ITI Ultra Short Term Fund vs PGIM India Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Ultra Short Term Fund is an Ultra Short fund and PGIM India Money Market Fund is a Money Market fund. In the 3 years to 30-10-2026, ITI Ultra Short Term Fund (Direct) returned 7.0% a year and PGIM India Money Market Fund (Direct) returned 7.1% a year. ITI Ultra Short Term Fund charges 0.21% a year and PGIM India Money Market Fund 0.17% (Direct plans). Their portfolios overlap 23.0%: they hold 6 of the same securities.
ITI Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.0%
- Expense ratio
- 0.21%
- NAV
- ₹1,388.36
PGIM India Money Market Fund
Money Market
- 3 year return
- 7.1%
- Expense ratio
- 0.17%
- NAV
- ₹1,483.99
Which is better, ITI Ultra Short Term or PGIM India 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.
- PGIM India Money Market returned more over 5 years: 6.7% a year against 6.4%.
- PGIM India Money Market returned more over 3 years: 7.1% a year against 7.0%.
- PGIM India Money Market costs less: 0.17% a year against 0.21% (Direct plans).
- ITI Ultra Short Term swung less over 3 years: a standard deviation of 0.3% a year against 0.4%.
- PGIM India Money Market fell less in its worst fall since 06-05-2021: −0.1% against −0.2%.
- ITI Ultra Short Term is the larger fund: ₹167 Cr against ₹123 Cr.
- Their portfolios overlap 23.0%: 6 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 Ultra Short Term Fund | PGIM India Money Market Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | PGIM India Mutual Fund |
| Category | Ultra Short | Money Market |
| AUM | ₹167 Cr (30-09-2026) | ₹123 Cr (30-09-2026) |
| NAV | ₹1,388.36 (Direct) | ₹1,483.99 (Direct) |
| Expense ratio (Direct) | 0.21% | 0.17% |
| Expense ratio (Regular) | 0.91% | 0.40% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | CRISIL Money Market A-I Index |
| Launch date | 05-05-2021 | 06-03-2020 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Laukik Bagwe | Puneet Pal, and Mr. Akhil Dhar |
| Exit load | Nil | NIL |
ITI Ultra Short Term vs PGIM India 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 |
|---|---|---|---|---|---|---|---|
| ITI Ultra Short Term Fund (Direct) | +0.33% | +1.39% | +3.06% | +6.26% | +6.99% | +6.43% | -- |
| PGIM India Money Market Fund (Direct) | +0.33% | +1.47% | +3.23% | +6.17% | +7.11% | +6.65% | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | -- |
Category average: the average of the 26 Ultra Short funds and the 27 Money Market funds, same plan type.
ITI Ultra Short Term vs PGIM India Money Market: Year-wise Returns
| Year | ITI Ultra Short TermITI Ultra Short Term | PGIM India Money MarketPGIM India Money Market |
|---|---|---|
| 2026to date | +5.20% | +5.14% |
| 2025 | +6.98% | +7.36% |
| 2024 | +7.49% | +7.59% |
| 2023 | +7.18% | +7.48% |
| 2022 | +4.65% | +4.98% |
| 2021 | -- | +3.75% |
ITI Ultra Short Term vs PGIM India Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 604 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 Ultra Short Term Fund (Direct)
PGIM India Money Market 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 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% |
| PGIM India Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.2% | 5.9% | 7.6% |
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 06-05-2021. Past returns do not promise future returns.
ITI Ultra Short Term vs PGIM India 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 06-05-2021 to 30-10-2026: 66 instalments, ₹6,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Ultra Short TermITI Ultra Short Term Fund (Direct) | ₹6,60,000 | ₹7,94,502 | ₹1,34,502 | 6.7% |
| PGIM India Money MarketPGIM India Money Market Fund (Direct) | ₹6,60,000 | ₹7,98,220 | ₹1,38,220 | 6.9% |
ITI Ultra Short TermITI Ultra Short Term Fund (Direct)
PGIM India Money MarketPGIM India 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.
ITI Ultra Short Term vs PGIM India Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Ultra Short Term Fund (Direct) | PGIM India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.26% | +6.17% |
| Standard deviation | 0.38% | 0.50% |
| Sharpe ratio | 2.64 | 1.83 |
| Sortino ratio | 4.48 | 2.94 |
| Maximum drawdown | −0.1% (22-10-2026) | −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 | ITI Ultra Short Term Fund (Direct) | PGIM India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.99% | +7.11% |
| Standard deviation | 0.35% | 0.42% |
| Sharpe ratio | 2.79 | 2.58 |
| Sortino ratio | 5.56 | 4.80 |
| Maximum drawdown | −0.1% (22-10-2026) | −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 | ITI Ultra Short Term Fund (Direct) | PGIM India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.65% |
| Standard deviation | 0.33% | 0.38% |
| Sharpe ratio | 1.89 | 2.22 |
| Sortino ratio | 3.43 | 4.19 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.1% (08-07-2026) |
| 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 | ITI Ultra Short Term Fund (Direct) | PGIM India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.16% | +6.11% |
| Standard deviation | 0.33% | 0.48% |
| Sharpe ratio | 1.80 | 2.02 |
| Sortino ratio | 3.28 | 3.79 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.8% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 06-05-2021 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.
