Nippon India Overnight Fund vs PGIM India Overnight Fund
Direct Plan, Growth option · Data as on 30-10-2026
Nippon India Overnight Fund and PGIM India Overnight Fund are both Overnight funds. In the 3 years to 30-10-2026, Nippon India Overnight Fund (Direct) returned 6.0% a year and PGIM India Overnight Fund (Direct) returned 6.0% a year. Nippon India Overnight Fund charges 0.10% a year and PGIM India Overnight Fund 0.18% (Direct plans). Their portfolios overlap 2.1%: they hold 1 of the same security.
Nippon India Overnight Fund
Overnight
- 3 year return
- 6.0%
- Expense ratio
- 0.10%
- NAV
- ₹149.08
PGIM India Overnight Fund
Overnight
- 3 year return
- 6.0%
- Expense ratio
- 0.18%
- NAV
- ₹1,429.67
Which is better, Nippon India Overnight or PGIM India Overnight? 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 Overnight returned more over 5 years: 5.8% a year against 5.7%.
- Nippon India Overnight returned more over 3 years: 6.0% a year against 6.0%.
- Nippon India Overnight costs less: 0.10% a year against 0.18% (Direct plans).
- Nippon India Overnight swung less over 3 years: a standard deviation of 0.0% a year against 0.0%.
- Nippon India Overnight is the larger fund: ₹6,791 Cr against ₹96 Cr.
- Their portfolios overlap 2.1%: 1 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 Overnight Fund | PGIM India Overnight Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | PGIM India Mutual Fund |
| Category | Overnight | Overnight |
| AUM | ₹6,791 Cr (30-09-2026) | ₹96 Cr (30-09-2026) |
| NAV | ₹149.08 (Direct) | ₹1,429.67 (Direct) |
| Expense ratio (Direct) | 0.10% | 0.18% |
| Expense ratio (Regular) | 0.17% | 0.20% |
| Riskometer | Low | Low |
| Benchmark | CRISIL Liquid Overnight Index | Nifty 1D Rate Index |
| Launch date | 18-12-2018 | 27-08-2019 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Vikash Agarwal | Sandeep Devan, and Mr. Puneet Pal |
| Exit load | Nil | NIL |
Nippon India Overnight vs PGIM India Overnight: 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 Overnight Fund (Direct) | +0.45% | +1.30% | +2.61% | +5.27% | +6.04% | +5.79% | -- |
| PGIM India Overnight Fund (Direct) | +0.44% | +1.26% | +2.54% | +5.13% | +5.96% | +5.73% | -- |
| Overnight average | +0.45% | +1.28% | +2.59% | +5.22% | +5.99% | +5.75% | -- |
Category average: the average of the 40 Overnight funds, same plan type.
Nippon India Overnight vs PGIM India Overnight: Year-wise Returns
| Year | NipponNippon India Overnight | PGIMPGIM India Overnight |
|---|---|---|
| 2026to date | +4.33% | +4.20% |
| 2025 | +5.85% | +5.78% |
| 2024 | +6.74% | +6.72% |
| 2023 | +6.72% | +6.67% |
| 2022 | +4.73% | +4.72% |
| 2021 | +3.19% | +3.24% |
Nippon India Overnight vs PGIM India Overnight: Rolling Returns
Every holding period of both funds, against Nifty 1D Rate Index TRI, the benchmark of PGIM India Overnight Fund
Rolling returns
Every 3-year holding period, 1,520 of them, one for each trading day from 28-08-2022 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.
Nippon India Overnight Fund (Direct)
PGIM India Overnight Fund (Direct)
Nifty 1D Rate Index TRI
to
Dec 2022Sept 2020
to
Sept 2023May 2021
to
May 2024Feb 2022
to
Feb 2025Oct 2022
to
Oct 2025Jun 2023
to
Jun 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India Overnight | 0.0 | 34.7 | 65.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.4% | 5.8% | 3.7% | 6.5% | 16% |
| PGIM India Overnight | 0.0 | 34.8 | 65.2 | 0.0 | 0.0 | 0.0 | 0.0 | 5.4% | 5.7% | 3.8% | 6.4% | 14% |
| Nifty 1D Rate Index TRI | 0.0 | 33.8 | 66.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.4% | 5.8% | 3.7% | 6.5% | -- |
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. The benchmark is Nifty 1D Rate Index TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 28-08-2019. Past returns do not promise future returns.
