Mirae Asset Ultra Short-Term Fund vs Nippon India Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mirae Asset Ultra Short-Term Fund and Nippon India Ultra Short Term Fund are both Ultra Short funds. Mirae Asset Ultra Short-Term Fund charges 0.22% a year and Nippon India Ultra Short Term Fund 0.33% (Direct plans). Their portfolios overlap 13.0%: they hold 14 of the same securities.
Mirae Asset Ultra Short-Term Fund
Ultra Short
- Expense ratio
- 0.22%
- NAV
- ₹1,439.44
Nippon India Ultra Short Term Fund
Ultra Short
- Expense ratio
- 0.33%
- NAV
- ₹4,851.45
Which is better, Mirae Asset Ultra Short-Term or Nippon India 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.
- Mirae Asset Ultra Short-Term costs less: 0.22% a year against 0.33% (Direct plans).
- Nippon India Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Mirae Asset Ultra Short-Term fell less in its worst fall since 08-10-2020: −0.2% against −0.2%.
- Nippon India Ultra Short Term is the larger fund: ₹11,551 Cr against ₹1,808 Cr.
- Their portfolios overlap 13.0%: 14 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 | Mirae Asset Ultra Short-Term Fund | Nippon India Ultra Short Term Fund |
|---|---|---|
| Fund house | Mirae Asset Mutual Fund | Nippon India Mutual Fund |
| Category | Ultra Short | Ultra Short |
| AUM | ₹1,808 Cr (30-09-2026) | ₹11,551 Cr (30-09-2026) |
| NAV | ₹1,439.44 (Direct) | ₹4,851.45 (Direct) |
| Expense ratio (Direct) | 0.22% | 0.33% |
| Expense ratio (Regular) | 0.68% | 1.05% |
| Riskometer | Not available | Moderately High |
| Benchmark | Not available | CRISIL Ultra Short Duration Debt A-I Index |
| Launch date | Not available | 07-12-2001 |
| Minimum investment | Not available | ₹10,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Vivek Sharma |
| Exit load | Not available | Nil |
Mirae Asset Ultra Short-Term vs Nippon India 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 |
|---|---|---|---|---|---|---|---|
| Mirae Asset Ultra Short-Term Fund (Direct) | +0.34% | +1.46% | +3.33% | +6.48% | +7.34% | +6.73% | -- |
| Nippon India Ultra Short Term Fund (Direct) | -- | -- | -- | -- | -- | -- | -- |
| 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.
Mirae Asset Ultra Short-Term vs Nippon India Ultra Short Term: Year-wise Returns
| Year | Mirae Asset Ultra Short-TermMirae Asset Ultra Short-Term | Nippon India Ultra Short TermNippon India Ultra Short Term |
|---|---|---|
| 2026to date | +5.39% | -- |
| 2025 | +7.43% | -- |
| 2024 | +7.94% | -- |
| 2023 | +7.33% | -- |
| 2022 | +4.86% | -- |
| 2021 | +3.69% | -- |
Mirae Asset Ultra Short-Term vs Nippon India Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 740 of them, one for each trading day from 09-10-2023 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.
Mirae Asset Ultra Short-Term Fund (Direct)
Nippon India Ultra Short Term Fund (Direct)
to
Jan 2024Jul 2021
to
Jul 2024Jan 2022
to
Jan 2025Jul 2022
to
Jul 2025Feb 2023
to
Feb 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mirae Asset Ultra Short-Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 7.2% | 5.0% | 7.6% |
| Nippon India Ultra Short Term | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.5% | 6.5% | 7.8% |
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 08-10-2020. Past returns do not promise future returns.
Mirae Asset Ultra Short-Term vs Nippon India 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 08-10-2020 to 30-10-2026: 73 instalments, ₹7,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mirae Asset Ultra Short-TermMirae Asset Ultra Short-Term Fund (Direct) | ₹7,30,000 | ₹9,01,320 | ₹1,71,320 | 6.9% |
| Nippon India Ultra Short TermNippon India Ultra Short Term Fund (Direct) | ₹7,30,000 | ₹9,13,857 | ₹1,83,857 | 7.3% |
Mirae Asset Ultra Short-TermMirae Asset Ultra Short-Term Fund (Direct)
Nippon India Ultra Short TermNippon India 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.
Mirae Asset Ultra Short-Term vs Nippon India Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mirae Asset Ultra Short-Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.48% | +6.77% |
| Standard deviation | 0.50% | 0.44% |
| Sharpe ratio | 2.48 | 3.48 |
| Sortino ratio | 4.01 | 6.02 |
| Maximum drawdown | −0.1% (08-07-2026) | −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 | Mirae Asset Ultra Short-Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.34% | +7.50% |
| Standard deviation | 0.40% | 0.38% |
| Sharpe ratio | 3.33 | 3.92 |
| Sortino ratio | 6.25 | 8.05 |
| Maximum drawdown | −0.1% (08-07-2026) | −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 | Mirae Asset Ultra Short-Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.73% | +7.01% |
| Standard deviation | 0.36% | 0.37% |
| Sharpe ratio | 2.55 | 3.30 |
| Sortino ratio | 4.69 | 6.31 |
| Maximum drawdown | −0.2% (05-05-2022) | −0.2% (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 | Mirae Asset Ultra Short-Term Fund (Direct) | Nippon India Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.19% | +6.58% |
| Standard deviation | 0.35% | 2.03% |
| Sharpe ratio | 2.46 | 0.64 |
| Sortino ratio | 4.63 | 0.74 |
| Maximum drawdown | −0.2% (05-05-2022) | −5.2% (25-09-2019) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 08-10-2020 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.
