HDFC Liquid Fund vs Kotak Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Liquid Fund and Kotak Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, HDFC Liquid Fund (Direct) returned 6.9% a year and Kotak Liquid Fund (Direct) returned 6.9% a year. HDFC Liquid Fund charges 0.20% a year and Kotak Liquid Fund 0.15% (Direct plans). Their portfolios overlap 18.5%: they hold 27 of the same securities.
Which is better, HDFC Liquid or Kotak Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Liquid returned more over 5 years: 6.4% a year against 6.4%.
- Kotak Liquid returned more over 3 years: 6.9% a year against 6.9%.
- Kotak Liquid costs less: 0.15% a year against 0.20% (Direct plans).
- HDFC Liquid swung less over 3 years: a standard deviation of 0.2% a year against 0.2%.
- HDFC Liquid fell less in its worst fall since 01-01-2013: −0.2% against −0.3%.
- HDFC Liquid is the larger fund: ₹66,295 Cr against ₹42,047 Cr.
- Their portfolios overlap 18.5%: 27 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 | Kotak Liquid Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹66,295 Cr (30-09-2026) | ₹42,047 Cr (30-09-2026) |
| NAV | ₹5,618.35 (Direct) | ₹5,780.47 (Direct) |
| Expense ratio (Direct) | 0.20% | 0.15% |
| Expense ratio (Regular) | 0.30% | 0.33% |
| Riskometer | Low to Moderate | Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | NIFTY Liquid Index A-I |
| Launch date | 17-10-2000 | 04-11-2003 |
| Minimum investment | Growth Option- Rs.100 Weekly and Monthly IDCW Option - Rs. 5000 Daily IDCW Option- Rs. 10,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Rohan Pillai, Swapnil Jangam, Gopal Agrawal | Deepak Agrawal, Sunil Pandey |
| 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. | NIL |
HDFC Liquid vs Kotak 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% |
| Kotak Liquid Fund (Direct) | +0.44% | +1.49% | +3.18% | +6.44% | +6.90% | +6.40% | +6.07% |
| 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 Kotak Liquid: Year-wise Returns
| Year | HDFCHDFC Liquid | KotakKotak Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.38% |
| 2025 | +6.59% | +6.61% |
| 2024 | +7.40% | +7.42% |
| 2023 | +7.06% | +7.08% |
| 2022 | +4.87% | +4.87% |
| 2021 | +3.32% | +3.35% |
HDFC Liquid vs Kotak Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,705 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.
HDFC Liquid Fund (Direct)
Kotak 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Liquid | 0.0 | 21.3 | 78.7 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.8% | 4.0% | 9.0% |
| Kotak Liquid | 0.0 | 19.4 | 80.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.9% | 4.0% | 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.
HDFC Liquid vs Kotak 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 |
|---|---|---|---|---|
| HDFC LiquidHDFC Liquid Fund (Direct) | ₹16,60,000 | ₹26,11,876 | ₹9,51,876 | 6.3% |
| Kotak LiquidKotak Liquid Fund (Direct) | ₹16,60,000 | ₹26,13,453 | ₹9,53,453 | 6.3% |
HDFC LiquidHDFC Liquid Fund (Direct)
Kotak LiquidKotak 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.
HDFC Liquid vs Kotak 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) | Kotak Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.45% | +6.44% |
| Standard deviation | 0.20% | 0.20% |
| Sharpe ratio | 6.01 | 6.03 |
| Sortino ratio | 18.44 | 16.71 |
| 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) | Kotak Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.90% |
| Standard deviation | 0.15% | 0.18% |
| Sharpe ratio | 5.57 | 4.90 |
| Sortino ratio | 17.07 | 15.07 |
| 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) | Kotak Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.39% | +6.40% |
| Standard deviation | 0.14% | 0.18% |
| Sharpe ratio | 4.09 | 3.42 |
| Sortino ratio | 9.12 | 8.14 |
| 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) | Kotak Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.79% | +6.79% |
| Standard deviation | 0.22% | 0.24% |
| Sharpe ratio | 3.31 | 3.07 |
| Sortino ratio | 7.19 | 5.96 |
| 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)
Kotak Liquid Fund (Direct)
| 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% |
| Kotak Liquid Fund (Direct) | −0.3% | 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.
HDFC Liquid Fund (Direct)
Kotak 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.
HDFC Liquid Fund (Direct)
Kotak 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.
