HSBC Liquid Fund vs Invesco India Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Liquid Fund and Invesco India Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, HSBC Liquid Fund (Direct) returned 6.9% a year and Invesco India Liquid Fund (Direct) returned 6.9% a year. HSBC Liquid Fund charges 0.13% a year and Invesco India Liquid Fund 0.15% (Direct plans). Their portfolios overlap 21.9%: they hold 29 of the same securities.
Invesco India Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.15%
- NAV
- ₹3,927.44
Which is better, HSBC Liquid or Invesco India 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%.
- Invesco India Liquid returned more over 3 years: 6.9% a year against 6.9%.
- HSBC Liquid costs less: 0.13% a year against 0.15% (Direct plans).
- Invesco India Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.1%.
- Invesco India Liquid fell less in its worst fall since 01-01-2013: −0.2% against −0.3%.
- HSBC Liquid is the larger fund: ₹23,038 Cr against ₹22,395 Cr.
- Their portfolios overlap 21.9%: 29 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 | Invesco India Liquid Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Invesco Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹23,038 Cr (30-09-2026) | ₹22,395 Cr (30-09-2026) |
| NAV | ₹2,850.76 (Direct) | ₹3,927.44 (Direct) |
| Expense ratio (Direct) | 0.13% | 0.15% |
| Expense ratio (Regular) | 0.22% | 0.22% |
| Riskometer | Low to Moderate | Low to Moderate |
| Benchmark | NIFTY Liquid Index A-I | NIFTY Liquid Index A-I |
| Launch date | 04-12-2002 | 17-11-2006 |
| Minimum investment | For Growth Option : Rs. 5000; For Daily & Weekly IDCW Payout & Reinvestment Plan: Rs. 100000 | Not available |
| Lock in | None | None |
| Fund managers | Abhishek Iyer, Rahul Totla | Krishna Cheemalapati, Kunal Jain |
| 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 Invesco India 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% |
| Invesco India Liquid Fund (Direct) | +0.45% | +1.52% | +3.19% | +6.46% | +6.90% | +6.40% | +6.08% |
| 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 Invesco India Liquid: Year-wise Returns
| Year | HSBCHSBC Liquid | Invesco IndiaInvesco India Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.40% |
| 2025 | +6.60% | +6.58% |
| 2024 | +7.45% | +7.44% |
| 2023 | +7.14% | +7.06% |
| 2022 | +4.92% | +4.90% |
| 2021 | +3.35% | +3.33% |
HSBC Liquid vs Invesco India 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)
Invesco India 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% |
| Invesco India Liquid | 0.0 | 20.7 | 79.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.9% | 4.0% | 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 Invesco India 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% |
| Invesco India LiquidInvesco India Liquid Fund (Direct) | ₹16,60,000 | ₹26,15,656 | ₹9,55,656 | 6.3% |
HSBC LiquidHSBC Liquid Fund (Regular)
Invesco India LiquidInvesco India 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 Invesco India 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) | Invesco India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.33% | +6.46% |
| Standard deviation | 0.20% | 0.19% |
| Sharpe ratio | 5.58 | 6.30 |
| Sortino ratio | 15.19 | 18.08 |
| 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) | Invesco India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.80% | +6.90% |
| Standard deviation | 0.15% | 0.14% |
| Sharpe ratio | 5.24 | 6.03 |
| Sortino ratio | 14.28 | 17.41 |
| 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) | Invesco India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.15% | +6.40% |
| Standard deviation | 0.16% | 0.13% |
| Sharpe ratio | 2.21 | 4.48 |
| Sortino ratio | 4.43 | 9.84 |
| 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) | Invesco India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.08% | +6.81% |
| Standard deviation | 0.21% | 0.22% |
| Sharpe ratio | 0.16 | 3.52 |
| Sortino ratio | 0.27 | 6.83 |
| 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)
Invesco India 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% |
| Invesco India Liquid Fund (Direct) | −0.2% | 15-07-2013 | 16-07-2013 | 23-07-2013 | 7 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)
Invesco India 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)
Invesco India 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)
