Axis Nifty 100 Index Fund vs Union Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Nifty 100 Index Fund is an Index fund and Union Value Fund is a Value and Contra fund. In the 3 years to 30-10-2026, Axis Nifty 100 Index Fund (Direct) returned 8.8% a year and Union Value Fund (Direct) returned 10.9% a year. Axis Nifty 100 Index Fund charges 0.26% a year and Union Value Fund 1.51% (Direct plans). Their portfolios overlap 43.8%: they hold 33 of the same securities.
Axis Nifty 100 Index Fund
Index
- 3 year return
- 8.8%
- Expense ratio
- 0.26%
- NAV
- ₹21.51
Which is better, Axis Nifty 100 Index or Union Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Value returned more over 5 years: 10.8% a year against 7.0%.
- Union Value returned more over 3 years: 10.9% a year against 8.8%.
- Axis Nifty 100 Index costs less: 0.26% a year against 1.51% (Direct plans).
- Axis Nifty 100 Index swung less over 3 years: a standard deviation of 13.6% a year against 14.7%.
- Axis Nifty 100 Index fell less in its worst fall since 23-10-2019: −37.0% against −37.7%.
- Axis Nifty 100 Index holds more in large companies: 98.0% of the fund in large caps against 55.5%.
- Axis Nifty 100 Index is the larger fund: ₹1,989 Cr against ₹378 Cr.
- Their portfolios overlap 43.8%: 33 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 Nifty 100 Index Fund | Union Value Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Union Mutual Fund |
| Category | Index | Value and Contra |
| AUM | ₹1,989 Cr (30-09-2026) | ₹378 Cr (30-09-2026) |
| NAV | ₹21.51 (Direct) | ₹28.96 (Direct) |
| Expense ratio (Direct) | 0.26% | 1.51% |
| Expense ratio (Regular) | 0.97% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 100 TRI | BSE 500 TRI |
| Launch date | 18-10-2019 | 05-12-2018 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nandik Malik, Rohit Gautam | Vinod Malviya, Gaurav Chopra |
| Exit load | Nil | Exit load of 1%, if redeemed within 15 days. |
Axis Nifty 100 Index vs Union Value: 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 Nifty 100 Index Fund (Direct) | +1.02% | −5.36% | −3.09% | −8.92% | +8.79% | +6.97% | -- |
| Union Value Fund (Direct) | −2.10% | −6.46% | −3.53% | −6.91% | +10.89% | +10.75% | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | -- |
Category average: the average of the 30 Value and Contra funds, same plan type.
Axis Nifty 100 Index vs Union Value: Year-wise Returns
| Year | Axis Nifty 100 IndexAxis Nifty 100 Index | Union ValueUnion Value |
|---|---|---|
| 2026to date | −9.51% | −6.82% |
| 2025 | +10.02% | +7.95% |
| 2024 | +12.57% | +17.94% |
| 2023 | +20.95% | +34.56% |
| 2022 | +4.79% | +5.90% |
| 2021 | +25.90% | +33.20% |
Axis Nifty 100 Index vs Union Value: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of Axis Nifty 100 Index Fund
Rolling returns
Every 3-year holding period, 996 of them, one for each trading day from 25-10-2022 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 Nifty 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 TRI
to
Feb 2023Oct 2020
to
Oct 2023Jul 2021
to
Jul 2024Mar 2022
to
Mar 2025Nov 2022
to
Nov 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 Nifty 100 Index | 0.0 | 0.0 | 6.4 | 42.7 | 38.5 | 9.9 | 2.5 | 15.4% | 15.1% | 6.8% | 30.4% | 0% |
| Union Value | 0.0 | 0.0 | 0.0 | 7.3 | 41.2 | 37.2 | 14.3 | 20.6% | 20.1% | 10.2% | 35.3% | 100% |
| Nifty 100 TRI | 0.0 | 0.0 | 4.8 | 40.8 | 41.1 | 9.7 | 3.6 | 15.7% | 15.4% | 7.1% | 31.4% | -- |
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 100 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 23-10-2019. Past returns do not promise future returns.
