Mahindra Manulife Ultra Short Term Fund vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Ultra Short Term Fund is an Ultra Short fund and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund is a mutual fund. In the 3 years to 30-10-2026, Mahindra Manulife Ultra Short Term Fund (Direct) returned 7.2% a year and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) returned 7.5% a year. Mahindra Manulife Ultra Short Term Fund charges 0.31% a year and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund 0.15% (Direct plans). Their portfolios overlap 19.3%: they hold 5 of the same securities.
Mahindra Manulife Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.2%
- Expense ratio
- 0.31%
- NAV
- ₹1,531.87
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund
- 3 year return
- 7.5%
- Expense ratio
- 0.15%
- NAV
- ₹13.26
Which is better, Mahindra Manulife Ultra Short Term or Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index returned more over 3 years: 7.5% a year against 7.2%.
- Mahindra Manulife Ultra Short Term returned more over 1 year: 6.4% against 6.0%.
- Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index costs less: 0.15% a year against 0.31% (Direct plans).
- Mahindra Manulife Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.6%.
- Mahindra Manulife Ultra Short Term fell less in its worst fall since 29-03-2022: −0.2% against −3.3%.
- Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index is the larger fund: ₹2,931 Cr against ₹205 Cr.
- Their portfolios overlap 19.3%: 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 | Mahindra Manulife Ultra Short Term Fund | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Nippon India Mutual Fund |
| Category | Ultra Short | Not available |
| AUM | ₹205 Cr (30-09-2026) | ₹2,931 Cr (30-09-2026) |
| NAV | ₹1,531.87 (Direct) | ₹13.26 (Direct) |
| Expense ratio (Direct) | 0.31% | 0.15% |
| Expense ratio (Regular) | 0.73% | 0.32% |
| Riskometer | Low to Moderate | Not available |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | Not available |
| Launch date | 17-10-2019 | Not available |
| Minimum investment | ₹1,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Rahul Pal | Not available |
| Exit load | Nil | Not available |
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: 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 |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Ultra Short Term Fund (Direct) | +0.31% | +1.43% | +3.19% | +6.41% | +7.20% | +6.63% | -- |
| Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) | +0.34% | +1.38% | +3.06% | +5.98% | +7.49% | -- | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
Category average: the average of the 26 Ultra Short funds, same plan type.
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: Year-wise Returns
| Year | Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 IndexNippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index |
|---|---|---|
| 2026to date | +5.34% | +5.01% |
| 2025 | +7.24% | +7.87% |
| 2024 | +7.81% | +8.03% |
| 2023 | +7.30% | +6.81% |
| 2022 | +4.80% | -- |
| 2021 | +3.72% | -- |
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 384 of them, one for each trading day from 31-03-2025 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.
Mahindra Manulife Ultra Short Term Fund (Direct)
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct)
to
May 2025Aug 2022
to
Aug 2025Nov 2022
to
Nov 2025Mar 2023
to
Mar 2026Jun 2023
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.4% | 7.0% | 7.5% |
| Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 6.0% | 8.0% |
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 29-03-2022. Past returns do not promise future returns.
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: 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 02-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term Fund (Direct) | ₹5,60,000 | ₹6,60,706 | ₹1,00,706 | 7.0% |
| Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 IndexNippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) | ₹5,60,000 | ₹6,60,392 | ₹1,00,392 | 7.0% |
Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term Fund (Direct)
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 IndexNippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index 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.
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Ultra Short Term Fund (Direct) | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +5.98% |
| Standard deviation | 0.41% | 0.45% |
| Sharpe ratio | 2.81 | 1.65 |
| Sortino ratio | 4.80 | 2.72 |
| Maximum drawdown | −0.1% (23-10-2026) | −0.1% (21-05-2026) |
| 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 | Mahindra Manulife Ultra Short Term Fund (Direct) | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.20% | +7.49% |
| Standard deviation | 0.36% | 0.56% |
| Sharpe ratio | 3.26 | 2.62 |
| Sortino ratio | 6.54 | 4.77 |
| Maximum drawdown | −0.1% (23-10-2026) | −0.2% (13-06-2025) |
| 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 | Mahindra Manulife Ultra Short Term Fund (Direct) | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.25% | +6.29% |
| Standard deviation | 0.46% | 1.22% |
| Sharpe ratio | 2.45 | 0.23 |
| Sortino ratio | 5.37 | 0.27 |
| Maximum drawdown | −0.5% (24-03-2020) | −3.3% (07-06-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 18-10-2019 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.
