Mahindra Manulife Ultra Short Term Fund vs UTI Floating Interest Rates Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Ultra Short Term Fund is an Ultra Short fund and UTI Floating Interest Rates Fund is a Floater fund. In the 3 years to 30-10-2026, Mahindra Manulife Ultra Short Term Fund (Direct) returned 7.2% a year and UTI Floating Interest Rates Fund (Direct) returned 7.0% a year. Mahindra Manulife Ultra Short Term Fund charges 0.31% a year and UTI Floating Interest Rates Fund 0.44% (Direct plans). Their portfolios overlap 13.9%: they hold 6 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
UTI Floating Interest Rates Fund
Floater
- 3 year return
- 7.0%
- Expense ratio
- 0.44%
- NAV
- ₹1,689.29
Which is better, Mahindra Manulife Ultra Short Term or UTI Floating Interest Rates? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mahindra Manulife Ultra Short Term returned more over 5 years: 6.6% a year against 6.3%.
- Mahindra Manulife Ultra Short Term returned more over 3 years: 7.2% a year against 7.0%.
- Mahindra Manulife Ultra Short Term costs less: 0.31% a year against 0.44% (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 18-10-2019: −0.5% against −1.5%.
- UTI Floating Interest Rates is the larger fund: ₹1,506 Cr against ₹205 Cr.
- Their portfolios overlap 13.9%: 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 | Mahindra Manulife Ultra Short Term Fund | UTI Floating Interest Rates Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | UTI Mutual Fund |
| Category | Ultra Short | Floater |
| AUM | ₹205 Cr (30-09-2026) | ₹1,506 Cr (30-09-2026) |
| NAV | ₹1,531.87 (Direct) | ₹1,689.29 (Direct) |
| Expense ratio (Direct) | 0.31% | 0.44% |
| Expense ratio (Regular) | 0.73% | 0.86% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | CRISIL Short Duration Debt A-II Index |
| Launch date | 17-10-2019 | 30-10-2018 |
| Minimum investment | ₹1,000 | Regular Plan-Quarterly Reinvestment of IDCW- Rs.20000, Regular Plan-Quarterly Payout of IDCW- Rs.20000, Direct Plan-Quarterly Reinvestment of IDCW- Rs.20000, Direct Plan-Quarterly Payout of IDCW- Rs.20000, Regular Plan-Half-yearly Reinvestment of IDCW- Rs |
| Lock in | None | None |
| Fund managers | Rahul Pal | Pankaj Pathak FM 1, Not Applicable FM 2, Not Applicable FM 3, Not Applicable FM 4 |
| Exit load | Nil | Nil |
Mahindra Manulife Ultra Short Term vs UTI Floating Interest Rates: 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% | -- |
| UTI Floating Interest Rates Fund (Direct) | +0.15% | +0.94% | +2.71% | +5.58% | +6.95% | +6.31% | -- |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | -- |
| Floater average | −0.01% | +0.56% | +2.76% | +5.43% | +7.47% | +6.73% | -- |
Category average: the average of the 26 Ultra Short funds and the 12 Floater funds, same plan type.
Mahindra Manulife Ultra Short Term vs UTI Floating Interest Rates: Year-wise Returns
| Year | Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term | UTI Floating Interest RatesUTI Floating Interest Rates |
|---|---|---|
| 2026to date | +5.34% | +4.61% |
| 2025 | +7.24% | +7.49% |
| 2024 | +7.81% | +7.54% |
| 2023 | +7.30% | +7.32% |
| 2022 | +4.80% | +4.29% |
| 2021 | +3.72% | +3.93% |
Mahindra Manulife Ultra Short Term vs UTI Floating Interest Rates: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 977 of them, one for each trading day from 18-10-2022 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)
UTI Floating Interest Rates Fund (Direct)
to
Feb 2023Oct 2020
to
Oct 2023Jun 2021
to
Jun 2024Mar 2022
to
Mar 2025Nov 2022
to
Nov 2025Jul 2023
to
Jul 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 | 21.2 | 78.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.4% | 4.8% | 7.5% |
| UTI Floating Interest Rates | 0.0 | 2.8 | 97.2 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.1% | 4.9% | 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 18-10-2019. Past returns do not promise future returns.