Invesco India Liquid Fund (Direct)
HSBC Liquid vs Invesco India Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Liquid Fund, September 2026; Invesco India Liquid Fund, September 2026
Holdings in common
- Overlap
- 21.9%
- Held by both
- 29
- Only in HSBC Liquid
- 76
- Only in Invesco India Liquid
- 79
| Security | % of HSBC Liquid | % of Invesco India Liquid |
|---|---|---|
| Bank of Baroda | 2.16% | 2.22% |
| Bank of India | 2.15% | 2.21% |
| SIDBI | 2.14% | 4.41% |
| Bank of Baroda | 1.29% | 2.55% |
| NABARD | 1.29% | 1.33% |
| Canara Bank | 1.29% | 2.21% |
| NTPC Limited | 3.90% | 0.89% |
| Reliance Retail Ventures Ltd | 1.29% | 0.88% |
| SBI Cap Securities Ltd. | 0.86% | 0.88% |
| Bajaj Finance Limited | 0.86% | 1.11% |
| Canara Bank | 0.86% | 2.21% |
| EXIM Bank | 0.86% | 0.67% |
| Kotak Securities Ltd. | 0.64% | 1.10% |
| Motilal Oswal Financial Services Limited | 0.64% | 1.10% |
| HDFC Bank Limited | 0.86% | 0.55% |
| HDFC Bank Limited | 0.75% | 0.55% |
| Union Bank of India | 0.64% | 0.55% |
| Power Finance Corporation Limited | 1.29% | 0.44% |
| 91 Days Treasury Bill 12-Nov-2026 | 0.86% | 0.44% |
| Bajaj Financial Securities Ltd | 0.43% | 0.44% |
| EXIM Bank | 0.43% | 1.32% |
| Reliance Industries Limited | 1.29% | 0.33% |
| MUTHOOT FINCORP LTD | 0.43% | 0.33% |
| SIDBI | 0.97% | 0.22% |
| Bank of Baroda | 0.43% | 0.22% |
| Axis Bank Limited | 0.32% | 0.22% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.24% | 0.21% |
| Axis Bank Limited | 0.21% | 0.22% |
| Bank of Baroda | 1.08% | 0.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 21.9% means 21.9% 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 27-Nov-2026 | 4.30% |
| 91 Days Treasury Bill 29-Oct-2026 | 4.00% |
| HDFC Bank Limited | 3.43% |
| 91 Days Treasury Bill 24-Dec-2026 | 2.79% |
| 91 Days Treasury Bill 03-Dec-2026 | 2.54% |
Largest holdings only in Invesco India Liquid Fund
| Security | % of fund |
|---|---|
| HDFC Securities Limited 2026 | 2.66% |
| 91 Days Tbill (MD 08/10/2026) | 2.43% |
| 364 Days Tbill (MD 06/11/2026) | 2.22% |
| Bharat Petroleum Corporation Limited 2026 | 2.22% |
| HDFC Bank Limited 2026 | 2.22% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Liquid | Invesco India Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 108.6% | 98.3% |
| Cash and others | -8.6% | 1.7% |
HSBC Liquid vs Invesco India Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Liquid Fund | Invesco India Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.13% | 0.15% |
| Base expense ratio (Direct) | 0.11% | 0.13% |
| Total expense ratio (Regular) | 0.22% | 0.22% |
| Base expense ratio (Regular) | 0.19% | 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 HSBC Liquid with
HSBC Liquid Fund vs Invesco India Liquid Fund: Frequently Asked Questions
What is the difference between HSBC Liquid Fund and Invesco India Liquid Fund?
Both are Liquid funds, run by HSBC Mutual Fund and Invesco Mutual Fund. Their portfolios overlap 21.9%. HSBC Liquid Fund charges 0.13% a year and Invesco India Liquid Fund 0.15%.
Which has given higher returns, HSBC Liquid Fund or Invesco India Liquid Fund?
Over 1 year: HSBC Liquid Fund +6.43%, Invesco India Liquid Fund +6.46%. Over 3 years: HSBC Liquid Fund +6.90% a year, Invesco India Liquid Fund +6.90% a year. Over 5 years: HSBC Liquid Fund +6.43% a year, Invesco India Liquid Fund +6.40% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Liquid Fund or Invesco India Liquid Fund?
HSBC Liquid Fund charges less: 0.13% a year against 0.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Liquid Fund and Invesco India Liquid Fund overlap?
21.9%. They hold 29 of the same securities, the largest shared ones being Bank of Baroda, Bank of India, SIDBI. From each fund's latest monthly portfolio.
Which is riskier, HSBC Liquid Fund or Invesco India Liquid Fund?
On SEBI's riskometer, HSBC Liquid Fund is rated Low to Moderate and Invesco India 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, HSBC Liquid Fund or Invesco India 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 ₹7,24,611 in Invesco India 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 Invesco India Liquid Fund?
Yes. 21.9% 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 Invesco India Liquid Fund?
HSBC Liquid Fund: Abhishek Iyer, Rahul Totla. Invesco India Liquid Fund: Krishna Cheemalapati, Kunal Jain.
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.