HDFC Liquid Fund vs UTI - Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Liquid Fund and UTI - Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, HDFC Liquid Fund (Direct) returned 6.9% a year and UTI - Liquid Fund (Direct) returned 6.9% a year. HDFC Liquid Fund charges 0.20% a year and UTI - Liquid Fund 0.15% (Direct plans). Their portfolios overlap 11.8%: they hold 21 of the same securities.
Which is better, HDFC Liquid or UTI - Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- UTI - Liquid returned more over 5 years: 6.4% a year against 6.4%.
- UTI - Liquid returned more over 3 years: 6.9% a year against 6.9%.
- UTI - Liquid costs less: 0.15% a year against 0.20% (Direct plans).
- UTI - 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 −0.3%.
- HDFC Liquid is the larger fund: ₹66,295 Cr against ₹27,453 Cr.
- Their portfolios overlap 11.8%: 21 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 | UTI - Liquid Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | UTI Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹66,295 Cr (30-09-2026) | ₹27,453 Cr (30-09-2026) |
| NAV | ₹5,618.35 (Direct) | ₹469.25 (Direct) |
| Expense ratio (Direct) | 0.20% | 0.15% |
| Expense ratio (Regular) | 0.30% | 0.25% |
| Riskometer | Low to Moderate | Moderate |
| Benchmark | CRISIL Liquid Debt A-I Index | NIFTY Liquid Index A-I |
| Launch date | 17-10-2000 | 23-06-2003 |
| Minimum investment | Growth Option- Rs.100 Weekly and Monthly IDCW Option - Rs. 5000 Daily IDCW Option- Rs. 10,000 | Regular Plan-Quarterly Reinvestment of IDCW- Rs.20000, Regular Plan-Quarterly Payout of IDCW- Rs.20000, Regular Plan-Reinvestment of IDCW- Rs.20000, Regular Plan-Payout of IDCW- Rs.20000, Regular Plan-Weekly Reinvestment of IDCW- Rs.20000, Regular Plan-Mo |
| Lock in | None | None |
| Fund managers | Rohan Pillai, Swapnil Jangam, Gopal Agrawal | Amit Sharma FM 1, Not Applicable FM 2, Not Applicable FM 3 |
| 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 UTI - 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% |
| UTI - Liquid Fund (Direct) | +0.46% | +1.52% | +3.20% | +6.50% | +6.92% | +6.43% | +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 UTI - Liquid: Year-wise Returns
| Year | HDFCHDFC Liquid | UTI -UTI - Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.43% |
| 2025 | +6.59% | +6.62% |
| 2024 | +7.40% | +7.43% |
| 2023 | +7.06% | +7.12% |
| 2022 | +4.87% | +4.93% |
| 2021 | +3.32% | +3.38% |
HDFC Liquid vs UTI - 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)
UTI - 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% |
| UTI - Liquid | 0.0 | 19.2 | 80.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 7.0% | 4.1% | 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 UTI - 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% |
| UTI - LiquidUTI - Liquid Fund (Direct) | ₹16,60,000 | ₹26,22,165 | ₹9,62,165 | 6.3% |
HDFC LiquidHDFC Liquid Fund (Direct)
UTI - LiquidUTI - 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 UTI - 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) | UTI - Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.45% | +6.50% |
| Standard deviation | 0.20% | 0.19% |
| Sharpe ratio | 6.01 | 6.55 |
| Sortino ratio | 18.44 | 20.68 |
| Maximum drawdown | −0.0% (07-07-2026) | −0.0% (23-03-2026) |
| 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) | UTI - Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.92% |
| Standard deviation | 0.15% | 0.15% |
| Sharpe ratio | 5.57 | 6.13 |
| Sortino ratio | 17.07 | 19.02 |
| Maximum drawdown | −0.0% (07-07-2026) | −0.0% (23-03-2026) |
| 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) | UTI - Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.39% | +6.43% |
| Standard deviation | 0.14% | 0.14% |
| Sharpe ratio | 4.09 | 4.54 |
| Sortino ratio | 9.12 | 10.30 |
| 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) | UTI - Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.79% | +6.82% |
| Standard deviation | 0.22% | 0.18% |
| Sharpe ratio | 3.31 | 4.31 |
| Sortino ratio | 7.19 | 7.41 |
| 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)
UTI - 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% |
