HSBC Liquid Fund vs ICICI Prudential Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Liquid Fund and ICICI Prudential Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, HSBC Liquid Fund (Direct) returned 6.9% a year and ICICI Prudential Liquid Fund (Direct) returned 6.9% a year. HSBC Liquid Fund charges 0.13% a year and ICICI Prudential Liquid Fund 0.20% (Direct plans). Their portfolios overlap 19.4%: they hold 21 of the same securities.
ICICI Prudential Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.20%
- NAV
- ₹423.38
Which is better, HSBC Liquid or ICICI Prudential 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).
- ICICI Prudential Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.1%.
- ICICI Prudential Liquid fell less in its worst fall since 01-01-2013: −0.2% against −0.3%.
- ICICI Prudential Liquid is the larger fund: ₹55,340 Cr against ₹23,038 Cr.
- Their portfolios overlap 19.4%: 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 | HSBC Liquid Fund | ICICI Prudential Liquid Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹23,038 Cr (30-09-2026) | ₹55,340 Cr (30-09-2026) |
| NAV | ₹2,850.76 (Direct) | ₹423.38 (Direct) |
| Expense ratio (Direct) | 0.13% | 0.20% |
| Expense ratio (Regular) | 0.22% | 0.30% |
| Riskometer | Low to Moderate | Not available |
| Benchmark | NIFTY Liquid Index A-I | CRISIL Liquid Debt A-I Index |
| Launch date | 04-12-2002 | 17-11-2005 |
| Minimum investment | For Growth Option : Rs. 5000; For Daily & Weekly IDCW Payout & Reinvestment Plan: Rs. 100000 | ₹99 |
| Lock in | None | None |
| Fund managers | Abhishek Iyer, Rahul Totla | Rohan Maru, Darshil Dedhia, Nikhil Kabra |
| 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. |
HSBC Liquid vs ICICI Prudential 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 |
|---|---|---|---|---|---|---|---|
| HSBC Liquid Fund (Direct) | +0.45% | +1.50% | +3.18% | +6.43% | +6.90% | +6.43% | +6.11% |
| ICICI Prudential Liquid Fund (Direct) | +0.45% | +1.50% | +3.17% | +6.43% | +6.89% | +6.39% | +6.10% |
| 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.
HSBC Liquid vs ICICI Prudential Liquid: Year-wise Returns
| Year | HSBCHSBC Liquid | ICICI PrudentialICICI Prudential Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.37% |
| 2025 | +6.60% | +6.58% |
| 2024 | +7.45% | +7.45% |
| 2023 | +7.14% | +7.08% |
| 2022 | +4.92% | +4.85% |
| 2021 | +3.35% | +3.35% |
HSBC Liquid vs ICICI Prudential Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,471 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.
HSBC Liquid Fund (Regular)
ICICI Prudential 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Liquid | 0.0 | 28.5 | 71.5 | 0.0 | 0.0 | 0.0 | 0.0 | 5.8% | 6.2% | 3.1% | 7.9% |
| ICICI Prudential Liquid | 0.0 | 19.7 | 80.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.9% | 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 01-01-2013. Past returns do not promise future returns.
HSBC Liquid vs ICICI Prudential 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 |
|---|---|---|---|---|
| HSBC LiquidHSBC Liquid Fund (Regular) | ₹16,60,000 | ₹25,09,178 | ₹8,49,178 | 5.7% |
| ICICI Prudential LiquidICICI Prudential Liquid Fund (Direct) | ₹16,60,000 | ₹26,19,260 | ₹9,59,260 | 6.3% |
HSBC LiquidHSBC Liquid Fund (Regular)
ICICI Prudential LiquidICICI Prudential 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.
HSBC Liquid vs ICICI Prudential Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Liquid Fund (Direct) | ICICI Prudential Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.33% | +6.43% |
| Standard deviation | 0.20% | 0.19% |
| Sharpe ratio | 5.58 | 6.31 |
| Sortino ratio | 15.19 | 18.99 |
| Maximum drawdown | −0.0% (22-10-2026) | −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 | HSBC Liquid Fund (Direct) | ICICI Prudential Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.80% | +6.89% |
| Standard deviation | 0.15% | 0.15% |
| Sharpe ratio | 5.24 | 5.99 |
| Sortino ratio | 14.28 | 17.99 |
| Maximum drawdown | −0.0% (22-10-2026) | −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 | HSBC Liquid Fund (Direct) | ICICI Prudential Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.15% | +6.39% |
| Standard deviation | 0.16% | 0.14% |
| Sharpe ratio | 2.21 | 4.26 |
| Sortino ratio | 4.43 | 9.24 |
| Maximum drawdown | −0.0% (05-05-2022) | −0.0% (05-05-2022) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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 | HSBC Liquid Fund (Direct) | ICICI Prudential Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.08% | +6.83% |
| Standard deviation | 0.21% | 0.21% |
| Sharpe ratio | 0.16 | 3.67 |
| Sortino ratio | 0.27 | 7.97 |
| Maximum drawdown | −0.3% (24-03-2020) | −0.2% (16-07-2013) |
| 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.
