Kotak Money Market Fund vs Kotak Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Money Market Fund is a Money Market fund and Kotak Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, Kotak Money Market Fund (Direct) returned 7.3% a year and Kotak Ultra Short Term Fund (Direct) returned 7.1% a year. Kotak Money Market Fund charges 0.16% a year and Kotak Ultra Short Term Fund 0.36% (Direct plans). Their portfolios overlap 26.5%: they hold 32 of the same securities.
Kotak Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.16%
- NAV
- ₹4,932.03
Kotak Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.36%
- NAV
- ₹48.77
Which is better, Kotak Money Market or Kotak 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.
- Kotak Money Market returned more over 5 years: 6.8% a year against 6.6%.
- Kotak Money Market returned more over 3 years: 7.3% a year against 7.1%.
- Kotak Money Market costs less: 0.16% a year against 0.36% (Direct plans).
- Kotak Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Kotak Money Market fell less in its worst fall since 02-01-2013: −0.8% against −0.9%.
- Kotak Money Market is the larger fund: ₹27,513 Cr against ₹15,261 Cr.
- Their portfolios overlap 26.5%: 32 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 | Kotak Money Market Fund | Kotak Ultra Short Term Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Money Market | Ultra Short |
| AUM | ₹27,513 Cr (30-09-2026) | ₹15,261 Cr (30-09-2026) |
| NAV | ₹4,932.03 (Direct) | ₹48.77 (Direct) |
| Expense ratio (Direct) | 0.16% | 0.36% |
| Expense ratio (Regular) | 0.37% | 0.82% |
| Riskometer | Moderate | Moderate |
| Benchmark | CRISIL Money Market A-I Index | NIFTY Ultra Short Duration Debt Index A-I |
| Launch date | 14-07-2003 | 13-08-2004 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Deepak Agrawal, Manu Sharma | Deepak Agrawal, Manu Sharma |
| Exit load | Nil | Nil |
Kotak Money Market vs Kotak 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 |
|---|---|---|---|---|---|---|---|
| Kotak Money Market Fund (Direct) | +0.33% | +1.49% | +3.32% | +6.39% | +7.31% | +6.75% | +6.63% |
| Kotak Ultra Short Term Fund (Direct) | +0.30% | +1.36% | +3.08% | +6.25% | +7.13% | +6.61% | +6.67% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 27 Money Market funds and the 26 Ultra Short funds, same plan type.
Kotak Money Market vs Kotak Ultra Short Term: Year-wise Returns
| Year | Money MarketKotak Money Market | Ultra Short TermKotak Ultra Short Term |
|---|---|---|
| 2026to date | +5.31% | +5.18% |
| 2025 | +7.52% | +7.31% |
| 2024 | +7.84% | +7.72% |
| 2023 | +7.43% | +7.27% |
| 2022 | +4.95% | +4.90% |
| 2021 | +3.77% | +3.67% |
Kotak Money Market vs Kotak Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,759 of them, one for each trading day from 03-01-2016 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.
Kotak Money Market Fund (Direct)
Kotak Ultra Short Term Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Money Market | 0.0 | 9.0 | 91.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.4% | 4.7% | 9.0% |
| Kotak Ultra Short Term | 0.0 | 6.8 | 93.2 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.4% | 4.9% | 9.6% |
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 02-01-2013. Past returns do not promise future returns.
Kotak Money Market vs Kotak 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Money MarketKotak Money Market Fund (Direct) | ₹16,60,000 | ₹27,12,640 | ₹10,52,640 | 6.8% |
| Kotak Ultra Short TermKotak Ultra Short Term Fund (Direct) | ₹16,60,000 | ₹27,22,947 | ₹10,62,947 | 6.8% |
Kotak Money MarketKotak Money Market Fund (Direct)
Kotak Ultra Short TermKotak 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.
Kotak Money Market vs Kotak Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Money Market Fund (Direct) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.39% | +6.25% |
| Standard deviation | 0.52% | 0.49% |
| Sharpe ratio | 2.22 | 2.05 |
| Sortino ratio | 3.57 | 3.42 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | Kotak Money Market Fund (Direct) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.31% | +7.13% |
| Standard deviation | 0.42% | 0.40% |
| Sharpe ratio | 3.04 | 2.75 |
| Sortino ratio | 5.72 | 5.23 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | Kotak Money Market Fund (Direct) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.61% |
| Standard deviation | 0.39% | 0.38% |
| Sharpe ratio | 2.42 | 2.11 |
| Sortino ratio | 4.39 | 3.70 |
| Maximum drawdown | −0.2% (05-05-2022) | −0.3% (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 | Kotak Money Market Fund (Direct) | Kotak Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.22% | +7.35% |
| Standard deviation | 0.41% | 0.55% |
| Sharpe ratio | 2.85 | 2.36 |
| Sortino ratio | 5.59 | 3.95 |
| Maximum drawdown | −0.8% (24-03-2020) | −0.9% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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.
Kotak Money Market Fund (Direct)
Kotak Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Money Market Fund (Direct) | −0.8% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Kotak Ultra Short Term Fund (Direct) | −0.9% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 02-01-2013, 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.
Kotak Money Market Fund (Direct)
Kotak 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.
Kotak Money Market Fund (Direct)
Kotak 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.
