Axis Midcap Fund vs Union Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Midcap Fund and Union Midcap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, Axis Midcap Fund (Direct) returned 16.1% a year and Union Midcap Fund (Direct) returned 15.6% a year. Axis Midcap Fund charges 0.80% a year and Union Midcap Fund 1.08% (Direct plans). Their portfolios overlap 43.4%: they hold 41 of the same securities.
Which is better, Axis Midcap or Union Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Midcap returned more over 5 years: 13.8% a year against 11.9%.
- Axis Midcap returned more over 3 years: 16.1% a year against 15.6%.
- Axis Midcap costs less: 0.80% a year against 1.08% (Direct plans).
- Axis Midcap swung less over 3 years: a standard deviation of 14.9% a year against 16.8%.
- Axis Midcap fell less in its worst fall since 30-03-2020: −20.3% against −21.3%.
- Axis Midcap is the larger fund: ₹33,528 Cr against ₹1,906 Cr.
- Their portfolios overlap 43.4%: 41 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 Midcap Fund | Union Midcap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Union Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹33,528 Cr (30-09-2026) | ₹1,906 Cr (30-09-2026) |
| NAV | ₹136.47 (Direct) | ₹53.40 (Direct) |
| Expense ratio (Direct) | 0.80% | 1.08% |
| Expense ratio (Regular) | 1.79% | 2.39% |
| Riskometer | Very High | Very High |
| Benchmark | BSE Midcap 150 TRI | BSE Midcap 150 TRI |
| Launch date | 18-02-2011 | 23-03-2020 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Shreyash Devalkar, Krishnaa N, Nitin Arora | Gaurav Chopra, Pratik Dharmshi |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 3 months. | Exit load of 1%, if redeemed within 15 days. |
Axis Midcap vs Union Midcap: 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 Midcap Fund (Direct) | −0.88% | −3.34% | +1.83% | +1.29% | +16.07% | +11.88% | +16.96% |
| Union Midcap Fund (Direct) | −2.89% | −4.59% | +1.33% | +0.66% | +15.60% | +13.79% | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
Axis Midcap vs Union Midcap: Year-wise Returns
| Year | AxisAxis Midcap | UnionUnion Midcap | BSE 150 MidCap Index TRI |
|---|---|---|---|
| 2026to date | +3.33% | +1.41% | −4.99% |
| 2025 | +2.04% | +3.68% | +3.77% |
| 2024 | +31.39% | +30.50% | +26.80% |
| 2023 | +31.00% | +34.21% | +42.41% |
| 2022 | −3.86% | −0.82% | +3.64% |
| 2021 | +41.78% | +53.98% | +48.65% |
Axis Midcap vs Union Midcap: Rolling Returns
Every holding period of both funds, against BSE 150 MidCap Index TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 888 of them, one for each trading day from 31-03-2023 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 Midcap Fund (Direct)
Union Midcap Fund (Direct)
BSE 150 MidCap Index TRI
to
Jul 2023Feb 2021
to
Feb 2024Sept 2021
to
Sept 2024May 2022
to
May 2025Dec 2022
to
Dec 2025Jul 2023
to
Jul 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 Midcap | 0.0 | 0.0 | 0.0 | 1.9 | 41.8 | 43.5 | 12.8 | 20.6% | 20.4% | 13.1% | 28.9% | 7% |
| Union Midcap | 0.0 | 0.0 | 0.0 | 0.6 | 24.3 | 41.5 | 33.6 | 23.9% | 22.7% | 14.2% | 39.7% | 20% |
| BSE 150 MidCap Index TRI | 0.0 | 0.0 | 0.0 | 3.2 | 11.5 | 37.6 | 47.7 | 25.3% | 24.2% | 12.4% | 38.9% | -- |
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. The benchmark is BSE 150 MidCap Index 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 30-03-2020. Past returns do not promise future returns.