Axis Nifty 100 Index vs Union Value: 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 23-10-2019 to 30-10-2026: 85 instalments, ₹8,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Nifty 100 IndexAxis Nifty 100 Index Fund (Direct) | ₹8,50,000 | ₹11,94,685 | ₹3,44,685 | 9.5% |
| Union ValueUnion Value Fund (Direct) | ₹8,50,000 | ₹13,85,165 | ₹5,35,165 | 13.6% |
Axis Nifty 100 IndexAxis Nifty 100 Index Fund (Direct)
Union ValueUnion Value 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 Nifty 100 Index vs Union Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Nifty 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.92% | −6.91% |
| Standard deviation | 13.88% | 14.74% |
| Sharpe ratio | -1.02 | -0.82 |
| Sortino ratio | -1.36 | -1.10 |
| Maximum drawdown | −14.9% (31-03-2026) | −12.8% (31-03-2026) |
| Beta | 1.00 | 1.01 |
| Alpha | −0.24% | +0.85% |
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 Nifty 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.79% | +10.89% |
| Standard deviation | 13.63% | 14.66% |
| Sharpe ratio | 0.20 | 0.33 |
| Sortino ratio | 0.28 | 0.44 |
| Maximum drawdown | −17.3% (28-02-2025) | −17.9% (03-03-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.29% | +0.98% |
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 Nifty 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.97% | +10.75% |
| Standard deviation | 13.91% | 14.39% |
| Sharpe ratio | 0.08 | 0.34 |
| Sortino ratio | 0.12 | 0.46 |
| Maximum drawdown | −17.3% (28-02-2025) | −17.9% (03-03-2025) |
| Beta | 1.00 | 0.98 |
| Alpha | −0.24% | +2.16% |
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 Nifty 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.58% | +14.30% |
| Standard deviation | 17.02% | 16.90% |
| Sharpe ratio | 0.38 | 0.54 |
| Sortino ratio | 0.51 | 0.72 |
| Maximum drawdown | −37.0% (23-03-2020) | −37.7% (23-03-2020) |
| Beta | 0.99 | 0.97 |
| Alpha | −0.21% | +1.44% |
From daily NAVs, 23-10-2019 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 Nifty 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Nifty 100 Index Fund (Direct) | −37.0% | 17-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −10.4% |
| Union Value Fund (Direct) | −37.7% | 17-01-2020 | 23-03-2020 | 05-11-2020 | 7 months | −8.5% |
| Nifty 100 TRI | −37.9% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.1% |
From daily values since 23-10-2019, 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 Nifty 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 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 Nifty 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 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 Nifty 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Nifty 100 Index Fund (Direct) | 99% | 100% | 0.37% |
| Union Value Fund (Direct) | 105% | 88% | 5.19% |
From month-end values since 23-10-2019. 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 Nifty 100 Index vs Union Value: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Nifty 100 Index Fund, September 2026; Union Value Fund, September 2026
Holdings in common
- Overlap
- 43.8%
- Held by both
- 33
- Only in Axis Nifty 100 Index
- 67
- Only in Union Value
- 38
| Security | % of Axis Nifty 100 Index | % of Union Value |
|---|---|---|
| ICICI Bank Limited | 7.34% | 6.44% |
| HDFC Bank Limited | 8.42% | 4.12% |
| Reliance Industries Limited | 6.15% | 3.75% |
| Bharti Airtel Limited | 4.14% | 2.98% |
| State Bank of India | 3.07% | 2.93% |
| Axis Bank Limited | 2.73% | 3.21% |
| Larsen & Toubro Limited | 3.41% | 2.16% |
| Maruti Suzuki India Limited | 1.21% | 2.00% |
| NTPC Limited | 1.19% | 2.21% |
| Sun Pharmaceutical Industries Limited | 1.49% | 1.13% |
| Bharat Electronics Limited | 1.08% | 1.20% |
| Shriram Finance Limited | 1.07% | 2.73% |
| Tata Consultancy Services Limited | 1.62% | 0.98% |
| Infosys Limited | 2.72% | 0.95% |
| InterGlobe Aviation Limited | 0.87% | 0.92% |
| Adani Ports and Special Economic Zone Limited | 1.09% | 0.86% |
| Tata Steel Limited | 1.18% | 0.83% |
| Hindustan Unilever Limited | 1.29% | 0.80% |
| Adani Enterprises Limited | 0.76% | 0.88% |
| Tech Mahindra Limited | 0.75% | 2.19% |
| HCL Technologies Limited | 1.00% | 0.70% |
