ICICI Prudential Ultra Short term Fund
ICICI Prudential Mutual Fund · Best Ultra Short Duration Mutual Funds
This is the Direct plan of ICICI Prudential Ultra Short term Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.
NAV history
Scorecard
★★★★☆4/5 vs 25 of 24 Ultra Short Duration Fund peers- Performance 60%
- Risk 15%
- Cost 10%
- Downside 15%
How this is computed
Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Ultra Short Duration Fund (same plan and option). 25 of the 24 Ultra Short Duration Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +7.42% · ranks 7 of 24 Ultra Short Duration Funds
Volatility 0.4% vs 0.4% category avg
0.4% expense vs 0.3% category avg
100% of rolling 3Y windows were positive
Strengths & concerns
Generated from this fund's own numbers against its sub-category — each point names the figure behind it.
Strengths
- Consistent — positive in 100% of rolling 3-year windows
Concerns
- High expense ratio (0.41%) vs the Ultra Short Duration Fund average of 0.34%
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk
Risk (trailing 3Y)
DefinitionsBenchmark ratios
Not shown for Ultra Short Duration Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.
Fund vs category average (Ultra Short Duration Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | +0.61% | +0.62% | -0.01% |
| 3M abs | +2.00% | +1.97% | +0.03% |
| 6M abs | +3.40% | +3.42% | -0.02% |
| 1Y CAGR | +6.62% | +6.51% | +0.11% |
| 3Y CAGR | +7.42% | +7.23% | +0.19% |
| 5Y CAGR | +6.72% | +6.50% | +0.22% |
Category average across peers in Ultra Short Duration Fund (up to 24 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).
Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.
Category rank
Vs 24 peers in Ultra Short Duration Fund
Rolling returns
Return for every possible 1Y holding period, not just today’s
152 overlapping 1Y windows, sampled monthly across the fund’s history.
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
60 monthly installments of ₹10,000 into ICICI Prudential Ultra Short term Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.
Calendar-year returns
What the fund actually returned in each year, not the smoothed average.
| Year | Fund | |
|---|---|---|
| 2026part | +4.22% | |
| 2025 | +7.52% | |
| 2024 | +7.90% | |
| 2023 | +7.39% | |
| 2022 | +5.05% | |
| 2021 | +4.58% | |
| 2020 | +7.19% | |
| 2019 | +9.05% | |
| 2018 | +8.12% | |
| 2017 | +7.73% |
January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.
Taxation
Taxed as debtThis is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — every rupee of gain is added to your income and taxed at your income-tax slab rate, whatever the holding period.
Your income-tax slab — no LTCG or indexation benefit
Pick your slab to see the rate that applies to you.
Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.
Worst falls, and the wait to get back
How far this fund has dropped from a high, and how long it took to reclaim it.
- -7.5%28 May 2013 → 19 Aug 2013
Fell over 3 months, back to the old high on 27 Mar 2014 — 7 months under water after the low.
Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.
Fund size over time
Quarterly average AUM · AMFIDown +8% from its peak of ₹16,807Cr in January - March 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.
ICICI Prudential in the news
Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.
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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.
About Debt funds
Debt funds lend money to governments and companies and earn interest. They're generally steadier than equity funds; their risk comes from interest-rate moves and, for some, the creditworthiness of borrowers.
Frequently asked questions
What is the NAV of ICICI Prudential Ultra Short term Fund?
As of 20 Aug 2026, the NAV of ICICI Prudential Ultra Short term Fund is ₹32.27 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has ICICI Prudential Ultra Short term Fund delivered?
ICICI Prudential Ultra Short term Fund has returned +6.62% over 1 year, +7.42% per year over 3 years, +6.72% per year over 5 years and +7.94% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.
What is the expense ratio of ICICI Prudential Ultra Short term Fund?
ICICI Prudential Ultra Short term Fund charges an expense ratio of 0.41% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.
What are the top holdings of ICICI Prudential Ultra Short term Fund?
Its largest holdings are GOVERNMENT OF INDIA 37629 091 DAYS TBILL 01OT26 FV RS 100 (3.2%), CANARA BANK CD 04MAR27 (3.0%), SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA CD 28JAN27 (2.8%), NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT CD 22JAN27 (2.5%) and PUNJAB NATIONAL BANK CD 05FEB27 (2.5%). Holdings are disclosed monthly and change over time.
How risky is ICICI Prudential Ultra Short term Fund?
It is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.4% and its worst peak-to-trough fall in our sample was -7.5%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.
What is the benchmark of ICICI Prudential Ultra Short term Fund?
ICICI Prudential Ultra Short term Fund is benchmarked against the NIFTY Ultra Short Duration Debt Index A-I. Its alpha and beta on this page are measured against that index.
Who manages ICICI Prudential Ultra Short term Fund?
ICICI Prudential Ultra Short term Fund is managed by Manish Banthia and Ritesh Lunawat at ICICI Prudential.
How is ICICI Prudential Ultra Short term Fund taxed?
ICICI Prudential Ultra Short term Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.