HSBC Ultra Short Term Fund

Ultra ShortDirect and Regular plans

Data as on 30-10-2026

HSBC Ultra Short Term Fund is an Ultra Short fund run by HSBC Mutual Fund. On 30-09-2026, it managed ₹2,733 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 0.0% a year and its Regular plan returned 0.0% a year. Its benchmark, NIFTY Ultra Short Duration Debt Index A-I, returned 7.2% a year over the same 3 years.

NAV (Direct plan): ₹1,079.94; ▲ 0.00%30-10-2026
NAV (Regular plan): ₹1,031.73; ▲ 0.00%30-10-2026
Expense ratio: 0.18%Direct0.38%Regular; 0.18%; A year
Riskometer: Low to Moderate; Set by the fund house
3 year return: 0.0%Direct0.0%Regular; 0.0%; A year

HSBC Ultra Short Term Fund NAV Today

NAV on 30-10-2026: Direct Plan ₹1,079.94 (up 0.00% that day); Regular Plan ₹1,031.73 (up 0.00% that day).

This fund (Direct plan)

₹1,079.9409

HSBC Ultra Short Term Fund Returns vs NIFTY Ultra Short Duration Debt Index A-I

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	0.00%	0.00%	+0.02%	0.00%	0.00%	+0.41%	--
This fund (Regular)	0.00%	0.00%	+0.02%	0.00%	0.00%	+0.08%	--
NIFTY Ultra Short Duration Debt Index A-I	+0.53%	+1.65%	+3.66%	+6.67%	+7.20%	+6.59%	--
Ultra Short average	+0.30%	+1.34%	+3.06%	+6.00%	+6.82%	+6.27%	--
Best in Ultra Short	+0.39%	+1.59%	+3.46%	+6.84%	+7.44%	+6.82%	--
Worst in Ultra Short	−0.11%	0.00%	+0.02%	0.00%	0.00%	+0.41%	--
Rank in Ultra Short	25/26	25/25	25/25	25/25	23/23	22/22	--

Category rows compare the Direct plans of 26 Ultra Short funds. Rank 1 is the highest return. The benchmark row is as on 30-09-2026, as NSE published it.

HSBC Ultra Short Term Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular
2026to date	0.00%	0.00%
2025	0.00%	0.00%
2024	0.00%	0.00%
2023	0.00%	0.00%
2022	+1.35%	+0.39%
2021	+3.75%	+0.22%

HSBC Ultra Short Term Fund Rolling Returns

The return of every holding period in the fund's history, not only the one that ends today

Rolling returns

Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 907 periods, one for each trading day from 30-01-2023 to 30-10-2026.

−2%0%2%4%6%8%

May 2020
to
May 2023Jan 2021
to
Jan 2024Aug 2021
to
Aug 2024Apr 2022
to
Apr 2025Dec 2022
to
Dec 2025Jul 2023
to
Jul 2026

HSBC Ultra Short Term Fund (Direct)Category average, 26 Ultra Short funds

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Category median	Beat category
1 year	1,390	0.0%	−0.8%	4.4%	7%	6.3%	0%
2 years	1,150	0.0%	−0.4%	4.1%	9%	6.6%	0%
3 years	907	0.5%	−0.3%	2.9%	11%	6.2%	0%
5 years	422	1.0%	0.4%	1.7%	0%	5.9%	0%

Every SIP holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Category median	Beat category
1 year	70	−0.0%	−0.1%	4.0%	56%	6.5%	1%
2 years	58	0.0%	−0.0%	3.9%	7%	6.5%	0%
3 years	46	0.1%	−0.0%	2.3%	9%	6.7%	0%
5 years	22	0.3%	0.1%	0.8%	0%	6.6%	0%

Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat category" counts the periods in which the fund did better than the average of the 26 Ultra Short funds (Direct plans, each weighted the same) over the same days. Past returns do not promise future returns.

HSBC Ultra Short Term Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	HSBC Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	0.00%	+6.00%
Standard deviation	0.21%	0.44%
Sharpe ratio	-24.69	1.73
Sortino ratio	-13.62	2.73
Maximum drawdown	−0.11% (22-10-2026)	−0.09% (08-07-2026)

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.

Measure	HSBC Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	0.00%	+6.81%
Standard deviation	0.15%	0.36%
Sharpe ratio	-41.46	2.17
Sortino ratio	-15.05	3.92
Maximum drawdown	−0.15% (22-10-2026)	−0.09% (08-07-2026)

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.