Mahindra Manulife Ultra Short Term vs UTI Floating Interest Rates: 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 18-10-2019 to 30-10-2026: 85 instalments, ₹8,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term Fund (Direct) | ₹8,50,000 | ₹10,77,031 | ₹2,27,031 | 6.6% |
| UTI Floating Interest RatesUTI Floating Interest Rates Fund (Direct) | ₹8,50,000 | ₹10,70,794 | ₹2,20,794 | 6.4% |
Mahindra Manulife Ultra Short TermMahindra Manulife Ultra Short Term Fund (Direct)
UTI Floating Interest RatesUTI Floating Interest Rates 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 UTI Floating Interest Rates: 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) | UTI Floating Interest Rates Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +5.58% |
| Standard deviation | 0.41% | 0.62% |
| Sharpe ratio | 2.81 | 0.53 |
| Sortino ratio | 4.80 | 0.77 |
| Maximum drawdown | −0.1% (23-10-2026) | −0.2% (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) | UTI Floating Interest Rates Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.20% | +6.95% |
| Standard deviation | 0.36% | 0.58% |
| Sharpe ratio | 3.26 | 1.60 |
| Sortino ratio | 6.54 | 2.55 |
| Maximum drawdown | −0.1% (23-10-2026) | −0.3% (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) | UTI Floating Interest Rates Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.63% | +6.31% |
| Standard deviation | 0.35% | 0.54% |
| Sharpe ratio | 2.39 | 0.94 |
| Sortino ratio | 4.39 | 1.40 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.3% (13-06-2025) |
| 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 | Mahindra Manulife Ultra Short Term Fund (Direct) | UTI Floating Interest Rates Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.25% | +6.76% |
| Standard deviation | 0.46% | 0.86% |
| Sharpe ratio | 2.45 | 1.77 |
| Sortino ratio | 5.37 | 3.50 |
| Maximum drawdown | −0.5% (24-03-2020) | −1.5% (24-03-2020) |
| 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)
UTI Floating Interest Rates 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) | −0.5% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| UTI Floating Interest Rates Fund (Direct) | −1.5% | 06-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | −0.0% |
From daily values since 18-10-2019, 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)
UTI Floating Interest Rates 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)
UTI Floating Interest Rates 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.
Mahindra Manulife Ultra Short Term Fund (Direct)
UTI Floating Interest Rates Fund (Direct)
Mahindra Manulife Ultra Short Term vs UTI Floating Interest Rates: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Ultra Short Term Fund, September 2026; UTI Floating Interest Rates Fund, September 2026
Holdings in common
- Overlap
- 13.9%
- Held by both
- 6
- Only in Mahindra Manulife Ultra Short Term
- 23
- Only in UTI Floating Interest Rates
- 34
| Security | % of Mahindra Manulife Ultra Short Term | % of UTI Floating Interest Rates |
|---|---|---|
| 7.8% National Bank For Agriculture and Rural Development 2027 | 6.83% | 4.99% |
| 7.83% Indian Railway Finance Corporation Limited 2027 | 7.83% | 3.33% |
| 7.95% Mindspace Business Parks REIT 2027 | 4.88% | 2.33% |
| 7.71% REC Limited 2027 | 2.68% | 1.66% |
| 7.70% National Bank For Agriculture and Rural Development 2027 | 1.22% | 1.66% |
| Corporate Debt Market Development Fund Class A2 | 0.34% | 0.34% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.9% means 13.9% 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 Mahindra Manulife Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Small Industries Dev Bank of India 2027 | 9.04% |
| Indian Bank 2027 | 8.61% |
| 7.64% REC Limited 2027 | 6.82% |
| 8.30% Godrej Properties Limited 2027 | 5.86% |
| 7.55% Power Finance Corporation Limited 2027 | 3.66% |
Largest holdings only in UTI Floating Interest Rates Fund
