JM Medium to Long Term Fund vs PGIM India Gilt Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Medium to Long Term Fund is a Medium to Long Duration fund and PGIM India Gilt Fund is a Gilt fund. In the 3 years to 30-10-2026, JM Medium to Long Term Fund (Direct) returned 6.3% a year and PGIM India Gilt Fund (Direct) returned 5.9% a year. JM Medium to Long Term Fund charges 0.60% a year and PGIM India Gilt Fund 0.53% (Direct plans). Their portfolios overlap 34.8%: they hold 2 of the same securities.
JM Medium to Long Term Fund
Medium to Long Duration
- 3 year return
- 6.3%
- Expense ratio
- 0.60%
- NAV
- ₹71.35
Which is better, JM Medium to Long Term or PGIM India Gilt? 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 Gilt returned more over 5 years: 5.3% a year against 5.1%.
- JM Medium to Long Term returned more over 3 years: 6.3% a year against 5.9%.
- PGIM India Gilt costs less: 0.53% a year against 0.60% (Direct plans).
- JM Medium to Long Term swung less over 3 years: a standard deviation of 2.0% a year against 2.9%.
- PGIM India Gilt fell less in its worst fall since 08-03-2016: −3.2% against −10.6%.
- PGIM India Gilt is the larger fund: ₹85 Cr against ₹29 Cr.
- Their portfolios overlap 34.8%: 2 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 | JM Medium to Long Term Fund | PGIM India Gilt Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | PGIM India Mutual Fund |
| Category | Medium to Long Duration | Gilt |
| AUM | ₹29 Cr (30-09-2026) | ₹85 Cr (30-09-2026) |
| NAV | ₹71.35 (Direct) | ₹33.17 (Direct) |
| Expense ratio (Direct) | 0.60% | 0.53% |
| Expense ratio (Regular) | 1.03% | 1.42% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL Medium to Long Duration Debt A-III Index | CRISIL Dynamic Gilt Index |
| Launch date | 01-04-1995 | 27-10-2008 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Killol Pandya, Ruchi Fozdar, Jayant Dhoot | Puneet Pal, and Mr. Akhil Dhar |
| Exit load | Nil | NIL |
JM Medium to Long Term vs PGIM India Gilt: 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 |
|---|---|---|---|---|---|---|---|
| JM Medium to Long Term Fund (Direct) | −0.70% | −1.30% | +0.95% | +1.77% | +6.28% | +5.14% | +4.44% |
| PGIM India Gilt Fund (Direct) | −0.51% | −1.39% | +1.49% | +1.14% | +5.93% | +5.32% | +6.31% |
| Medium to Long Duration average | −0.59% | −0.88% | +1.83% | +2.86% | +6.52% | +5.71% | +6.19% |
| Gilt average | −0.69% | −1.34% | +1.62% | +2.12% | +6.19% | +5.46% | +6.64% |
Category average: the average of the 13 Medium to Long Duration funds and the 28 Gilt funds, same plan type.
JM Medium to Long Term vs PGIM India Gilt: Year-wise Returns
| Year | JM Medium to Long TermJM Medium to Long Term | PGIM India GiltPGIM India Gilt |
|---|---|---|
| 2026to date | +1.26% | +0.70% |
| 2025 | +7.01% | +5.04% |
| 2024 | +8.52% | +10.03% |
| 2023 | +7.19% | +7.73% |
| 2022 | +1.23% | +2.84% |
| 2021 | +2.59% | +4.07% |
JM Medium to Long Term vs PGIM India Gilt: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,852 of them, one for each trading day from 08-03-2019 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.
JM Medium to Long Term Fund (Direct)
PGIM India Gilt Fund (Direct)
to
Oct 2019Feb 2018
to
Feb 2021May 2019
to
May 2022Sept 2020
to
Sept 2023Dec 2021
to
Dec 2024Mar 2023
to
Mar 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Medium to Long Term | 0.0 | 63.7 | 36.3 | 0.0 | 0.0 | 0.0 | 0.0 | 4.4% | 3.8% | 0.2% | 8.6% |
| PGIM India Gilt | 0.0 | 7.6 | 92.4 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 4.3% | 9.9% |
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 08-03-2016. Past returns do not promise future returns.
JM Medium to Long Term vs PGIM India Gilt: 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 01-03-2016 to 30-10-2026: 128 instalments, ₹12,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Medium to Long TermJM Medium to Long Term Fund (Direct) | ₹12,80,000 | ₹16,56,802 | ₹3,76,802 | 4.7% |
| PGIM India GiltPGIM India Gilt Fund (Direct) | ₹12,80,000 | ₹17,81,247 | ₹5,01,247 | 6.0% |
JM Medium to Long TermJM Medium to Long Term Fund (Direct)
PGIM India GiltPGIM India Gilt 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.
JM Medium to Long Term vs PGIM India Gilt: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Medium to Long Term Fund (Direct) | PGIM India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.77% | +1.14% |
| Standard deviation | 2.10% | 3.20% |
| Sharpe ratio | -1.66 | -1.28 |
| Sortino ratio | -2.23 | -1.71 |
| Maximum drawdown | −2.0% (23-10-2026) | −2.6% (02-04-2026) |
| 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 | JM Medium to Long Term Fund (Direct) | PGIM India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.28% | +5.93% |
| Standard deviation | 2.04% | 2.93% |
| Sharpe ratio | 0.13 | -0.03 |
| Sortino ratio | 0.18 | -0.04 |
| Maximum drawdown | −2.0% (23-10-2026) | −3.2% (02-04-2026) |
| 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 | JM Medium to Long Term Fund (Direct) | PGIM India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.14% | +5.32% |
| Standard deviation | 2.28% | 2.49% |
| Sharpe ratio | -0.29 | -0.19 |
| Sortino ratio | -0.40 | -0.27 |
| Maximum drawdown | −3.3% (09-05-2022) | −3.2% (02-04-2026) |
| 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 | JM Medium to Long Term Fund (Direct) | PGIM India Gilt Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.45% | +6.95% |
| Standard deviation | 3.97% | 2.76% |
| Sharpe ratio | -0.15 | 0.54 |
| Sortino ratio | -0.17 | 0.78 |
| Maximum drawdown | −10.6% (13-12-2019) | −3.2% (02-04-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 03-01-2013 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.