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 Ultra Short Term Fund (Direct)
PGIM India Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Ultra Short Term Fund (Direct) | −0.2% | 02-05-2022 | 06-05-2022 | 23-05-2022 | 17 days | 0.0% |
| PGIM India Money Market Fund (Direct) | −0.1% | 06-07-2026 | 08-07-2026 | 17-07-2026 | 9 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 Ultra Short Term Fund (Direct)
PGIM India 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.
ITI Ultra Short Term Fund (Direct)
PGIM India Money Market 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 Ultra Short Term Fund (Direct)
PGIM India Money Market Fund (Direct)
ITI Ultra Short Term vs PGIM India Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Ultra Short Term Fund, September 2026; PGIM India Money Market Fund, September 2026
Holdings in common
- Overlap
- 23.0%
- Held by both
- 6
- Only in ITI Ultra Short Term
- 18
- Only in PGIM India Money Market
- 8
| Security | % of ITI Ultra Short Term | % of PGIM India Money Market |
|---|---|---|
| Bank of Baroda (05/03/2027) | 8.17% | 7.89% |
| Small Industries Dev Bank of India (18/02/2027) | 5.85% | 7.91% |
| 91 Days Tbill (MD 17/12/2026) | 2.97% | 8.03% |
| National Bank For Agriculture and Rural Development (28/01/2027) | 2.94% | 7.94% |
| Punjab National Bank (05/02/2027) | 2.93% | 7.93% |
| Corporate Debt Market Development Fund Class A2 | 0.40% | 0.72% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.0% means 23.0% 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 Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Export Import Bank of India (14/12/2026) | 9.48% |
| Indian Bank (24/06/2027) | 8.55% |
| ICICI Securities Limited (26/10/2026) | 6.57% |
| 7.95% REC Limited (12/03/2027) | 6.02% |
| 91 Days Tbill (MD 24/12/2026) | 5.93% |
Largest holdings only in PGIM India Money Market Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Ltd. | 8.68% |
| Canara Bank | 7.96% |
| Fedbank Financial Services Ltd. | 7.92% |
| HDFC Bank Ltd. | 7.89% |
| Union Bank of India | 7.88% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Ultra Short Term | PGIM India Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.9% | 92.5% |
| Cash and others | 2.1% | 7.5% |
ITI Ultra Short Term vs PGIM India Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Ultra Short Term Fund | PGIM India Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.21% | 0.17% |
| Base expense ratio (Direct) | 0.17% | 0.14% |
| Total expense ratio (Regular) | 0.91% | 0.40% |
| Base expense ratio (Regular) | 0.79% | 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
Compare ITI Ultra Short Term with
ITI Ultra Short Term Fund vs PGIM India Money Market Fund: Frequently Asked Questions
What is the difference between ITI Ultra Short Term Fund and PGIM India Money Market Fund?
ITI Ultra Short Term Fund is an Ultra Short fund, PGIM India Money Market Fund is a Money Market fund, run by ITI Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 23.0%. ITI Ultra Short Term Fund charges 0.21% a year and PGIM India Money Market Fund 0.17%.
Which has given higher returns, ITI Ultra Short Term Fund or PGIM India Money Market Fund?
Over 1 year: ITI Ultra Short Term Fund +6.26%, PGIM India Money Market Fund +6.17%. Over 3 years: ITI Ultra Short Term Fund +6.99% a year, PGIM India Money Market Fund +7.11% a year. Over 5 years: ITI Ultra Short Term Fund +6.43% a year, PGIM India Money Market Fund +6.65% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Ultra Short Term Fund or PGIM India Money Market Fund?
PGIM India Money Market Fund charges less: 0.17% a year against 0.21%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Ultra Short Term Fund and PGIM India Money Market Fund overlap?
23.0%. They hold 6 of the same securities, the largest shared ones being Bank of Baroda (05/03/2027), Small Industries Dev Bank of India (18/02/2027), 91 Days Tbill (MD 17/12/2026). From each fund's latest monthly portfolio.
Which is riskier, ITI Ultra Short Term Fund or PGIM India Money Market Fund?
On SEBI's riskometer, ITI Ultra Short Term Fund is rated Low to Moderate and PGIM India Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.35% and 0.42% a year.
Which is better for SIP, ITI Ultra Short Term Fund or PGIM India Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,25,494 in ITI Ultra Short Term Fund (XIRR 6.8% a year) and ₹7,28,421 in PGIM India Money Market Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Ultra Short Term Fund and PGIM India Money Market Fund?
Yes. 23.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Ultra Short Term Fund and PGIM India Money Market Fund?
ITI Ultra Short Term Fund: Laukik Bagwe. PGIM India Money Market Fund: Puneet Pal, and Mr. Akhil Dhar.
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.