Franklin India Liquid Fund vs Union Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India Liquid Fund and Union Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, Franklin India Liquid Fund (Direct) returned 7.0% a year and Union Liquid Fund (Direct) returned 6.9% a year. Franklin India Liquid Fund charges 0.14% a year and Union Liquid Fund 0.07% (Direct plans). Their portfolios overlap 8.2%: they hold 8 of the same securities.
Franklin India Liquid Fund
Liquid
- 3 year return
- 7.0%
- Expense ratio
- 0.14%
- NAV
- ₹4,303.78
Which is better, Franklin India Liquid or Union Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Liquid returned more over 5 years: 6.4% a year against 6.4%.
- Franklin India Liquid returned more over 3 years: 7.0% a year against 6.9%.
- Union Liquid costs less: 0.07% a year against 0.14% (Direct plans).
- Union Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.1%.
- Franklin India Liquid fell less in its worst fall since 01-01-2013: −0.2% against −3.3%.
- Union Liquid is the larger fund: ₹5,014 Cr against ₹4,811 Cr.
- Their portfolios overlap 8.2%: 8 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 | Franklin India Liquid Fund | Union Liquid Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Union Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹4,811 Cr (30-09-2026) | ₹5,014 Cr (30-09-2026) |
| NAV | ₹4,303.78 (Direct) | ₹2,760.26 (Direct) |
| Expense ratio (Direct) | 0.14% | 0.07% |
| Expense ratio (Regular) | 0.20% | 0.17% |
| Riskometer | Not available | Low to Moderate |
| Benchmark | NIFTY Liquid Index A-I | CRISIL Liquid Debt A-I Index . CRISIL Benchmark Disclaimer: CRISIL Indices are the sole property of CRISIL Limited (CRIS |
| Launch date | 29-04-1998 | 15-06-2011 |
| Minimum investment | Sup.Inst.- 10000/1; Weekly Div P/O: - 25 lakh / 1 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Chandni Gupta, Rohan Maru | Devesh Thacker, Parijat Agrawal |
| Exit load | <a href="https://franklintempletonprod.widen.net/s/xvwjx5bjhj/franklin-india-liquid-fund_exit-load-k279kwng-en-in" target="_blank">Click here</a> | 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. |
Franklin India Liquid vs Union 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 |
|---|---|---|---|---|---|---|---|
| Franklin India Liquid Fund (Direct) | +0.47% | +1.54% | +3.26% | +6.52% | +6.95% | +6.43% | +6.17% |
| Union Liquid Fund (Direct) | +0.46% | +1.51% | +3.18% | +6.46% | +6.92% | +6.44% | +5.72% |
| 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.
Franklin India Liquid vs Union Liquid: Year-wise Returns
| Year | Franklin IndiaFranklin India Liquid | UnionUnion Liquid |
|---|---|---|
| 2026to date | +5.45% | +5.39% |
| 2025 | +6.66% | +6.62% |
| 2024 | +7.46% | +7.46% |
| 2023 | +7.04% | +7.15% |
| 2022 | +4.92% | +4.95% |
| 2021 | +3.35% | +3.38% |
Franklin India Liquid vs Union Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,788 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.
Franklin India Liquid Fund (Direct)
Union 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin India Liquid | 0.0 | 19.4 | 80.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 7.0% | 4.2% | 9.1% |
| Union Liquid | 0.0 | 27.0 | 73.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2% | 5.9% | 3.9% | 8.9% |
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.
Franklin India Liquid vs Union 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 |
|---|---|---|---|---|
| Franklin India LiquidFranklin India Liquid Fund (Direct) | ₹16,60,000 | ₹26,31,842 | ₹9,71,842 | 6.4% |
| Union LiquidUnion Liquid Fund (Direct) | ₹16,60,000 | ₹25,71,740 | ₹9,11,740 | 6.1% |
Franklin India LiquidFranklin India Liquid Fund (Direct)
Union LiquidUnion 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.
Franklin India Liquid vs Union Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.52% | +6.46% |
| Standard deviation | 0.18% | 0.17% |
| Sharpe ratio | 7.22 | 7.02 |
| Sortino ratio | 23.63 | 19.75 |
| Maximum drawdown | −0.0% (23-03-2026) | −0.0% (15-10-2026) |
| 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 | Franklin India Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +6.92% |
| Standard deviation | 0.14% | 0.13% |
| Sharpe ratio | 6.51 | 6.74 |
| Sortino ratio | 21.25 | 19.32 |
| Maximum drawdown | −0.0% (23-03-2026) | −0.0% (15-10-2026) |
| 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 | Franklin India Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.44% |
| Standard deviation | 0.13% | 0.13% |
| Sharpe ratio | 4.77 | 5.01 |
| Sortino ratio | 10.71 | 10.79 |
| 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 | Franklin India Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.90% | +6.53% |
| Standard deviation | 0.23% | 0.76% |
| Sharpe ratio | 3.76 | 0.64 |
| Sortino ratio | 8.97 | 0.65 |
| Maximum drawdown | −0.2% (24-03-2020) | −3.3% (18-09-2018) |
| 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.
