Tata Money Market Fund vs Union Money Market Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Money Market Fund and Union Money Market Fund are both Money Market funds. In the 3 years to 30-10-2026, Tata Money Market Fund (Direct) returned 7.4% a year and Union Money Market Fund (Direct) returned 7.1% a year. Tata Money Market Fund charges 0.18% a year and Union Money Market Fund 0.17% (Direct plans). Their portfolios overlap 6.1%: they hold 7 of the same securities.
Tata Money Market Fund
Money Market
- 3 year return
- 7.4%
- Expense ratio
- 0.18%
- NAV
- ₹5,240.04
Union Money Market Fund
Money Market
- 3 year return
- 7.1%
- Expense ratio
- 0.17%
- NAV
- ₹1,378.40
Which is better, Tata Money Market or Union 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.
- Tata Money Market returned more over 5 years: 6.9% a year against 6.5%.
- Tata Money Market returned more over 3 years: 7.4% a year against 7.1%.
- Union Money Market costs less: 0.17% a year against 0.18% (Direct plans).
- Union Money Market swung less over 3 years: a standard deviation of 0.4% a year against 0.4%.
- Union Money Market fell less in its worst fall since 27-08-2021: −0.1% against −0.3%.
- Tata Money Market is the larger fund: ₹31,690 Cr against ₹1,120 Cr.
- Their portfolios overlap 6.1%: 7 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 | Tata Money Market Fund | Union Money Market Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | Union Mutual Fund |
| Category | Money Market | Money Market |
| AUM | ₹31,690 Cr (30-09-2026) | ₹1,120 Cr (30-09-2026) |
| NAV | ₹5,240.04 (Direct) | ₹1,378.40 (Direct) |
| Expense ratio (Direct) | 0.18% | 0.17% |
| Expense ratio (Regular) | 0.40% | 0.64% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | CRISIL Money Market A-I Index | CRISIL Money Market A-I Index. CRISIL Benchmark Disclaimer: CRISIL Indices are the sole property of CRISIL Limited (CRIS |
| Launch date | 30-08-1998 | 26-08-2021 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Amit Somani, Harsh Dave | Devesh Thacker, Parijat Agrawal |
| Exit load | NIL | Nil |
Tata Money Market vs Union 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 |
|---|---|---|---|---|---|---|---|
| Tata Money Market Fund (Direct) | +0.33% | +1.50% | +3.32% | +6.45% | +7.44% | +6.90% | +6.03% |
| Union Money Market Fund (Direct) | +0.30% | +1.47% | +3.29% | +6.57% | +7.13% | +6.51% | -- |
| Money Market average | +0.33% | +1.49% | +3.29% | +6.35% | +7.24% | +6.68% | -- |
Category average: the average of the 27 Money Market funds, same plan type.
Tata Money Market vs Union Money Market: Year-wise Returns
| Year | TataTata Money Market | UnionUnion Money Market |
|---|---|---|
| 2026to date | +5.37% | +5.49% |
| 2025 | +7.67% | +7.25% |
| 2024 | +8.00% | +7.48% |
| 2023 | +7.64% | +7.03% |
| 2022 | +5.06% | +4.72% |
| 2021 | +4.13% | -- |
Tata Money Market vs Union Money Market: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 531 of them, one for each trading day from 27-08-2024 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.
Tata Money Market Fund (Direct)
Union Money Market Fund (Direct)
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.6% | 6.4% | 7.9% |
| Union Money Market | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.2% | 5.9% | 7.3% |
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 27-08-2021. Past returns do not promise future returns.
Tata Money Market vs Union 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 02-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Tata Money MarketTata Money Market Fund (Direct) | ₹6,30,000 | ₹7,61,718 | ₹1,31,718 | 7.2% |
| Union Money MarketUnion Money Market Fund (Direct) | ₹6,30,000 | ₹7,55,759 | ₹1,25,759 | 6.9% |
Tata Money MarketTata Money Market Fund (Direct)
Union Money MarketUnion 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.
Tata Money Market vs Union Money Market: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata Money Market Fund (Direct) | Union Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.45% | +6.57% |
| Standard deviation | 0.50% | 0.46% |
| Sharpe ratio | 2.40 | 2.85 |
| Sortino ratio | 3.91 | 4.75 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | Tata Money Market Fund (Direct) | Union Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.44% | +7.13% |
| Standard deviation | 0.42% | 0.38% |
| Sharpe ratio | 3.36 | 2.90 |
| Sortino ratio | 6.53 | 5.58 |
| Maximum drawdown | −0.1% (22-05-2026) | −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 | Tata Money Market Fund (Direct) | Union Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.90% | +6.51% |
| Standard deviation | 0.40% | 0.35% |
| Sharpe ratio | 2.77 | 2.05 |
| Sortino ratio | 5.06 | 3.94 |
| Maximum drawdown | −0.3% (06-05-2022) | −0.1% (08-07-2026) |
| 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 | Tata Money Market Fund (Direct) | Union Money Market Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.76% | +6.39% |
| Standard deviation | 1.72% | 0.34% |
| Sharpe ratio | 0.41 | 1.98 |
| Sortino ratio | 0.43 | 3.81 |
| Maximum drawdown | −6.6% (29-10-2018) | −0.1% (08-07-2026) |
| 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.