Nippon India Overnight vs PGIM India Overnight: 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 01-08-2019 to 30-10-2026: 87 instalments, ₹8,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India OvernightNippon India Overnight Fund (Direct) | ₹8,70,000 | ₹10,68,377 | ₹1,98,377 | 5.6% |
| PGIM India OvernightPGIM India Overnight Fund (Direct) | ₹8,70,000 | ₹10,66,254 | ₹1,96,254 | 5.5% |
Nippon India OvernightNippon India Overnight Fund (Direct)
PGIM India OvernightPGIM India Overnight 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 Overnight vs PGIM India Overnight: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Nippon India Overnight Fund (Direct) | PGIM India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.27% | +5.13% |
| Standard deviation | 0.04% | 0.04% |
| Sharpe ratio | 0.71 | -2.98 |
| Sortino ratio | 2.63 | -7.14 |
| Maximum drawdown | 0.0% | 0.0% |
| Beta | -- | 0.99 |
| Alpha | -- | −0.11% |
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 Overnight Fund (Direct) | PGIM India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.04% | +5.96% |
| Standard deviation | 0.04% | 0.04% |
| Sharpe ratio | 0.33 | -1.48 |
| Sortino ratio | 0.52 | -2.12 |
| Maximum drawdown | 0.0% | 0.0% |
| Beta | -- | 1.01 |
| Alpha | -- | −0.06% |
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 Overnight Fund (Direct) | PGIM India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.79% | +5.73% |
| Standard deviation | 0.06% | 0.06% |
| Sharpe ratio | -0.13 | -1.24 |
| Sortino ratio | -0.18 | -1.56 |
| Maximum drawdown | 0.0% | 0.0% |
| Beta | -- | 1.00 |
| Alpha | -- | −0.07% |
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 Overnight Fund (Direct) | PGIM India Overnight Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.20% | +5.11% |
| Standard deviation | 0.09% | 0.07% |
| Sharpe ratio | -0.16 | -0.36 |
| Sortino ratio | -0.25 | -0.48 |
| Maximum drawdown | 0.0% | 0.0% |
| Beta | -- | 1.00 |
| Alpha | -- | −0.03% |
From daily NAVs, 19-12-2018 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 Overnight Fund (Direct)
PGIM India Overnight Fund (Direct)
Nifty 1D Rate Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Nippon India Overnight Fund (Direct) | 0.0% | -- | -- | -- | -- | 0.0% |
| PGIM India Overnight Fund (Direct) | 0.0% | -- | -- | -- | -- | 0.0% |
| Nifty 1D Rate Index TRI | 0.0% | -- | -- | -- | -- | 0.0% |
From daily values since 28-08-2019, 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.
Nippon India Overnight Fund (Direct)
PGIM India Overnight Fund (Direct)
Nifty 1D Rate Index TRI
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 Overnight Fund (Direct)
PGIM India Overnight Fund (Direct)
Nifty 1D Rate Index TRI
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 Overnight Fund (Direct)
PGIM India Overnight Fund (Direct)
Nifty 1D Rate Index TRI
Against Nifty 1D Rate Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Nippon India Overnight Fund (Direct) | 100% | NaN% | 0.07% |
| PGIM India Overnight Fund (Direct) | 99% | NaN% | 0.08% |
From month-end values since 28-08-2019. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Nippon India Overnight vs PGIM India Overnight: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India Overnight Fund, September 2026; PGIM India Overnight Fund, September 2026
Holdings in common
- Overlap
- 2.1%
- Held by both
- 1
- Only in Nippon India Overnight
- 4
- Only in PGIM India Overnight
- 1
| Security | % of Nippon India Overnight | % of PGIM India Overnight |
|---|---|---|
| 91 Days Tbill | 2.36% | 2.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 2.1% means 2.1% 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 Overnight Fund
| Security | % of fund |
|---|---|
| 91 Days Tbill | 3.53% |
| 364 Days Tbill | 0.74% |
| 91 Days Tbill | 0.29% |
| 91 Days Tbill | 0.15% |
Largest holdings only in PGIM India Overnight Fund
| Security | % of fund |
|---|---|
| 182 DAYS TBILL RED 22-10-2026 | 1.56% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India Overnight | PGIM India Overnight |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 7.1% | 3.6% |
| Cash and others | 92.9% | 96.3% |
Nippon India Overnight vs PGIM India Overnight: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India Overnight Fund | PGIM India Overnight Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.10% | 0.18% |
| Base expense ratio (Direct) | 0.07% | 0.12% |
| Total expense ratio (Regular) | 0.17% | 0.20% |
| Base expense ratio (Regular) | 0.13% | 0.14% |
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 Overnight with
Nippon India Overnight Fund vs PGIM India Overnight Fund: Frequently Asked Questions
What is the difference between Nippon India Overnight Fund and PGIM India Overnight Fund?
Both are Overnight funds, run by Nippon India Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 2.1%. Nippon India Overnight Fund charges 0.10% a year and PGIM India Overnight Fund 0.18%.
Which has given higher returns, Nippon India Overnight Fund or PGIM India Overnight Fund?
Over 1 year: Nippon India Overnight Fund +5.27%, PGIM India Overnight Fund +5.13%. Over 3 years: Nippon India Overnight Fund +6.04% a year, PGIM India Overnight Fund +5.96% a year. Over 5 years: Nippon India Overnight Fund +5.79% a year, PGIM India Overnight Fund +5.73% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India Overnight Fund or PGIM India Overnight Fund?
Nippon India Overnight Fund charges less: 0.10% a year against 0.18%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India Overnight Fund and PGIM India Overnight Fund overlap?
2.1%. They hold 1 of the same securities, the largest shared ones being 91 Days Tbill. From each fund's latest monthly portfolio.
Which is riskier, Nippon India Overnight Fund or PGIM India Overnight Fund?
On SEBI's riskometer, Nippon India Overnight Fund is rated Low and PGIM India Overnight Fund Low. Over 3 years, the standard deviation of daily returns was 0.04% and 0.04% a year.
Which is better for SIP, Nippon India Overnight Fund or PGIM India Overnight Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,10,175 in Nippon India Overnight Fund (XIRR 5.9% a year) and ₹7,08,739 in PGIM India Overnight Fund (XIRR 5.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India Overnight Fund and PGIM India Overnight Fund?
Yes. 2.1% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Nippon India Overnight Fund and PGIM India Overnight Fund?
Nippon India Overnight Fund: Vikash Agarwal. PGIM India Overnight Fund: Sandeep Devan, and Mr. Puneet Pal.
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.