Kotak Liquid Fund vs Union Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Liquid Fund and Union Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, Kotak Liquid Fund (Direct) returned 6.9% a year and Union Liquid Fund (Direct) returned 6.9% a year. Kotak Liquid Fund charges 0.15% a year and Union Liquid Fund 0.07% (Direct plans). Their portfolios overlap 25.9%: they hold 23 of the same securities.
Which is better, Kotak Liquid or Union Liquid? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Liquid returned more over 5 years: 6.4% a year against 6.4%.
- Union Liquid returned more over 3 years: 6.9% a year against 6.9%.
- Union Liquid costs less: 0.07% a year against 0.15% (Direct plans).
- Union Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.2%.
- Kotak Liquid fell less in its worst fall since 01-01-2013: −0.3% against −3.3%.
- Kotak Liquid is the larger fund: ₹42,047 Cr against ₹5,014 Cr.
- Their portfolios overlap 25.9%: 23 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 | Kotak Liquid Fund | Union Liquid Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Union Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹42,047 Cr (30-09-2026) | ₹5,014 Cr (30-09-2026) |
| NAV | ₹5,780.47 (Direct) | ₹2,760.26 (Direct) |
| Expense ratio (Direct) | 0.15% | 0.07% |
| Expense ratio (Regular) | 0.33% | 0.17% |
| Riskometer | Moderate | Low to Moderate |
| Benchmark | NIFTY Liquid Index A-I | CRISIL Liquid Debt A-I Index . CRISIL Benchmark Disclaimer: CRISIL Indices are the sole property of CRISIL Limited (CRIS |
| Launch date | 04-11-2003 | 15-06-2011 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Deepak Agrawal, Sunil Pandey | Devesh Thacker, Parijat Agrawal |
| Exit load | NIL | 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. |
Kotak Liquid vs Union 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 |
|---|---|---|---|---|---|---|---|
| Kotak Liquid Fund (Direct) | +0.44% | +1.49% | +3.18% | +6.44% | +6.90% | +6.40% | +6.07% |
| Union Liquid Fund (Direct) | +0.46% | +1.51% | +3.18% | +6.46% | +6.92% | +6.44% | +5.72% |
| 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.
Kotak Liquid vs Union Liquid: Year-wise Returns
| Year | KotakKotak Liquid | UnionUnion Liquid |
|---|---|---|
| 2026to date | +5.38% | +5.39% |
| 2025 | +6.61% | +6.62% |
| 2024 | +7.42% | +7.46% |
| 2023 | +7.08% | +7.15% |
| 2022 | +4.87% | +4.95% |
| 2021 | +3.35% | +3.38% |
Kotak Liquid vs Union Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 3,415 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.
Kotak Liquid Fund (Direct)
Union 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Liquid | 0.0 | 19.4 | 80.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.9% | 4.0% | 8.9% |
| Union Liquid | 0.0 | 27.0 | 73.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2% | 5.9% | 3.9% | 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.
Kotak Liquid vs Union 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 |
|---|---|---|---|---|
| Kotak LiquidKotak Liquid Fund (Direct) | ₹16,60,000 | ₹26,13,453 | ₹9,53,453 | 6.3% |
| Union LiquidUnion Liquid Fund (Direct) | ₹16,60,000 | ₹25,71,740 | ₹9,11,740 | 6.1% |
Kotak LiquidKotak Liquid Fund (Direct)
Union LiquidUnion 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.
Kotak Liquid vs Union Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.44% | +6.46% |
| Standard deviation | 0.20% | 0.17% |
| Sharpe ratio | 6.03 | 7.02 |
| Sortino ratio | 16.71 | 19.75 |
| Maximum drawdown | −0.0% (22-10-2026) | −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 | Kotak Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.90% | +6.92% |
| Standard deviation | 0.18% | 0.13% |
| Sharpe ratio | 4.90 | 6.74 |
| Sortino ratio | 15.07 | 19.32 |
| Maximum drawdown | −0.0% (22-10-2026) | −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 | Kotak Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.40% | +6.44% |
| Standard deviation | 0.18% | 0.13% |
| Sharpe ratio | 3.42 | 5.01 |
| Sortino ratio | 8.14 | 10.79 |
| 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 | Kotak Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.79% | +6.53% |
| Standard deviation | 0.24% | 0.76% |
| Sharpe ratio | 3.07 | 0.64 |
| Sortino ratio | 5.96 | 0.65 |
| Maximum drawdown | −0.3% (24-03-2020) | −3.3% (18-09-2018) |
| 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.
Kotak Liquid Fund (Direct)
Union Liquid Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Liquid Fund (Direct) | −0.3% | 17-03-2020 | 24-03-2020 | 27-03-2020 | 3 days | 0.0% |
| Union Liquid Fund (Direct) | −3.3% | 13-09-2018 | 18-09-2018 | 13-03-2019 | 6 months | 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.
Kotak Liquid Fund (Direct)
Union 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.
Kotak Liquid Fund (Direct)
Union 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.