Mirae Asset Ultra Short-Term Fund (Direct)
Nippon India Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mirae Asset Ultra Short-Term Fund (Direct) | −0.2% | 02-05-2022 | 05-05-2022 | 23-05-2022 | 18 days | 0.0% |
| Nippon India Ultra Short Term Fund (Direct) | −0.2% | 02-05-2022 | 06-05-2022 | 23-05-2022 | 17 days | 0.0% |
From daily values since 08-10-2020, 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.
Mirae Asset Ultra Short-Term Fund (Direct)
Nippon India 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.
Mirae Asset Ultra Short-Term Fund (Direct)
Nippon India 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.
Mirae Asset Ultra Short-Term Fund (Direct)
Nippon India Ultra Short Term Fund (Direct)
Mirae Asset Ultra Short-Term vs Nippon India Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: Mirae Asset Ultra Short-Term Fund, September 2026; Nippon India Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 13.0%
- Held by both
- 14
- Only in Mirae Asset Ultra Short-Term
- 41
- Only in Nippon India Ultra Short Term
- 103
| Security | % of Mirae Asset Ultra Short-Term | % of Nippon India Ultra Short Term |
|---|---|---|
| National Bank for Agriculture and Rural Development (MD 18/03/2027) | 2.68% | 2.73% |
| HDFC Bank Ltd. (MD 12/03/2027) | 4.03% | 2.52% |
| Small Industries Development Bank of India (MD 11/06/2027) | 1.58% | 2.18% |
| 8.00% Tata Capital Housing Finance Ltd. (MD 03/11/2027) | 1.38% | 1.51% |
| 9.20% 360 ONE WAM Ltd. (MD 25/07/2028) | 1.39% | 0.87% |
| Bank of Baroda (MD 08/01/2027) | 2.17% | 0.85% |
| 7.64% REC Ltd. (MD 30/04/2027) | 3.04% | 0.65% |
| 8.60% Aditya Birla Renewables Ltd. (MD 24/09/2027) | 0.55% | 2.16% |
| Canara Bank (MD 12/03/2027) | 2.68% | 0.42% |
| Indian Bank (MD 12/01/2027) | 2.36% | 0.42% |
| Punjab National Bank (MD 10/02/2027) | 1.35% | 0.42% |
| Corporate Debt Market Development Fund - Class A2 | 0.33% | 0.27% |
| 7.71% REC Ltd. (MD 26/02/2027) | 2.77% | 0.22% |
| Punjab National Bank (MD 05/02/2027) | 1.24% | 0.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 13.0% means 13.0% 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 Mirae Asset Ultra Short-Term Fund
| Security | % of fund |
|---|---|
| 8.45% Motilal Oswal Home Finance Ltd. (MD 07/01/2027) | 4.15% |
| National Bank for Agriculture and Rural Development (MD 26/02/2027) | 4.03% |
| Small Industries Development Bank of India (MD 25/03/2027) | 4.01% |
| 7.95% REC Ltd. (MD 12/03/2027) | 2.77% |
| 7.60% Power Finance Corporation Ltd. (MD 20/02/2027) | 2.77% |
Largest holdings only in Nippon India Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 8.5% Nirma Limited | 3.00% |
| 9.4% Vedanta Aluminium Metal Limited | 2.78% |
| Punjab National Bank | 2.54% |
| 364 Days Tbill | 2.44% |
| 9.31% Vedanta Limited | 2.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mirae Asset Ultra Short-Term | Nippon India Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 102.0% | 97.4% |
| Cash and others | -2.0% | 2.6% |
Mirae Asset Ultra Short-Term vs Nippon India Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mirae Asset Ultra Short-Term Fund | Nippon India Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.22% | 0.33% |
| Base expense ratio (Direct) | 0.18% | 0.28% |
| Total expense ratio (Regular) | 0.68% | 1.05% |
| Base expense ratio (Regular) | 0.57% | 0.89% |
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
Mirae Asset Ultra Short-Term Fund vs Nippon India Ultra Short Term Fund: Frequently Asked Questions
What is the difference between Mirae Asset Ultra Short-Term Fund and Nippon India Ultra Short Term Fund?
Both are Ultra Short funds, run by Mirae Asset Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 13.0%. Mirae Asset Ultra Short-Term Fund charges 0.22% a year and Nippon India Ultra Short Term Fund 0.33%.
Which has the lower expense ratio, Mirae Asset Ultra Short-Term Fund or Nippon India Ultra Short Term Fund?
Mirae Asset Ultra Short-Term Fund charges less: 0.22% a year against 0.33%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mirae Asset Ultra Short-Term Fund and Nippon India Ultra Short Term Fund overlap?
13.0%. They hold 14 of the same securities, the largest shared ones being National Bank for Agriculture and Rural Development (MD 18/03/2027), HDFC Bank Ltd. (MD 12/03/2027), Small Industries Development Bank of India (MD 11/06/2027). From each fund's latest monthly portfolio.
Which is better for SIP, Mirae Asset Ultra Short-Term Fund or Nippon India 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 ₹7,31,412 in Mirae Asset Ultra Short-Term Fund (XIRR 7.1% a year) and ₹7,35,302 in Nippon India Ultra Short Term Fund (XIRR 7.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mirae Asset Ultra Short-Term Fund and Nippon India Ultra Short Term Fund?
Yes. 13.0% 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.