HSBC Liquid Fund (Regular)
ICICI Prudential Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Liquid Fund (Regular) | −0.3% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| ICICI Prudential Liquid Fund (Direct) | −0.2% | 15-07-2013 | 16-07-2013 | 22-07-2013 | 6 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.
HSBC Liquid Fund (Regular)
ICICI Prudential 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.
HSBC Liquid Fund (Regular)
ICICI Prudential 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.
HSBC Liquid Fund (Regular)
ICICI Prudential Liquid Fund (Direct)
HSBC Liquid vs ICICI Prudential Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Liquid Fund, September 2026; ICICI Prudential Liquid Fund, September 2026
Holdings in common
- Overlap
- 19.4%
- Held by both
- 21
- Only in HSBC Liquid
- 84
- Only in ICICI Prudential Liquid
- 119
| Security | % of HSBC Liquid | % of ICICI Prudential Liquid |
|---|---|---|
| 91 Days Treasury Bill 27-Nov-2026 | 4.30% | 4.14% |
| HDFC Bank Limited | 3.43% | 2.68% |
| HDFC Bank Limited | 1.30% | 1.80% |
| SIDBI | 1.28% | 1.34% |
| 182 Days Treasury Bill 27-Nov-2026 | 2.15% | 1.16% |
| Hindustan Petroleum Corporation Limited | 1.08% | 0.90% |
| Bharat Petroleum Corporation Limited | 1.62% | 0.90% |
| Reliance Retail Ventures Ltd | 1.29% | 0.89% |
| 91 Days Treasury Bill 22-Oct-2026 | 0.87% | 2.41% |
| 91 Days Treasury Bill 12-Nov-2026 | 0.86% | 1.32% |
| EXIM Bank | 0.86% | 1.35% |
| SIDBI | 0.86% | 2.25% |
| Canara Bank | 1.29% | 0.81% |
| Kotak Securities Ltd. | 0.65% | 0.90% |
| HDFC Securities Limited | 0.64% | 0.54% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.24% | 0.28% |
| Bank of Baroda | 1.29% | 0.18% |
| Bank of Baroda | 0.43% | 0.13% |
| Bank of Baroda | 1.08% | 0.11% |
| Axis Bank Limited | 0.32% | 0.04% |
| SIDBI | 2.25% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.4% means 19.4% 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 HSBC Liquid Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bill 29-Oct-2026 | 4.00% |
| NTPC Limited | 3.90% |
| 91 Days Treasury Bill 24-Dec-2026 | 2.79% |
| 91 Days Treasury Bill 03-Dec-2026 | 2.54% |
| Power Finance Corporation Limited | 2.19% |
Largest holdings only in ICICI Prudential Liquid Fund
| Security | % of fund |
|---|---|
| 91 Days Treasury Bills | 6.77% |
| NABARD | 3.57% |
| Reliance Retail Ventures Ltd | 2.15% |
| Union Bank Of India | 2.03% |
| HDFC Bank Ltd. | 1.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Liquid | ICICI Prudential Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 108.6% | 106.5% |
| Cash and others | -8.6% | -6.5% |
HSBC Liquid vs ICICI Prudential Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Liquid Fund | ICICI Prudential Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.13% | 0.20% |
| Base expense ratio (Direct) | 0.11% | 0.17% |
| Total expense ratio (Regular) | 0.22% | 0.30% |
| Base expense ratio (Regular) | 0.19% | 0.25% |
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 HSBC Liquid with
HSBC Liquid Fund vs ICICI Prudential Liquid Fund: Frequently Asked Questions
What is the difference between HSBC Liquid Fund and ICICI Prudential Liquid Fund?
Both are Liquid funds, run by HSBC Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 19.4%. HSBC Liquid Fund charges 0.13% a year and ICICI Prudential Liquid Fund 0.20%.
Which has given higher returns, HSBC Liquid Fund or ICICI Prudential Liquid Fund?
Over 1 year: HSBC Liquid Fund +6.43%, ICICI Prudential Liquid Fund +6.43%. Over 3 years: HSBC Liquid Fund +6.90% a year, ICICI Prudential Liquid Fund +6.89% a year. Over 5 years: HSBC Liquid Fund +6.43% a year, ICICI Prudential Liquid Fund +6.39% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Liquid Fund or ICICI Prudential 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 HSBC Liquid Fund and ICICI Prudential Liquid Fund overlap?
19.4%. They hold 21 of the same securities, the largest shared ones being 91 Days Treasury Bill 27-Nov-2026, HDFC Bank Limited, HDFC Bank Limited. From each fund's latest monthly portfolio.
Which is better for SIP, HSBC Liquid Fund or ICICI Prudential Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,22,059 in HSBC Liquid Fund (XIRR 6.6% a year) and ₹7,24,436 in ICICI Prudential Liquid Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Liquid Fund and ICICI Prudential Liquid Fund?
Yes. 19.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Liquid Fund and ICICI Prudential Liquid Fund?
HSBC Liquid Fund: Abhishek Iyer, Rahul Totla. ICICI Prudential Liquid Fund: Rohan Maru, Darshil Dedhia, Nikhil Kabra.
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.