Invesco India Ultra Short Term Fund vs LIC MF Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Ultra Short Term Fund is an Ultra Short fund and LIC MF Money Market Fund is a Money Market fund. In the 3 years to 30-10-2026, Invesco India Ultra Short Term Fund (Direct) returned 7.3% a year and LIC MF Money Market Fund (Direct) returned 6.7% a year. Invesco India Ultra Short Term Fund charges 0.27% a year and LIC MF Money Market Fund 0.16% (Direct plans). Their portfolios overlap 16.4%: they hold 9 of the same securities.
Invesco India Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.3%
- Expense ratio
- 0.27%
- NAV
- ₹3,133.58
LIC MF Money Market Fund
Money Market
- 3 year return
- 6.7%
- Expense ratio
- 0.16%
- NAV
- ₹1,310.81
Which is better, Invesco India Ultra Short Term or LIC MF 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.
- Invesco India Ultra Short Term returned more over 3 years: 7.3% a year against 6.7%.
- Invesco India Ultra Short Term returned more over 1 year: 6.5% against 6.5%.
- LIC MF Money Market costs less: 0.16% a year against 0.27% (Direct plans).
- Invesco India Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Invesco India Ultra Short Term fell less in its worst fall since 03-08-2022: −0.1% against −0.1%.
- LIC MF Money Market is the larger fund: ₹3,979 Cr against ₹1,394 Cr.
- Their portfolios overlap 16.4%: 9 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 | Invesco India Ultra Short Term Fund | LIC MF Money Market Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | LIC Mutual Fund |
| Category | Ultra Short | Money Market |
| AUM | ₹1,394 Cr (30-09-2026) | ₹3,979 Cr (30-09-2026) |
| NAV | ₹3,133.58 (Direct) | ₹1,310.81 (Direct) |
| Expense ratio (Direct) | 0.27% | 0.16% |
| Expense ratio (Regular) | 0.79% | 0.38% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | NIFTY Ultra Short Duration Debt Index A-I | NIFTY Money Market Index A-I |
| Launch date | 30-12-2010 | 01-08-2022 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | None | None |
| Fund managers | Krishna Cheemalapati, Vikas Garg | Rahul Singh, Pratik Harish Shroff |
| Exit load | Nil | Nil |
Invesco India Ultra Short Term vs LIC MF 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 |
|---|---|---|---|---|---|---|---|
| Invesco India Ultra Short Term Fund (Direct) | +0.33% | +1.51% | +3.32% | +6.55% | +7.26% | +6.67% | +6.71% |
| LIC MF Money Market Fund (Direct) | +0.35% | +1.51% | +3.37% | +6.46% | +6.73% | -- | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | -- | -- |
Category average: the average of the 26 Ultra Short funds and the 27 Money Market funds, same plan type.
Invesco India Ultra Short Term vs LIC MF Money Market: Year-wise Returns
| Year | Invesco India Ultra Short TermInvesco India Ultra Short Term | LIC MF Money MarketLIC MF Money Market |
|---|---|---|
| 2026to date | +5.48% | +5.38% |
| 2025 | +7.30% | +7.13% |
| 2024 | +7.79% | +6.53% |
| 2023 | +7.31% | +6.70% |
| 2022 | +4.78% | -- |
| 2021 | +3.70% | -- |
Invesco India Ultra Short Term vs LIC MF Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 299 of them, one for each trading day from 04-08-2025 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.
Invesco India Ultra Short Term Fund (Direct)
LIC MF Money Market Fund (Direct)
to
Sept 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.4% | 7.2% | 7.6% |
| LIC MF Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 6.8% | 6.6% | 6.9% |
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 03-08-2022. Past returns do not promise future returns.
Invesco India Ultra Short Term vs LIC MF 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 01-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India Ultra Short TermInvesco India Ultra Short Term Fund (Direct) | ₹5,10,000 | ₹5,93,968 | ₹83,968 | 7.1% |
| LIC MF Money MarketLIC MF Money Market Fund (Direct) | ₹5,10,000 | ₹5,88,554 | ₹78,554 | 6.7% |
Invesco India Ultra Short TermInvesco India Ultra Short Term Fund (Direct)
LIC MF Money MarketLIC MF 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.
Invesco India Ultra Short Term vs LIC MF Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Ultra Short Term Fund (Direct) | LIC MF Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.55% | +6.46% |
| Standard deviation | 0.44% | 0.48% |
| Sharpe ratio | 2.93 | 2.54 |
| Sortino ratio | 5.02 | 4.27 |
| Maximum drawdown | −0.1% (22-10-2026) | −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 | Invesco India Ultra Short Term Fund (Direct) | LIC MF Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.26% | +6.73% |
| Standard deviation | 0.37% | 0.37% |
| Sharpe ratio | 3.34 | 1.89 |
| Sortino ratio | 6.66 | 3.44 |
| Maximum drawdown | −0.1% (22-10-2026) | −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 | Invesco India Ultra Short Term Fund (Direct) | LIC MF Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.32% | +6.58% |
| Standard deviation | 0.86% | 0.36% |
| Sharpe ratio | 1.48 | 1.20 |
| Sortino ratio | 2.04 | 2.10 |
| Maximum drawdown | −2.7% (24-07-2013) | −0.1% (22-05-2026) |
| 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.
