Nippon India Money Market Fund vs SBI Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Nippon India Money Market Fund and SBI Money Market Fund are both Money Market funds. In the 3 years to 30-10-2026, Nippon India Money Market Fund (Direct) returned 7.3% a year and SBI Money Market Fund (Direct) returned 7.2% a year. Nippon India Money Market Fund charges 0.22% a year and SBI Money Market Fund 0.26% (Direct plans). Their portfolios overlap 14.6%: they hold 20 of the same securities.
Nippon India Money Market Fund
Money Market
- 3 year return
- 7.3%
- Expense ratio
- 0.22%
- NAV
- ₹4,573.16
SBI Money Market Fund
Money Market
- 3 year return
- 7.2%
- Expense ratio
- 0.26%
- NAV
- ₹48.30
Which is better, Nippon India Money Market or SBI 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 6.7%.
- Nippon India Money Market returned more over 3 years: 7.3% a year against 7.2%.
- Nippon India Money Market costs less: 0.22% a year against 0.26% (Direct plans).
- SBI Money Market swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Nippon India Money Market fell less in its worst fall since 04-01-2013: −0.9% against −1.0%.
- SBI Money Market is the larger fund: ₹27,850 Cr against ₹19,855 Cr.
- Their portfolios overlap 14.6%: 20 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 | Nippon India Money Market Fund | SBI Money Market Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | SBI Mutual Fund |
| Category | Money Market | Money Market |
| AUM | ₹19,855 Cr (30-09-2026) | ₹27,850 Cr (30-09-2026) |
| NAV | ₹4,573.16 (Direct) | ₹48.30 (Direct) |
| Expense ratio (Direct) | 0.22% | 0.26% |
| Expense ratio (Regular) | 0.39% | 0.63% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | NIFTY Money Market Index A-I | CRISIL Money Market A-I Index |
| Launch date | 16-06-2005 | 19-07-2004 |
| Minimum investment | 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 | ₹500 |
| Lock in | None | None |
| Fund managers | Vikash Agarwal | Rajeev Radhakrishnan |
| Exit load | Nil | Nil |
Nippon India Money Market vs SBI 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 |
|---|---|---|---|---|---|---|---|
| Nippon India Money Market Fund (Direct) | +0.31% | +1.47% | +3.29% | +6.31% | +7.32% | +6.81% | +6.73% |
| SBI Money Market Fund (Direct) | +0.32% | +1.47% | +3.23% | +6.21% | +7.23% | +6.69% | +6.75% |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | +6.60% |
Category average: the average of the 27 Money Market funds, same plan type.
Nippon India Money Market vs SBI Money Market: Year-wise Returns
| Year | Nippon IndiaNippon India Money Market | SBISBI Money Market |
|---|---|---|
| 2026to date | +5.23% | +5.13% |
| 2025 | +7.60% | +7.51% |
| 2024 | +7.89% | +7.81% |
| 2023 | +7.48% | +7.45% |
| 2022 | +5.11% | +4.86% |
| 2021 | +3.89% | +3.86% |
Nippon India Money Market vs SBI Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,822 of them, one for each trading day from 04-01-2016 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.
Nippon India Money Market Fund (Direct)
SBI Money Market Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India Money Market | 0.0 | 1.8 | 98.2 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.5% | 4.9% | 9.0% |
| SBI Money Market | 0.0 | 4.2 | 95.8 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.5% | 4.9% | 9.6% |
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 04-01-2013. Past returns do not promise future returns.
Nippon India Money Market vs SBI 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India Money MarketNippon India Money Market Fund (Direct) | ₹16,60,000 | ₹27,29,386 | ₹10,69,386 | 6.9% |
| SBI Money MarketSBI Money Market Fund (Direct) | ₹16,60,000 | ₹27,41,711 | ₹10,81,711 | 6.9% |
Nippon India Money MarketNippon India Money Market Fund (Direct)
SBI Money MarketSBI 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.
Nippon India Money Market vs SBI Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Nippon India Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.31% | +6.21% |
| Standard deviation | 0.53% | 0.51% |
| Sharpe ratio | 2.00 | 1.87 |
| Sortino ratio | 3.16 | 2.91 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | Nippon India Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.32% | +7.23% |
| Standard deviation | 0.43% | 0.42% |
| Sharpe ratio | 3.00 | 2.88 |
| Sortino ratio | 5.56 | 5.27 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | Nippon India Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.81% | +6.69% |
| Standard deviation | 0.40% | 0.40% |
| Sharpe ratio | 2.54 | 2.25 |
| Sortino ratio | 4.64 | 3.90 |
| Maximum drawdown | −0.2% (06-05-2022) | −0.3% (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 | Nippon India Money Market Fund (Direct) | SBI Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.28% | +7.46% |
| Standard deviation | 0.42% | 0.50% |
| Sharpe ratio | 2.93 | 2.79 |
| Sortino ratio | 5.96 | 5.44 |
| Maximum drawdown | −0.9% (24-03-2020) | −1.0% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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.
