LIC MF Ultra Short Term Fund vs TRUSTMF Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF Ultra Short Term Fund is an Ultra Short fund and TRUSTMF Money Market Fund is a Money Market fund. In the 3 years to 30-10-2026, LIC MF Ultra Short Term Fund (Direct) returned 7.2% a year and TRUSTMF Money Market Fund (Direct) returned 7.1% a year. LIC MF Ultra Short Term Fund charges 0.25% a year and TRUSTMF Money Market Fund 0.16% (Direct plans). Their portfolios overlap 10.9%: they hold 5 of the same securities.
LIC MF Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.2%
- Expense ratio
- 0.25%
- NAV
- ₹1,469.99
TRUSTMF Money Market Fund
Money Market
- 3 year return
- 7.1%
- Expense ratio
- 0.16%
- NAV
- ₹1,331.33
Which is better, LIC MF Ultra Short Term or TRUSTMF 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.
- LIC MF Ultra Short Term returned more over 3 years: 7.2% a year against 7.1%.
- LIC MF Ultra Short Term returned more over 1 year: 6.6% against 6.3%.
- TRUSTMF Money Market costs less: 0.16% a year against 0.25% (Direct plans).
- LIC MF Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- LIC MF Ultra Short Term fell less in its worst fall since 18-08-2022: −0.1% against −0.1%.
- LIC MF Ultra Short Term is the larger fund: ₹1,420 Cr against ₹248 Cr.
- Their portfolios overlap 10.9%: 5 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 | LIC MF Ultra Short Term Fund | TRUSTMF Money Market Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | Trust Mutual Fund |
| Category | Ultra Short | Money Market |
| AUM | ₹1,420 Cr (30-09-2026) | ₹248 Cr (30-09-2026) |
| NAV | ₹1,469.99 (Direct) | ₹1,331.33 (Direct) |
| Expense ratio (Direct) | 0.25% | 0.16% |
| Expense ratio (Regular) | 1.38% | 0.45% |
| Riskometer | Low to Moderate | Not available |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | Not available |
| Launch date | 27-11-2019 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Rahul Singh, Pratik Harish Shroff | Not available |
| Exit load | Nil | Not available |
LIC MF Ultra Short Term vs TRUSTMF 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 |
|---|---|---|---|---|---|---|---|
| LIC MF Ultra Short Term Fund (Direct) | +0.35% | +1.54% | +3.40% | +6.58% | +7.18% | +6.36% | -- |
| TRUSTMF Money Market Fund (Direct) | +0.35% | +1.52% | +3.31% | +6.32% | +7.10% | -- | -- |
| 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% | -- | -- |
Category average: the average of the 26 Ultra Short funds and the 27 Money Market funds, same plan type.
LIC MF Ultra Short Term vs TRUSTMF Money Market: Year-wise Returns
| Year | LIC MF Ultra Short TermLIC MF Ultra Short Term | TRUSTMF Money MarketTRUSTMF Money Market |
|---|---|---|
| 2026to date | +5.55% | +5.26% |
| 2025 | +7.15% | +7.24% |
| 2024 | +7.68% | +7.58% |
| 2023 | +6.37% | +7.16% |
| 2022 | +4.43% | -- |
| 2021 | +3.36% | -- |
LIC MF Ultra Short Term vs TRUSTMF Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 290 of them, one for each trading day from 18-08-2025 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.
LIC MF Ultra Short Term Fund (Direct)
TRUSTMF Money Market Fund (Direct)
to
Sept 2025Dec 2022
to
Dec 2025Feb 2023
to
Feb 2026May 2023
to
May 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LIC MF Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.1% | 7.0% | 7.3% |
| TRUSTMF Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 7.0% | 7.4% |
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 18-08-2022. Past returns do not promise future returns.
LIC MF Ultra Short Term vs TRUSTMF 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 |
|---|---|---|---|---|
| LIC MF Ultra Short TermLIC MF Ultra Short Term Fund (Direct) | ₹5,10,000 | ₹5,92,133 | ₹82,133 | 7.0% |
| TRUSTMF Money MarketTRUSTMF Money Market Fund (Direct) | ₹5,10,000 | ₹5,91,837 | ₹81,837 | 7.0% |
LIC MF Ultra Short TermLIC MF Ultra Short Term Fund (Direct)
TRUSTMF Money MarketTRUSTMF 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.
LIC MF Ultra Short Term vs TRUSTMF Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC MF Ultra Short Term Fund (Direct) | TRUSTMF Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.58% | +6.32% |
| Standard deviation | 0.42% | 0.46% |
| Sharpe ratio | 3.20 | 2.35 |
| Sortino ratio | 5.71 | 3.93 |
| 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 | LIC MF Ultra Short Term Fund (Direct) | TRUSTMF Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.18% | +7.10% |
| Standard deviation | 0.36% | 0.38% |
| Sharpe ratio | 3.24 | 2.80 |
| Sortino ratio | 6.56 | 5.29 |
| 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 | LIC MF Ultra Short Term Fund (Direct) | TRUSTMF Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.71% | +7.02% |
| Standard deviation | 0.52% | 0.36% |
| Sharpe ratio | 1.12 | 2.39 |
| Sortino ratio | 2.06 | 4.57 |
| Maximum drawdown | −1.3% (24-03-2020) | −0.1% (08-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 28-11-2019 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.