Invesco India Ultra Short Term Fund (Direct)
LIC MF Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India Ultra Short Term Fund (Direct) | −0.1% | 19-10-2026 | 22-10-2026 | 27-10-2026 | 5 days | 0.0% |
| LIC MF Money Market Fund (Direct) | −0.1% | 11-05-2026 | 22-05-2026 | 29-05-2026 | 7 days | 0.0% |
From daily values since 03-08-2022, 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.
Invesco India Ultra Short Term Fund (Direct)
LIC MF 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.
Invesco India Ultra Short Term Fund (Direct)
LIC MF Money Market Fund (Direct)
Invesco India Ultra Short Term vs LIC MF Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Ultra Short Term Fund, September 2026; LIC MF Money Market Fund, September 2026
Holdings in common
- Overlap
- 16.4%
- Held by both
- 9
- Only in Invesco India Ultra Short Term
- 33
- Only in LIC MF Money Market
- 46
| Security | % of Invesco India Ultra Short Term | % of LIC MF Money Market |
|---|---|---|
| ICICI Bank Limited 2027 | 3.51% | 4.31% |
| Canara Bank 2027 | 6.27% | 2.69% |
| National Bank For Financing Infrastructure And Development 2027 | 2.44% | 3.66% |
| Axis Bank Limited 2027 | 2.44% | 2.45% |
| Punjab National Bank 2027 | 4.20% | 1.84% |
| 182 Days Tbill (MD 05/11/2026) | 1.78% | 1.25% |
| HDFC Bank Limited 2027 | 3.48% | 1.22% |
| 182 Days Tbill (MD 17/12/2026) | 0.71% | 2.48% |
| Corporate Debt Market Development Fund Class A2 | 0.30% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.4% means 16.4% 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 Invesco India Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 7.8% National Bank For Agriculture and Rural Development 2027 | 7.54% |
| 7.96% Pipeline Infrastructure Private Limited 2027 | 4.31% |
| Kotak Mahindra Bank Limited 2027 | 3.51% |
| Kotak Mahindra Bank Limited 2027 | 3.50% |
| Union Bank of India 2027 | 3.48% |
Largest holdings only in LIC MF Money Market Fund
| Security | % of fund |
|---|---|
| ICICI Securities Ltd. | 4.28% |
| 6.58% State Government of Gujarat | 3.78% |
| 182 DAYS TBILL RED 19-11-2026 | 3.74% |
| Indian Bank | 3.70% |
| Canara Bank | 3.69% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Ultra Short Term | LIC MF Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.7% | 105.6% |
| Cash and others | 2.3% | -5.6% |
Invesco India Ultra Short Term vs LIC MF Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Ultra Short Term Fund | LIC MF Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.27% | 0.16% |
| Base expense ratio (Direct) | 0.21% | 0.14% |
| Total expense ratio (Regular) | 0.79% | 0.38% |
| Base expense ratio (Regular) | 0.67% | 0.33% |
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
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Invesco India Ultra Short Term Fund vs LIC MF Money Market Fund: Frequently Asked Questions
What is the difference between Invesco India Ultra Short Term Fund and LIC MF Money Market Fund?
Invesco India Ultra Short Term Fund is an Ultra Short fund, LIC MF Money Market Fund is a Money Market fund, run by Invesco Mutual Fund and LIC Mutual Fund. Their portfolios overlap 16.4%. Invesco India Ultra Short Term Fund charges 0.27% a year and LIC MF Money Market Fund 0.16%.
Which has given higher returns, Invesco India Ultra Short Term Fund or LIC MF Money Market Fund?
Over 1 year: Invesco India Ultra Short Term Fund +6.55%, LIC MF Money Market Fund +6.46%. Over 3 years: Invesco India Ultra Short Term Fund +7.26% a year, LIC MF Money Market Fund +6.73% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Ultra Short Term Fund or LIC MF Money Market Fund?
LIC MF Money Market Fund charges less: 0.16% a year against 0.27%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Ultra Short Term Fund and LIC MF Money Market Fund overlap?
16.4%. They hold 9 of the same securities, the largest shared ones being ICICI Bank Limited 2027, Canara Bank 2027, National Bank For Financing Infrastructure And Development 2027. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Ultra Short Term Fund or LIC MF Money Market Fund?
On SEBI's riskometer, Invesco India Ultra Short Term Fund is rated Low to Moderate and LIC MF Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.37% and 0.37% a year.
Which is better for SIP, Invesco India Ultra Short Term Fund or LIC MF Money Market Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,12,505 in Invesco India Ultra Short Term Fund (XIRR 7.0% a year) and ₹4,10,471 in LIC MF Money Market Fund (XIRR 6.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Ultra Short Term Fund and LIC MF Money Market Fund?
Yes. 16.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Invesco India Ultra Short Term Fund and LIC MF Money Market Fund?
Invesco India Ultra Short Term Fund: Krishna Cheemalapati, Vikas Garg. LIC MF Money Market Fund: Rahul Singh, Pratik Harish Shroff.
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.