HDFC Ultra Short Term Fund
Ultra Short DurationModerateOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹16.30-0.02%1 day
- Return since launch
- 6.3%
- 52-week range
- ₹15.38 — ₹16.31
- AUM
- ₹17,465 Cr
HDFC Ultra Short Term Fund is a Ultra Short Duration debt fund from HDFC Mutual Fund with ₹17,465 Cr under management, launched in 2018. Over three years it has returned 6.6% a year, against 6.7% for its category. The expense ratio is 0.75% and the SEBI riskometer reading is Moderate.
Performance
HDFC Ultra Short Term Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +6.0% against +6.2% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 6.2% | +0.2 pts | 6.1% | 6.5% |
| 2Y | 6.4% | +0.1 pts | 6.3% | 6.5% |
| 3Y | 6.6% | 0.0 pts | 6.7% | 6.7% |
| 5Y | 6.6% | +0.6 pts | 6.0% | 6.6% |
| 7Y | 6.3% | +0.2 pts | 6.0% | 6.2% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 0.5% | 0.0 pts | 0.5% | 0.5% |
| 3M | 1.4% | 0.0 pts | 1.5% | 1.5% |
| 6M | 3.3% | −0.1 pts | 3.4% | 3.4% |
| 1Y | 6.0% | −0.1 pts | 6.1% | 6.2% |
| 2Y | 6.6% | +0.1 pts | 6.5% | 6.7% |
| 3Y | 6.9% | +0.2 pts | 6.7% | 6.8% |
| 5Y | 6.2% | +0.2 pts | 6.0% | 6.1% |
| 7Y | 6.0% | 0.0 pts | 6.0% | 5.7% |
Since launch (18 Sep 2018): 6.3%
Calendar-year returns
Category average6.4%
3.5%
4.5%
6.9%
7.4%
7.0%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 7.0% | −0.3 pts | 7.2% |
| 2024 | 7.4% | −0.2 pts | 7.6% |
| 2023 | 6.9% | −0.3 pts | 7.2% |
| 2022 | 4.5% | −0.3 pts | 4.8% |
| 2021 | 3.5% | −0.6 pts | 4.1% |
| 2020 | 6.4% | +0.6 pts | 5.8% |
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
0.71%
Expense ratio as on 24 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 0.60%
- Brokerage
- 0.00%
- Transaction charges
- 0.00%
- Statutory levies
- 0.11%
- Exit load
- 0%
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- CRISIL Ultra Short Duration Debt A-I Index
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Moderate
Your principal is treated as being at moderate risk — typically medium duration debt and conservative hybrid schemes.
| Ratio | Fund | Category avg | Read as |
|---|---|---|---|
| Alpha | — | — | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | — | — | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 2.02 | 2.71 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 2.57 | 3.79 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 0.49 | 0.42 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
HDFC Ultra Short Term Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Debt96.2%
- Other3.8%
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| National Bank For Financing Infrastructure And Development | Financial | 7.74% | ₹1,351 Cr | +7.92% | — | — |
| Others | Others | 4.09% | ₹708 Cr | +0.90% | +0.87% | +0.81% |
| National Bank For Agriculture & Rural Development | Financial | 3.17% | ₹555 Cr | +0.18% | +4.41% | +0.42% |
| company:5840 | Communication | 2.82% | ₹493 Cr | — | +1.14% | — |