Kotak Liquid Fund (Direct)
Union Liquid Fund (Direct)
Kotak Liquid vs Union Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Liquid Fund, September 2026; Union Liquid Fund, September 2026
Holdings in common
- Overlap
- 25.9%
- Held by both
- 23
- Only in Kotak Liquid
- 112
- Only in Union Liquid
- 50
| Security | % of Kotak Liquid | % of Union Liquid |
|---|---|---|
| 91 DAYS TREASURY BILL 27/11/2026 | 3.43% | 3.76% |
| HDFC BANK LTD. | 2.35% | 2.95% |
| 91 DAYS TREASURY BILL 19/11/2026 | 2.29% | 2.48% |
| 91 DAYS TREASURY BILL 22/10/2026 | 2.37% | 1.99% |
| BANK OF INDIA | 2.35% | 1.97% |
| Reliance Retail Ventures Ltd | 2.35% | 1.97% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 1.77% | 1.97% |
| 91 DAYS TREASURY BILL 03/12/2026 | 2.95% | 1.48% |
| 91 DAYS TREASURY BILL 12/11/2026 | 3.55% | 1.39% |
| CANARA BANK | 1.18% | 1.98% |
| CANARA BANK | 1.18% | 0.99% |
| Reliance Retail Ventures Ltd | 1.18% | 0.99% |
| BANK OF BARODA | 0.59% | 1.98% |
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 0.59% | 0.99% |
| BANK OF BARODA | 0.53% | 0.99% |
| BHARTI TELECOM LTD. | 0.54% | 0.50% |
| ICICI SECURITIES LIMITED | 0.47% | 0.98% |
| Reliance Retail Ventures Ltd | 0.47% | 0.99% |
| SBI ALTERNATIVE INVESTMENT FUND | 0.27% | 0.36% |
| AXIS SECURITIES LIMITED | 0.24% | 0.99% |
| AXIS BANK LTD. | 0.18% | 0.49% |
| HDFC BANK LTD. | 0.12% | 2.97% |
| FEDERAL BANK LTD. | 0.12% | 2.46% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.9% means 25.9% 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 Kotak Liquid Fund
| Security | % of fund |
|---|---|
| NATIONAL BANK FOR AGRICULTURE & RURAL DEVELOPMENT | 4.13% |
| Reliance Retail Ventures Ltd | 2.96% |
| 91 DAYS TREASURY BILL 08/10/2026 | 2.38% |
| HDFC BANK LTD. | 2.36% |
| INDUSIND BANK LTD. | 2.35% |
Largest holdings only in Union Liquid Fund
| Security | % of fund |
|---|---|
| Bank of Baroda | 3.94% |
| Alembic Pharmaceuticals Ltd. | 2.95% |
| Kotak Securities Ltd. | 2.47% |
| Sikka Ports & Terminals Ltd. | 2.36% |
| 91 Day Treasury Bills | 2.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Liquid | Union Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 111.1% | 111.4% |
| Cash and others | -11.1% | -11.4% |
Kotak Liquid vs Union Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Liquid Fund | Union Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.15% | 0.07% |
| Base expense ratio (Direct) | 0.13% | 0.06% |
| Total expense ratio (Regular) | 0.33% | 0.17% |
| Base expense ratio (Regular) | 0.28% | 0.15% |
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 Kotak Liquid with
Kotak Liquid Fund vs Union Liquid Fund: Frequently Asked Questions
What is the difference between Kotak Liquid Fund and Union Liquid Fund?
Both are Liquid funds, run by Kotak Mahindra Mutual Fund and Union Mutual Fund. Their portfolios overlap 25.9%. Kotak Liquid Fund charges 0.15% a year and Union Liquid Fund 0.07%.
Which has given higher returns, Kotak Liquid Fund or Union Liquid Fund?
Over 1 year: Kotak Liquid Fund +6.44%, Union Liquid Fund +6.46%. Over 3 years: Kotak Liquid Fund +6.90% a year, Union Liquid Fund +6.92% a year. Over 5 years: Kotak Liquid Fund +6.40% a year, Union Liquid Fund +6.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Liquid Fund or Union Liquid Fund?
Union Liquid Fund charges less: 0.07% a year against 0.15%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Liquid Fund and Union Liquid Fund overlap?
25.9%. They hold 23 of the same securities, the largest shared ones being 91 DAYS TREASURY BILL 27/11/2026, HDFC BANK LTD., 91 DAYS TREASURY BILL 19/11/2026. From each fund's latest monthly portfolio.
Which is riskier, Kotak Liquid Fund or Union Liquid Fund?
On SEBI's riskometer, Kotak Liquid Fund is rated Moderate and Union Liquid Fund Low to Moderate. Over 3 years, the standard deviation of daily returns was 0.18% and 0.13% a year.
Which is better for SIP, Kotak Liquid Fund or Union Liquid Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,24,562 in Kotak Liquid Fund (XIRR 6.7% a year) and ₹7,25,161 in Union Liquid Fund (XIRR 6.7% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Liquid Fund and Union Liquid Fund?
Yes. 25.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Liquid Fund and Union Liquid Fund?
Kotak Liquid Fund: Deepak Agrawal, Sunil Pandey. Union Liquid Fund: Devesh Thacker, Parijat Agrawal.
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.