DSP Liquid Fund vs HDFC Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Liquid Fund and HDFC Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, DSP Liquid Fund (Direct) returned 6.9% a year and HDFC Liquid Fund (Direct) returned 6.9% a year. DSP Liquid Fund charges 0.14% a year and HDFC Liquid Fund 0.20% (Direct plans). Their portfolios overlap 14.2%: they hold 37 of the same securities.
Which is better, DSP Liquid or HDFC Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Liquid returned more over 5 years: 6.4% a year against 6.4%.
- DSP Liquid returned more over 3 years: 6.9% a year against 6.9%.
- DSP Liquid costs less: 0.14% a year against 0.20% (Direct plans).
- DSP Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.2%.
- HDFC Liquid fell less in its worst fall since 01-01-2013: −0.2% against −0.2%.
- HDFC Liquid is the larger fund: ₹66,295 Cr against ₹24,726 Cr.
- Their portfolios overlap 14.2%: 37 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | DSP Liquid Fund | HDFC Liquid Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | HDFC Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹24,726 Cr (30-09-2026) | ₹66,295 Cr (30-09-2026) |
| NAV | ₹4,093.28 (Direct) | ₹5,618.35 (Direct) |
| Expense ratio (Direct) | 0.14% | 0.20% |
| Expense ratio (Regular) | 0.23% | 0.30% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | CRISIL Liquid Debt A-I Index |
| Launch date | 11-03-1998 | 17-10-2000 |
| Minimum investment | ₹100 | Growth Option- Rs.100 Weekly and Monthly IDCW Option - Rs. 5000 Daily IDCW Option- Rs. 10,000 |
| Lock in | None | None |
| Fund managers | Karan Mundhra, Shalini Vasanta, Kunal Khudania | Rohan Pillai, Swapnil Jangam, Gopal Agrawal |
| Exit load | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. | Exit load of 0.0070% if redeemed within 1 day, 0.0065% if redeemed within 2 days, 0.0060% if redeemed within 3 days, 0.0055% if redeemed within 4 days, 0.0050% if redeemed within 5 days, 0.0045% if redeemed within 6 days. |
DSP Liquid vs HDFC Liquid: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| DSP Liquid Fund (Direct) | +0.45% | +1.51% | +3.19% | +6.50% | +6.93% | +6.43% | +6.11% |
| HDFC Liquid Fund (Direct) | +0.45% | +1.51% | +3.16% | +6.45% | +6.88% | +6.39% | +6.06% |
| Liquid average | +0.44% | +1.46% | +3.06% | +6.23% | +6.66% | +6.18% | +5.85% |
Category average: the average of the 44 Liquid funds, same plan type.
DSP Liquid vs HDFC Liquid: Year-wise Returns
| Year | DSPDSP Liquid | HDFCHDFC Liquid |
|---|---|---|
| 2026to date | +5.43% | +5.38% |
| 2025 | +6.62% | +6.59% |
| 2024 | +7.48% | +7.40% |
| 2023 | +7.07% | +7.06% |
| 2022 | +4.92% | +4.87% |
| 2021 | +3.35% | +3.32% |
DSP Liquid vs HDFC Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,859 of them, one for each trading day from 01-01-2016 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
DSP Liquid Fund (Direct)
HDFC Liquid Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Liquid | 0.0 | 20.1 | 79.9 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.9% | 4.1% | 8.9% |
| HDFC Liquid | 0.0 | 21.3 | 78.7 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.8% | 4.0% | 9.0% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 01-01-2013. Past returns do not promise future returns.