JM Medium to Long Term Fund (Direct)
PGIM India Gilt Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Medium to Long Term Fund (Direct) | −10.6% | 03-06-2019 | 13-12-2019 | 05-11-2020 | 11 months | −1.8% |
| PGIM India Gilt Fund (Direct) | −3.2% | 28-05-2025 | 02-04-2026 | 18-06-2026 | 3 months | −2.1% |
From daily values since 08-03-2016, 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.
JM Medium to Long Term Fund (Direct)
PGIM India Gilt 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.
JM Medium to Long Term Fund (Direct)
PGIM India Gilt 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.
JM Medium to Long Term Fund (Direct)
PGIM India Gilt Fund (Direct)
JM Medium to Long Term vs PGIM India Gilt: Portfolio Overlap
From each fund's latest monthly portfolio: JM Medium to Long Term Fund, September 2026; PGIM India Gilt Fund, September 2026
Holdings in common
- Overlap
- 34.8%
- Held by both
- 2
- Only in JM Medium to Long Term
- 6
- Only in PGIM India Gilt
- 15
| Security | % of JM Medium to Long Term | % of PGIM India Gilt |
|---|---|---|
| 6.94% GOI 11-May-2036 | 34.80% | 31.24% |
| 6.36% GOI 16-Feb-2031 | 13.54% | 3.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.8% means 34.8% 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 JM Medium to Long Term Fund
| Security | % of fund |
|---|---|
| 6.75% GOI 23-Dec-2029 | 13.80% |
| 7.23% Power Finance Corporation Limited 05-JAN-2027 | 8.63% |
| 7.55% REC Limited 11-MAY-2030 | 8.55% |
| 7.08% Bajaj Housing Finance Ltd 12-JUN-2030 | 8.31% |
| 7.48% NABARD 15-SEP-2028 | 6.87% |
Largest holdings only in PGIM India Gilt Fund
| Security | % of fund |
|---|---|
| 6.1% Government of India | 11.39% |
| 6.48% Government of India | 8.42% |
| 91 DAYS TBILL RED 08-10-2026 | 5.88% |
| 91 DAYS TBILL RED 01-10-2026 | 4.20% |
| 6.79% Government of India | 3.69% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Medium to Long Term | PGIM India Gilt |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 94.5% | 79.3% |
| Cash and others | 5.5% | 20.7% |
JM Medium to Long Term vs PGIM India Gilt: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Medium to Long Term Fund | PGIM India Gilt Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.60% | 0.53% |
| Base expense ratio (Direct) | 0.51% | 0.44% |
| Total expense ratio (Regular) | 1.03% | 1.42% |
| Base expense ratio (Regular) | 0.88% | 1.19% |
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 JM Medium to Long Term with
JM Medium to Long Term Fund vs PGIM India Gilt Fund: Frequently Asked Questions
What is the difference between JM Medium to Long Term Fund and PGIM India Gilt Fund?
JM Medium to Long Term Fund is a Medium to Long Duration fund, PGIM India Gilt Fund is a Gilt fund, run by JM Financial Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 34.8%. JM Medium to Long Term Fund charges 0.60% a year and PGIM India Gilt Fund 0.53%.
Which has given higher returns, JM Medium to Long Term Fund or PGIM India Gilt Fund?
Over 1 year: JM Medium to Long Term Fund +1.77%, PGIM India Gilt Fund +1.14%. Over 3 years: JM Medium to Long Term Fund +6.28% a year, PGIM India Gilt Fund +5.93% a year. Over 5 years: JM Medium to Long Term Fund +5.14% a year, PGIM India Gilt Fund +5.32% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Medium to Long Term Fund or PGIM India Gilt Fund?
PGIM India Gilt Fund charges less: 0.53% a year against 0.60%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Medium to Long Term Fund and PGIM India Gilt Fund overlap?
34.8%. They hold 2 of the same securities, the largest shared ones being 6.94% GOI 11-May-2036, 6.36% GOI 16-Feb-2031. From each fund's latest monthly portfolio.
Which is riskier, JM Medium to Long Term Fund or PGIM India Gilt Fund?
On SEBI's riskometer, JM Medium to Long Term Fund is rated Moderate and PGIM India Gilt Fund Moderate. Over 3 years, the standard deviation of daily returns was 2.04% and 2.93% a year.
Which is better for SIP, JM Medium to Long Term Fund or PGIM India Gilt Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹6,99,058 in JM Medium to Long Term Fund (XIRR 5.3% a year) and ₹6,94,071 in PGIM India Gilt Fund (XIRR 5.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Medium to Long Term Fund and PGIM India Gilt Fund?
Yes. 34.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Medium to Long Term Fund and PGIM India Gilt Fund?
JM Medium to Long Term Fund: Killol Pandya, Ruchi Fozdar, Jayant Dhoot. PGIM India Gilt 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.