HSBC Liquid Fund vs Nippon India Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Liquid Fund and Nippon 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 Nippon India Liquid Fund (Direct) returned 6.9% a year. HSBC Liquid Fund charges 0.13% a year and Nippon India Liquid Fund 0.20% (Direct plans). Their portfolios overlap 18.6%: they hold 27 of the same securities.
Nippon India Liquid Fund
Liquid
- 3 year return
- 6.9%
- Expense ratio
- 0.20%
- NAV
- ₹7,007.02
Which is better, HSBC Liquid or Nippon 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.
- Nippon India Liquid returned more over 5 years: 6.4% a year against 6.4%.
- Nippon India 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).
- HSBC Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.1%.
- Nippon India Liquid fell less in its worst fall since 01-01-2013: −0.2% against −0.3%.
- Nippon India Liquid is the larger fund: ₹40,490 Cr against ₹23,038 Cr.
- Their portfolios overlap 18.6%: 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 | HSBC Liquid Fund | Nippon India Liquid Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Nippon India Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹23,038 Cr (30-09-2026) | ₹40,490 Cr (30-09-2026) |
| NAV | ₹2,850.76 (Direct) | ₹7,007.02 (Direct) |
| Expense ratio (Direct) | 0.13% | 0.20% |
| Expense ratio (Regular) | 0.22% | 0.38% |
| Riskometer | Low to Moderate | Moderate |
| Benchmark | NIFTY Liquid Index A-I | NIFTY Liquid Index A-I |
| Launch date | 04-12-2002 | 09-12-2003 |
| Minimum investment | For Growth Option : Rs. 5000; For Daily & Weekly IDCW Payout & Reinvestment Plan: Rs. 100000 | Daily IDCW Plan - ?10000 & in multiples of ?1 thereafter Weekly IDCW Plan - ?5000 & in multiples of ?1 thereafter Other Plans and Plans - ?1000 and in multiples of ?1 thereafter |
| Lock in | None | None |
| Fund managers | Abhishek Iyer, Rahul Totla | Vikash Agarwal |
| 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 Nippon 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% |
| Nippon India Liquid Fund (Direct) | +0.45% | +1.52% | +3.20% | +6.50% | +6.93% | +6.44% | +6.15% |
| 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 Nippon India Liquid: Year-wise Returns
| Year | HSBCHSBC Liquid | Nippon IndiaNippon India Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.44% |
| 2025 | +6.60% | +6.63% |
| 2024 | +7.45% | +7.46% |
| 2023 | +7.14% | +7.11% |
| 2022 | +4.92% | +4.92% |
| 2021 | +3.35% | +3.37% |
HSBC Liquid vs Nippon 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)
Nippon 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% |
| Nippon India Liquid | 0.0 | 19.3 | 80.7 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 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 01-01-2013. Past returns do not promise future returns.
HSBC Liquid vs Nippon 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% |
| Nippon India LiquidNippon India Liquid Fund (Direct) | ₹16,60,000 | ₹26,27,615 | ₹9,67,615 | 6.4% |
HSBC LiquidHSBC Liquid Fund (Regular)
Nippon India LiquidNippon 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 Nippon 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) | Nippon India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.33% | +6.50% |
| Standard deviation | 0.20% | 0.20% |
| Sharpe ratio | 5.58 | 6.44 |
| Sortino ratio | 15.19 | 18.44 |
| 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) | Nippon India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.80% | +6.93% |
| Standard deviation | 0.15% | 0.15% |
| Sharpe ratio | 5.24 | 6.13 |
| Sortino ratio | 14.28 | 17.64 |
| 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) | Nippon India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.15% | +6.44% |
| Standard deviation | 0.16% | 0.14% |
| Sharpe ratio | 2.21 | 4.49 |
| Sortino ratio | 4.43 | 9.55 |
| Maximum drawdown | −0.0% (05-05-2022) | −0.1% (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) | Nippon India Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.08% | +6.86% |
| Standard deviation | 0.21% | 0.23% |
| Sharpe ratio | 0.16 | 3.62 |
| Sortino ratio | 0.27 | 6.94 |
| 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)
Nippon 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% |
| Nippon India Liquid Fund (Direct) | −0.2% | 15-07-2013 | 16-07-2013 | 29-07-2013 | 13 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)