| Yes Bank Ltd. | Financial | 2.78% | ₹485 Cr | +2.84% | +2.72% | — |
| IIFL Capital Services Ltd | Financial | 2.10% | ₹366 Cr | — | +1.45% | — |
| Punjab National Bank | Financial | 2.09% | ₹364 Cr | +1.43% | +1.37% | +0.54% |
| Radhakrishna Securitisation Trust | Others | 1.97% | ₹344 Cr | +2.07% | +2.06% | — |
| Mindspace Business Parks REIT | Construction | 1.95% | ₹341 Cr | — | — | — |
| Tata Capital Housing Finance Ltd. | Financial | 1.69% | ₹294 Cr | +2.86% | +4.00% | +3.70% |
| Aditya Birla Renewables Ltd. | Energy | 1.58% | ₹275 Cr | +0.30% | +0.29% | +0.28% |
| Bajaj Housing Finance Ltd. | Financial | 1.58% | ₹275 Cr | +1.65% | +1.72% | +0.28% |
| Kotak Mahindra Bank Ltd. | Financial | 1.38% | ₹242 Cr | +1.42% | +0.29% | +0.54% |
| ONGC Petro Additions Ltd. | Energy | 1.32% | ₹231 Cr | +2.10% | +0.88% | +0.84% |
| Poonawalla Fincorp Ltd. | Financial | 1.27% | ₹220 Cr | +0.84% | +1.74% | +1.68% |
| 360 ONE Wealth Ltd. | Financial | 1.14% | ₹199 Cr | +1.19% | +0.20% | — |
| Brookfield India Real Estate Trust REIT | Construction | 1.13% | ₹197 Cr | +1.18% | — | — |
| company:5655 | Financial | 1.12% | ₹195 Cr | — | +0.29% | +0.81% |
| Nuclear Power Corpn. Of India Ltd. | Energy | 1.06% | ₹185 Cr | +0.18% | +0.18% | +0.18% |
| LIC Housing Finance Ltd. | Financial | 0.88% | ₹155 Cr | +1.68% | +1.65% | +1.59% |
| Mahindra Rural Housing Finance Ltd. | Financial | 0.86% | ₹150 Cr | +0.15% | +0.15% | +0.14% |
| Truhome Finance Ltd. | Financial | 0.86% | ₹150 Cr | — | — | +0.22% |
| Globe Capital Market Ltd. | Services | 0.85% | ₹149 Cr | +0.60% | — | — |
| Bank Of Baroda | Financial | 0.84% | ₹147 Cr | +2.88% | +1.56% | +2.70% |
| Canara Bank | Financial | 0.83% | ₹145 Cr | +0.59% | +0.29% | +0.55% |
| IDFC First Bank Ltd. | Financial | 0.83% | ₹146 Cr | +0.85% | +2.86% | — |
| Infina Finance Pvt. Ltd. | Financial | 0.71% | ₹123 Cr | +0.87% | +0.83% | — |
| Small Industries Devp. Bank of India Ltd. | Financial | 0.70% | ₹122 Cr | +0.28% | +0.30% | +0.84% |
| Power Finance Corporation Ltd. | Financial | 0.63% | ₹110 Cr | +1.80% | +0.45% | +0.42% |
| Godrej Properties Ltd. | Construction | 0.57% | ₹100 Cr | — | — | — |
| Motilal Oswal Financial Services Ltd. | Financial | 0.57% | ₹100 Cr | +0.60% | +0.58% | +0.55% |
| company:14805 | Financial | 0.57% | ₹99.28 Cr | — | — | — |
| company:19214 | Financial | 0.57% | ₹99.96 Cr | — | — | — |
| Axis Bank Ltd. | Financial | 0.56% | ₹97.57 Cr | — | +1.41% | +0.41% |
| Julius Baer Capital India Pvt Ltd. | Financial | 0.56% | ₹97.33 Cr | +0.57% | +0.55% | +0.27% |
| Indian Overseas Bank | Financial | 0.55% | ₹96.73 Cr | +2.27% | +2.18% | — |
| Punjab & Sind Bank | Financial | 0.55% | ₹96.50 Cr | +0.57% | — | — |
| REC Ltd. | Financial | 0.51% | ₹90.14 Cr | +0.42% | +0.86% | +0.80% |
| Indigo 043 | Others | 0.46% | ₹79.85 Cr | +0.65% | +0.41% | +0.56% |
| Muthoot Finance Ltd. | Financial | 0.43% | ₹75.23 Cr | +1.12% | +0.60% | +1.50% |