Mahindra Manulife Ultra Short Term Fund (Direct)
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Ultra Short Term Fund (Direct) | −0.2% | 02-05-2022 | 06-05-2022 | 30-05-2022 | 24 days | 0.0% |
| Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct) | −3.3% | 07-04-2022 | 07-06-2022 | 11-11-2022 | 5 months | 0.0% |
From daily values since 29-03-2022, 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.
Mahindra Manulife Ultra Short Term Fund (Direct)
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index 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.
Mahindra Manulife Ultra Short Term Fund (Direct)
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (Direct)
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Ultra Short Term Fund, September 2026; Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund, September 2026
Holdings in common
- Overlap
- 19.3%
- Held by both
- 5
- Only in Mahindra Manulife Ultra Short Term
- 24
- Only in Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index
- 68
| Security | % of Mahindra Manulife Ultra Short Term | % of Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index |
|---|---|---|
| 7.8% National Bank For Agriculture and Rural Development 2027 | 6.83% | 6.83% |
| 7.83% Indian Railway Finance Corporation Limited 2027 | 7.83% | 6.46% |
| 7.71% REC Limited 2027 | 2.68% | 2.56% |
| 7.64% REC Limited 2027 | 6.82% | 1.71% |
| 7.55% Power Finance Corporation Limited 2027 | 3.66% | 1.71% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.3% means 19.3% 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 Mahindra Manulife Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Small Industries Dev Bank of India 2027 | 9.04% |
| Indian Bank 2027 | 8.61% |
| 8.30% Godrej Properties Limited 2027 | 5.86% |
| 7.95% Mindspace Business Parks REIT 2027 | 4.88% |
| CEAT Limited 2026 | 3.60% |
Largest holdings only in Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund
| Security | % of fund |
|---|---|
| 7.68% Indian Railway Finance Corporation Limited | 6.09% |
| 7.75% State Government Securities | 4.12% |
| 7.52% REC Limited | 3.46% |
| 7.76% State Government Securities | 3.45% |
| 6.37% REC Limited | 3.40% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Ultra Short Term | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 94.4% | 96.6% |
| Cash and others | 5.6% | 3.4% |
Mahindra Manulife Ultra Short Term vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Ultra Short Term Fund | Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.31% | 0.15% |
| Base expense ratio (Direct) | 0.26% | 0.13% |
| Total expense ratio (Regular) | 0.73% | 0.32% |
| Base expense ratio (Regular) | 0.62% | 0.27% |
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
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Mahindra Manulife Ultra Short Term Fund vs Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Ultra Short Term Fund and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund?
Mahindra Manulife Ultra Short Term Fund is an Ultra Short fund, Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund is a mutual fund, run by Mahindra Manulife Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 19.3%. Mahindra Manulife Ultra Short Term Fund charges 0.31% a year and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund 0.15%.
Which has given higher returns, Mahindra Manulife Ultra Short Term Fund or Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund?
Over 1 year: Mahindra Manulife Ultra Short Term Fund +6.41%, Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund +5.98%. Over 3 years: Mahindra Manulife Ultra Short Term Fund +7.20% a year, Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund +7.49% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Ultra Short Term Fund or Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund?
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund charges less: 0.15% a year against 0.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Ultra Short Term Fund and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund overlap?
19.3%. They hold 5 of the same securities, the largest shared ones being 7.8% National Bank For Agriculture and Rural Development 2027, 7.83% Indian Railway Finance Corporation Limited 2027, 7.71% REC Limited 2027. From each fund's latest monthly portfolio.
Which is better for SIP, Mahindra Manulife Ultra Short Term Fund or Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,882 in Mahindra Manulife Ultra Short Term Fund (XIRR 6.9% a year) and ₹4,12,171 in Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund (XIRR 7.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Ultra Short Term Fund and Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index Fund?
Yes. 19.3% 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.