SBI Dynamic Term Fund vs SBI Ultra Short Term Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI Dynamic Term Fund is a Dynamic Bond fund and SBI Ultra Short Term Fund is an Ultra Short fund. In the 3 years to 30-10-2026, SBI Dynamic Term Fund (Direct) returned 7.4% a year and SBI Ultra Short Term Fund (Direct) returned 7.1% a year. SBI Dynamic Term Fund charges 0.64% a year and SBI Ultra Short Term Fund 0.35% (Direct plans). Their portfolios overlap 12.9%: they hold 4 of the same securities.
SBI Dynamic Term Fund
Dynamic Bond
- 3 year return
- 7.4%
- Expense ratio
- 0.64%
- NAV
- ₹41.53
SBI Ultra Short Term Fund
Ultra Short
- 3 year return
- 7.1%
- Expense ratio
- 0.35%
- NAV
- ₹6,600.98
Which is better, SBI Dynamic Term or SBI 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.
- SBI Dynamic Term returned more over 5 years: 6.8% a year against 6.5%.
- SBI Dynamic Term returned more over 3 years: 7.4% a year against 7.1%.
- SBI Ultra Short Term costs less: 0.35% a year against 0.64% (Direct plans).
- SBI Ultra Short Term swung less over 3 years: a standard deviation of 0.4% a year against 1.9%.
- SBI Ultra Short Term fell less in its worst fall since 02-01-2013: −0.9% against −8.9%.
- SBI Ultra Short Term is the larger fund: ₹11,237 Cr against ₹3,502 Cr.
- Their portfolios overlap 12.9%: 4 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 | SBI Dynamic Term Fund | SBI Ultra Short Term Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | SBI Mutual Fund |
| Category | Dynamic Bond | Ultra Short |
| AUM | ₹3,502 Cr (30-09-2026) | ₹11,237 Cr (30-09-2026) |
| NAV | ₹41.53 (Direct) | ₹6,600.98 (Direct) |
| Expense ratio (Direct) | 0.64% | 0.35% |
| Expense ratio (Regular) | 1.37% | 0.57% |
| Riskometer | Not available | Not available |
| Benchmark | Not available | Not available |
| Launch date | Not available | Not available |
| Minimum investment | Not available | Not available |
| Lock in | Not available | Not available |
| Fund managers | Not available | Not available |
| Exit load | Not available | Not available |
SBI Dynamic Term vs SBI 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 |
|---|---|---|---|---|---|---|---|
| SBI Dynamic Term Fund (Direct) | +0.08% | +0.34% | +2.58% | +5.03% | +7.43% | +6.79% | +7.44% |
| SBI Ultra Short Term Fund (Direct) | +0.37% | +1.48% | +3.20% | +6.28% | +7.10% | +6.51% | +6.55% |
| Dynamic Bond average | −0.48% | −0.66% | +1.80% | +3.05% | +6.70% | +5.98% | +6.68% |
| Ultra Short average | +0.30% | +1.34% | +3.06% | +6.00% | +6.82% | +6.27% | +6.43% |
Category average: the average of the 22 Dynamic Bond funds and the 26 Ultra Short funds, same plan type.
SBI Dynamic Term vs SBI Ultra Short Term: Year-wise Returns
| Year | DynamicSBI Dynamic Term | Ultra ShortSBI Ultra Short Term |
|---|---|---|
| 2026to date | +4.54% | +5.21% |
| 2025 | +6.29% | +7.21% |
| 2024 | +9.55% | +7.67% |
| 2023 | +7.96% | +7.20% |
| 2022 | +4.99% | +4.64% |
| 2021 | +2.74% | +3.56% |
SBI Dynamic Term vs SBI Ultra Short Term: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,627 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.
SBI Dynamic Term Fund (Direct)
SBI Ultra Short Term 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI Dynamic Term | 0.0 | 1.1 | 81.8 | 17.0 | 0.0 | 0.0 | 0.0 | 8.3% | 8.3% | 4.7% | 12.9% |
| SBI Ultra Short Term | 0.0 | 11.2 | 88.8 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.4% | 4.7% | 9.0% |
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 02-01-2013. Past returns do not promise future returns.
SBI Dynamic Term vs SBI 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI Dynamic TermSBI Dynamic Term Fund (Direct) | ₹16,60,000 | ₹28,88,964 | ₹12,28,964 | 7.6% |
| SBI Ultra Short TermSBI Ultra Short Term Fund (Direct) | ₹16,60,000 | ₹26,92,353 | ₹10,32,353 | 6.7% |
SBI Dynamic TermSBI Dynamic Term Fund (Direct)
SBI Ultra Short TermSBI 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.
