Axis Business Cycles Fund vs Union Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Business Cycles Fund is a Thematic fund and Union Business Cycle Fund is a Thematic fund. In the year to 30-10-2026, Axis Business Cycles Fund (Direct) returned −3.4% and Union Business Cycle Fund (Direct) returned −2.9%. Axis Business Cycles Fund charges 1.63% a year and Union Business Cycle Fund 1.81% (Direct plans). Their portfolios overlap 36.2%: they hold 27 of the same securities.
Axis Business Cycles Fund
Thematic
- 1 year return
- −3.4%
- Expense ratio
- 1.63%
- NAV
- ₹16.86
Union Business Cycle Fund
Thematic
- 1 year return
- −2.9%
- Expense ratio
- 1.81%
- NAV
- ₹11.48
Which is better, Axis Business Cycles or Union Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Business Cycle returned more over 1 year: −2.9% against −3.4%.
- Axis Business Cycles costs less: 1.63% a year against 1.81% (Direct plans).
- Axis Business Cycles fell less in its worst fall since 12-03-2024: −19.3% against −19.9%.
- Axis Business Cycles is the larger fund: ₹2,039 Cr against ₹485 Cr.
- Their portfolios overlap 36.2%: 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 | Axis Business Cycles Fund | Union Business Cycle Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Union Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹2,039 Cr (30-09-2026) | ₹485 Cr (30-09-2026) |
| NAV | ₹16.86 (Direct) | ₹11.48 (Direct) |
| Expense ratio (Direct) | 1.63% | 1.81% |
| Expense ratio (Regular) | 2.40% | 3.06% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 22-02-2023 | 05-03-2024 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Ashish Naik | Harshad Patwardhan, Pratik Dharmshi |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 12 months. | Exit load of 1%, if redeemed within 1 year. |
Axis Business Cycles vs Union Business Cycle: 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 |
|---|---|---|---|---|---|---|---|
| Axis Business Cycles Fund (Direct) | −3.16% | −4.80% | −0.06% | −3.38% | +12.13% | -- | -- |
| Union Business Cycle Fund (Direct) | −2.05% | −4.25% | −0.09% | −2.88% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis Business Cycles vs Union Business Cycle: Year-wise Returns
| Year | Axis Business CyclesAxis Business Cycles | Union Business CycleUnion Business Cycle | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −2.54% | −1.54% | −7.51% |
| 2025 | +4.47% | +2.82% | +7.76% |
| 2024 | +21.14% | -- | +16.24% |
Axis Business Cycles vs Union Business Cycle: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 408 of them, one for each trading day from 12-03-2025 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.
Axis Business Cycles Fund (Direct)
Union Business Cycle Fund (Direct)
Nifty 500 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Business Cycles | 13.2 | 41.2 | 37.0 | 5.6 | 2.9 | 0.0 | 0.0 | 4.8% | 4.5% | −5.2% | 20.0% | 79% |
| Union Business Cycle | 25.1 | 33.8 | 30.8 | 6.7 | 3.5 | 0.0 | 0.0 | 3.8% | 3.7% | −6.7% | 18.7% | 44% |
| Nifty 500 TRI | 26.5 | 31.9 | 33.3 | 6.6 | 1.7 | 0.0 | 0.0 | 3.6% | 3.4% | −9.0% | 17.6% | -- |
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. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 12-03-2024. Past returns do not promise future returns.
Axis Business Cycles vs Union Business Cycle: 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 01-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Business CyclesAxis Business Cycles Fund (Direct) | ₹3,20,000 | ₹3,27,501 | ₹7,501 | 1.7% |
| Union Business CycleUnion Business Cycle Fund (Direct) | ₹3,20,000 | ₹3,27,148 | ₹7,148 | 1.6% |
Axis Business CyclesAxis Business Cycles Fund (Direct)
Union Business CycleUnion Business Cycle 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.
Axis Business Cycles vs Union Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Business Cycles Fund (Direct) | Union Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.38% | −2.88% |
| Standard deviation | 15.56% | 15.72% |
| Sharpe ratio | -0.55 | -0.52 |
| Sortino ratio | -0.75 | -0.68 |
| Maximum drawdown | −14.1% (30-03-2026) | −13.3% (30-03-2026) |
| Beta | 1.06 | 1.04 |
| Alpha | +4.67% | +5.02% |
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 | Axis Business Cycles Fund (Direct) | Union Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.23% | +5.46% |
| Standard deviation | 13.95% | 15.27% |
| Sharpe ratio | 0.65 | -0.03 |
| Sortino ratio | 0.88 | -0.04 |
| Maximum drawdown | −19.3% (28-02-2025) | −19.9% (28-02-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | +2.36% | +1.27% |
From daily NAVs, 27-02-2023 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.
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.
Axis Business Cycles Fund (Direct)
Union Business Cycle Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Business Cycles Fund (Direct) | −19.3% | 24-09-2024 | 28-02-2025 | 06-07-2026 | 16 months | −8.5% |
| Union Business Cycle Fund (Direct) | −19.9% | 23-09-2024 | 28-02-2025 | 02-07-2026 | 16 months | −7.2% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 12-03-2024, 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.
