Motilal Oswal Ultra Short Term Fund vs Nippon India Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Ultra Short Term Fund is an Ultra Short fund and Nippon India Money Market Fund is a Money Market fund. In the 3 years to 30-10-2026, Motilal Oswal Ultra Short Term Fund (Direct) returned 6.4% a year and Nippon India Money Market Fund (Direct) returned 7.3% a year. Motilal Oswal Ultra Short Term Fund charges 0.25% a year and Nippon India Money Market Fund 0.22% (Direct plans). Their portfolios overlap 14.9%: they hold 12 of the same securities.
Motilal Oswal Ultra Short Term Fund
Ultra Short
- 3 year return
- 6.4%
- Expense ratio
- 0.25%
- NAV
- ₹18.86
Nippon India Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.22%
- NAV
- ₹4,573.16
Which is better, Motilal Oswal Ultra Short Term or Nippon India 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.
- Nippon India Money Market returned more over 5 years: 6.8% a year against 5.8%.
- Nippon India Money Market returned more over 3 years: 7.3% a year against 6.4%.
- Nippon India Money Market costs less: 0.22% a year against 0.25% (Direct plans).
- Motilal Oswal Ultra Short Term swung less over 3 years: a standard deviation of 0.3% a year against 0.4%.
- Nippon India Money Market fell less in its worst fall since 10-09-2013: −0.9% against −12.0%.
- Nippon India Money Market is the larger fund: ₹19,855 Cr against ₹534 Cr.
- Their portfolios overlap 14.9%: 12 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 | Motilal Oswal Ultra Short Term Fund | Nippon India Money Market Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Nippon India Mutual Fund |
| Category | Ultra Short | Money Market |
| AUM | ₹534 Cr (30-09-2026) | ₹19,855 Cr (30-09-2026) |
| NAV | ₹18.86 (Direct) | ₹4,573.16 (Direct) |
| Expense ratio (Direct) | 0.25% | 0.22% |
| Expense ratio (Regular) | 1.11% | 0.39% |
| Riskometer | Low | Moderate |
| Benchmark | CRISIL Ultra Short Duration Debt A-I Index | NIFTY Money Market Index A-I |
| Launch date | 06-09-2013 | 16-06-2005 |
| Minimum investment | INF247L01288 | Daily Income Distribution cum capital withdrawal Option - Rs.10,000 & in multiples of Re. 1 thereafter, All other Options - Rs.500 & in multiples of Re.1 thereafter |
| Lock in | None | None |
| Fund managers | Rakesh Shetty | Vikash Agarwal |
| Exit load | Nil | Nil |
Motilal Oswal Ultra Short Term vs Nippon India 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Ultra Short Term Fund (Direct) | +0.30% | +1.36% | +3.00% | +6.02% | +6.36% | +5.82% | +4.08% |
| Nippon India Money Market Fund (Direct) | +0.31% | +1.47% | +3.29% | +6.31% | +7.32% | +6.81% | +6.73% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
Category average: the average of the 26 Ultra Short funds and the 27 Money Market funds, same plan type.
Motilal Oswal Ultra Short Term vs Nippon India Money Market: Year-wise Returns
| Year | Motilal Oswal Ultra Short TermMotilal Oswal Ultra Short Term | Nippon India Money MarketNippon India Money Market |
|---|---|---|
| 2026to date | +5.03% | +5.23% |
| 2025 | +6.33% | +7.60% |
| 2024 | +6.63% | +7.89% |
| 2023 | +6.48% | +7.48% |
| 2022 | +4.11% | +5.11% |
| 2021 | +3.16% | +3.89% |
Motilal Oswal Ultra Short Term vs Nippon India Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,452 of them, one for each trading day from 12-09-2016 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.
