# Ultra Short to Short Term funds

Debt and money-market securities with a portfolio duration of six to twelve months. Called Low Duration until SEBI renamed the debt categories in 2026.

Full page: https://discovermf.com/categories/ultra-short-to-short-term
Figures as of 3 Nov 2026, from DiscoverMF. Information, not investment advice. Past returns do not indicate future returns. Mutual fund investments are subject to market risks; read all scheme-related documents carefully.

25 funds managing ₹1.04 lakh cr. Category averages: +5.3% over one year, +6.7% a year over three years; typical expense ratio 0.87%.

## All funds, by three-year return

| Fund | 1 year | 3 years (a year) | 5 years (a year) | Volatility | Expense ratio | Fund size |
| --- | --- | --- | --- | --- | --- | --- |
| [HSBC Ultra Short to Short Term Fund](https://discovermf.com/funds/hsbc-ultra-short-to-short-term-fund-151114.md) | +5.5% | +7.2% | — | 0.6% | 0.96% | ₹807 cr |
| [ICICI Prudential Ultra Short to Short Term Fund](https://discovermf.com/funds/icici-prudential-ultra-short-to-short-term-fund-101619.md) | +5.8% | +7.2% | +6.6% | 0.6% | 0.53% | ₹17,309 cr |
| [UTI Ultra Short to Short Term Fund](https://discovermf.com/funds/uti-ultra-short-to-short-term-fund-102544.md) | +5.6% | +7.0% | +6.4% | 0.6% | 0.65% | ₹2,838 cr |
| [Axis Ultra Short to Short Term Fund](https://discovermf.com/funds/axis-ultra-short-to-short-term-fund-112214.md) | +5.6% | +7.0% | +6.4% | 0.6% | 0.73% | ₹4,857 cr |
| [Tata Ultra Short to Short Term Fund](https://discovermf.com/funds/tata-ultra-short-to-short-term-fund-103159.md) | +5.6% | +6.8% | +6.2% | 0.6% | 0.57% | ₹2,666 cr |
| [Canara Robeco Ultra Short to Short Term Fund](https://discovermf.com/funds/canara-robeco-ultra-short-to-short-term-fund-102913.md) | +5.6% | +6.8% | +6.2% | 0.6% | 0.50% | ₹1,088 cr |
| [Invesco India Ultra Short to Short Term Fund](https://discovermf.com/funds/invesco-india-ultra-short-to-short-term-fund-104726.md) | +5.3% | +6.8% | +6.1% | 0.6% | 0.65% | ₹1,801 cr |
| [Nippon India Ultra Short to Short Term Fund](https://discovermf.com/funds/nippon-india-ultra-short-to-short-term-fund-111753.md) | +5.4% | +6.7% | +6.1% | 0.6% | 0.99% | ₹7,246 cr |
| [Bandhan Ultra Short to Short Term Fund](https://discovermf.com/funds/bandhan-ultra-short-to-short-term-fund-108632.md) | +5.4% | +6.7% | +6.1% | 0.6% | 0.69% | ₹6,201 cr |
| [JM Ultra Short to Short Term Fund](https://discovermf.com/funds/jm-ultra-short-to-short-term-fund-143607.md) | +5.3% | +6.7% | +6.0% | 0.6% | — | ₹238 cr |
| [HDFC Ultra Short to Short Term Fund](https://discovermf.com/funds/hdfc-ultra-short-to-short-term-fund-102452.md) | +5.2% | +6.7% | +6.1% | 0.7% | 1.03% | ₹15,297 cr |
| [DSP Ultra Short to Short Term Fund](https://discovermf.com/funds/dsp-ultra-short-to-short-term-fund-133926.md) | +5.2% | +6.6% | +6.1% | 0.7% | 0.63% | ₹4,433 cr |
| [Mirae Asset Ultra Short to Short Term Fund](https://discovermf.com/funds/mirae-asset-ultra-short-to-short-term-fund-107705.md) | +5.2% | +6.6% | +6.0% | 0.6% | 0.87% | ₹2,287 cr |
| [LIC MF Ultra Short to Short Term Fund](https://discovermf.com/funds/lic-mf-ultra-short-to-short-term-fund-101830.md) | +5.6% | +6.6% | +5.9% | 0.6% | 0.42% | ₹1,692 cr |