Axis Business Cycles Fund (Direct)
Union Business Cycle Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Business Cycles Fund (Direct) | 111% | 101% | 3.87% |
| Union Business Cycle Fund (Direct) | 101% | 97% | 5.02% |
From month-end values since 12-03-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Axis Business Cycles vs Union Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Business Cycles Fund, September 2026; Union Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 36.2%
- Held by both
- 27
- Only in Axis Business Cycles
- 59
- Only in Union Business Cycle
- 36
| Security | % of Axis Business Cycles | % of Union Business Cycle |
|---|---|---|
| Larsen & Toubro Limited | 3.79% | 3.62% |
| ICICI Bank Limited | 3.59% | 6.34% |
| Axis Bank Limited | 3.60% | 3.38% |
| HDFC Bank Limited | 3.34% | 2.94% |
| Reliance Industries Limited | 2.17% | 1.96% |
| One 97 Communications Limited | 1.96% | 2.58% |
| Sona BLW Precision Forgings Limited | 1.51% | 2.53% |
| Solar Industries India Limited | 1.51% | 2.16% |
| Kotak Mahindra Bank Limited | 2.72% | 1.36% |
| Tata Motors Ltd | 1.26% | 1.85% |
| Bharti Airtel Limited | 2.47% | 1.18% |
| Aurobindo Pharma Limited | 1.09% | 1.46% |
| Mankind Pharma Limited | 1.08% | 1.02% |
| RBL Bank Limited | 1.01% | 2.04% |
| Hindustan Copper Limited | 0.98% | 1.01% |
| Jindal Steel Limited | 1.56% | 0.90% |
| Delhivery Limited | 0.95% | 0.86% |
| Cummins India Limited | 0.84% | 1.24% |
| Welspun Corp Limited | 0.76% | 0.75% |
| Hindustan Zinc Limited | 1.04% | 0.74% |
| Hindustan Aeronautics Limited | 0.69% | 0.75% |
| Mphasis Limited | 0.68% | 1.73% |
| 360 One WAM Limited | 0.54% | 1.32% |
| Coforge Limited | 0.53% | 1.51% |
| Aarti Industries Limited | 0.48% | 1.08% |
| Tech Mahindra Limited | 0.48% | 1.64% |
| InterGlobe Aviation Limited | 0.30% | 1.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.2% means 36.2% 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 Axis Business Cycles Fund
| Security | % of fund |
|---|---|
| Grasim Industries Limited | 2.67% |
| Aether Industries Limited | 2.58% |
| PTC Industries Limited | 2.22% |
| IndusInd Bank Limited | 2.21% |
| HCL Technologies Limited | 1.94% |
Largest holdings only in Union Business Cycle Fund
| Security | % of fund |
|---|---|
| Sai Life Sciences Ltd. | 2.46% |
| Shriram Finance Ltd. | 2.30% |
| Bharat Heavy Electricals Ltd. | 2.29% |
| Navin Fluorine International Ltd. | 2.23% |
| Arvind Ltd. | 2.18% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Business Cycles | Union Business Cycle |
|---|---|---|
| Equity | 95.6% | 94.7% |
| Debt | 0.5% | 0.2% |
| Cash and others | 3.9% | 5.2% |
Market cap of stocks
| Market cap | Axis Business Cycles | Union Business Cycle |
|---|---|---|
| Large Cap | 47.9% | 44.6% |
| Mid Cap | 23.5% | 16.6% |
| Small Cap | 23.1% | 33.5% |
| Not on AMFI's list | 1.2% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Axis Business Cycles | Union Business Cycle |
|---|---|---|
| Banks | 17.4% | 19.1% |
| Pharmaceuticals & Biotechnology | 4.1% | 7.8% |
| Auto Components | 7.2% | 3.6% |
| Chemicals & Petrochemicals | 6.9% | 5.5% |
| Textiles & Apparels | 0.7% | 6.1% |
| Construction | 3.8% | 6.0% |
| Finance | 5.4% | 4.5% |
| IT - Software | 3.6% | 4.9% |
| Industrial Products | 4.8% | 3.9% |
| Retailing | 4.2% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Business Cycles vs Union Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Business Cycles Fund | Union Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 1.81% |
| Base expense ratio (Direct) | 1.15% | 1.03% |
| Total expense ratio (Regular) | 2.40% | 3.06% |
| Base expense ratio (Regular) | 1.76% | 2.09% |
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 Axis Business Cycles with
Axis Business Cycles Fund vs Union Business Cycle Fund: Frequently Asked Questions
What is the difference between Axis Business Cycles Fund and Union Business Cycle Fund?
Axis Business Cycles Fund is a Thematic fund, Union Business Cycle Fund is a Thematic fund, run by Axis Mutual Fund and Union Mutual Fund. Their portfolios overlap 36.2%. Axis Business Cycles Fund charges 1.63% a year and Union Business Cycle Fund 1.81%.
Which has given higher returns, Axis Business Cycles Fund or Union Business Cycle Fund?
Over 1 year: Axis Business Cycles Fund −3.38%, Union Business Cycle Fund −2.88%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Business Cycles Fund or Union Business Cycle Fund?
Axis Business Cycles Fund charges less: 1.63% a year against 1.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Business Cycles Fund and Union Business Cycle Fund overlap?
36.2%. They hold 27 of the same securities, the largest shared ones being LT, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Axis Business Cycles Fund or Union Business Cycle Fund?
On SEBI's riskometer, Axis Business Cycles Fund is rated Very High and Union Business Cycle Fund Very High. Over 1 years, the standard deviation of daily returns was 15.56% and 15.72% a year.
Can I invest in both Axis Business Cycles Fund and Union Business Cycle Fund?
Yes. 36.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Business Cycles Fund and Union Business Cycle Fund?
Axis Business Cycles Fund: Ashish Naik. Union Business Cycle Fund: Harshad Patwardhan, Pratik Dharmshi.
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.