Axis Innovation Fund vs Union Innovation & Opportunities Fund
Direct Plan, Growth option · Data as on 29-10-2026
Axis Innovation Fund is a Thematic fund and Union Innovation & Opportunities Fund is a Thematic fund. In the 3 years to 30-10-2026, Axis Innovation Fund (Direct) returned 18.4% a year and Union Innovation & Opportunities Fund (Direct) returned 18.3% a year. Axis Innovation Fund charges 1.36% a year and Union Innovation & Opportunities Fund 0.99% (Direct plans). Their portfolios overlap 36.6%: they hold 22 of the same securities.
Union Innovation & Opportunities Fund
Thematic
- 3 year return
- 18.3%
- Expense ratio
- 0.99%
- NAV
- ₹16.02
Which is better, Axis Innovation or Union Innovation & Opportunities? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Innovation returned more over 3 years: 18.4% a year against 18.3%.
- Axis Innovation returned more over 1 year: 8.2% against 4.2%.
- Union Innovation & Opportunities costs less: 0.99% a year against 1.36% (Direct plans).
- Axis Innovation swung less over 3 years: a standard deviation of 13.6% a year against 17.8%.
- Axis Innovation fell less in its worst fall since 13-09-2023: −19.4% against −23.9%.
- Axis Innovation holds 13.4% of the fund in foreign stocks; Union Innovation & Opportunities 0.0%.
- Axis Innovation is the larger fund: ₹1,345 Cr against ₹1,307 Cr.
- Their portfolios overlap 36.6%: 22 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 Innovation Fund | Union Innovation & Opportunities Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Union Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,345 Cr (30-09-2026) | ₹1,307 Cr (30-09-2026) |
| NAV | ₹22.34 (Direct) | ₹16.02 (Direct) |
| Expense ratio (Direct) | 1.36% | 0.99% |
| Expense ratio (Regular) | 2.29% | 2.35% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 24-12-2020 | 06-09-2023 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Ashish Naik, Krishnaa N | Gaurav Chopra, Sanjay Bembalkar |
| Exit load | Exit Load for units in excess of 20% of the investment,1% will be charged for redemption within 12 months. | Exit load of 1%, if redeemed within 1 year. |
Axis Innovation vs Union Innovation & Opportunities: 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 Innovation Fund (Direct) | −2.74% | +3.52% | +10.00% | +8.24% | +18.43% | +10.45% | -- |
| Union Innovation & Opportunities Fund (Direct) | −2.08% | +0.19% | +11.72% | +4.16% | +18.28% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis Innovation vs Union Innovation & Opportunities: Year-wise Returns
| Year | Axis InnovationAxis Innovation | Union Innovation & OpportunitiesUnion Innovation & Opportunities | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +10.27% | +8.98% | −7.33% |
| 2025 | +4.16% | −2.58% | +7.76% |
| 2024 | +29.15% | +42.90% | +16.24% |
| 2023 | +25.60% | -- | +26.91% |
| 2022 | −11.97% | -- | +4.25% |
| 2021 | +35.52% | -- | +31.60% |
Axis Innovation vs Union Innovation & Opportunities: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 31 of them, one for each trading day from 15-09-2026 to 29-10-2026: 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 Innovation Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty 500 TRI
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 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 Innovation | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 18.0% | 18.0% | 16.2% | 19.8% | 100% |
| Union Innovation & Opportunities | 0.0 | 0.0 | 0.0 | 0.0 | 93.3 | 6.7 | 0.0 | 18.2% | 18.2% | 16.1% | 20.3% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 64.5 | 35.5 | 0.0 | 0.0 | 0.0 | 9.7% | 9.6% | 8.8% | 11.0% | -- |
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. 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 13-09-2023. Past returns do not promise future returns.