| Security | % of fund |
|---|---|
| NCD SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA | 6.57% |
| GOI FRB - MAT 04/10/2028 | 5.01% |
| CD - CANARA BANK - 22/01/2027 | 4.88% |
| NCD SUMMIT DIGITEL INFRASTRUCTURE LTD | 3.33% |
| NCD REC LTD | 3.31% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Ultra Short Term | UTI Floating Interest Rates |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 94.4% | 92.5% |
| Cash and others | 5.6% | 7.5% |
Mahindra Manulife Ultra Short Term vs UTI Floating Interest Rates: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Ultra Short Term Fund | UTI Floating Interest Rates Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.31% | 0.44% |
| Base expense ratio (Direct) | 0.26% | 0.37% |
| Total expense ratio (Regular) | 0.73% | 0.86% |
| Base expense ratio (Regular) | 0.62% | 0.75% |
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 Mahindra Manulife Ultra Short Term with
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- Mahindra Manulife Ultra Short Term vs Axis Ultra Short Term fund
- Mahindra Manulife Ultra Short Term vs Mirae Asset Ultra Short-Term
- Mahindra Manulife Ultra Short Term vs ICICI Prudential Ultra Short Term
Compare UTI Floating Interest Rates with
- UTI Floating Interest Rates vs Axis Floating Interest Rates
- UTI Floating Interest Rates vs Franklin India Floating Interest Rates
- UTI Floating Interest Rates vs Bandhan Floating Interest Rates
- UTI Floating Interest Rates vs ICICI Prudential Floating Interest Rates
- UTI Floating Interest Rates vs Kotak Floating Interest Rates
Mahindra Manulife Ultra Short Term Fund vs UTI Floating Interest Rates Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Ultra Short Term Fund and UTI Floating Interest Rates Fund?
Mahindra Manulife Ultra Short Term Fund is an Ultra Short fund, UTI Floating Interest Rates Fund is a Floater fund, run by Mahindra Manulife Mutual Fund and UTI Mutual Fund. Their portfolios overlap 13.9%. Mahindra Manulife Ultra Short Term Fund charges 0.31% a year and UTI Floating Interest Rates Fund 0.44%.
Which has given higher returns, Mahindra Manulife Ultra Short Term Fund or UTI Floating Interest Rates Fund?
Over 1 year: Mahindra Manulife Ultra Short Term Fund +6.41%, UTI Floating Interest Rates Fund +5.58%. Over 3 years: Mahindra Manulife Ultra Short Term Fund +7.20% a year, UTI Floating Interest Rates Fund +6.95% a year. Over 5 years: Mahindra Manulife Ultra Short Term Fund +6.63% a year, UTI Floating Interest Rates Fund +6.31% 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 UTI Floating Interest Rates Fund?
Mahindra Manulife Ultra Short Term Fund charges less: 0.31% a year against 0.44%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Ultra Short Term Fund and UTI Floating Interest Rates Fund overlap?
13.9%. They hold 6 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, 7.95% Mindspace Business Parks REIT 2027. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Ultra Short Term Fund or UTI Floating Interest Rates Fund?
On SEBI's riskometer, Mahindra Manulife Ultra Short Term Fund is rated Low to Moderate and UTI Floating Interest Rates Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.36% and 0.58% a year.
Which is better for SIP, Mahindra Manulife Ultra Short Term Fund or UTI Floating Interest Rates Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,29,393 in Mahindra Manulife Ultra Short Term Fund (XIRR 7.0% a year) and ₹7,23,863 in UTI Floating Interest Rates Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Ultra Short Term Fund and UTI Floating Interest Rates Fund?
Yes. 13.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Ultra Short Term Fund and UTI Floating Interest Rates Fund?
Mahindra Manulife Ultra Short Term Fund: Rahul Pal. UTI Floating Interest Rates Fund: Pankaj Pathak FM 1, Not Applicable FM 2, Not Applicable FM 3, Not Applicable FM 4.
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.