| National Housing Bank | Financial | 0.43% | ₹75.10 Cr | +0.45% | +0.15% | +0.14% |
| Nexus Select Trust | Construction | 0.43% | ₹75.13 Cr | — | — | — |
| Torrent Power Ltd. | Energy | 0.43% | ₹75.16 Cr | — | — | — |
| IGH Holdings Pvt. Ltd. | Communication | 0.41% | ₹72.12 Cr | +0.42% | — | — |
| NHPC Ltd. | Energy | 0.40% | ₹70.22 Cr | +0.54% | +0.54% | +0.52% |
| Muthoot Fincorp Ltd. | Financial | 0.38% | ₹66.96 Cr | +0.39% | — | — |
| Jubilant Beverages Ltd. | Consumer Staples | 0.35% | ₹61.27 Cr | +0.36% | +0.35% | +0.32% |
| Can Fin Homes Ltd. | Financial | 0.34% | ₹60.10 Cr | +0.36% | +0.35% | — |
| Tata Teleservices Ltd. | Communication | 0.33% | ₹57.74 Cr | +0.34% | — | — |
| Globe Fincap Ltd. | Financial | 0.29% | ₹49.96 Cr | +0.30% | — | — |
| Jubilant Bevco Ltd. | Consumer Staples | 0.29% | ₹50.31 Cr | +0.29% | +0.28% | +0.26% |
| Bank of India | Financial | 0.28% | ₹48.48 Cr | +0.28% | +0.27% | — |
| Housing & Urban Development Corporation Ltd. | Financial | 0.28% | ₹49.35 Cr | +0.29% | +0.29% | +0.28% |
| Kotak Mahindra Prime Ltd. | Financial | 0.28% | ₹49.07 Cr | +0.29% | +0.28% | — |
| MAS Financial Services Ltd. | Financial | 0.28% | ₹49.40 Cr | — | — | — |
| Aavas Financiers Ltd. | Financial | 0.17% | ₹29.91 Cr | +0.18% | +0.17% | +0.17% |
| Mankind Pharma Ltd. | Healthcare | 0.17% | ₹30.03 Cr | +0.18% | +0.18% | +0.17% |
| Vastu Finserve India Private Ltd. | Financial | 0.17% | ₹29.25 Cr | — | — | — |
| Bharti Telecom Ltd. | Communication | 0.14% | ₹25.12 Cr | +0.15% | +0.15% | +0.39% |
| Fullerton India Home Finance Ltd. | Financial | 0.14% | ₹25.03 Cr | +0.15% | +0.15% | +0.55% |
| L&T Finance Ltd. | Financial | 0.14% | ₹25.08 Cr | +0.15% | +0.57% | +1.58% |
| Motilal Oswal Home Finance Ltd. | Financial | 0.14% | ₹25.02 Cr | — | — | — |
| Reserve Bank of India | Financial | 0.14% | ₹24.72 Cr | +0.59% | +0.57% | +1.10% |
| company:11584 | Construction | 0.14% | ₹25.07 Cr | — | — | — |
| Tamilnadu State | Others | 0.11% | ₹20.05 Cr | +0.06% | +0.06% | +0.17% |
| Uttar Pradesh State | Others | 0.11% | ₹20.05 Cr | +0.12% | +0.12% | — |
| Kerala State | Others | 0.03% | ₹5.01 Cr | +0.03% | +0.03% | — |
| Jamnagar Utilities and Power Pvt. Ltd. | Capital Goods | 0.01% | ₹2.50 Cr | +0.79% | +0.77% | +0.46% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| company:5840 | 0.00% | 2.82% | +2.82% |
| Indian Overseas Bank | 2.17% | 0.55% | -1.62% |
| company:5655 | 0.00% | 1.12% | +1.12% |
| Canara Bank | 1.90% | 0.83% | -1.07% |
| Bajaj Finance Ltd. | 0.90% | 0.00% | -0.90% |
| Indian Bank | 0.58% | 0.00% | -0.58% |
| company:14805 | 0.00% | 0.57% | +0.57% |
| company:19214 | 0.00% | 0.57% | +0.57% |
| Bank Of Baroda | 0.29% | 0.84% | +0.55% |
| Punjab National Bank | 1.59% | 2.09% | +0.50% |
| National Bank For Financing Infrastructure And Development | 8.05% | 7.74% | -0.31% |
| Aadhar Housing Finance Ltd | 0.30% | 0.00% | -0.30% |
| Infina Finance Pvt. Ltd. | 0.88% | 0.71% | -0.17% |
| company:11584 | 0.00% | 0.14% | +0.14% |