Axis Innovation vs Union Innovation & Opportunities: 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 01-09-2023 to 29-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis InnovationAxis Innovation Fund (Direct) | ₹3,80,000 | ₹4,65,333 | ₹85,333 | 12.9% |
| Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct) | ₹3,80,000 | ₹4,63,358 | ₹83,358 | 12.6% |
Axis InnovationAxis Innovation Fund (Direct)
Union Innovation & OpportunitiesUnion Innovation & Opportunities 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 Innovation vs Union Innovation & Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Innovation Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.24% | +4.16% |
| Standard deviation | 15.22% | 17.56% |
| Sharpe ratio | 0.20 | -0.06 |
| Sortino ratio | 0.28 | -0.08 |
| Maximum drawdown | −13.9% (30-03-2026) | −18.1% (23-03-2026) |
| Beta | 0.92 | 1.07 |
| Alpha | +14.75% | +12.37% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 Innovation Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.43% | +18.28% |
| Standard deviation | 13.64% | 17.80% |
| Sharpe ratio | 0.91 | 0.69 |
| Sortino ratio | 1.27 | 0.94 |
| Maximum drawdown | −19.4% (07-04-2025) | −23.9% (07-04-2025) |
| Beta | 0.84 | 1.09 |
| Alpha | +8.70% | +7.69% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 Innovation Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.71% | +16.48% |
| Standard deviation | 13.74% | 17.64% |
| Sharpe ratio | 0.68 | 0.59 |
| Sortino ratio | 0.93 | 0.80 |
| Maximum drawdown | −23.6% (17-06-2022) | −23.9% (07-04-2025) |
| Beta | 0.84 | 1.09 |
| Alpha | +2.94% | +7.88% |
From daily NAVs, 28-12-2020 to 29-10-2026. 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 Innovation Fund (Direct)
Union Innovation & Opportunities 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 Innovation Fund (Direct) | −19.4% | 23-09-2024 | 07-04-2025 | 17-09-2025 | 5 months | −6.2% |
| Union Innovation & Opportunities Fund (Direct) | −23.9% | 17-12-2024 | 07-04-2025 | 30-06-2026 | 15 months | −6.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 13-09-2023, 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 Innovation Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty 500 TRI
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.
Axis Innovation Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Innovation Fund (Direct) | 113% | 78% | 7.86% |
| Union Innovation & Opportunities Fund (Direct) | 123% | 90% | 9.66% |
From month-end values since 13-09-2023. 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 Innovation vs Union Innovation & Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Innovation Fund, September 2026; Union Innovation & Opportunities Fund, September 2026
Holdings in common
- Overlap
- 36.6%
- Held by both
- 22
- Only in Axis Innovation
- 29
- Only in Union Innovation & Opportunities
- 33
| Security | % of Axis Innovation | % of Union Innovation & Opportunities |
|---|---|---|
| Eternal Limited | 4.97% | 4.80% |
| One 97 Communications Limited | 3.63% | 5.25% |
| Ather Energy Limited | 3.18% | 3.09% |
| Sona BLW Precision Forgings Limited | 2.29% | 2.84% |
| Billionbrains Garage Ventures Ltd | 2.32% | 2.11% |
| Affle 3i Limited | 1.97% | 2.39% |
| Sai Life Sciences Limited | 1.87% | 3.12% |
| Aether Industries Limited | 2.72% | 1.84% |
| Lenskart Solutions Limited | 3.07% | 1.57% |
| Info Edge (India) Limited | 1.43% | 3.49% |
| Delhivery Limited | 1.42% | 2.17% |
| GE Vernova T&D India Limited | 1.38% | 3.20% |
| Sagility Limited | 1.33% | 1.38% |
| Neogen Chemicals Limited | 1.90% | 1.29% |
| Urban Company Ltd. | 1.60% | 1.16% |
| Bharat Electronics Limited | 1.34% | 0.96% |
| FSN E-Commerce Ventures Limited | 2.83% | 0.93% |
| Swiggy Limited | 1.33% | 0.92% |
| Capillary Technologies India Limited | 1.74% | 0.91% |
| Dixon Technologies (India) Limited | 0.71% | 1.00% |
| PB Fintech Limited | 1.42% | 0.61% |
| Meesho Ltd | 2.40% | 0.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.6% means 36.6% 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 Axis Innovation Fund