LIC MF Ultra Short Term Fund (Direct)
TRUSTMF Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| LIC MF Ultra Short Term Fund (Direct) | −0.1% | 19-10-2026 | 22-10-2026 | 26-10-2026 | 4 days | 0.0% |
| TRUSTMF Money Market Fund (Direct) | −0.1% | 06-07-2026 | 08-07-2026 | 17-07-2026 | 9 days | 0.0% |
From daily values since 18-08-2022, 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.
LIC MF Ultra Short Term Fund (Direct)
TRUSTMF 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.
LIC MF Ultra Short Term Fund (Direct)
TRUSTMF Money Market Fund (Direct)
LIC MF Ultra Short Term vs TRUSTMF Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF Ultra Short Term Fund, September 2026; TRUSTMF Money Market Fund, September 2026
Holdings in common
- Overlap
- 10.9%
- Held by both
- 5
- Only in LIC MF Ultra Short Term
- 39
- Only in TRUSTMF Money Market
- 17
| Security | % of LIC MF Ultra Short Term | % of TRUSTMF Money Market |
|---|---|---|
| ICICI Bank Ltd. | 6.87% | 3.94% |
| Small Industries Development Bk of India | 3.45% | 3.96% |
| Punjab National Bank | 1.72% | 5.91% |
| Indian Bank | 1.67% | 7.67% |
| SBI CDMDF--A2 | 0.09% | 0.22% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 10.9% means 10.9% 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 LIC MF Ultra Short Term Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd. | 7.22% |
| Canara Bank | 5.16% |
| 7.8% National Bk for Agriculture & Rural Dev. | 3.68% |
| 8.0409% Tata Capital Housing Finance Ltd. | 3.68% |
| 7.14% Bajaj Housing Finance Ltd. | 3.67% |
Largest holdings only in TRUSTMF Money Market Fund
| Security | % of fund |
|---|---|
| Export Import Bank of India (11/11/2026) | 10.02% |
| Aditya Birla Capital Limited (29/12/2026) | 9.92% |
| Axis Bank Limited (16/12/2026) | 7.97% |
| Kotak Securities Limited (23/02/2027) | 5.88% |
| Bank of Baroda (02/02/2027) | 3.95% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF Ultra Short Term | TRUSTMF Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 98.5% | 91.5% |
| Cash and others | 1.5% | 8.5% |
LIC MF Ultra Short Term vs TRUSTMF Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF Ultra Short Term Fund | TRUSTMF Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.25% | 0.16% |
| Base expense ratio (Direct) | 0.21% | 0.14% |
| Total expense ratio (Regular) | 1.38% | 0.45% |
| Base expense ratio (Regular) | 1.19% | 0.40% |
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 LIC MF Ultra Short Term with
LIC MF Ultra Short Term Fund vs TRUSTMF Money Market Fund: Frequently Asked Questions
What is the difference between LIC MF Ultra Short Term Fund and TRUSTMF Money Market Fund?
LIC MF Ultra Short Term Fund is an Ultra Short fund, TRUSTMF Money Market Fund is a Money Market fund, run by LIC Mutual Fund and Trust Mutual Fund. Their portfolios overlap 10.9%. LIC MF Ultra Short Term Fund charges 0.25% a year and TRUSTMF Money Market Fund 0.16%.
Which has given higher returns, LIC MF Ultra Short Term Fund or TRUSTMF Money Market Fund?
Over 1 year: LIC MF Ultra Short Term Fund +6.58%, TRUSTMF Money Market Fund +6.32%. Over 3 years: LIC MF Ultra Short Term Fund +7.18% a year, TRUSTMF Money Market Fund +7.10% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, LIC MF Ultra Short Term Fund or TRUSTMF Money Market Fund?
TRUSTMF Money Market Fund charges less: 0.16% a year against 0.25%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF Ultra Short Term Fund and TRUSTMF Money Market Fund overlap?
10.9%. They hold 5 of the same securities, the largest shared ones being ICICI Bank Ltd., Small Industries Development Bk of India, Punjab National Bank. From each fund's latest monthly portfolio.
Which is better for SIP, LIC MF Ultra Short Term Fund or TRUSTMF Money Market Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,12,264 in LIC MF Ultra Short Term Fund (XIRR 7.0% a year) and ₹4,11,438 in TRUSTMF Money Market Fund (XIRR 6.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both LIC MF Ultra Short Term Fund and TRUSTMF Money Market Fund?
Yes. 10.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.