Franklin India Liquid Fund (Direct)
Union Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Franklin India Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Union Liquid Fund (Direct) | −3.3% | 13-09-2018 | 18-09-2018 | 13-03-2019 | 6 months | 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.
Franklin India Liquid Fund (Direct)
Union 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.
Franklin India Liquid Fund (Direct)
Union 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.
Franklin India Liquid Fund (Direct)
Union Liquid Fund (Direct)
Franklin India Liquid vs Union Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Liquid Fund, September 2026; Union Liquid Fund, September 2026
Holdings in common
- Overlap
- 8.2%
- Held by both
- 8
- Only in Franklin India Liquid
- 31
- Only in Union Liquid
- 65
| Security | % of Franklin India Liquid | % of Union Liquid |
|---|---|---|
| LIC Housing Finance Ltd (26-Nov-2026) | 3.09% | 1.97% |
| HDFC Bank Ltd (04-Nov-2026) | 1.03% | 1.98% |
| HDFC Bank Ltd (15-Dec-2026) | 1.03% | 2.95% |
| Export-Import Bank Of India (04-Dec-2026) | 5.14% | 0.99% |
| Axis Securities Ltd (20-Nov-2026) | 3.09% | 0.99% |
| Small Industries Development Bank of India (27-Oct-2026) | 2.07% | 0.99% |
| Axis Securities Ltd (04-Nov-2026) | 1.03% | 0.99% |
| Corporate Debt Market Development Fund Class A2 | 0.17% | 0.36% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 8.2% means 8.2% 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 Franklin India Liquid Fund
| Security | % of fund |
|---|---|
| Hindustan Petroleum Corporation Ltd (03-Dec-2026) | 6.17% |
| Bank of Baroda (05-Nov-2026) | 5.17% |
| IIFL Home Finance Ltd (08-Dec-2026) | 4.09% |
| 8.04% Sundaram Finance Ltd (26-Oct-2026) | 3.80% |
| REC Ltd (22-Oct-2026) | 3.63% |
Largest holdings only in Union Liquid Fund
| Security | % of fund |
|---|---|
| Bank of Baroda | 3.94% |
| 91 Day Treasury Bills | 3.76% |
| HDFC Bank Ltd. | 2.97% |
| Alembic Pharmaceuticals Ltd. | 2.95% |
| 91 Day Treasury Bills | 2.48% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Liquid | Union Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 85.1% | 111.4% |
| Cash and others | 14.9% | -11.4% |
Franklin India Liquid vs Union Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Liquid Fund | Union Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.14% | 0.07% |
| Base expense ratio (Direct) | 0.12% | 0.06% |
| Total expense ratio (Regular) | 0.20% | 0.17% |
| Base expense ratio (Regular) | 0.17% | 0.15% |
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 Franklin India Liquid with
Franklin India Liquid Fund vs Union Liquid Fund: Frequently Asked Questions
What is the difference between Franklin India Liquid Fund and Union Liquid Fund?
Both are Liquid funds, run by Franklin Templeton Mutual Fund and Union Mutual Fund. Their portfolios overlap 8.2%. Franklin India Liquid Fund charges 0.14% a year and Union Liquid Fund 0.07%.
Which has given higher returns, Franklin India Liquid Fund or Union Liquid Fund?
Over 1 year: Franklin India Liquid Fund +6.52%, Union Liquid Fund +6.46%. Over 3 years: Franklin India Liquid Fund +6.95% a year, Union Liquid Fund +6.92% a year. Over 5 years: Franklin India Liquid Fund +6.43% a year, Union Liquid Fund +6.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Liquid Fund or Union Liquid Fund?
Union Liquid Fund charges less: 0.07% a year against 0.14%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Liquid Fund and Union Liquid Fund overlap?
8.2%. They hold 8 of the same securities, the largest shared ones being LIC Housing Finance Ltd (26-Nov-2026), HDFC Bank Ltd (04-Nov-2026), HDFC Bank Ltd (15-Dec-2026). From each fund's latest monthly portfolio.
Which is better for SIP, Franklin India Liquid Fund or Union Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,25,461 in Franklin India Liquid Fund (XIRR 6.8% a year) and ₹7,25,161 in Union Liquid Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Franklin India Liquid Fund and Union Liquid Fund?
Yes. 8.2% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages Franklin India Liquid Fund and Union Liquid Fund?
Franklin India Liquid Fund: Chandni Gupta, Rohan Maru. Union Liquid Fund: Devesh Thacker, Parijat 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.