Motilal Oswal Ultra Short Term Fund (Direct)
Nippon India Money Market Fund (Direct)
to
Jul 2017Mar 2016
to
Mar 2019Dec 2017
to
Dec 2020Sept 2019
to
Sept 2022May 2021
to
May 2024Jan 2023
to
Jan 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal Ultra Short Term | 0.4 | 54.8 | 44.8 | 0.0 | 0.0 | 0.0 | 0.0 | 4.3% | 4.5% | −0.0% | 7.8% |
| Nippon India Money Market | 0.0 | 1.9 | 98.1 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.4% | 4.9% | 8.8% |
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 10-09-2013. Past returns do not promise future returns.
Motilal Oswal Ultra Short Term vs Nippon India 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 10-09-2013 to 30-10-2026: 158 instalments, ₹15,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Ultra Short TermMotilal Oswal Ultra Short Term Fund (Direct) | ₹15,80,000 | ₹21,82,289 | ₹6,02,289 | 4.8% |
| Nippon India Money MarketNippon India Money Market Fund (Direct) | ₹15,80,000 | ₹25,23,062 | ₹9,43,062 | 6.8% |
Motilal Oswal Ultra Short TermMotilal Oswal Ultra Short Term Fund (Direct)
Nippon India Money MarketNippon India 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.
Motilal Oswal Ultra Short Term vs Nippon India Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Ultra Short Term Fund (Direct) | Nippon India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.02% | +6.31% |
| Standard deviation | 0.37% | 0.53% |
| Sharpe ratio | 2.11 | 2.00 |
| Sortino ratio | 3.54 | 3.16 |
| Maximum drawdown | −0.1% (22-10-2026) | −0.1% (22-05-2026) |
| 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 | Motilal Oswal Ultra Short Term Fund (Direct) | Nippon India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.36% | +7.32% |
| Standard deviation | 0.31% | 0.43% |
| Sharpe ratio | 1.08 | 3.00 |
| Sortino ratio | 1.95 | 5.56 |
| Maximum drawdown | −0.1% (22-10-2026) | −0.1% (22-05-2026) |
| 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 | Motilal Oswal Ultra Short Term Fund (Direct) | Nippon India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.82% | +6.81% |
| Standard deviation | 0.32% | 0.40% |
| Sharpe ratio | 0.06 | 2.54 |
| Sortino ratio | 0.11 | 4.64 |
| Maximum drawdown | −0.2% (11-05-2022) | −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 | Motilal Oswal Ultra Short Term Fund (Direct) | Nippon India Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.94% | +7.28% |
| Standard deviation | 2.58% | 0.42% |
| Sharpe ratio | -0.39 | 2.93 |
| Sortino ratio | -0.39 | 5.96 |
| Maximum drawdown | −12.0% (24-12-2018) | −0.9% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 10-09-2013 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.
Motilal Oswal Ultra Short Term Fund (Direct)
Nippon India Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Ultra Short Term Fund (Direct) | −12.0% | 07-09-2018 | 24-12-2018 | 20-09-2021 | 33 months | 0.0% |
| Nippon India Money Market Fund (Direct) | −0.9% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 10-09-2013, 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.
Motilal Oswal Ultra Short Term Fund (Direct)
Nippon India 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.
Motilal Oswal Ultra Short Term Fund (Direct)
Nippon India Money Market 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.
