Axis Overnight Fund leads overnight mutual funds in one-year CAGR returns; delivers 5.3% gain
Axis Overnight Fund delivered 5.3% CAGR returns over the last one year and 6.2% CAGR over three years, according to ACE MF data on June 28.
Moneycontrol Desk
June 29, 2026 / 13:42 IST
The one-year CAGR return chart for the overnight mutual fund category is led by Axis Overnight Fund, which delivered 5.3 percent. UTI Overnight Fund and HSBC Overnight Fund occupy the next two positions with returns of 5.3 percent and 5.3 percent, respectively, according to ACE MF data on June 28.
The ranking considers only schemes with assets under management of at least Rs 1,500 crore. Among the top five funds that meet this criterion, ICICI Pru Overnight Fund has the largest corpus at Rs 13,075.3 crore.
The benchmark comparison is also important. Axis Overnight Fund was broadly in line with its benchmark on a one-year basis, with both at 5.3%. It was also broadly in line with its benchmark on a three-year basis, with both at 6.2%.
The lead does not change on a one-month basis either. Axis Overnight Fund also tops this comparison with a return of 0.4 percent.
The lead does not change on a three-month basis either. Axis Overnight Fund also tops this comparison with a return of 1.3 percent.
The three-year return table also has Axis Overnight Fund in front, with the fund delivering 6.2 percent.
The variation across return windows shows why rankings can look different depending on the period being considered. A short-term leader may not always be the same as the fund that has done well over a longer horizon.
Table: Top 5 overnight funds by one-year CAGR return
| Fund name | 1-year return (%) | AUM (Rs crore) | 1-month return (%) | 3-month return (%) | 6-month return (%) | 3-year return (%) |
|---|---|---|---|---|---|---|
| Axis Overnight Fund | 5.3 | 11,862.9 | 0.4 | 1.3 | 2.6 | 6.2 |
| UTI Overnight Fund | 5.3 | 4,258.6 | 0.4 | 1.3 | 2.5 | 6.1 |
| HSBC Overnight Fund | 5.3 | 4,680.6 | 0.4 | 1.3 | 2.5 | 6.1 |
| ICICI Pru Overnight Fund | 5.3 | 13,075.3 | 0.4 | 1.3 | 2.5 | 6.1 |
| Mirae Asset Overnight Fund | 5.3 | 2,024.9 | 0.4 | 1.3 | 2.5 | 6.1 |
Note: The ranking considers only schemes with minimum assets under management of Rs 1,500 crore. Returns and AUM are according to ACE MF data on June 28. One-year and three-year returns are CAGR; one-month, three-month and six-month returns are absolute returns. AUM is in Rs crore.
What is an overnight fund?
Overnight funds invest in securities that mature in one business day. They are generally used for very short-term parking of money.