Term vs Nippon India Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Ultra Short Term Fund | Nippon India Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.40% | 0.33% |
| Base expense ratio (Direct) | 0.34% | 0.28% |
| Total expense ratio (Regular) | 0.80% | 1.05% |
| Base expense ratio (Regular) | 0.68% | 0.89% |
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
ICICI Prudential Ultra Short Term Fund vs Nippon India Ultra Short Term Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Ultra Short Term Fund and Nippon India Ultra Short Term Fund?
Both are Ultra Short funds, run by ICICI Prudential Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 15.4%. ICICI Prudential Ultra Short Term Fund charges 0.40% a year and Nippon India Ultra Short Term Fund 0.33%.
Which has the lower expense ratio, ICICI Prudential Ultra Short Term Fund or Nippon India Ultra Short Term Fund?
Nippon India Ultra Short Term Fund charges less: 0.33% 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 Nippon India Ultra Short Term Fund overlap?
15.4%. They hold 24 of the same securities, the largest shared ones being Vedanta Ltd., Punjab National Bank, Canara Bank. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Ultra Short Term Fund or Nippon India 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 ₹7,35,302 in Nippon India Ultra Short Term Fund (XIRR 7.3% 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 Nippon India Ultra Short Term Fund?
Yes. 15.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Ultra Short Term Fund and Nippon India Ultra Short Term Fund?
ICICI Prudential Ultra Short Term Fund: Ritesh Lunawat, Manish Banthia. Nippon India Ultra Short Term Fund: Vivek 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.