DSP Liquid vs HDFC Liquid: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP LiquidDSP Liquid Fund (Direct) | ₹16,60,000 | ₹26,20,617 | ₹9,60,617 | 6.3% |
| HDFC LiquidHDFC Liquid Fund (Direct) | ₹16,60,000 | ₹26,11,876 | ₹9,51,876 | 6.3% |
DSP LiquidDSP Liquid Fund (Direct)
HDFC LiquidHDFC Liquid Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
DSP Liquid vs HDFC Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Liquid Fund (Direct) | HDFC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.50% | +6.45% |
| Standard deviation | 0.19% | 0.20% |
| Sharpe ratio | 6.55 | 6.01 |
| Sortino ratio | 18.08 | 18.44 |
| Maximum drawdown | −0.0% (22-10-2026) | −0.0% (07-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | DSP Liquid Fund (Direct) | HDFC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.93% | +6.88% |
| Standard deviation | 0.14% | 0.15% |
| Sharpe ratio | 6.40 | 5.57 |
| Sortino ratio | 17.84 | 17.07 |
| Maximum drawdown | −0.0% (22-10-2026) | −0.0% (07-07-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | DSP Liquid Fund (Direct) | HDFC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.39% |
| Standard deviation | 0.13% | 0.14% |
| Sharpe ratio | 4.76 | 4.09 |
| Sortino ratio | 10.31 | 9.12 |
| Maximum drawdown | −0.0% (05-05-2022) | −0.0% (05-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | DSP Liquid Fund (Direct) | HDFC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.82% | +6.79% |
| Standard deviation | 0.21% | 0.22% |
| Sharpe ratio | 3.64 | 3.31 |
| Sortino ratio | 7.64 | 7.19 |
| Maximum drawdown | −0.2% (16-07-2013) | −0.2% (24-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
DSP Liquid Fund (Direct)
HDFC Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Liquid Fund (Direct) | −0.2% | 15-07-2013 | 16-07-2013 | 23-07-2013 | 7 days | 0.0% |
| HDFC Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 01-01-2013, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP Liquid Fund (Direct)
HDFC Liquid Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP Liquid Fund (Direct)
HDFC Liquid Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
DSP Liquid Fund (Direct)
HDFC Liquid Fund (Direct)
DSP Liquid vs HDFC Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Liquid Fund, September 2026; HDFC Liquid Fund, September 2026
Holdings in common
- Overlap
- 14.2%
- Held by both
- 37
- Only in DSP Liquid
- 113
- Only in HDFC Liquid
- 103
| Security | % of DSP Liquid | % of HDFC Liquid |
|---|---|---|
| Small Industries Development Bank Of India | 2.19% | 1.64% |
| Bank of Baroda | 1.61% | 1.35% |
| 91 DAYS T-BILL 17122026 | 0.80% | 4.25% |
| Canara Bank | 0.80% | 0.75% |
| Reliance Retail Ventures Limited | 1.70% | 0.74% |
| Power Finance Corporation Limited | 1.60% | 0.67% |
| Bank of India | 0.80% | 0.60% |
| 182 DAYS T-BILL 17122026 | 0.60% | 0.95% |
| Tata Capital Housing Finance Limited | 1.00% | 0.52% |
| Godrej Consumer Products Limited | 0.80% | 0.52% |
| 364 DAYS T-BILL 25122026 | 0.80% | 0.51% |
| Bank of Baroda | 1.00% | 0.41% |
| REC Limited | 0.40% | 0.98% |
| L&T Finance Limited | 0.40% | 1.12% |
| Small Industries Development Bank of India | 0.40% | 0.67% |
| National Bank For Agriculture & Rural Development | 1.20% | 0.37% |
| Hindustan Petroleum Corporation Limited | 0.40% | 0.37% |
| 91 DAYS T-BILL 29102026 | 0.70% | 0.30% |
| Small Industries Development Bank of India | 0.50% | 0.30% |
| 91 DAYS T-BILL 10122026 | 0.30% | 0.40% |
| 364 DAYS T-BILL 10122026 | 1.62% | 0.22% |
| SBI Funds Management Pvt Limited/Fund Parent | 0.22% | 0.30% |
| Bank of Baroda | 0.20% | 2.22% |