| Yes Bank Ltd. | 2.89% | 2.78% | -0.11% |
| Mindspace Business Parks REIT | 2.05% | 1.95% | -0.10% |
| Radhakrishna Securitisation Trust | 2.06% | 1.97% | -0.09% |
| IIFL Capital Services Ltd | 2.18% | 2.10% | -0.08% |
| Indigo 043 | 0.54% | 0.46% | -0.08% |
| National Bank For Agriculture & Rural Development | 1.50% | 1.43% | -0.07% |
| Aditya Birla Renewables Ltd. | 1.65% | 1.58% | -0.07% |
| Bajaj Housing Finance Ltd. | 1.65% | 1.58% | -0.07% |
| 360 ONE Wealth Ltd. | 1.20% | 1.14% | -0.06% |
| Brookfield India Real Estate Trust REIT | 1.19% | 1.13% | -0.06% |
| Kotak Mahindra Bank Ltd. | 1.44% | 1.38% | -0.06% |
| Globe Capital Market Ltd. | 0.90% | 0.85% | -0.05% |
| Nuclear Power Corpn. Of India Ltd. | 0.99% | 0.94% | -0.05% |
| Tata Capital Housing Finance Ltd. | 1.45% | 1.40% | -0.05% |
| India Universal Trust AL1 | 0.05% | 0.00% | -0.05% |
| IDFC First Bank Ltd. | 0.87% | 0.83% | -0.04% |
| Mahindra Rural Housing Finance Ltd. | 0.90% | 0.86% | -0.04% |
| Truhome Finance Ltd. | 0.90% | 0.86% | -0.04% |
| Godrej Properties Ltd. | 0.60% | 0.57% | -0.03% |
| Motilal Oswal Financial Services Ltd. | 0.60% | 0.57% | -0.03% |
| LIC Housing Finance Ltd. | 0.57% | 0.54% | -0.03% |
| IGH Holdings Pvt. Ltd. | 0.43% | 0.41% | -0.02% |
| Jubilant Beverages Ltd. | 0.37% | 0.35% | -0.02% |
| Muthoot Fincorp Ltd. | 0.40% | 0.38% | -0.02% |
| National Housing Bank | 0.45% | 0.43% | -0.02% |
| Nexus Select Trust | 0.45% | 0.43% | -0.02% |
| ONGC Petro Additions Ltd. | 0.45% | 0.43% | -0.02% |
| Others | 0.31% | 0.29% | -0.02% |
| Poonawalla Fincorp Ltd. | 0.43% | 0.41% | -0.02% |
| Torrent Power Ltd. | 0.45% | 0.43% | -0.02% |
| Can Fin Homes Ltd. | 0.36% | 0.34% | -0.02% |
| Housing & Urban Development Corporation Ltd. | 0.30% | 0.28% | -0.02% |
| MAS Financial Services Ltd. | 0.30% | 0.28% | -0.02% |
| Axis Bank Ltd. | 0.58% | 0.56% | -0.02% |
| Julius Baer Capital India Pvt Ltd. | 0.58% | 0.56% | -0.02% |
| Punjab & Sind Bank | 0.57% | 0.55% | -0.02% |
| Globe Fincap Ltd. | 0.30% | 0.29% | -0.01% |
| Jubilant Bevco Ltd. | 0.30% | 0.29% | -0.01% |
| NHPC Ltd. | 0.27% | 0.26% | -0.01% |
| Tata Teleservices Ltd. | 0.34% | 0.33% | -0.01% |
| Tamilnadu State | 0.12% | 0.11% | -0.01% |
| Uttar Pradesh State | 0.12% | 0.11% | -0.01% |
| Aavas Financiers Ltd. | 0.18% | 0.17% | -0.01% |
| Bharti Telecom Ltd. | 0.15% | 0.14% | -0.01% |
| Fullerton India Home Finance Ltd. | 0.15% | 0.14% | -0.01% |
| L&T Finance Ltd. | 0.15% | 0.14% | -0.01% |
| Mankind Pharma Ltd. | 0.18% | 0.17% | -0.01% |
| Motilal Oswal Home Finance Ltd. | 0.15% | 0.14% | -0.01% |
| Power Finance Corporation Ltd. | 0.15% | 0.14% | -0.01% |
| REC Ltd. | 0.15% | 0.14% | -0.01% |
| Reserve Bank of India | 0.15% | 0.14% | -0.01% |
| Vastu Finserve India Private Ltd. | 0.18% | 0.17% | -0.01% |
| Bank of India | 0.29% | 0.28% | -0.01% |
| Kotak Mahindra Prime Ltd. | 0.29% | 0.28% | -0.01% |
| Jamnagar Utilities and Power Pvt. Ltd. | 0.01% | 0.01% | 0.00% |
