HDFC Liquid Fund vs Tata Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Liquid Fund and Tata Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, HDFC Liquid Fund (Direct) returned 6.9% a year and Tata Liquid Fund (Direct) returned 6.9% a year. HDFC Liquid Fund charges 0.20% a year and Tata Liquid Fund 0.18% (Direct plans). Their portfolios overlap 16.2%: they hold 15 of the same securities.
Which is better, HDFC Liquid or Tata Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Liquid returned more over 5 years: 6.4% a year against 6.4%.
- Tata Liquid returned more over 3 years: 6.9% a year against 6.9%.
- Tata Liquid costs less: 0.18% a year against 0.20% (Direct plans).
- Tata 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 02-01-2013: −0.2% against −0.2%.
- HDFC Liquid is the larger fund: ₹66,295 Cr against ₹28,037 Cr.
- Their portfolios overlap 16.2%: 15 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 | Tata Liquid Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Tata Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹66,295 Cr (30-09-2026) | ₹28,037 Cr (30-09-2026) |
| NAV | ₹5,618.35 (Direct) | ₹4,517.01 (Direct) |
| Expense ratio (Direct) | 0.20% | 0.18% |
| Expense ratio (Regular) | 0.30% | 0.32% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | CRISIL Liquid Debt A-I Index |
| Launch date | 17-10-2000 | 22-12-2003 |
| Minimum investment | Growth Option- Rs.100 Weekly and Monthly IDCW Option - Rs. 5000 Daily IDCW Option- Rs. 10,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Rohan Pillai, Swapnil Jangam, Gopal Agrawal | Amit Somani, Dhawal Joshi |
| 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 Tata 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% |
| Tata Liquid Fund (Direct) | +0.45% | +1.51% | +3.18% | +6.46% | +6.92% | +6.42% | +6.12% |
| 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 Tata Liquid: Year-wise Returns
| Year | HDFCHDFC Liquid | TataTata Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.39% |
| 2025 | +6.59% | +6.65% |
| 2024 | +7.40% | +7.44% |
| 2023 | +7.06% | +7.09% |
| 2022 | +4.87% | +4.88% |
| 2021 | +3.32% | +3.35% |
HDFC Liquid vs Tata Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,704 of them, one for each trading day from 03-01-2016 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)
Tata 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% |
| Tata Liquid | 0.0 | 19.2 | 80.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 7.0% | 4.1% | 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 02-01-2013. Past returns do not promise future returns.
HDFC Liquid vs Tata 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% |
| Tata LiquidTata Liquid Fund (Direct) | ₹16,60,000 | ₹26,23,625 | ₹9,63,625 | 6.3% |
HDFC LiquidHDFC Liquid Fund (Direct)
Tata LiquidTata 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 Tata 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) | Tata Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.45% | +6.46% |
| Standard deviation | 0.20% | 0.18% |
| Sharpe ratio | 6.01 | 6.89 |
| Sortino ratio | 18.44 | 19.36 |
| Maximum drawdown | −0.0% (07-07-2026) | −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 | HDFC Liquid Fund (Direct) | Tata Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.92% |
| Standard deviation | 0.15% | 0.14% |
| Sharpe ratio | 5.57 | 6.40 |
| Sortino ratio | 17.07 | 18.58 |
| Maximum drawdown | −0.0% (07-07-2026) | −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 | HDFC Liquid Fund (Direct) | Tata Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.39% | +6.42% |
| Standard deviation | 0.14% | 0.13% |
| Sharpe ratio | 4.09 | 4.58 |
| Sortino ratio | 9.12 | 9.64 |
| Maximum drawdown | −0.0% (05-05-2022) | −0.1% (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) | Tata Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.79% | +6.86% |
| Standard deviation | 0.22% | 0.21% |
| Sharpe ratio | 3.31 | 3.85 |
| Sortino ratio | 7.19 | 7.74 |
| Maximum drawdown | −0.2% (24-03-2020) | −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.
