Axis Overnight Fund leads overnight mutual funds in three-year CAGR returns; delivers 6.1% gain
Axis Overnight Fund delivered 6.1% CAGR returns over three years and 5.3% CAGR over the last one year, according to ACE MF data on August 3.
Moneycontrol Desk
August 04, 2026 / 16:05 IST
The three-year CAGR return chart for the overnight mutual fund category is led by Axis Overnight Fund, which delivered 6.1 percent. UTI Overnight Fund and Nippon India Overnight Fund occupy the next two positions with returns of 6.1 percent and 6.1 percent, respectively, according to ACE MF data on August 3.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 10,066.3 crore.The benchmark comparison is also important. Axis Overnight Fund was broadly in line with its benchmark on a three-year basis, with both at 6.1%. It was also broadly in line with its benchmark on a one-year basis, with both at 5.3%.There is no change at the top when the one-month window is considered. Axis Overnight Fund remains ahead with 0.4 percent.The same scheme also stays ahead on the three-month return chart. Axis Overnight Fund delivered 1.3 percent over this period.The one-year return table also has Axis Overnight Fund in front, with the fund delivering 5.3 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 three-year CAGR returnTop 5 overnight funds by three-year CAGR returnFund name3-year return (%)AUM (Rs crore)1-month return (%)3-month return (%)6-month return (%)1-year return (%)Axis Overnight Fund6.18,216.30.41.32.55.3UTI Overnight Fund6.14,264.30.41.32.55.3Nippon India Overnight Fund6.16,784.80.41.32.55.3ICICI Pru Overnight Fund6.110,066.30.41.32.55.3DSP Overnight Fund6.13,222.20.41.32.55.3Note: 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 August 3. 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.