Nippon 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)
Nippon 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)
Nippon India Liquid Fund (Direct)
HSBC Liquid vs Nippon India Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Liquid Fund, September 2026; Nippon India Liquid Fund, September 2026
Holdings in common
- Overlap
- 18.6%
- Held by both
- 27
- Only in HSBC Liquid
- 78
- Only in Nippon India Liquid
- 140
| Security | % of HSBC Liquid | % of Nippon India Liquid |
|---|---|---|
| 91 Days Treasury Bill 29-Oct-2026 | 4.00% | 1.46% |
| SIDBI | 2.14% | 1.22% |
| Reliance Retail Ventures Ltd | 1.29% | 1.22% |
| 91 Days Treasury Bill 27-Nov-2026 | 4.30% | 1.10% |
| Hindustan Petroleum Corporation Limited | 1.08% | 1.47% |
| 91 Days Treasury Bill 03-Dec-2026 | 2.54% | 0.98% |
| 182 Days Treasury Bill 27-Nov-2026 | 2.15% | 0.98% |
| NABARD | 1.29% | 0.98% |
| SIDBI | 1.28% | 0.97% |
| 91 Days Treasury Bill 22-Oct-2026 | 0.87% | 2.88% |
| EXIM Bank | 0.86% | 1.23% |
| HDFC Bank Limited | 3.43% | 0.85% |
| Hindustan Petroleum Corporation Limited | 0.64% | 0.98% |
| Motilal Oswal Financial Services Limited | 0.64% | 0.85% |
| Power Finance Corporation Limited | 2.19% | 0.61% |
| Bharat Petroleum Corporation Limited | 1.62% | 0.61% |
| Reliance Industries Limited | 1.29% | 0.61% |
| Kotak Securities Ltd. | 0.64% | 0.61% |
| HDFC Securities Limited | 0.64% | 0.61% |
| Kotak Securities Ltd. | 0.86% | 0.49% |
| Network 18 Media & Investments Ltd | 0.43% | 0.25% |
| Corp Debt Mkt Devlop Fund (SBI AIF Fund) | 0.24% | 0.25% |
| 364 Days Treasury Bill 19-Nov-2026 | 0.22% | 0.21% |
| Bank of Baroda | 0.43% | 0.18% |
| Bank of Baroda | 1.08% | 0.12% |
| SIDBI | 0.97% | 0.12% |
| Canara Bank | 1.28% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.6% means 18.6% 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 |
|---|---|
| NTPC Limited | 3.90% |
| 91 Days Treasury Bill 24-Dec-2026 | 2.79% |
| SIDBI | 2.25% |
| Bank of Baroda | 2.16% |
| Hindustan Petroleum Corporation Limited | 2.16% |
Largest holdings only in Nippon India Liquid Fund
| Security | % of fund |
|---|---|
| Canara Bank | 3.68% |
| HDFC Bank Limited | 3.05% |
| Small Industries Dev Bank of India | 2.44% |
| HDFC Bank Limited | 2.09% |
| Union Bank of India | 2.03% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Liquid | Nippon India Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 108.6% | 103.4% |
| Cash and others | -8.6% | -3.4% |
HSBC Liquid vs Nippon India Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Liquid Fund | Nippon India Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.13% | 0.20% |
| Base expense ratio (Direct) | 0.11% | 0.17% |
| Total expense ratio (Regular) | 0.22% | 0.38% |
| Base expense ratio (Regular) | 0.19% | 0.32% |
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 Nippon India Liquid Fund: Frequently Asked Questions
What is the difference between HSBC Liquid Fund and Nippon India Liquid Fund?
Both are Liquid funds, run by HSBC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 18.6%. HSBC Liquid Fund charges 0.13% a year and Nippon India Liquid Fund 0.20%.
Which has given higher returns, HSBC Liquid Fund or Nippon India Liquid Fund?
Over 1 year: HSBC Liquid Fund +6.43%, Nippon India Liquid Fund +6.50%. Over 3 years: HSBC Liquid Fund +6.90% a year, Nippon India Liquid Fund +6.93% a year. Over 5 years: HSBC Liquid Fund +6.43% a year, Nippon India Liquid Fund +6.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Liquid Fund or Nippon India 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 Nippon India Liquid Fund overlap?
18.6%. They hold 27 of the same securities, the largest shared ones being 91 Days Treasury Bill 29-Oct-2026, SIDBI, Reliance Retail Ventures Ltd. From each fund's latest monthly portfolio.
Which is riskier, HSBC Liquid Fund or Nippon India Liquid Fund?
On SEBI's riskometer, HSBC Liquid Fund is rated Low to Moderate and Nippon India 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, HSBC Liquid Fund or Nippon 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 ₹7,25,307 in Nippon India Liquid Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Liquid Fund and Nippon India Liquid Fund?
Yes. 18.6% 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 Nippon India Liquid Fund?
HSBC Liquid Fund: Abhishek Iyer, Rahul Totla. Nippon India Liquid Fund: Vikash Agarwal.
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.