| [SBI Ultra Short to Short Term Fund](https://discovermf.com/funds/sbi-ultra-short-to-short-term-fund-106212.md) | +5.2% | +6.6% | +6.0% | 0.6% | 0.92% | ₹10,905 cr |
| [Kotak Ultra Short to Short Term Fund](https://discovermf.com/funds/kotak-ultra-short-to-short-term-fund-133805.md) | +5.0% | +6.5% | +5.9% | 0.6% | 1.18% | ₹11,883 cr |
| [Mahindra Manulife Ultra Short to Short Term Fund](https://discovermf.com/funds/mahindra-manulife-ultra-short-to-short-term-fund-140620.md) | +5.2% | +6.5% | +5.9% | 0.6% | 1.07% | ₹495 cr |
| [Baroda BNP Paribas Ultra Short to Short Term Fund](https://discovermf.com/funds/baroda-bnp-paribas-ultra-short-to-short-term-fund-150165.md) | +5.2% | +6.4% | — | 0.6% | 1.03% | ₹396 cr |
| [Sundaram Ultra Short to Short Term Fund](https://discovermf.com/funds/sundaram-ultra-short-to-short-term-fund-149519.md) | +4.9% | +6.4% | — | 0.6% | 1.15% | ₹382 cr |
| [Aditya Birla Sun Life Ultra short to short term Fund](https://discovermf.com/funds/aditya-birla-sun-life-ultra-short-to-short-term-fund-103192.md) | +4.8% | +6.4% | +5.9% | 0.7% | 1.20% | ₹9,162 cr |
| [Bajaj Finserv Ultra Short to Short Term Fund](https://discovermf.com/funds/bajaj-finserv-ultra-short-to-short-term-fund-154203.md) | — | — | — | 0.7% | 1.02% | ₹583 cr |
| [Edelweiss Ultra Short to Short Term Fund](https://discovermf.com/funds/edelweiss-ultra-short-to-short-term-fund-153419.md) | +5.2% | — | — | 0.6% | 0.97% | ₹406 cr |
| [Franklin India Ultra Short to Short Term Fund](https://discovermf.com/funds/franklin-india-ultra-short-to-short-term-fund-153371.md) | +5.6% | — | — | 0.6% | 0.72% | ₹328 cr |
| [JioBlackRock Ultra Short to Short Term Fund](https://discovermf.com/funds/jioblackrock-ultra-short-to-short-term-fund-154636.md) | — | — | — | 0.6% | 0.75% | ₹638 cr |
| [Union Ultra Short to Short Term Fund](https://discovermf.com/funds/union-ultra-short-to-short-term-fund-153652.md) | +4.6% | — | — | 0.7% | 0.87% | ₹163 cr |

## Questions

### How many Ultra Short to Short Term funds are there?

25 funds, managing ₹1.04 lakh cr between them as of 3 Nov 2026. The largest is ICICI Prudential Ultra Short to Short Term Fund, at ₹17,309 cr.

### What return have Ultra Short to Short Term funds given?

The average Ultra Short to Short Term fund returned +5.3% over the last year, +6.7% a year over three years, +6.1% a year over five years. Over the last year the funds ranged from +4.6% to +5.8%. Past returns do not tell you future returns.

### Which Ultra Short to Short Term fund has the lowest expense ratio?

LIC MF Ultra Short to Short Term Fund, at 0.42% a year, against 0.87% for the average fund in the category. The expense ratio is taken out of the fund every day, so every return shown is already after it.

### Which Ultra Short to Short Term fund has the highest three-year return?

HSBC Ultra Short to Short Term Fund, at +7.2% a year over the last three years, against +6.7% for the average fund. Past returns do not tell you future returns.

### How risky are Ultra Short to Short Term funds?

Their volatility over the last year averaged 0.6%: the higher it is, the more the price swings from day to day. 19 of 25 carry the riskometer level Low to Moderate, on SEBI's six-step scale from Low to Very High.