| Bharat Petroleum Corporation Limited | 0.20% | 0.37% |
| ICICI Securities Limited | 0.20% | 0.30% |
| 364 DAYS T-BILL 03122026 | 0.16% | 0.18% |
| Jio Credit Limited | 0.40% | 0.15% |
| Canara Bank | 0.40% | 0.15% |
| LIC Housing Finance Limited | 0.43% | 0.11% |
| 182 DAYS T-BILL 19112026 | 0.10% | 1.08% |
| Reliance Industries Limited | 0.10% | 1.49% |
| Small Industries Development Bank Of India | 0.10% | 0.26% |
| Reliance Retail Ventures Limited | 0.10% | 0.75% |
| Axis Bank Limited | 0.30% | 0.07% |
| Small Industries Development Bank of India | 0.20% | 0.07% |
| Indian Bank | 0.34% | 0.04% |
| 91 DAYS T-BILL 05112026 | 0.04% | 0.20% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.2% means 14.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in DSP Liquid Fund
| Security | % of fund |
|---|---|
| 5.74% GOI 15112026 | 3.24% |
| HDFC Bank Limited | 2.01% |
| Reliance Industries Limited | 2.00% |
| Hindustan Petroleum Corporation Limited | 2.00% |
| LIC Housing Finance Limited | 1.70% |
Largest holdings only in HDFC Liquid Fund
| Security | % of fund |
|---|---|
| Union Bank of India | 3.75% |
| 91 Days TBILL MAT 031226 | 3.73% |
| Union Bank of India | 2.99% |
| Reliance Retail ventures Ltd. | 2.98% |
| Small Industries Development Bank | 2.69% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Liquid | HDFC Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 97.5% | 106.5% |
| Cash and others | 2.5% | -6.5% |
DSP Liquid vs HDFC Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Liquid Fund | HDFC Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.14% | 0.20% |
| Base expense ratio (Direct) | 0.12% | 0.17% |
| Total expense ratio (Regular) | 0.23% | 0.30% |
| Base expense ratio (Regular) | 0.20% | 0.25% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare DSP Liquid with
DSP Liquid Fund vs HDFC Liquid Fund: Frequently Asked Questions
What is the difference between DSP Liquid Fund and HDFC Liquid Fund?
Both are Liquid funds, run by DSP Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 14.2%. DSP Liquid Fund charges 0.14% a year and HDFC Liquid Fund 0.20%.
Which has given higher returns, DSP Liquid Fund or HDFC Liquid Fund?
Over 1 year: DSP Liquid Fund +6.50%, HDFC Liquid Fund +6.45%. Over 3 years: DSP Liquid Fund +6.93% a year, HDFC Liquid Fund +6.88% a year. Over 5 years: DSP Liquid Fund +6.43% a year, HDFC Liquid Fund +6.39% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Liquid Fund or HDFC Liquid Fund?
DSP Liquid Fund charges less: 0.14% a year against 0.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Liquid Fund and HDFC Liquid Fund overlap?
14.2%. They hold 37 of the same securities, the largest shared ones being Small Industries Development Bank Of India, Bank of Baroda, 91 DAYS T-BILL 17122026. From each fund's latest monthly portfolio.
Which is riskier, DSP Liquid Fund or HDFC Liquid Fund?
On SEBI's riskometer, DSP Liquid Fund is rated Low to Moderate and HDFC Liquid Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.14% and 0.15% a year.
Which is better for SIP, DSP Liquid Fund or HDFC Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,25,215 in DSP Liquid Fund (XIRR 6.7% a year) and ₹7,24,338 in HDFC Liquid Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both DSP Liquid Fund and HDFC Liquid Fund?
Yes. 14.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Liquid Fund and HDFC Liquid Fund?
DSP Liquid Fund: Karan Mundhra, Shalini Vasanta, Kunal Khudania. HDFC Liquid Fund: Rohan Pillai, Swapnil Jangam, Gopal Agrawal.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.