HDFC Liquid Fund vs HSBC Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Liquid Fund and HSBC Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, HDFC Liquid Fund (Direct) returned 6.9% a year and HSBC Liquid Fund (Direct) returned 6.9% a year. HDFC Liquid Fund charges 0.20% a year and HSBC Liquid Fund 0.13% (Direct plans). Their portfolios overlap 19.6%: they hold 28 of the same securities.
Which is better, HDFC Liquid or HSBC Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Liquid returned more over 5 years: 6.4% a year against 6.4%.
- HSBC Liquid returned more over 3 years: 6.9% a year against 6.9%.
- HSBC Liquid costs less: 0.13% a year against 0.20% (Direct plans).
- HSBC 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 31-12-2012: −0.2% against −0.3%.
- HDFC Liquid is the larger fund: ₹66,295 Cr against ₹23,038 Cr.
- Their portfolios overlap 19.6%: 28 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 | HDFC Liquid Fund | HSBC Liquid Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HSBC Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹66,295 Cr (30-09-2026) | ₹23,038 Cr (30-09-2026) |
| NAV | ₹5,618.35 (Direct) | ₹2,850.76 (Direct) |
| Expense ratio (Direct) | 0.20% | 0.13% |
| Expense ratio (Regular) | 0.30% | 0.22% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | NIFTY Liquid Index A-I |
| Launch date | 17-10-2000 | 04-12-2002 |
| Minimum investment | Growth Option- Rs.100 Weekly and Monthly IDCW Option - Rs. 5000 Daily IDCW Option- Rs. 10,000 | For Growth Option : Rs. 5000; For Daily & Weekly IDCW Payout & Reinvestment Plan: Rs. 100000 |
| Lock in | None | None |
| Fund managers | Rohan Pillai, Swapnil Jangam, Gopal Agrawal | Abhishek Iyer, Rahul Totla |
| 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. |
HDFC Liquid vs HSBC 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 |
|---|---|---|---|---|---|---|---|
| HDFC Liquid Fund (Direct) | +0.45% | +1.51% | +3.16% | +6.45% | +6.88% | +6.39% | +6.06% |
| HSBC Liquid Fund (Direct) | +0.45% | +1.50% | +3.18% | +6.43% | +6.90% | +6.43% | +6.11% |
| 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.
HDFC Liquid vs HSBC Liquid: Year-wise Returns
| Year | HDFCHDFC Liquid | HSBCHSBC Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.38% |
| 2025 | +6.59% | +6.60% |
| 2024 | +7.40% | +7.45% |
| 2023 | +7.06% | +7.14% |
| 2022 | +4.87% | +4.92% |
| 2021 | +3.32% | +3.35% |
HDFC Liquid vs HSBC Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,706 of them, one for each trading day from 31-12-2015 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.
HDFC Liquid Fund (Direct)
HSBC Liquid Fund (Regular)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Liquid | 0.0 | 21.3 | 78.7 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.8% | 4.0% | 9.0% |
| HSBC Liquid | 0.0 | 28.5 | 71.5 | 0.0 | 0.0 | 0.0 | 0.0 | 5.8% | 6.2% | 3.1% | 7.9% |
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 31-12-2012. Past returns do not promise future returns.
HDFC Liquid vs HSBC 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 31-12-2012 to 30-10-2026: 167 instalments, ₹16,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC LiquidHDFC Liquid Fund (Direct) | ₹16,70,000 | ₹26,36,679 | ₹9,66,679 | 6.3% |
| HSBC LiquidHSBC Liquid Fund (Regular) | ₹16,70,000 | ₹25,31,809 | ₹8,61,809 | 5.7% |
HDFC LiquidHDFC Liquid Fund (Direct)
HSBC LiquidHSBC Liquid Fund (Regular)
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.
HDFC Liquid vs HSBC Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Liquid Fund (Direct) | HSBC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.45% | +6.33% |
| Standard deviation | 0.20% | 0.20% |
| Sharpe ratio | 6.01 | 5.58 |
| Sortino ratio | 18.44 | 15.19 |
| Maximum drawdown | −0.0% (07-07-2026) | −0.0% (22-10-2026) |
| 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 | HDFC Liquid Fund (Direct) | HSBC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.80% |
| Standard deviation | 0.15% | 0.15% |
| Sharpe ratio | 5.57 | 5.24 |
| Sortino ratio | 17.07 | 14.28 |
| Maximum drawdown | −0.0% (07-07-2026) | −0.0% (22-10-2026) |
| 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 | HDFC Liquid Fund (Direct) | HSBC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.39% | +6.15% |
| Standard deviation | 0.14% | 0.16% |
| Sharpe ratio | 4.09 | 2.21 |
| Sortino ratio | 9.12 | 4.43 |
| 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 | HDFC Liquid Fund (Direct) | HSBC Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.79% | +6.08% |
| Standard deviation | 0.22% | 0.21% |
| Sharpe ratio | 3.31 | 0.16 |
| Sortino ratio | 7.19 | 0.27 |
| Maximum drawdown | −0.2% (24-03-2020) | −0.3% (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.
HDFC Liquid Fund (Direct)
HSBC Liquid Fund (Regular)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| HSBC Liquid Fund (Regular) | −0.3% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 31-12-2012, 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.
HDFC Liquid Fund (Direct)
HSBC Liquid Fund (Regular)
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.
HDFC Liquid Fund (Direct)
HSBC Liquid Fund (Regular)
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.