Axis Midcap vs Union Midcap: 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 02-03-2020 to 30-10-2026: 80 instalments, ₹8,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis MidcapAxis Midcap Fund (Direct) | ₹8,00,000 | ₹13,59,253 | ₹5,59,253 | 15.7% |
| Union MidcapUnion Midcap Fund (Direct) | ₹8,00,000 | ₹14,77,594 | ₹6,77,594 | 18.2% |
Axis MidcapAxis Midcap Fund (Direct)
Union MidcapUnion Midcap 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 Midcap vs Union Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +1.29% | +0.66% |
| Standard deviation | 14.84% | 16.64% |
| Sharpe ratio | -0.27 | -0.28 |
| Sortino ratio | -0.36 | -0.37 |
| Maximum drawdown | −11.1% (23-03-2026) | −12.1% (23-10-2026) |
| Beta | 0.88 | 0.99 |
| Alpha | +5.24% | +5.74% |
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 Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.07% | +15.60% |
| Standard deviation | 14.86% | 16.83% |
| Sharpe ratio | 0.68 | 0.57 |
| Sortino ratio | 0.93 | 0.76 |
| Maximum drawdown | −19.5% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 0.83 | 0.96 |
| Alpha | +3.78% | +2.40% |
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 | Axis Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.88% | +13.79% |
| Standard deviation | 14.48% | 15.87% |
| Sharpe ratio | 0.42 | 0.50 |
| Sortino ratio | 0.56 | 0.67 |
| Maximum drawdown | −20.0% (20-06-2022) | −21.3% (28-02-2025) |
| Beta | 0.83 | 0.92 |
| Alpha | −0.04% | +1.25% |
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 | Axis Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.05% | +28.22% |
| Standard deviation | 14.76% | 16.03% |
| Sharpe ratio | 0.81 | 1.44 |
| Sortino ratio | 1.10 | 1.99 |
| Maximum drawdown | −29.4% (23-03-2020) | −21.3% (28-02-2025) |
| Beta | 0.84 | 0.89 |
| Alpha | +2.97% | +3.23% |
From daily NAVs, 02-01-2013 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.
Axis Midcap Fund (Direct)
Union Midcap Fund (Direct)
BSE 150 MidCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Midcap Fund (Direct) | −20.3% | 18-10-2021 | 20-06-2022 | 06-06-2023 | 12 months | −6.5% |
| Union Midcap Fund (Direct) | −21.3% | 23-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −9.3% |
| BSE 150 MidCap Index TRI | −21.8% | 24-09-2024 | 28-02-2025 | 10-07-2026 | 16 months | −10.6% |
From daily values since 30-03-2020, 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 Midcap Fund (Direct)
Union Midcap Fund (Direct)
BSE 150 MidCap Index 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 Midcap Fund (Direct)
Union Midcap Fund (Direct)
BSE 150 MidCap Index TRI
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.
Axis Midcap Fund (Direct)
Union Midcap Fund (Direct)
BSE 150 MidCap Index TRI
Against BSE 150 MidCap Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Midcap Fund (Direct) | 85% | 86% | 6.28% |
| Union Midcap Fund (Direct) | 98% | 90% | 6.19% |
From month-end values since 30-03-2020. 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 Midcap vs Union Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Midcap Fund, September 2026; Union Midcap Fund, September 2026
Holdings in common
- Overlap
- 43.4%
- Held by both
- 41
- Only in Axis Midcap
- 44
- Only in Union Midcap
- 36
| Security | % of Axis Midcap | % of Union Midcap |
|---|---|---|
| The Federal Bank Limited | 3.98% | 3.04% |
| GE Vernova T&D India Limited | 2.41% | 2.38% |
| IPCA Laboratories Limited | 2.30% | 2.49% |
| Fortis Healthcare Limited | 2.61% | 2.18% |
| The Phoenix Mills Limited | 2.29% | 2.00% |
| Bharat Heavy Electricals Limited | 1.94% | 2.12% |
| Apar Industries Limited | 2.84% | 1.87% |
| Sona BLW Precision Forgings Limited | 2.69% | 1.80% |
| Solar Industries India Limited | 1.86% | 1.75% |
| Multi Commodity Exchange of India Limited | 1.62% | 2.90% |
| Marico Limited | 1.58% | 1.71% |
| UNO Minda Limited | 1.55% | 1.72% |
| Coforge Limited | 1.52% | 2.01% |
| Dixon Technologies (India) Limited | 1.57% | 1.37% |
| Info Edge (India) Limited | 1.12% | 1.76% |
| Cummins India Limited | 1.67% | 1.08% |
| SRF Limited | 1.03% | 1.47% |
| BSE Limited | 1.03% | 1.02% |
| One 97 Communications Limited | 1.01% | 3.10% |
| Schaeffler India Limited | 1.52% | 0.99% |
| Bharti Hexacom Limited | 0.91% | 1.71% |
| AU Small Finance Bank Limited | 1.23% | 0.87% |
