ITI Liquid Fund vs ITI Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Liquid Fund is a Liquid fund and ITI Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, ITI Liquid Fund (Direct) returned 6.6% a year and ITI Ultra Short Term Fund (Direct) returned 7.0% a year. ITI Liquid Fund charges 0.16% a year and ITI Ultra Short Term Fund 0.21% (Direct plans). Their portfolios overlap 33.3%: they hold 10 of the same securities.
ITI Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.0%
- Expense ratio
- 0.21%
- NAV
- ₹1,388.36
Which is better, ITI Liquid or ITI 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.
- ITI Ultra Short Term returned more over 5 years: 6.4% a year against 6.2%.
- ITI Ultra Short Term returned more over 3 years: 7.0% a year against 6.6%.
- ITI Liquid costs less: 0.16% a year against 0.21% (Direct plans).
- ITI Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.3%.
- ITI Liquid fell less in its worst fall since 06-05-2021: −0.0% against −0.2%.
- ITI Ultra Short Term is the larger fund: ₹167 Cr against ₹52 Cr.
- Their portfolios overlap 33.3%: 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 | ITI Liquid Fund | ITI Ultra Short Term Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | ITI Mutual Fund |
| Category | Liquid | Ultra Short |
| AUM | ₹52 Cr (30-09-2026) | ₹167 Cr (30-09-2026) |
| NAV | ₹1,483.69 (Direct) | ₹1,388.36 (Direct) |
| Expense ratio (Direct) | 0.16% | 0.21% |
| Expense ratio (Regular) | 0.24% | 0.91% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | 24-04-2019 | 05-05-2021 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Laukik Bagwe | Laukik Bagwe |
| Exit load | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. | Nil |
ITI Liquid vs ITI 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 |
|---|---|---|---|---|---|---|---|
| ITI Liquid Fund (Direct) | +0.43% | +1.38% | +2.94% | +6.09% | +6.64% | +6.18% | -- |
| ITI Ultra Short Term Fund (Direct) | +0.33% | +1.39% | +3.06% | +6.26% | +6.99% | +6.43% | -- |
| Liquid average | +0.44% | +1.46% | +3.06% | +6.23% | +6.66% | +6.18% | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
Category average: the average of the 44 Liquid funds and the 26 Ultra Short funds, same plan type.
ITI Liquid vs ITI Ultra Short Term: Year-wise Returns
| Year | LiquidITI Liquid | Ultra Short TermITI Ultra Short Term |
|---|---|---|
| 2026to date | +5.05% | +5.20% |
| 2025 | +6.53% | +6.98% |
| 2024 | +7.12% | +7.49% |
| 2023 | +6.82% | +7.18% |
| 2022 | +4.80% | +4.65% |
| 2021 | +3.13% | -- |
ITI Liquid vs ITI Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 903 of them, one for each trading day from 06-05-2024 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.
ITI Liquid Fund (Direct)
ITI Ultra Short Term Fund (Direct)
to
Jul 2024Dec 2021
to
Dec 2024May 2022
to
May 2025Oct 2022
to
Oct 2025Mar 2023
to
Mar 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Liquid | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.7% | 5.4% | 6.9% |
| ITI Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 7.1% | 5.6% | 7.3% |
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 06-05-2021. Past returns do not promise future returns.
ITI Liquid vs ITI 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 01-05-2021 to 30-10-2026: 66 instalments, ₹6,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI LiquidITI Liquid Fund (Direct) | ₹6,60,000 | ₹7,88,206 | ₹1,28,206 | 6.4% |
| ITI Ultra Short TermITI Ultra Short Term Fund (Direct) | ₹6,60,000 | ₹7,94,502 | ₹1,34,502 | 6.7% |
ITI LiquidITI Liquid Fund (Direct)
ITI Ultra Short TermITI 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.
ITI Liquid vs ITI Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Liquid Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.09% | +6.26% |
| Standard deviation | 0.18% | 0.38% |
| Sharpe ratio | 4.76 | 2.64 |
| Sortino ratio | 12.64 | 4.48 |
| Maximum drawdown | −0.0% (15-10-2026) | −0.1% (22-10-2026) |
| 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 | ITI Liquid Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.64% | +6.99% |
| Standard deviation | 0.13% | 0.35% |
| Sharpe ratio | 4.75 | 2.79 |
| Sortino ratio | 12.54 | 5.56 |
| Maximum drawdown | −0.0% (15-10-2026) | −0.1% (22-10-2026) |
| 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 | ITI Liquid Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.18% | +6.43% |
| Standard deviation | 0.12% | 0.33% |
| Sharpe ratio | 3.22 | 1.89 |
| Sortino ratio | 6.71 | 3.43 |
| Maximum drawdown | −0.0% (15-10-2026) | −0.2% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2021 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 | ITI Liquid Fund (Direct) | ITI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.39% | +6.16% |
| Standard deviation | 0.12% | 0.33% |
| Sharpe ratio | 1.92 | 1.80 |
| Sortino ratio | 3.52 | 3.28 |
| Maximum drawdown | −0.0% (15-10-2026) | −0.2% (06-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 24-04-2019 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.