SBI Dynamic Term vs SBI Ultra Short Term: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI Dynamic Term Fund (Direct) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.03% | +6.28% |
| Standard deviation | 1.43% | 0.46% |
| Sharpe ratio | -0.15 | 2.27 |
| Sortino ratio | -0.22 | 3.76 |
| Maximum drawdown | −0.8% (02-04-2026) | −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 | SBI Dynamic Term Fund (Direct) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.43% | +7.10% |
| Standard deviation | 1.94% | 0.37% |
| Sharpe ratio | 0.72 | 2.87 |
| Sortino ratio | 1.05 | 5.48 |
| Maximum drawdown | −1.6% (26-08-2025) | −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 | SBI Dynamic Term Fund (Direct) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.79% | +6.51% |
| Standard deviation | 1.88% | 0.36% |
| Sharpe ratio | 0.53 | 1.95 |
| Sortino ratio | 0.78 | 3.35 |
| Maximum drawdown | −1.6% (26-08-2025) | −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 | SBI Dynamic Term Fund (Direct) | SBI Ultra Short Term Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.98% | +7.15% |
| Standard deviation | 3.26% | 0.41% |
| Sharpe ratio | 0.59 | 2.69 |
| Sortino ratio | 0.86 | 5.45 |
| Maximum drawdown | −8.9% (19-08-2013) | −0.9% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
SBI Dynamic Term Fund (Direct)
SBI Ultra Short Term Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI Dynamic Term Fund (Direct) | −8.9% | 27-05-2013 | 19-08-2013 | 04-06-2014 | 9 months | −0.1% |
| SBI Ultra Short Term Fund (Direct) | −0.9% | 11-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 02-01-2013, 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.
SBI Dynamic Term Fund (Direct)
SBI 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.
SBI Dynamic Term Fund (Direct)
SBI 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.
SBI Dynamic Term Fund (Direct)
SBI Ultra Short Term Fund (Direct)
SBI Dynamic Term vs SBI Ultra Short Term: Portfolio Overlap
From each fund's latest monthly portfolio: SBI Dynamic Term Fund, September 2026; SBI Ultra Short Term Fund, September 2026
Holdings in common
- Overlap
- 12.9%
- Held by both
- 4
- Only in SBI Dynamic Term
- 15
- Only in SBI Ultra Short Term
- 57
| Security | % of SBI Dynamic Term | % of SBI Ultra Short Term |
|---|---|---|
| HDFC Bank Ltd. | 9.80% | 9.60% |
| Union Bank of India | 5.60% | 2.62% |
| Corporate Debt Market Development Fund-A2 | 0.37% | 0.44% |
| Small Industries Development Bank of India | 0.28% | 3.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.9% means 12.9% 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 SBI Dynamic Term Fund
| Security | % of fund |
|---|---|
| 6.94% CGL 2036 | 19.66% |
| 7.28% State Government of Andhra Pradesh 2032 | 7.02% |
| National Bank for Agriculture and Rural Development | 6.30% |
| Bajaj Finance Ltd. | 5.70% |
| Summit Digitel Infrastructure Pvt. Ltd. | 4.37% |
Largest holdings only in SBI Ultra Short Term Fund
| Security | % of fund |
|---|---|
| 91 DAY T-BILL 22.10.26 | 7.10% |
| Kotak Mahindra Bank Ltd. | 6.92% |
| National Bank for Agriculture and Rural Development | 6.05% |
| Punjab National Bank | 3.91% |
| Bank of Baroda | 3.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI Dynamic Term | SBI Ultra Short Term |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 82.7% | 95.5% |
| Cash and others | 17.3% | 4.5% |
SBI Dynamic Term vs SBI Ultra Short Term: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI Dynamic Term Fund | SBI Ultra Short Term Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.64% | 0.35% |
| Base expense ratio (Direct) | 0.53% | 0.30% |
| Total expense ratio (Regular) | 1.37% | 0.57% |
| Base expense ratio (Regular) | 1.15% | 0.49% |
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 SBI Dynamic Term with
SBI Dynamic Term Fund vs SBI Ultra Short Term Fund: Frequently Asked Questions
What is the difference between SBI Dynamic Term Fund and SBI Ultra Short Term Fund?
SBI Dynamic Term Fund is a Dynamic Bond fund, SBI Ultra Short Term Fund is an Ultra Short fund, run by SBI Mutual Fund. Their portfolios overlap 12.9%. SBI Dynamic Term Fund charges 0.64% a year and SBI Ultra Short Term Fund 0.35%.
Which has given higher returns, SBI Dynamic Term Fund or SBI Ultra Short Term Fund?
Over 1 year: SBI Dynamic Term Fund +5.03%, SBI Ultra Short Term Fund +6.28%. Over 3 years: SBI Dynamic Term Fund +7.43% a year, SBI Ultra Short Term Fund +7.10% a year. Over 5 years: SBI Dynamic Term Fund +6.79% a year, SBI Ultra Short Term Fund +6.51% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI Dynamic Term Fund or SBI Ultra Short Term Fund?
SBI Ultra Short Term Fund charges less: 0.35% a year against 0.64%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI Dynamic Term Fund and SBI Ultra Short Term Fund overlap?
12.9%. They hold 4 of the same securities, the largest shared ones being HDFC Bank Ltd., Union Bank of India, Corporate Debt Market Development Fund-A2. From each fund's latest monthly portfolio.
Which is better for SIP, SBI Dynamic Term Fund or SBI 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 ₹7,27,046 in SBI Dynamic Term Fund (XIRR 6.9% a year) and ₹7,27,285 in SBI Ultra Short Term Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both SBI Dynamic Term Fund and SBI Ultra Short Term Fund?
Yes. 12.9% 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.