Tata Money Market Fund (Direct)
Union Money Market Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Tata Money Market Fund (Direct) | −0.3% | 02-05-2022 | 06-05-2022 | 31-05-2022 | 25 days | 0.0% |
| Union Money Market Fund (Direct) | −0.1% | 06-07-2026 | 08-07-2026 | 17-07-2026 | 9 days | 0.0% |
From daily values since 27-08-2021, 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.
Tata Money Market Fund (Direct)
Union 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.
Tata Money Market Fund (Direct)
Union 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.
Tata Money Market Fund (Direct)
Union Money Market Fund (Direct)
Tata Money Market vs Union Money Market: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Money Market Fund, September 2026; Union Money Market Fund, September 2026
Holdings in common
- Overlap
- 6.1%
- Held by both
- 7
- Only in Tata Money Market
- 78
- Only in Union Money Market
- 35
| Security | % of Tata Money Market | % of Union Money Market |
|---|---|---|
| ** - FEDERAL BANK LTD - CD - 04/03/2027 | 1.69% | 4.33% |
| ** - NABARD - CD - 02/03/2027 | 1.53% | 2.17% |
| ** TREASURY BILL 364 DAYS (17/12/2026) | 0.98% | 2.21% |
| ** - PUNJAB NATIONAL BANK - CD - 09/03/2027 | 0.77% | 4.33% |
| ** - MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD - CP - 05/03/2027 | 0.77% | 4.33% |
| SBIMF AIF - CAT I (CDMDF)27/10/2038 | 0.32% | 0.24% |
| ** - HDFC BANK LTD - CD - 09/03/2027 | 0.15% | 4.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 6.1% means 6.1% 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 Tata Money Market Fund
| Security | % of fund |
|---|---|
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 03/09/2027 | 5.75% |
| ** - KOTAK MAHINDRA BANK - CD - 04/02/2027 | 3.70% |
| ** - YES BANK LTD - CD - 05/03/2027 | 3.60% |
| ** - HDFC BANK LTD - CD - 05/03/2027 | 3.45% |
| ** TREASURY BILL 182 DAYS (26/02/2027) | 3.39% |
Largest holdings only in Union Money Market Fund
| Security | % of fund |
|---|---|
| LIC Housing Finance Ltd. | 6.49% |
| Indian Bank | 4.41% |
| Mahindra Rural Housing Finance Ltd. | 4.35% |
| Axis Bank Ltd. | 4.35% |
| Axis Bank Ltd. | 4.34% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Money Market | Union Money Market |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 100.7% | 107.0% |
| Cash and others | -0.7% | -7.0% |
Tata Money Market vs Union Money Market: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Money Market Fund | Union Money Market Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.18% | 0.17% |
| Base expense ratio (Direct) | 0.15% | 0.14% |
| Total expense ratio (Regular) | 0.40% | 0.64% |
| Base expense ratio (Regular) | 0.37% | 0.53% |
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 Tata Money Market with
Tata Money Market Fund vs Union Money Market Fund: Frequently Asked Questions
What is the difference between Tata Money Market Fund and Union Money Market Fund?
Both are Money Market funds, run by Tata Mutual Fund and Union Mutual Fund. Their portfolios overlap 6.1%. Tata Money Market Fund charges 0.18% a year and Union Money Market Fund 0.17%.
Which has given higher returns, Tata Money Market Fund or Union Money Market Fund?
Over 1 year: Tata Money Market Fund +6.45%, Union Money Market Fund +6.57%. Over 3 years: Tata Money Market Fund +7.44% a year, Union Money Market Fund +7.13% a year. Over 5 years: Tata Money Market Fund +6.90% a year, Union Money Market Fund +6.51% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Tata Money Market Fund or Union Money Market Fund?
Union Money Market Fund charges less: 0.17% a year against 0.18%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Money Market Fund and Union Money Market Fund overlap?
6.1%. They hold 7 of the same securities, the largest shared ones being ** - FEDERAL BANK LTD - CD - 04/03/2027, ** - NABARD - CD - 02/03/2027, ** TREASURY BILL 364 DAYS (17/12/2026). From each fund's latest monthly portfolio.
Which is riskier, Tata Money Market Fund or Union Money Market Fund?
On SEBI's riskometer, Tata Money Market Fund is rated Moderate and Union Money Market Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.42% and 0.38% a year.
Which is better for SIP, Tata Money Market Fund or Union Money Market Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,33,625 in Tata Money Market Fund (XIRR 7.2% a year) and ₹7,28,204 in Union Money Market Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Tata Money Market Fund and Union Money Market Fund?
Yes. 6.1% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Tata Money Market Fund and Union Money Market Fund?
Tata Money Market Fund: Amit Somani, Harsh Dave. Union Money Market Fund: Devesh Thacker, Parijat Agrawal.
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.