Same rule, four results
A 10-year constant maturity gilt fund has one of the tightest briefs in the debt market. SEBI's rules require at least 80% of it in government securities, held so that the portfolio's Macaulay duration stays at about 10 years. There is next to no credit risk and very little room to manoeuvre. Five funds run this brief. This post puts four of them side by side: Bandhan, ICICI Prudential, SBI and UTI.
You might expect four funds on one rule to finish together. Over the last year they did not.
All figures are for the Direct plan, Growth option, from daily NAVs to Friday 9 October 2026. Returns over a year are compounded annual rates. Expense ratios are the latest in AMFI's TER disclosure; assets are AMFI's average for July to September 2026, all plans.
The numbers
| Fund | Expense ratio | Assets (₹ crore) | 1 year | 3 years | 5 years | 10 years | Volatility | Worst 3-year fall |
|---|---|---|---|---|---|---|---|---|
| Bandhan | 0.26% | 292 | 2.96% | 7.61% | 5.65% | 7.71% | 2.79% | 2.94% |
| ICICI Prudential | 0.29% | 1,991 | 2.44% | 7.22% | 5.64% | 7.21% | 2.71% | 2.72% |
| SBI | 0.32% | 1,621 | 1.84% | 6.86% | 5.49% | 7.36% | 2.75% | 2.69% |
| UTI | 0.33% | 112 | 1.81% | 6.87% | n/a | n/a | 2.76% | 2.74% |
UTI's fund started in August 2022, so it has no five- or ten-year record. The fifth fund in the category, DSP's, returned 0.63% over the same year.
The calendar years show how often the order changes:
| Fund | 2022 | 2023 | 2024 | 2025 | 2026 to 9 Oct |
|---|---|---|---|---|---|
| Bandhan | 0.86% | 7.60% | 9.93% | 7.75% | 2.00% |
| ICICI Prudential | 1.39% | 7.88% | 9.44% | 7.66% | 1.56% |
| SBI | 1.64% | 7.84% | 9.51% | 7.04% | 1.01% |
| UTI | n/a | 7.81% | 9.57% | 7.09% | 1.03% |
Against the 10-year bond index
The obvious yardstick is NSE's Nifty 10 yr Benchmark G-Sec Index, which follows the current 10-year government bond and includes its interest. Its last value is for 8 October, so this comparison runs to that day.
| To 8 October 2026 | 1 year | 3 years | 5 years |
|---|---|---|---|
| Nifty 10 yr Benchmark G-Sec | 0.56% | 6.45% | 5.05% |
| Bandhan | 2.86% | 7.52% | 5.66% |
| ICICI Prudential | 2.38% | 7.14% | 5.65% |
| SBI | 1.83% | 6.81% | 5.52% |
| UTI | 1.79% | 6.80% | n/a |
Every fund beat the index over every period, after its expenses. The index follows one bond. The funds own a handful: Bandhan, SBI and UTI each hold the 6.94% government bond of 2036 as their largest position, 56% to 67% of the fund at their latest disclosure, and fill the rest with other central and state government bonds. ICICI Prudential's sheet names its largest holding only as government securities. In a year when the index's price, without interest, fell 6.06%, that mix is the likeliest source of the gap.
What stands out
A 1.15-point gap on an identical brief. Bandhan returned 2.96% over the year and UTI 1.81%, about ₹11,500 apart on ₹10 lakh. The gap in expense ratios between them is 0.07 points, so costs explain very little of it. The rest comes from what each fund held. Head-to-head, the Bandhan vs UTI and Bandhan vs SBI pages show the two lines pulling apart in 2026.
Leadership rotates. Bandhan was last of three in 2022 and first in 2024, 2025 and 2026 so far. ICICI Prudential led in 2023. Over three years the spread narrows to 0.75 points: ₹10 lakh grew to about ₹12.46 lakh in Bandhan and ₹12.20 lakh in SBI.
Risk is close to identical. Volatility sits between 2.71% and 2.79%. All four had their worst fall of the last three years in the same weeks, from mid-March to 2 April 2026, and lost between 2.69% and 2.94%. They also fell together in the last quarter, by 1.77% to 1.93%, as the index's clean price dropped 3.57%. A 10-year gilt fund is not a place for money you need soon; the duration ladder guide explains why.
Size did not decide anything. ICICI Prudential (₹1,991 crore) and SBI (₹1,621 crore) are between five and eighteen times the size of Bandhan (₹292 crore) and UTI (₹112 crore). The two smallest are at opposite ends of the one-year table.
What the portfolios say now
| Fund | Portfolio date | Average maturity | Yield to maturity | Yield minus expense ratio |
|---|---|---|---|---|
| Bandhan | 31 Aug 2026 | 10.05 years | 7.06% | 6.80% |
| ICICI Prudential | 30 Sep 2026 | 9.85 years | 7.38% | 7.09% |
| SBI | 30 Sep 2026 | 9.38 years | 7.31% | 6.99% |
| UTI | 30 Sep 2026 | 9.60 years | 7.21% | 6.88% |
The yield is the holdings' yields weighted by their share of the fund, from each house's monthly disclosure. UTI's sheet also shows 12.84% in net current assets, against roughly 3% to 5% in cash and repo for the other three. Bandhan's latest sheet is a month older than the others, so its figure is not strictly comparable. Yield minus expenses is a rough guide to what a fund would earn if rates stayed put, which they rarely do. The bond yield calculator shows how price and yield trade off.
The people
Bandhan's fund has been run by Harshal Joshi since May 2017. UTI's is run by Jaydeep Bhowal, since October 2024. ICICI Prudential's offer document names Manish Banthia and Raunak Surana, and SBI's names Sudhir Agrawal. None of the four charges an exit load.
What this does not tell you
It is not a rate call. These funds gain when long-term yields fall and lose when they rise. The last year was a rising-yield year at the long end; the next may not be. Our post on G-Sec index returns by maturity shows how differently the curve behaved.
A year's lead is thin evidence. The calendar table shows the leader changing: in 2022 Bandhan trailed SBI by 0.78 points.
Tax is at your slab. Gains on debt funds bought after 31 March 2023 are taxed at your income-tax slab rate, whatever the holding period.
None of this is a recommendation. The other head-to-heads are ICICI Prudential vs UTI, SBI vs ICICI Prudential, SBI vs UTI and Bandhan vs ICICI Prudential. The 10-year constant duration page has live figures for all five funds, and gilt funds in October puts them beside the wider gilt fund category.
Frequently asked questions
Which 10-year constant maturity gilt fund has given the best returns?
To 9 October 2026, Bandhan's Direct Growth plan returned 2.96% in a year and 7.61% a year over three years, ahead of ICICI Prudential (2.44% and 7.22%), SBI (1.84% and 6.86%) and UTI (1.81% and 6.87%). The order has changed from year to year, so it is a record, not a forecast.
What is a 10-year constant maturity gilt fund?
A debt fund that keeps at least 80% in government securities and holds its portfolio's Macaulay duration at about 10 years. It carries almost no credit risk but moves with interest rates: these four funds lost between 1.77% and 1.93% in the three months to 9 October 2026.
Do 10-year gilt funds beat the 10-year government bond index?
Over the last one, three and five years these four did. To 8 October 2026, NSE's Nifty 10 yr Benchmark G-Sec Index returned 0.56% in a year and 6.45% a year over three years; the funds returned 1.79% to 2.86% and 6.80% to 7.52%, after their expenses.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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