Measure	HSBC Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	+0.41%	+6.28%
Standard deviation	0.41%	0.34%
Sharpe ratio	-13.07	1.40
Sortino ratio	-10.22	2.37
Maximum drawdown	−0.90% (22-10-2026)	−0.22% (06-05-2022)

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.

Measure	HSBC Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	+1.14%	+5.88%
Standard deviation	0.54%	0.48%
Sharpe ratio	-7.38	1.56
Sortino ratio	-8.15	3.02
Maximum drawdown	−0.96% (24-03-2020)	−0.77% (24-03-2020)

From daily NAVs, 30-01-2020 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.

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.

−1%−0.8%−0.6%−0.4%−0.2%0%

202120222023202420252026

HSBC Ultra Short Term Fund (Direct)Category average, 26 Ultra Short funds

	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
HSBC Ultra Short Term Fund (Direct)	−0.96%	11-03-2020	24-03-2020	27-03-2020	3 days	−0.81%
Category average	−0.77%	11-03-2020	24-03-2020	27-03-2020	3 days	0.0%

From the Direct plan's daily NAV since 30-01-2020, adjusted for unit splits, and the average of the 26 Ultra Short funds (Direct plans, each weighted the same) over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

HSBC Ultra Short Term Fund vs Other Ultra Short Funds

The five Ultra Short funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Tata Ultra Short Term Fund	1/23	5,404	0.33%	+6.84%	+7.44%	--	--	3.83	7.92	Compare
Aditya Birla Sun Life Ultra Short Term Fund	2/23	16,279	0.32%	+6.36%	+7.41%	--	--	3.30	6.20	Compare
Axis Ultra Short Term fund	3/23	4,996	0.36%	+6.56%	+7.37%	--	--	3.53	7.07	Compare
Mirae Asset Ultra Short-Term Fund	4/23	1,808	0.22%	+6.48%	+7.34%	--	--	3.33	6.25	Compare
ICICI Prudential Ultra Short Term Fund	5/23	15,236	0.40%	+6.37%	+7.31%	--	--	3.25	6.24	Compare
HSBC Ultra Short Term Fund	23/23	2,733	0.18%	0.00%	0.00%	--	--	-41.46	-15.05

AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

HSBC Ultra Short Term Fund Expense Ratio and Costs

What each plan charges a year, in force from 01-09-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Ultra Short median	Cost rank (1 = cheapest)
Direct	0.14%	0.02%	0.00%	0.02%	0.18%	0.30%	2/26
Regular	0.31%	0.02%	0.00%	0.05%	0.38%	0.81%	1/26

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, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Ultra Short funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

Direct vs Regular: what the gap cost

Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

Over the last	Regular	Direct	Direct earned more by	₹1 lakh became (Regular)	₹1 lakh became (Direct)
1 year	0.00%	0.00%	0.00%	₹1,00,000	₹1,00,000
3 years	0.00%	0.00%	0.00% a year	₹1,00,000	₹1,00,000
5 years	0.08%	0.41%	0.33% a year	₹1,00,401	₹1,02,067

Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

HSBC Ultra Short Term Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 30-01-2020 to 30-10-2026: 82 instalments, ₹8,20,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planHSBC Ultra Short Term Fund (Direct)	₹8,20,000	₹8,32,799	₹12,799	0.4%
Category averageCategory average, 26 Ultra Short funds	₹8,20,000	₹10,19,205	₹1,99,205	6.3%

₹0₹5.0 L₹10.0 L₹15.0 L

202120222023202420252026

Direct planHSBC Ultra Short Term Fund (Direct)Category averageCategory average, 26 Ultra Short fundsAmount invested

From each plan's published NAV (Growth option) and the category average, 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.

HSBC Ultra Short Term Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

105.0%Debt

Asset	Fund	Category
Debt	105.0%	96.7%
Cash and others	−5.0%	3.8%

Cash and others is below 0: on that day the fund owed more in payments due than it held in cash.

Credit rating

Bonds and money market papers by credit rating, % of the fund. Category: the average of 26 Ultra Short funds.