Motilal Oswal Ultra Short Term Fund (Direct)
Nippon India Money Market Fund (Direct)
Motilal Oswal Ultra Short Term vs Nippon India Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Ultra Short Term Fund, September 2026; Nippon India Money Market Fund, September 2026
Holdings in common
- Overlap
- 14.9%
- Held by both
- 12
- Only in Motilal Oswal Ultra Short Term
- 8
- Only in Nippon India Money Market
- 131
| Security | % of Motilal Oswal Ultra Short Term | % of Nippon India Money Market |
|---|---|---|
| National Bank For Agriculture and Rural Development 2027 | 4.54% | 4.27% |
| 182 Days Tbill (MD 21/01/2027) | 4.60% | 3.46% |
| 182 Days Tbill (MD 04/02/2027) | 4.59% | 1.73% |
| 364 Days Tbill (MD 04/02/2027) | 9.18% | 1.23% |
| ICICI Bank Limited 2027 | 4.55% | 1.17% |
| Indian Bank 2027 | 4.59% | 0.74% |
| Small Industries Dev Bank of India 2027 | 4.53% | 0.73% |
| Bank of Baroda 2027 | 4.60% | 0.49% |
| Canara Bank 2027 | 4.59% | 0.49% |
| Corporate Debt Market Development Fund Class A2 | 0.31% | 0.32% |
| Union Bank of India 2027 | 4.55% | 0.12% |
| HDFC Bank Limited 2027 | 4.54% | 0.12% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.9% means 14.9% 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 Motilal Oswal Ultra Short Term Fund
| Security | % of fund |
|---|---|
| Bajaj Finance Limited 2026 | 4.65% |
| Kotak Mahindra Bank Limited 2027 | 4.60% |
| 364 Days Tbill (MD 11/02/2027) | 4.59% |
| Punjab National Bank 2027 | 4.58% |
| Export Import Bank of India 2027 | 4.58% |
Largest holdings only in Nippon India Money Market Fund
| Security | % of fund |
|---|---|
| Punjab National Bank | 3.79% |
| Small Industries Dev Bank of India | 3.43% |
| IndusInd Bank Limited | 2.71% |
| UCO Bank | 2.45% |
| National Bank For Agriculture and Rural Development | 2.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Ultra Short Term | Nippon India Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 91.5% | 104.4% |
| Cash and others | 8.5% | -4.4% |
Motilal Oswal Ultra Short Term vs Nippon India Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Ultra Short Term Fund | Nippon India Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.25% | 0.22% |
| Base expense ratio (Direct) | 0.21% | 0.19% |
| Total expense ratio (Regular) | 1.11% | 0.39% |
| Base expense ratio (Regular) | 1.00% | 0.33% |
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 Motilal Oswal Ultra Short Term with
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Motilal Oswal Ultra Short Term Fund vs Nippon India Money Market Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Ultra Short Term Fund and Nippon India Money Market Fund?
Motilal Oswal Ultra Short Term Fund is an Ultra Short fund, Nippon India Money Market Fund is a Money Market fund, run by Motilal Oswal Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 14.9%. Motilal Oswal Ultra Short Term Fund charges 0.25% a year and Nippon India Money Market Fund 0.22%.
Which has given higher returns, Motilal Oswal Ultra Short Term Fund or Nippon India Money Market Fund?
Over 1 year: Motilal Oswal Ultra Short Term Fund +6.02%, Nippon India Money Market Fund +6.31%. Over 3 years: Motilal Oswal Ultra Short Term Fund +6.36% a year, Nippon India Money Market Fund +7.32% a year. Over 5 years: Motilal Oswal Ultra Short Term Fund +5.82% a year, Nippon India Money Market Fund +6.81% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Ultra Short Term Fund or Nippon India Money Market Fund?
Nippon India Money Market Fund charges less: 0.22% a year against 0.25%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Ultra Short Term Fund and Nippon India Money Market Fund overlap?
14.9%. They hold 12 of the same securities, the largest shared ones being National Bank For Agriculture and Rural Development 2027, 182 Days Tbill (MD 21/01/2027), 182 Days Tbill (MD 04/02/2027). From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Ultra Short Term Fund or Nippon India Money Market Fund?
On SEBI's riskometer, Motilal Oswal Ultra Short Term Fund is rated Low and Nippon India Money Market Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.31% and 0.43% a year.
Which is better for SIP, Motilal Oswal Ultra Short Term Fund or Nippon India Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,15,187 in Motilal Oswal Ultra Short Term Fund (XIRR 6.2% a year) and ₹7,31,609 in Nippon India Money Market Fund (XIRR 7.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Motilal Oswal Ultra Short Term Fund and Nippon India Money Market Fund?
Yes. 14.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Motilal Oswal Ultra Short Term Fund and Nippon India Money Market Fund?
Motilal Oswal Ultra Short Term Fund: Rakesh Shetty. Nippon India Money Market Fund: Vikash Agarwal.
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.