Kotak Money Market Fund (Direct)
Kotak Ultra Short Term Fund (Direct)
Kotak Money Market vs Kotak Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Money Market Fund, September 2026; Kotak Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 26.5%
- Held by both
- 32
- Only in Kotak Money Market
- 76
- Only in Kotak Ultra Short Term
- 79
| Security | % of Kotak Money Market | % of Kotak Ultra Short Term |
|---|---|---|
| 182 DAYS TREASURY BILL 11/02/2027 | 3.11% | 3.37% |
| HDFC BANK LTD. | 1.96% | 1.77% |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA | 2.48% | 1.60% |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA | 2.04% | 1.60% |
| YES BANK LTD. | 2.64% | 1.59% |
| HDFC BANK LTD. | 1.77% | 1.59% |
| PUNJAB NATIONAL BANK | 2.84% | 1.44% |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA(^) | 1.38% | 2.34% |
| PUNJAB & SIND BANK | 1.41% | 1.27% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 1.07% | 1.61% |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA(^) | 1.02% | 1.23% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 1.24% | 0.95% |
| PUNJAB NATIONAL BANK | 0.89% | 1.60% |
| FEDERAL BANK LTD. | 1.33% | 0.80% |
| 364 DAYS TREASURY BILL 11/02/2027 | 0.71% | 1.28% |
| HDFC BANK LTD. | 0.71% | 1.12% |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA | 1.78% | 0.64% |
| INDUSIND BANK LTD. | 0.89% | 0.64% |
| 91 DAYS TREASURY BILL 03/12/2026 | 0.45% | 1.62% |
| UNION BANK OF INDIA | 0.44% | 0.64% |
| UNION BANK OF INDIA | 1.33% | 0.32% |
| MUTHOOT FINANCE LTD. | 0.71% | 0.32% |
| CANARA BANK | 0.62% | 0.32% |
| CANARA BANK | 0.53% | 0.32% |
| HDFC BANK LTD. | 0.35% | 0.32% |
| CREDILA FINANCIAL SERVICES PVT LTD | 0.35% | 0.32% |
| SBI ALTERNATIVE INVESTMENT FUND | 0.35% | 0.31% |
| BANK OF BARODA | 0.18% | 0.32% |
| PUNJAB NATIONAL BANK | 0.18% | 0.32% |
| CANARA BANK | 0.09% | 0.48% |
| CANARA BANK | 0.09% | 0.16% |
| 360 ONE PRIME LTD. | 0.88% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.5% means 26.5% 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 Kotak Money Market Fund
| Security | % of fund |
|---|---|
| 182 DAYS TREASURY BILL 04/02/2027 | 4.45% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 3.82% |
| INDUSIND BANK LTD. | 2.66% |
| HDFC BANK LTD. | 2.12% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 2.12% |
Largest holdings only in Kotak Ultra Short Term Fund
| Security | % of fund |
|---|---|
| AXIS BANK LTD.(^) | 4.53% |
| BANK OF BARODA | 3.84% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT(^) | 3.77% |
| Tamil Nadu State Govt - 2029 - Tamil Nadu(^) | 2.91% |
| MANKIND PHARMA LTD | 1.97% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Money Market | Kotak Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.9% | 100.5% |
| Cash and others | 1.1% | -0.5% |
Kotak Money Market vs Kotak Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Money Market Fund | Kotak Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.16% | 0.36% |
| Base expense ratio (Direct) | 0.14% | 0.31% |
| Total expense ratio (Regular) | 0.37% | 0.82% |
| Base expense ratio (Regular) | 0.32% | 0.70% |
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 Kotak Money Market with
Compare Kotak Ultra Short Term with
Kotak Money Market Fund vs Kotak Ultra Short Term Fund: Frequently Asked Questions
What is the difference between Kotak Money Market Fund and Kotak Ultra Short Term Fund?
Kotak Money Market Fund is a Money Market fund, Kotak Ultra Short Term Fund is an Ultra Short fund, run by Kotak Mahindra Mutual Fund. Their portfolios overlap 26.5%. Kotak Money Market Fund charges 0.16% a year and Kotak Ultra Short Term Fund 0.36%.
Which has given higher returns, Kotak Money Market Fund or Kotak Ultra Short Term Fund?
Over 1 year: Kotak Money Market Fund +6.39%, Kotak Ultra Short Term Fund +6.25%. Over 3 years: Kotak Money Market Fund +7.31% a year, Kotak Ultra Short Term Fund +7.13% a year. Over 5 years: Kotak Money Market Fund +6.75% a year, Kotak Ultra Short Term Fund +6.61% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Money Market Fund or Kotak Ultra Short Term Fund?
Kotak Money Market Fund charges less: 0.16% a year against 0.36%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Money Market Fund and Kotak Ultra Short Term Fund overlap?
26.5%. They hold 32 of the same securities, the largest shared ones being 182 DAYS TREASURY BILL 11/02/2027, HDFC BANK LTD., SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA. From each fund's latest monthly portfolio.
Which is riskier, Kotak Money Market Fund or Kotak Ultra Short Term Fund?
On SEBI's riskometer, Kotak Money Market Fund is rated Moderate and Kotak Ultra Short Term Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.42% and 0.40% a year.
Which is better for SIP, Kotak Money Market Fund or Kotak 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 ₹7,31,148 in Kotak Money Market Fund (XIRR 7.1% a year) and ₹7,28,196 in Kotak Ultra Short Term Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Money Market Fund and Kotak Ultra Short Term Fund?
Yes. 26.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Money Market Fund and Kotak Ultra Short Term Fund?
Kotak Money Market Fund: Deepak Agrawal, Manu Sharma. Kotak Ultra Short Term Fund: Deepak Agrawal, Manu 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.