TRUSTMF Liquid Fund vs Union Liquid Fund
Direct Plan, Growth option · Data as on 30-10-2026
TRUSTMF Liquid Fund and Union Liquid Fund are both Liquid funds. In the 3 years to 30-10-2026, TRUSTMF Liquid Fund (Direct) returned 6.8% a year and Union Liquid Fund (Direct) returned 6.9% a year. TRUSTMF Liquid Fund charges 0.10% a year and Union Liquid Fund 0.07% (Direct plans). Their portfolios overlap 19.5%: they hold 11 of the same securities.
Which is better, TRUSTMF 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 6.8%.
- Union Liquid costs less: 0.07% a year against 0.10% (Direct plans).
- Union Liquid swung less over 3 years: a standard deviation of 0.1% a year against 0.2%.
- TRUSTMF Liquid fell less in its worst fall since 25-04-2021: −0.0% against −0.0%.
- Union Liquid is the larger fund: ₹5,014 Cr against ₹748 Cr.
- Their portfolios overlap 19.5%: 11 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 | TRUSTMF Liquid Fund | Union Liquid Fund |
|---|---|---|
| Fund house | Trust Mutual Fund | Union Mutual Fund |
| Category | Liquid | Liquid |
| AUM | ₹748 Cr (30-09-2026) | ₹5,014 Cr (30-09-2026) |
| NAV | ₹1,385.01 (Direct) | ₹2,760.26 (Direct) |
| Expense ratio (Direct) | 0.10% | 0.07% |
| Expense ratio (Regular) | 0.25% | 0.17% |
| Riskometer | Not available | Low to Moderate |
| Benchmark | Not available | CRISIL Liquid Debt A-I Index . CRISIL Benchmark Disclaimer: CRISIL Indices are the sole property of CRISIL Limited (CRIS |
| Launch date | Not available | 15-06-2011 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Devesh Thacker, Parijat Agrawal |
| Exit load | Not available | 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. |
TRUSTMF 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 |
|---|---|---|---|---|---|---|---|
| TRUSTMF Liquid Fund (Direct) | +0.46% | +1.52% | +3.18% | +6.41% | +6.84% | +6.37% | -- |
| 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.
TRUSTMF Liquid vs Union Liquid: Year-wise Returns
| Year | TRUSTMFTRUSTMF Liquid | UnionUnion Liquid |
|---|---|---|
| 2026to date | +5.35% | +5.39% |
| 2025 | +6.54% | +6.62% |
| 2024 | +7.36% | +7.46% |
| 2023 | +7.12% | +7.15% |
| 2022 | +4.89% | +4.95% |
| 2021 | -- | +3.38% |
TRUSTMF Liquid vs Union Liquid: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 914 of them, one for each trading day from 25-04-2024 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.
TRUSTMF Liquid Fund (Direct)
Union Liquid Fund (Direct)
to
Jul 2024Dec 2021
to
Dec 2024May 2022
to
May 2025Oct 2022
to
Oct 2025Mar 2023
to
Mar 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TRUSTMF Liquid | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.9% | 5.6% | 7.1% |
| Union Liquid | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 7.0% | 5.6% | 7.1% |
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 25-04-2021. Past returns do not promise future returns.
TRUSTMF 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 25-04-2021 to 30-10-2026: 67 instalments, ₹6,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| TRUSTMF LiquidTRUSTMF Liquid Fund (Direct) | ₹6,70,000 | ₹8,06,551 | ₹1,36,551 | 6.6% |
| Union LiquidUnion Liquid Fund (Direct) | ₹6,70,000 | ₹8,08,136 | ₹1,38,136 | 6.6% |
TRUSTMF LiquidTRUSTMF 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.
TRUSTMF Liquid vs Union Liquid: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | TRUSTMF Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +6.46% |
| Standard deviation | 0.18% | 0.17% |
| Sharpe ratio | 6.48 | 7.02 |
| Sortino ratio | 20.20 | 19.75 |
| Maximum drawdown | −0.0% (07-07-2026) | −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 | TRUSTMF Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +6.92% |
| Standard deviation | 0.15% | 0.13% |
| Sharpe ratio | 5.28 | 6.74 |
| Sortino ratio | 16.44 | 19.32 |
| Maximum drawdown | −0.0% (07-07-2026) | −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 | TRUSTMF Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.37% | +6.44% |
| Standard deviation | 0.16% | 0.13% |
| Sharpe ratio | 3.64 | 5.01 |
| Sortino ratio | 9.02 | 10.79 |
| Maximum drawdown | −0.0% (04-05-2022) | −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 | TRUSTMF Liquid Fund (Direct) | Union Liquid Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.08% | +6.53% |
| Standard deviation | 0.16% | 0.76% |
| Sharpe ratio | 3.30 | 0.64 |
| Sortino ratio | 7.66 | 0.65 |
| Maximum drawdown | −0.0% (04-05-2022) | −3.3% (18-09-2018) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 26-04-2021 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.