HDFC Liquid Fund (Direct)
HSBC Liquid Fund (Regular)
HDFC Liquid vs HSBC Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Liquid Fund, September 2026; HSBC Liquid Fund, September 2026
Holdings in common
- Overlap
- 19.6%
- Held by both
- 28
- Only in HDFC Liquid
- 112
- Only in HSBC Liquid
- 77
| Security | % of HDFC Liquid | % of HSBC Liquid |
|---|---|---|
| 91 Days TBILL MAT 031226 | 3.73% | 2.54% |
| 91 Days TBILL MAT 241226 | 2.23% | 2.79% |
| Bank of India | 1.49% | 2.15% |
| National Bank for Agri & Rural Dev. | 1.87% | 1.29% |
| Small Industries Development Bank | 1.64% | 1.28% |
| Bank of Baroda | 2.22% | 1.08% |
| 91 Days TBill Mat 221026 | 1.50% | 0.87% |
| Small Industries Development Bank | 1.50% | 0.86% |
| Titan Company Ltd. | 0.82% | 0.86% |
| Bank of Baroda | 0.75% | 1.29% |
| Power Finance Corporation Ltd. | 0.67% | 2.19% |
| 182 Days TBILL MAT 171226 | 0.95% | 0.64% |
| Kotak Securities Ltd. | 0.89% | 0.64% |
| Birla Group Holdings Pvt. Ltd. | 0.56% | 0.64% |
| 91 Days TBILL MAT 171226 | 4.25% | 0.43% |
| Bank of Baroda | 0.41% | 0.43% |
| LIC Housing Finance Ltd. | 0.41% | 1.29% |
| Canara Bank | 0.39% | 1.28% |
| Bharat Petroleum Corporation Ltd. | 0.37% | 0.64% |
| Hindustan Petroleum Corp. Ltd. | 0.37% | 0.43% |
| 91 Days TBILL MAT 291026 | 0.30% | 4.00% |
| Sikka Port and Terminal Ltd. | 0.30% | 0.86% |
| Corporate Debt Market Development Fund | 0.30% | 0.24% |
| Bajaj Financial Securities Limited | 0.23% | 0.65% |
| ICICI Securities Ltd | 0.15% | 1.08% |
| Network 18 Media & Investments Limited | 0.15% | 0.86% |
| Small Industries Development Bank | 0.08% | 0.97% |
| Small Industries Development Bank | 0.07% | 2.25% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.6% means 19.6% 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 HDFC Liquid Fund
| Security | % of fund |
|---|---|
| Union Bank of India | 3.75% |
| Union Bank of India | 2.99% |
| Reliance Retail ventures Ltd. | 2.98% |
| Small Industries Development Bank | 2.69% |
| 91 Days TBill Mat 151026 | 2.41% |
Largest holdings only in HSBC Liquid Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bill 27-Nov-2026 | 4.30% |
| NTPC Limited | 3.90% |
| HDFC Bank Limited | 3.43% |
| Bank of Baroda | 2.16% |
| Hindustan Petroleum Corporation Limited | 2.16% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Liquid | HSBC Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 106.5% | 108.6% |
| Cash and others | -6.5% | -8.6% |
HDFC Liquid vs HSBC Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Liquid Fund | HSBC Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.20% | 0.13% |
| Base expense ratio (Direct) | 0.17% | 0.11% |
| Total expense ratio (Regular) | 0.30% | 0.22% |
| Base expense ratio (Regular) | 0.25% | 0.19% |
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 HDFC Liquid with
HDFC Liquid Fund vs HSBC Liquid Fund: Frequently Asked Questions
What is the difference between HDFC Liquid Fund and HSBC Liquid Fund?
Both are Liquid funds, run by HDFC Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 19.6%. HDFC Liquid Fund charges 0.20% a year and HSBC Liquid Fund 0.13%.
Which has given higher returns, HDFC Liquid Fund or HSBC Liquid Fund?
Over 1 year: HDFC Liquid Fund +6.45%, HSBC Liquid Fund +6.43%. Over 3 years: HDFC Liquid Fund +6.88% a year, HSBC Liquid Fund +6.90% a year. Over 5 years: HDFC Liquid Fund +6.39% a year, HSBC Liquid Fund +6.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Liquid Fund or HSBC Liquid Fund?
HSBC Liquid Fund charges less: 0.13% a year against 0.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Liquid Fund and HSBC Liquid Fund overlap?
19.6%. They hold 28 of the same securities, the largest shared ones being 91 Days TBILL MAT 031226, 91 Days TBILL MAT 241226, Bank of India. From each fund's latest monthly portfolio.
Which is riskier, HDFC Liquid Fund or HSBC Liquid Fund?
On SEBI's riskometer, HDFC Liquid Fund is rated Low to Moderate and HSBC Liquid Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.15% and 0.15% a year.
Which is better for SIP, HDFC Liquid Fund or HSBC Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,24,338 in HDFC Liquid Fund (XIRR 6.7% a year) and ₹7,22,059 in HSBC Liquid Fund (XIRR 6.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Liquid Fund and HSBC Liquid Fund?
Yes. 19.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Liquid Fund and HSBC Liquid Fund?
HDFC Liquid Fund: Rohan Pillai, Swapnil Jangam, Gopal Agrawal. HSBC Liquid Fund: Abhishek Iyer, Rahul Totla.
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.