Rating	Fund	Category
Sovereign	12.7%	7.3%
AAA and A1+	92.3%	77.2%

HSBC Ultra Short Term Fund Portfolio Holdings

As on 30-09-2026 · 42 holdings · from the fund house's monthly portfolio

Holdings	Rating	Weight%
91 Days Treasury Bill 24-Dec-2026 · Government security	SOVEREIGN	6.32%
Axis Bank Limited	CRISIL A1+	4.49%
Indian Bank · Certificate of deposit	CRISIL A1+	4.47%
Bank of Baroda · Certificate of deposit	IND A1+	4.47%
Bharti Telecom Limited · Bond	CRISIL AAA	3.89%
Bajaj Finance Limited · Bond	CRISIL AAA	3.78%
364 Days Treasury Bill 26-Nov-2026 · Government security	SOVEREIGN	3.63%
HDFC Bank Limited · Certificate of deposit	CARE A1+	3.59%
NABARD · Certificate of deposit	CRISIL A1+	3.58%
Axis Bank Limited	CRISIL A1+	3.57%
Punjab National Bank · Certificate of deposit	CARE A1+	3.57%
ICICI Securities Limited · Commercial paper	CRISIL A1+	3.56%
L&T Finance Limited · Commercial paper	CRISIL A1+	3.56%
Kotak Mahindra Bank Limited	CRISIL A1+	3.56%
Mahindra & Mahindra Financial Serv Ltd. · Commercial paper	CRISIL A1+	3.55%
REC Limited · Commercial paper	CRISIL A1+	3.55%
SIDBI · Commercial paper	CRISIL A1+	3.48%
Panatone Finvest Limited · Commercial paper	CRISIL A1+	2.69%
LIC Housing Finance Limited · Bond	CRISIL AAA	1.95%
Bajaj Housing Finance Ltd · Bond	CRISIL AAA	1.90%
LIC Housing Finance Limited · Bond	CRISIL AAA	1.87%
Mindspace Business Parks REIT · Bond	ICRA AAA	1.82%
Mindspace Business Parks REIT · Bond	CRISIL AAA	1.82%
364 Days Treasury Bill 12-Nov-2026 · Government security	SOVEREIGN	1.82%
Kotak Mahindra Bank Limited	CRISIL A1+	1.80%
EXIM Bank · Commercial paper	CRISIL A1+	1.79%
Bank of Baroda · Certificate of deposit	IND A1+	1.79%
NABARD · Certificate of deposit	ICRA A1+	1.79%
Indian Bank · Certificate of deposit	CRISIL A1+	1.79%
HDFC Bank Limited · Certificate of deposit	CARE A1+	1.79%
ICICI Bank Limited	ICRA A1+	1.79%
Axis Bank Limited	CRISIL A1+	1.78%
ICICI Securities Limited · Commercial paper	CRISIL A1+	1.78%
SIDBI · Certificate of deposit	CARE A1+	1.78%
Canara Bank · Certificate of deposit	CRISIL A1+	1.74%
NABARD · Bond	CRISIL AAA	0.95%
NABARD · Bond	ICRA AAA	0.95%
Embassy Office Parks REIT · Bond	CRISIL AAA	0.92%
182 Days Treasury Bill 19-Nov-2026 · Government security	SOVEREIGN	0.91%
ICICI Bank Limited	ICRA A1+	0.89%
Corp Debt Mkt Devlop Fund (SBI AIF Fund)	AIF	0.38%
Embassy Office Parks REIT · Bond	CRISIL AAA	0.27%

HSBC Ultra Short Term Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
HSBC Money Market FundMoney Market · HSBC	23.2%	16	Compare
LIC MF Money Market FundMoney Market · LIC	19.2%	11	Compare
SBI CRISIL-IBX Financial Services 3-6 Months Debt Index FundIndex · SBI	17.6%	7	Compare
Bajaj Finserv Money Market FundMoney Market · Bajaj Finserv	17.5%	12	Compare
ICICI Prudential Money Market FundMoney Market · ICICI Prudential	16.1%	12	Compare
Kotak Ultra Short Term FundUltra Short · Kotak Mahindra	15.8%	10	Compare
UTI - Money Market FundMoney Market · UTI	15.7%	12	Compare
LIC MF Ultra Short to Short Term FundLow Duration · LIC	15.6%	10	Compare

Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

HSBC Ultra Short Term Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 0.18%
Expense ratio (Regular): 0.38%
Category: Ultra Short
Risk: Low to Moderate
Launch date: 29-01-2020
Minimum investment: Rs. 5,000 per application
Minimum additional investment: ₹1,000
AUM: ₹2,733.17 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 147910
ISIN (Direct): Not available
Scheme code (Regular): 147909
ISIN (Regular): Not available
NAV history: From 30-01-2020, 6.7 years

Benchmark: NIFTY Ultra Short Duration Debt Index A-I
Exit load: Exit Load : Nil

Tax on HSBC Ultra Short Term Fund returns

HSBC Ultra Short Term Fund is taxed as a debt fund: 65% or more of it is in bonds and money market papers.
For units bought on or after 01-04-2023, the gain is added to your income and taxed at your slab rate, however long you hold the units.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	NAV	As on
direct	₹1,079.9409	30-10-2026
direct	₹1,490.5477	30-10-2026
direct	₹1,012.1115	30-10-2026
direct	₹1,007.661	30-10-2026
regular	₹1,031.7278	30-10-2026
regular	₹1,467.0918	30-10-2026
regular	₹1,027.7015	30-10-2026
regular	₹1,041.7536	30-10-2026

About HSBC Ultra Short Term Fund

HSBC Ultra Short Term Fund is a mutual fund from HSBC Mutual Fund. Its category is Ultra Short. It was launched on 29-01-2020. Its benchmark is NIFTY Ultra Short Duration Debt Index A-I. At the end of September 2026 it held 42 securities.

Fund Manager

Mahesh Chhabria
Fund manager of HSBC Ultra Short Term Fund, since 26-11-2022
Rahul Totla
Fund manager of HSBC Ultra Short Term Fund, since 01-01-2026

See all funds of HSBC Mutual Fund

AUM change

September 2026: ₹2,733.17 Cr; −24.67% from August 2026
August 2026: ₹3,628.23 Cr; +9.22% from July 2026
July 2026: ₹3,321.80 Cr; −8.26% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare HSBC Ultra Short Term Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

HSBC Ultra Short Term vs Tata Ultra Short TermUltra Short
HSBC Ultra Short Term vs Aditya Birla Sun Life Ultra Short TermUltra Short
HSBC Ultra Short Term vs Axis Ultra Short Term fundUltra Short
HSBC Ultra Short Term vs Mirae Asset Ultra Short-TermUltra Short
HSBC Ultra Short Term vs ICICI Prudential Ultra Short TermUltra Short
HSBC Ultra Short Term vs HSBC Money Market23.2% overlap
HSBC Ultra Short Term vs LIC MF Money Market19.2% overlap
HSBC Ultra Short Term vs SBI CRISIL-IBX Financial Services 3-6 Months Debt Index17.6% overlap

Compare with any other fund

Frequently Asked Questions for HSBC Ultra Short Term Fund

What is the current NAV of HSBC Ultra Short Term Fund?

The Direct plan NAV is ₹1,079.9409. The Regular plan NAV is ₹1,031.7278, as on 30-10-2026.

What are the returns of HSBC Ultra Short Term Fund?

The Direct plan returned 0.00% in 1 year, 0.00% a year over 3 years, +0.41% a year over 5 years. The Regular plan returned 0.00% in 1 year, 0.00% a year over 3 years, +0.08% a year over 5 years. These figures are as on 30-10-2026.

What is the expense ratio of HSBC Ultra Short Term Fund?

The Direct plan charges 0.18% a year. The Regular plan charges 0.38% a year. This is the figure the fund house reported to AMFI, in force from 01-09-2026.

What is the AUM of HSBC Ultra Short Term Fund?

HSBC Ultra Short Term Fund managed ₹2,733.17 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of HSBC Ultra Short Term Fund?

At the end of September 2026 the largest holdings were 91 Days Treasury Bill 24-Dec-2026 (6.32%), Axis Bank Limited (4.49%), Indian Bank (4.47%), Bank of Baroda (4.47%), Bharti Telecom Limited (3.89%). The fund held 42 securities in all.

How do I invest in HSBC Ultra Short Term Fund?

Through HSBC Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least Rs. 5,000 per application. You can invest once or through a monthly SIP.

Who is the fund manager of HSBC Ultra Short Term Fund?

Mahesh Chhabria (since 26-11-2022), Rahul Totla (since 01-01-2026).

What is the exit load of HSBC Ultra Short Term Fund?

Exit Load : Nil

Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

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.