| CG Power and Industrial Solutions Limited | 0.87% | 0.99% |
| Bharat Forge Limited | 1.88% | 0.73% |
| L&T Finance Limited | 0.71% | 1.47% |
| Billionbrains Garage Ventures Ltd | 0.69% | 1.23% |
| Mphasis Limited | 0.66% | 2.04% |
| Lenskart Solutions Limited | 2.22% | 0.63% |
| JK Cement Limited | 1.10% | 0.54% |
| LG Electronics India Ltd | 0.46% | 1.68% |
| FSN E-Commerce Ventures Limited | 1.68% | 0.43% |
| PB Fintech Limited | 1.44% | 0.41% |
| Indian Bank | 0.38% | 0.57% |
| Vishal Mega Mart Limited | 1.04% | 0.33% |
| K.P.R. Mill Limited | 0.95% | 0.32% |
| Navin Fluorine International Limited | 0.36% | 0.29% |
| Hindustan Petroleum Corporation Limited | 0.28% | 0.43% |
| Swiggy Limited | 0.23% | 0.23% |
| Amber Enterprises India Limited | 0.22% | 0.92% |
| Tube Investments of India Limited | 0.22% | 1.22% |
| RBL Bank Limited | 0.11% | 1.42% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.4% means 43.4% 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 Midcap Fund
| Security | % of fund |
|---|---|
| The Indian Hotels Company Limited | 2.38% |
| Eternal Limited | 2.06% |
| Radico Khaitan Limited | 1.79% |
| ICICI Bank Limited | 1.71% |
| Alkem Laboratories Limited | 1.37% |
Largest holdings only in Union Midcap Fund
| Security | % of fund |
|---|---|
| Max Financial Services Ltd. | 2.59% |
| Nippon Life India Asset Management Ltd. | 2.19% |
| Ajanta Pharma Ltd. | 2.08% |
| Prestige Estates Projects Ltd. | 1.79% |
| JSW Energy Ltd. | 1.74% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Midcap | Union Midcap |
|---|---|---|
| Equity | 90.2% | 98.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 9.8% | 1.8% |
Market cap of stocks
| Market cap | Axis Midcap | Union Midcap |
|---|---|---|
| Large Cap | 17.2% | 15.6% |
| Mid Cap | 65.3% | 66.5% |
| Small Cap | 5.3% | 15.5% |
| Not on AMFI's list | 2.3% | 0.5% |
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 Midcap | Union Midcap |
|---|---|---|
| Auto Components | 10.1% | 9.8% |
| Electrical Equipment | 9.7% | 7.4% |
| Retailing | 9.5% | 4.2% |
| Banks | 7.7% | 9.1% |
| Pharmaceuticals & Biotechnology | 7.2% | 8.6% |
| Capital Markets | 3.3% | 7.3% |
| Chemicals & Petrochemicals | 3.7% | 5.7% |
| Finance | 3.9% | 4.4% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Midcap vs Union Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Midcap Fund | Union Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.80% | 1.08% |
| Base expense ratio (Direct) | 0.50% | 0.66% |
| Total expense ratio (Regular) | 1.79% | 2.39% |
| Base expense ratio (Regular) | 1.33% | 1.78% |
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 Midcap with
Axis Midcap Fund vs Union Midcap Fund: Frequently Asked Questions
What is the difference between Axis Midcap Fund and Union Midcap Fund?
Both are Mid Cap funds, run by Axis Mutual Fund and Union Mutual Fund. Their portfolios overlap 43.4%. Axis Midcap Fund charges 0.80% a year and Union Midcap Fund 1.08%.
Which has given higher returns, Axis Midcap Fund or Union Midcap Fund?
Over 1 year: Axis Midcap Fund +1.29%, Union Midcap Fund +0.66%. Over 3 years: Axis Midcap Fund +16.07% a year, Union Midcap Fund +15.60% a year. Over 5 years: Axis Midcap Fund +11.88% a year, Union Midcap Fund +13.79% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Midcap Fund or Union Midcap Fund?
Axis Midcap Fund charges less: 0.80% a year against 1.08%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Midcap Fund and Union Midcap Fund overlap?
43.4%. They hold 41 of the same securities, the largest shared ones being FEDERALBNK, GVT&D, IPCALAB. From each fund's latest monthly portfolio.
Which is riskier, Axis Midcap Fund or Union Midcap Fund?
On SEBI's riskometer, Axis Midcap Fund is rated Very High and Union Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.86% and 16.83% a year.
Which is better for SIP, Axis Midcap Fund or Union Midcap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,45,078 in Axis Midcap Fund (XIRR 12.8% a year) and ₹8,58,918 in Union Midcap Fund (XIRR 13.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Midcap Fund and Union Midcap Fund?
Yes. 43.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis Midcap Fund and Union Midcap Fund?
Axis Midcap Fund: Shreyash Devalkar, Krishnaa N, Nitin Arora. Union Midcap Fund: Gaurav Chopra, 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.