ITI Liquid Fund (Direct)
ITI Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Liquid Fund (Direct) | −0.0% | 14-10-2026 | 15-10-2026 | 18-10-2026 | 3 days | 0.0% |
| ITI Ultra Short Term Fund (Direct) | −0.2% | 02-05-2022 | 06-05-2022 | 23-05-2022 | 17 days | 0.0% |
From daily values since 06-05-2021, 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.
ITI Liquid Fund (Direct)
ITI 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.
ITI Liquid Fund (Direct)
ITI 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.
ITI Liquid Fund (Direct)
ITI Ultra Short Term Fund (Direct)
ITI Liquid vs ITI Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Liquid Fund, September 2026; ITI Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 33.3%
- Held by both
- 10
- Only in ITI Liquid
- 1
- Only in ITI Ultra Short Term
- 14
| Security | % of ITI Liquid | % of ITI Ultra Short Term |
|---|---|---|
| Export Import Bank of India (14/12/2026) | 9.48% | 9.48% |
| ICICI Securities Limited (26/10/2026) | 7.64% | 6.57% |
| 91 Days Tbill (MD 24/12/2026) | 9.48% | 5.93% |
| HDFC Bank Limited (14/12/2026) | 8.53% | 3.26% |
| HDFC Securities Limited (24/12/2026) | 8.50% | 3.25% |
| 91 Days Tbill (MD 17/12/2026) | 9.49% | 2.97% |
| Bank of Baroda (11/12/2026) | 7.59% | 0.59% |
| 364 Days Tbill (MD 25/12/2026) | 7.58% | 0.59% |
| Corporate Debt Market Development Fund Class A2 | 0.36% | 0.40% |
| Punjab National Bank (15/12/2026) | 8.53% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.3% means 33.3% 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 ITI Liquid Fund
| Security | % of fund |
|---|---|
| Canara Bank (04/12/2026) | 9.50% |
Largest holdings only in ITI Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Indian Bank (24/06/2027) | 8.55% |
| Bank of Baroda (05/03/2027) | 8.17% |
| 7.95% REC Limited (12/03/2027) | 6.02% |
| LIC Housing Finance Limited (11/02/2027) | 5.86% |
| Axis Bank Limited (12/02/2027) | 5.86% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Liquid | ITI Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 86.3% | 97.9% |
| Cash and others | 13.7% | 2.1% |
ITI Liquid vs ITI Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Liquid Fund | ITI Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.16% | 0.21% |
| Base expense ratio (Direct) | 0.13% | 0.17% |
| Total expense ratio (Regular) | 0.24% | 0.91% |
| Base expense ratio (Regular) | 0.20% | 0.79% |
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 ITI Liquid with
ITI Liquid Fund vs ITI Ultra Short Term Fund: Frequently Asked Questions
What is the difference between ITI Liquid Fund and ITI Ultra Short Term Fund?
ITI Liquid Fund is a Liquid fund, ITI Ultra Short Term Fund is an Ultra Short fund, run by ITI Mutual Fund. Their portfolios overlap 33.3%. ITI Liquid Fund charges 0.16% a year and ITI Ultra Short Term Fund 0.21%.
Which has given higher returns, ITI Liquid Fund or ITI Ultra Short Term Fund?
Over 1 year: ITI Liquid Fund +6.09%, ITI Ultra Short Term Fund +6.26%. Over 3 years: ITI Liquid Fund +6.64% a year, ITI Ultra Short Term Fund +6.99% a year. Over 5 years: ITI Liquid Fund +6.18% a year, ITI Ultra Short Term Fund +6.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Liquid Fund or ITI Ultra Short Term Fund?
ITI Liquid Fund charges less: 0.16% a year against 0.21%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Liquid Fund and ITI Ultra Short Term Fund overlap?
33.3%. They hold 10 of the same securities, the largest shared ones being Export Import Bank of India (14/12/2026), ICICI Securities Limited (26/10/2026), 91 Days Tbill (MD 24/12/2026). From each fund's latest monthly portfolio.
Which is riskier, ITI Liquid Fund or ITI Ultra Short Term Fund?
On SEBI's riskometer, ITI Liquid Fund is rated Low to Moderate and ITI Ultra Short Term Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.13% and 0.35% a year.
Which is better for SIP, ITI Liquid Fund or ITI 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 ₹7,20,050 in ITI Liquid Fund (XIRR 6.5% a year) and ₹7,25,494 in ITI Ultra Short Term Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Liquid Fund and ITI Ultra Short Term Fund?
Yes. 33.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Liquid Fund and ITI Ultra Short Term Fund?
ITI Liquid Fund: Laukik Bagwe. ITI Ultra Short Term Fund: Laukik Bagwe.
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.