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.
TRUSTMF 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 |
|---|---|---|---|---|---|---|
| TRUSTMF Liquid Fund (Direct) | −0.0% | 03-05-2022 | 04-05-2022 | 06-05-2022 | 2 days | 0.0% |
| Union Liquid Fund (Direct) | −0.0% | 03-05-2022 | 05-05-2022 | 08-05-2022 | 3 days | 0.0% |
From daily values since 25-04-2021, 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.
TRUSTMF 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.
TRUSTMF 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.
TRUSTMF Liquid Fund (Direct)
Union Liquid Fund (Direct)
TRUSTMF Liquid vs Union Liquid: Portfolio Overlap
From each fund's latest monthly portfolio: TRUSTMF Liquid Fund, September 2026; Union Liquid Fund, September 2026
Holdings in common
- Overlap
- 19.5%
- Held by both
- 11
- Only in TRUSTMF Liquid
- 18
- Only in Union Liquid
- 62
| Security | % of TRUSTMF Liquid | % of Union Liquid |
|---|---|---|
| 91 Days Tbill (MD 27/11/2026) | 3.98% | 3.76% |
| HDFC Bank Limited (13/11/2026) | 6.63% | 2.97% |
| Kotak Securities Limited (23/11/2026) | 3.31% | 2.47% |
| 91 Days Tbill (MD 29/10/2026) | 3.33% | 2.28% |
| 91 Days Tbill (MD 19/11/2026) | 1.99% | 2.48% |
| Bank of Baroda (11/11/2026) | 3.32% | 1.98% |
| Small Industries Dev Bank of India (04/12/2026) | 3.30% | 1.97% |
| Bank of Baroda (25/11/2026) | 5.96% | 0.99% |
| Axis Bank Limited (16/12/2026) | 0.66% | 0.49% |
| 91 Days Tbill (MD 03/12/2026) | 0.36% | 1.48% |
| Corporate Debt Market Development Fund | 0.28% | 0.36% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 19.5% means 19.5% 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 TRUSTMF Liquid Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 19/11/2026) | 13.27% |
| Axis Bank Limited (15/10/2026) | 6.67% |
| Aditya Birla Money Limited (23/10/2026) | 6.66% |
| National Bank For Agriculture and Rural Development (09/11/2026) | 6.64% |
| Canara Bank (18/11/2026) | 6.63% |
Largest holdings only in Union Liquid Fund
| Security | % of fund |
|---|---|
| Bank of Baroda | 3.94% |
| Alembic Pharmaceuticals Ltd. | 2.95% |
| HDFC Bank Ltd. | 2.95% |
| The Federal Bank Ltd. | 2.46% |
| Sikka Ports & Terminals Ltd. | 2.36% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | TRUSTMF Liquid | Union Liquid |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 117.4% | 111.4% |
| Cash and others | -17.4% | -11.4% |
TRUSTMF Liquid vs Union Liquid: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | TRUSTMF Liquid Fund | Union Liquid Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.10% | 0.07% |
| Base expense ratio (Direct) | 0.09% | 0.06% |
| Total expense ratio (Regular) | 0.25% | 0.17% |
| Base expense ratio (Regular) | 0.22% | 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 TRUSTMF Liquid with
TRUSTMF Liquid Fund vs Union Liquid Fund: Frequently Asked Questions
What is the difference between TRUSTMF Liquid Fund and Union Liquid Fund?
Both are Liquid funds, run by Trust Mutual Fund and Union Mutual Fund. Their portfolios overlap 19.5%. TRUSTMF Liquid Fund charges 0.10% a year and Union Liquid Fund 0.07%.
Which has given higher returns, TRUSTMF Liquid Fund or Union Liquid Fund?
Over 1 year: TRUSTMF Liquid Fund +6.41%, Union Liquid Fund +6.46%. Over 3 years: TRUSTMF Liquid Fund +6.84% a year, Union Liquid Fund +6.92% a year. Over 5 years: TRUSTMF Liquid Fund +6.37% 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, TRUSTMF Liquid Fund or Union Liquid Fund?
Union Liquid Fund charges less: 0.07% a year against 0.10%. These are the Direct plans' total expense ratios reported to AMFI.
How much do TRUSTMF Liquid Fund and Union Liquid Fund overlap?
19.5%. They hold 11 of the same securities, the largest shared ones being 91 Days Tbill (MD 27/11/2026), HDFC Bank Limited (13/11/2026), Kotak Securities Limited (23/11/2026). From each fund's latest monthly portfolio.
Which is better for SIP, TRUSTMF 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 ₹7,23,889 in TRUSTMF 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 TRUSTMF Liquid Fund and Union Liquid Fund?
Yes. 19.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.