| Security | % of fund |
|---|---|
| PTC Industries Limited | 2.23% |
| Indo-MIM Limited | 2.11% |
| Black Buck Ltd | 1.95% |
| Siemens Limited | 1.94% |
| Divi's Laboratories Limited | 1.72% |
Largest holdings only in Union Innovation & Opportunities Fund
| Security | % of fund |
|---|---|
| Acutaas Chemicals Ltd. | 2.95% |
| CG Power and Industrial Solutions Ltd. | 2.84% |
| Syrma SGS Technology Ltd. | 2.68% |
| ZF Commercial Vehicle Control Systems India Ltd. | 2.59% |
| The Phoenix Mills Ltd. | 2.46% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Innovation | Union Innovation & Opportunities |
|---|---|---|
| Equity | 92.0% | 96.1% |
| Debt | 0.4% | 0.1% |
| Cash and others | 7.6% | 3.8% |
Market cap of stocks
| Market cap | Axis Innovation | Union Innovation & Opportunities |
|---|---|---|
| Large Cap | 15.4% | 13.1% |
| Mid Cap | 26.2% | 27.8% |
| Small Cap | 32.6% | 54.7% |
| Foreign stocks | 13.4% | 0.0% |
| Not on AMFI's list | 4.3% | 0.6% |
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 Innovation | Union Innovation & Opportunities |
|---|---|---|
| Retailing | 17.6% | 15.6% |
| Auto Components | 4.8% | 10.3% |
| Chemicals & Petrochemicals | 8.3% | 4.2% |
| Electrical Equipment | 4.4% | 7.8% |
| Financial Technology (Fintech) | 6.4% | 5.9% |
| Pharmaceuticals & Biotechnology | 5.1% | 6.1% |
| IT - Services | 3.3% | 5.9% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Innovation vs Union Innovation & Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Innovation Fund | Union Innovation & Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.36% | 0.99% |
| Base expense ratio (Direct) | 1.05% | 0.70% |
| Total expense ratio (Regular) | 2.29% | 2.35% |
| Base expense ratio (Regular) | 1.85% | 1.86% |
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 Innovation with
Compare Union Innovation & Opportunities with
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Axis Innovation Fund vs Union Innovation & Opportunities Fund: Frequently Asked Questions
What is the difference between Axis Innovation Fund and Union Innovation & Opportunities Fund?
Axis Innovation Fund is a Thematic fund, Union Innovation & Opportunities Fund is a Thematic fund, run by Axis Mutual Fund and Union Mutual Fund. Their portfolios overlap 36.6%. Axis Innovation Fund charges 1.36% a year and Union Innovation & Opportunities Fund 0.99%.
Which has given higher returns, Axis Innovation Fund or Union Innovation & Opportunities Fund?
Over 1 year: Axis Innovation Fund +8.24%, Union Innovation & Opportunities Fund +4.16%. Over 3 years: Axis Innovation Fund +18.43% a year, Union Innovation & Opportunities Fund +18.28% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Innovation Fund or Union Innovation & Opportunities Fund?
Union Innovation & Opportunities Fund charges less: 0.99% a year against 1.36%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Innovation Fund and Union Innovation & Opportunities Fund overlap?
36.6%. They hold 22 of the same securities, the largest shared ones being ETERNAL, PAYTM, ATHERENERG. From each fund's latest monthly portfolio.
Which is riskier, Axis Innovation Fund or Union Innovation & Opportunities Fund?
On SEBI's riskometer, Axis Innovation Fund is rated Very High and Union Innovation & Opportunities Fund Very High. Over 3 years, the standard deviation of daily returns was 13.64% and 17.80% a year.
Which is better for SIP, Axis Innovation Fund or Union Innovation & Opportunities Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 29-10-2026 grew to ₹4,49,477 in Axis Innovation Fund (XIRR 12.7% a year) and ₹4,47,241 in Union Innovation & Opportunities Fund (XIRR 12.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Innovation Fund and Union Innovation & Opportunities Fund?
Yes. 36.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Innovation Fund and Union Innovation & Opportunities Fund?
Axis Innovation Fund: Ashish Naik, Krishnaa N. Union Innovation & Opportunities Fund: Gaurav Chopra, Sanjay Bembalkar.
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.