HDFC Liquid Fund (Direct)
Tata 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% |
| Tata Liquid Fund (Direct) | −0.2% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
From daily values since 02-01-2013, 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)
Tata 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)
Tata 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)
Tata Liquid Fund (Direct)
HDFC Liquid vs Tata Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Liquid Fund, September 2026; Tata Liquid Fund, September 2026
Holdings in common
- Overlap
- 16.2%
- Held by both
- 15
- Only in HDFC Liquid
- 125
- Only in Tata Liquid
- 59
| Security | % of HDFC Liquid | % of Tata Liquid |
|---|---|---|
| 91 Days TBILL MAT 171226 | 4.25% | 2.64% |
| 91 Days TBILL MAT 031226 | 3.73% | 2.39% |
| National Bank for Agri & Rural Dev. | 1.87% | 1.77% |
| Small Industries Development Bank | 1.64% | 2.64% |
| Yes Bank Ltd. | 1.50% | 2.65% |
| Small Industries Development Bank | 1.50% | 1.78% |
| Reliance Industries Ltd. | 1.49% | 2.73% |
| Export - Import Bank of India | 2.24% | 1.06% |
| National Bank for Agri & Rural Dev. | 0.48% | 2.38% |
| Export - Import Bank of India | 0.45% | 1.76% |
| 91 Days TBILL MAT 101226 | 0.40% | 2.91% |
| 91 Days TBILL MAT 291026 | 0.30% | 1.08% |
| Sikka Port and Terminal Ltd. | 0.30% | 1.06% |
| Corporate Debt Market Development Fund | 0.30% | 0.25% |
| Infina Finance Pvt. Ltd. | 0.07% | 0.35% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.2% means 16.2% 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 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 Tata Liquid Fund
| Security | % of fund |
|---|---|
| ** TREASURY BILL 91 DAYS (19/11/2026) | 3.75% |
| ** - BANK OF BARODA - CD - 27/10/2026 | 3.46% |
| ** - CENTRAL BANK OF INDIA - CD - 06/11/2026 | 3.37% |
| ** - HDFC BANK LTD - CD - 02/11/2026 | 2.75% |
| ** - HDFC SECURITIES LTD - CP - 19/11/2026 | 2.65% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Liquid | Tata Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 106.5% | 101.4% |
| Cash and others | -6.5% | -1.4% |
HDFC Liquid vs Tata Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Liquid Fund | Tata Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.20% | 0.18% |
| Base expense ratio (Direct) | 0.17% | 0.15% |
| Total expense ratio (Regular) | 0.30% | 0.32% |
| Base expense ratio (Regular) | 0.25% | 0.29% |
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 Tata Liquid Fund: Frequently Asked Questions
What is the difference between HDFC Liquid Fund and Tata Liquid Fund?
Both are Liquid funds, run by HDFC Mutual Fund and Tata Mutual Fund. Their portfolios overlap 16.2%. HDFC Liquid Fund charges 0.20% a year and Tata Liquid Fund 0.18%.
Which has given higher returns, HDFC Liquid Fund or Tata Liquid Fund?
Over 1 year: HDFC Liquid Fund +6.45%, Tata Liquid Fund +6.46%. Over 3 years: HDFC Liquid Fund +6.88% a year, Tata Liquid Fund +6.92% a year. Over 5 years: HDFC Liquid Fund +6.39% a year, Tata Liquid Fund +6.42% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Liquid Fund or Tata Liquid Fund?
Tata Liquid Fund charges less: 0.18% a year against 0.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Liquid Fund and Tata Liquid Fund overlap?
16.2%. They hold 15 of the same securities, the largest shared ones being 91 Days TBILL MAT 171226, 91 Days TBILL MAT 031226, National Bank for Agri & Rural Dev.. From each fund's latest monthly portfolio.
Which is riskier, HDFC Liquid Fund or Tata Liquid Fund?
On SEBI's riskometer, HDFC Liquid Fund is rated Low to Moderate and Tata Liquid Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.15% and 0.14% a year.
Which is better for SIP, HDFC Liquid Fund or Tata 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 ₹7,24,961 in Tata 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 Tata Liquid Fund?
Yes. 16.2% 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 Tata Liquid Fund?
HDFC Liquid Fund: Rohan Pillai, Swapnil Jangam, Gopal Agrawal. Tata Liquid Fund: Amit Somani, Dhawal Joshi.
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.