HDFC Liquid Fund (Direct)
Kotak Liquid Fund (Direct)
HDFC Liquid vs Kotak Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Liquid Fund, September 2026; Kotak Liquid Fund, September 2026
Holdings in common
- Overlap
- 18.5%
- Held by both
- 27
- Only in HDFC Liquid
- 113
- Only in Kotak Liquid
- 108
| Security | % of HDFC Liquid | % of Kotak Liquid |
|---|---|---|
| 91 Days TBILL MAT 031226 | 3.73% | 2.95% |
| 91 Days TBILL MAT 241226 | 2.23% | 1.64% |
| 91 Days TBill Mat 221026 | 1.50% | 2.37% |
| Union Bank of India | 3.75% | 1.18% |
| NTPC Limited | 1.49% | 1.18% |
| Bank of India | 2.23% | 1.17% |
| Export - Import Bank of India | 2.24% | 1.06% |
| 182 Days TBILL MAT 171226 | 0.95% | 1.18% |
| Canara Bank | 0.75% | 1.18% |
| Reliance Retail ventures Ltd. | 0.75% | 2.35% |
| National Bank for Agri & Rural Dev. | 1.87% | 0.59% |
| Reliance Industries Ltd. | 1.49% | 0.59% |
| Bank of Baroda | 1.35% | 0.59% |
| National Bank for Agri & Rural Dev. | 0.48% | 0.59% |
| Reliance Retail ventures Ltd. | 2.98% | 0.47% |
| REC Limited. | 0.98% | 0.47% |
| SBICap Securities Limited | 0.45% | 0.47% |
| 91 Days TBILL MAT 081026 | 0.30% | 2.38% |
| SBICap Securities Limited | 0.30% | 0.47% |
| ICICI Securities Ltd | 0.30% | 1.17% |
| Corporate Debt Market Development Fund | 0.30% | 0.27% |
| 91 Days TBill Mat 151026 | 2.41% | 0.20% |
| DSP Finance Private Limited | 0.37% | 0.12% |
| Axis Bank Ltd. | 0.07% | 0.59% |
| REC Limited. | 1.03% | 0.06% |
| Bajaj Finance Ltd. | 0.28% | 0.04% |
| Indian Bank | 0.04% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.5% means 18.5% 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 |
|---|---|
| 91 Days TBILL MAT 171226 | 4.25% |
| Union Bank of India | 2.99% |
| Small Industries Development Bank | 2.69% |
| Union Bank of India | 2.26% |
| The Federal Bank Ltd. | 2.25% |
Largest holdings only in Kotak Liquid Fund
| Security | % of fund |
|---|---|
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 4.13% |
| 91 DAYS TREASURY BILL 12/11/2026 | 3.55% |
| 91 DAYS TREASURY BILL 27/11/2026 | 3.43% |
| Reliance Retail Ventures Ltd | 2.96% |
| HDFC BANK LTD. | 2.36% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Liquid | Kotak Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 106.5% | 111.1% |
| Cash and others | -6.5% | -11.1% |
HDFC Liquid vs Kotak Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Liquid Fund | Kotak Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.20% | 0.15% |
| Base expense ratio (Direct) | 0.17% | 0.13% |
| Total expense ratio (Regular) | 0.30% | 0.33% |
| Base expense ratio (Regular) | 0.25% | 0.28% |
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 Kotak Liquid Fund: Frequently Asked Questions
What is the difference between HDFC Liquid Fund and Kotak Liquid Fund?
Both are Liquid funds, run by HDFC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 18.5%. HDFC Liquid Fund charges 0.20% a year and Kotak Liquid Fund 0.15%.
Which has given higher returns, HDFC Liquid Fund or Kotak Liquid Fund?
Over 1 year: HDFC Liquid Fund +6.45%, Kotak Liquid Fund +6.44%. Over 3 years: HDFC Liquid Fund +6.88% a year, Kotak Liquid Fund +6.90% a year. Over 5 years: HDFC Liquid Fund +6.39% a year, Kotak Liquid Fund +6.40% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Liquid Fund or Kotak Liquid Fund?
Kotak Liquid Fund charges less: 0.15% a year against 0.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Liquid Fund and Kotak Liquid Fund overlap?
18.5%. They hold 27 of the same securities, the largest shared ones being 91 Days TBILL MAT 031226, 91 Days TBILL MAT 241226, 91 Days TBill Mat 221026. From each fund's latest monthly portfolio.
Which is riskier, HDFC Liquid Fund or Kotak Liquid Fund?
On SEBI's riskometer, HDFC Liquid Fund is rated Low to Moderate and Kotak Liquid Fund Moderate. Over 3 years, the standard deviation of daily returns was 0.15% and 0.18% a year.
Which is better for SIP, HDFC Liquid Fund or Kotak 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 ₹7,24,562 in Kotak Liquid Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Liquid Fund and Kotak Liquid Fund?
Yes. 18.5% 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 Kotak Liquid Fund?
HDFC Liquid Fund: Rohan Pillai, Swapnil Jangam, Gopal Agrawal. Kotak Liquid Fund: Deepak Agrawal, Sunil Pandey.
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.