| Hindustan Aeronautics Limited | 0.69% | 0.99% |
| Tata Motors Ltd | 0.68% | 1.12% |
| Cipla Limited | 0.59% | 0.77% |
| Samvardhana Motherson International Limited | 0.56% | 0.86% |
| Torrent Pharmaceuticals Limited | 0.55% | 1.40% |
| Vedanta Aluminium Metal Limited | 0.54% | 0.92% |
| ITC Limited | 1.96% | 0.49% |
| HDFC Life Insurance Company Limited | 0.43% | 0.79% |
| Jindal Steel Limited | 0.33% | 1.92% |
| LTM Limited | 0.29% | 0.80% |
| Zydus Lifesciences Limited | 0.22% | 0.69% |
| Tata Capital Limited | 0.14% | 0.95% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.8% means 43.8% 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 Nifty 100 Index Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 2.38% |
| Mahindra & Mahindra Limited | 2.04% |
| Bajaj Finance Limited | 2.03% |
| Eternal Limited | 1.80% |
| Titan Company Limited | 1.47% |
Largest holdings only in Union Value Fund
| Security | % of fund |
|---|---|
| Gabriel India Ltd. | 2.02% |
| Nippon Life India Asset Management Ltd. | 1.67% |
| The Phoenix Mills Ltd. | 1.66% |
| Ajanta Pharma Ltd. | 1.64% |
| Ujjivan Small Finance Bank Ltd. | 1.64% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Nifty 100 Index | Union Value |
|---|---|---|
| Equity | 100.0% | 96.3% |
| Debt | 0.0% | 0.1% |
| Cash and others | -0.0% | 3.6% |
Market cap of stocks
| Market cap | Axis Nifty 100 Index | Union Value |
|---|---|---|
| Large Cap | 98.0% | 55.5% |
| Mid Cap | 2.0% | 14.6% |
| Small Cap | 0.0% | 25.4% |
| Not on AMFI's list | 0.0% | 0.8% |
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 Nifty 100 Index | Union Value |
|---|---|---|
| Banks | 25.1% | 21.1% |
| Petroleum Products | 7.0% | 4.5% |
| IT - Software | 6.7% | 6.9% |
| Automobiles | 6.4% | 2.5% |
| Finance | 6.2% | 3.7% |
| Pharmaceuticals & Biotechnology | 4.3% | 5.6% |
| Construction | 3.4% | 5.6% |
| Telecom - Services | 4.4% | 3.0% |
| Auto Components | 0.9% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Nifty 100 Index vs Union Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Nifty 100 Index Fund | Union Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.26% | 1.51% |
| Base expense ratio (Direct) | 0.18% | 1.08% |
| Total expense ratio (Regular) | 0.97% | 2.56% |
| Base expense ratio (Regular) | 0.79% | 2.10% |
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
Axis Nifty 100 Index Fund vs Union Value Fund: Frequently Asked Questions
What is the difference between Axis Nifty 100 Index Fund and Union Value Fund?
Axis Nifty 100 Index Fund is an Index fund, Union Value Fund is a Value and Contra fund, run by Axis Mutual Fund and Union Mutual Fund. Their portfolios overlap 43.8%. Axis Nifty 100 Index Fund charges 0.26% a year and Union Value Fund 1.51%.
Which has given higher returns, Axis Nifty 100 Index Fund or Union Value Fund?
Over 1 year: Axis Nifty 100 Index Fund −8.92%, Union Value Fund −6.91%. Over 3 years: Axis Nifty 100 Index Fund +8.79% a year, Union Value Fund +10.89% a year. Over 5 years: Axis Nifty 100 Index Fund +6.97% a year, Union Value Fund +10.75% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Nifty 100 Index Fund or Union Value Fund?
Axis Nifty 100 Index Fund charges less: 0.26% a year against 1.51%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Nifty 100 Index Fund and Union Value Fund overlap?
43.8%. They hold 33 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Axis Nifty 100 Index Fund or Union Value Fund?
On SEBI's riskometer, Axis Nifty 100 Index Fund is rated Very High and Union Value Fund Very High. Over 3 years, the standard deviation of daily returns was 13.63% and 14.66% a year.
Which is better for SIP, Axis Nifty 100 Index Fund or Union Value Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,06,250 in Axis Nifty 100 Index Fund (XIRR 5.7% a year) and ₹7,73,448 in Union Value Fund (XIRR 9.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Nifty 100 Index Fund and Union Value Fund?
Yes. 43.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis Nifty 100 Index Fund and Union Value Fund?
Axis Nifty 100 Index Fund: Nandik Malik, Rohit Gautam. Union Value Fund: Vinod Malviya, Gaurav Chopra.
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.