| UTI - 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)
UTI - 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)
UTI - 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)
UTI - Liquid Fund (Direct)
HDFC Liquid vs UTI - Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Liquid Fund, September 2026; UTI - Liquid Fund, September 2026
Holdings in common
- Overlap
- 11.8%
- Held by both
- 21
- Only in HDFC Liquid
- 119
- Only in UTI - Liquid
- 85
| Security | % of HDFC Liquid | % of UTI - Liquid |
|---|---|---|
| 91 Days TBILL MAT 031226 | 3.73% | 1.99% |
| 91 Days TBILL MAT 241226 | 2.23% | 1.80% |
| National Bank for Agri & Rural Dev. | 0.75% | 1.72% |
| Canara Bank | 0.75% | 0.90% |
| Export - Import Bank of India | 2.24% | 0.72% |
| Reliance Retail ventures Ltd. | 0.74% | 0.72% |
| Power Finance Corporation Ltd. | 0.67% | 0.72% |
| Bank of India | 0.60% | 1.44% |
| National Bank for Agri & Rural Dev. | 0.48% | 0.90% |
| 91 Days TBILL MAT 101226 | 0.40% | 0.90% |
| NTPC Limited | 0.38% | 1.64% |
| Hindustan Petroleum Corp. Ltd. | 0.37% | 0.90% |
| Union Bank of India | 3.75% | 0.36% |
| Export - Import Bank of India | 0.45% | 0.36% |
| Kotak Securities Ltd. | 0.30% | 0.72% |
| Small Industries Development Bank | 0.30% | 0.54% |
| Corporate Debt Market Development Fund | 0.30% | 0.29% |
| Bajaj Finance Ltd. | 0.28% | 0.90% |
| LIC Housing Finance Ltd. | 0.11% | 0.33% |
| Axis Bank Ltd. | 0.07% | 0.18% |
| Small Industries Development Bank | 0.07% | 0.18% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 11.8% means 11.8% 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% |
| Reliance Retail ventures Ltd. | 2.98% |
| Small Industries Development Bank | 2.69% |
| 91 Days TBill Mat 151026 | 2.41% |
Largest holdings only in UTI - Liquid Fund
| Security | % of fund |
|---|---|
| 91 DAYS T-BILL - 19/11/2026 | 4.52% |
| CD - UCO BANK - 04/11/2026 | 3.44% |
| CP NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT | 2.71% |
| CP SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA | 2.52% |
| CD - HDFC BANK - 04/12/2026 | 2.34% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Liquid | UTI - Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 106.5% | 95.3% |
| Cash and others | -6.5% | 4.7% |
HDFC Liquid vs UTI - Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Liquid Fund | UTI - Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.20% | 0.15% |
| Base expense ratio (Direct) | 0.17% | 0.13% |
| Total expense ratio (Regular) | 0.30% | 0.25% |
| Base expense ratio (Regular) | 0.25% | 0.21% |
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 UTI - Liquid Fund: Frequently Asked Questions
What is the difference between HDFC Liquid Fund and UTI - Liquid Fund?
Both are Liquid funds, run by HDFC Mutual Fund and UTI Mutual Fund. Their portfolios overlap 11.8%. HDFC Liquid Fund charges 0.20% a year and UTI - Liquid Fund 0.15%.
Which has given higher returns, HDFC Liquid Fund or UTI - Liquid Fund?
Over 1 year: HDFC Liquid Fund +6.45%, UTI - Liquid Fund +6.50%. Over 3 years: HDFC Liquid Fund +6.88% a year, UTI - Liquid Fund +6.92% a year. Over 5 years: HDFC Liquid Fund +6.39% a year, UTI - 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 UTI - Liquid Fund?
UTI - 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 UTI - Liquid Fund overlap?
11.8%. They hold 21 of the same securities, the largest shared ones being 91 Days TBILL MAT 031226, 91 Days TBILL MAT 241226, National Bank for Agri & Rural Dev.. From each fund's latest monthly portfolio.
Which is riskier, HDFC Liquid Fund or UTI - Liquid Fund?
On SEBI's riskometer, HDFC Liquid Fund is rated Low to Moderate and UTI - Liquid Fund 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 UTI - 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 ₹7,25,158 in UTI - 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 UTI - Liquid Fund?
Yes. 11.8% 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 UTI - Liquid Fund?
HDFC Liquid Fund: Rohan Pillai, Swapnil Jangam, Gopal Agrawal. UTI - Liquid Fund: Amit Sharma FM 1, Not Applicable FM 2, Not Applicable FM 3.
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.