| Kerala State | 0.03% | 0.03% | 0.00% |
| Muthoot Finance Ltd. | 0.29% | 0.29% | 0.00% |
| Small Industries Devp. Bank of India Ltd. | 0.14% | 0.14% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹1,179 Cr | 0.32% | 7.0% | 6.9% | 6.9% |
| HDFC CRISIL-IBX Financial Services 3-6 Months Debt Index Fund | ₹2,264 Cr | 0.25% | 7.2% | — | — |
 Aditya Birla Sun Life CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund | ₹2,164 Cr | 0.37% | 7.0% | — | — |
 Baroda BNP Paribas Ultra Short Term Fund | ₹666 Cr | 0.43% | 6.8% | 6.9% | 6.9% |
 ICICI Prudential CRISIL-IBX Financial Services 3-6 Months Debt Index Fund | ₹533 Cr | 0.22% | 7.1% | — | — |
 Kotak CRISIL-IBX Financial Services 3-6 Months Debt Index Fund | ₹270 Cr | 0.35% | 6.8% | — | — |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The scheme seeks to generate income / capital appreciation through investment in debt securities and money market instruments.
Fund managers
- Amar KalkundrikarMr. Kalkundrikar has done B.Com, CA, CFA, and MBA from Columbia Business School.Prior to joining HDFC Asset Management Company Limited, he has worked with Nippon India Mutual Fund, and HDFC AMC. He worked with multiple roles at HDFC MF.
- Anil BamboliMr. Bamboli is a CFA from Association for Investment Management and Research, U.S.A, Masters in Management Studies (Finance) and a Graduate in Cost and Works Accountant from ICWAI.Prior to joining HDFC AMC he has worked with SBI Fund Management for 11 years.
- Praveen JainMr. Jain has done CA and CFAPrior to joining HDFC Mutual Fund, he has worked with Larsen & Toubro Ltd and Tata Motors
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
₹
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months3.26% absolute | ₹60,000 | ₹61,956 | 3.26% | |
| 1 year6.01% annualised | ₹1,20,000 | ₹1,23,979 | 3.32% | |
| 3 years6.86% annualised | ₹3,60,000 | ₹4,00,740 | 11.32% | |
| 5 years6.21% annualised | ₹6,00,000 | ₹7,05,109 | 17.52% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.
What is the NAV of HDFC Ultra Short Term Fund?
The NAV of HDFC Ultra Short Term Fund is ₹16.30 as on 25 Sep 2026.
What is the expense ratio of HDFC Ultra Short Term Fund?
The expense ratio of HDFC Ultra Short Term Fund is 0.75% per year.
What is the minimum SIP amount for HDFC Ultra Short Term Fund?
You can start a SIP in HDFC Ultra Short Term Fund with ₹3,000 a month.
What returns has HDFC Ultra Short Term Fund given?
HDFC Ultra Short Term Fund has returned 6.2% over 1 year, 6.6% over 3 years and 6.6% over 5 years (annualised).
Is there a lock-in or exit load on HDFC Ultra Short Term Fund?
Lock-in: None. Exit load: 0%.
How risky is HDFC Ultra Short Term Fund?
HDFC Ultra Short Term Fund is rated Moderate on the SEBI riskometer and belongs to the Ultra Short Duration category.
Which fund house manages HDFC Ultra Short Term Fund?
HDFC Ultra Short Term Fund is managed by HDFC Mutual Fund, which runs 85 schemes with ₹9,61,940 Cr under management.