Nippon India Money Market Fund (Direct)
SBI Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Nippon India Money Market Fund (Direct) | −0.9% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| SBI Money Market Fund (Direct) | −1.0% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 04-01-2013, 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.
Nippon India Money Market Fund (Direct)
SBI 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.
Nippon India Money Market Fund (Direct)
SBI 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.
Nippon India Money Market Fund (Direct)
SBI Money Market Fund (Direct)
Nippon India Money Market vs SBI Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India Money Market Fund, September 2026; SBI Money Market Fund, September 2026
Holdings in common
- Overlap
- 14.6%
- Held by both
- 20
- Only in Nippon India Money Market
- 123
- Only in SBI Money Market
- 68
| Security | % of Nippon India Money Market | % of SBI Money Market |
|---|---|---|
| Punjab National Bank | 3.79% | 3.40% |
| 182 Days Tbill | 1.49% | 3.54% |
| HDFC Bank Limited | 1.48% | 1.76% |
| National Bank For Agriculture and Rural Development | 4.27% | 1.32% |
| Punjab National Bank | 0.98% | 3.07% |
| Indian Overseas Bank | 0.98% | 1.05% |
| Small Industries Dev Bank of India | 0.74% | 1.40% |
| Canara Bank | 0.73% | 1.20% |
| Canara Bank | 0.62% | 1.23% |
| Bank of Baroda | 0.49% | 0.71% |
| Canara Bank | 0.49% | 1.23% |
| Canara Bank | 1.76% | 0.35% |
| Canara Bank | 0.49% | 0.35% |
| Corporate Debt Market Development Fund Class A2 | 0.32% | 0.35% |
| Bajaj Auto Credit Limited | 0.49% | 0.26% |
| National Bank For Agriculture and Rural Development | 0.98% | 0.17% |
| HDFC Bank Limited | 0.61% | 0.17% |
| HDFC Bank Limited | 0.12% | 0.37% |
| Union Bank of India | 1.10% | 0.09% |
| Bank of Baroda | 0.02% | 0.52% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.6% means 14.6% 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 Nippon India Money Market Fund
| Security | % of fund |
|---|---|
| 182 Days Tbill | 3.46% |
| 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% |
Largest holdings only in SBI Money Market Fund
| Security | % of fund |
|---|---|
| 182 DAY T-BILL 24.12.26 | 6.52% |
| ICICI Bank Ltd. | 5.22% |
| National Bank for Financing Infrastructure and Development | 5.06% |
| LIC Housing Finance Ltd. | 4.03% |
| Union Bank of India | 3.46% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India Money Market | SBI Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 104.4% | 99.9% |
| Cash and others | -4.4% | 0.1% |
Nippon India Money Market vs SBI Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India Money Market Fund | SBI Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.22% | 0.26% |
| Base expense ratio (Direct) | 0.19% | 0.22% |
| Total expense ratio (Regular) | 0.39% | 0.63% |
| Base expense ratio (Regular) | 0.33% | 0.54% |
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 Nippon India Money Market with
Nippon India Money Market Fund vs SBI Money Market Fund: Frequently Asked Questions
What is the difference between Nippon India Money Market Fund and SBI Money Market Fund?
Both are Money Market funds, run by Nippon India Mutual Fund and SBI Mutual Fund. Their portfolios overlap 14.6%. Nippon India Money Market Fund charges 0.22% a year and SBI Money Market Fund 0.26%.
Which has given higher returns, Nippon India Money Market Fund or SBI Money Market Fund?
Over 1 year: Nippon India Money Market Fund +6.31%, SBI Money Market Fund +6.21%. Over 3 years: Nippon India Money Market Fund +7.32% a year, SBI Money Market Fund +7.23% a year. Over 5 years: Nippon India Money Market Fund +6.81% a year, SBI Money Market Fund +6.69% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India Money Market Fund or SBI Money Market Fund?
Nippon India Money Market Fund charges less: 0.22% a year against 0.26%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India Money Market Fund and SBI Money Market Fund overlap?
14.6%. They hold 20 of the same securities, the largest shared ones being Punjab National Bank, 182 Days Tbill, HDFC Bank Limited. From each fund's latest monthly portfolio.
Which is riskier, Nippon India Money Market Fund or SBI Money Market Fund?
On SEBI's riskometer, Nippon India Money Market Fund is rated Moderate and SBI Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.43% and 0.42% a year.
Which is better for SIP, Nippon India Money Market Fund or SBI Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,31,609 in Nippon India Money Market Fund (XIRR 7.1% a year) and ₹7,29,802 in SBI Money Market Fund (XIRR 7.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India Money Market Fund and SBI Money Market Fund?
Yes. 14.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Nippon India Money Market Fund and SBI Money Market Fund?
Nippon India Money Market Fund: Vikash Agarwal. SBI Money Market Fund: Rajeev Radhakrishnan.
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.