DSP Midcap Fund vs Union Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Midcap Fund and Union Midcap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, DSP Midcap Fund (Direct) returned 12.6% a year and Union Midcap Fund (Direct) returned 15.6% a year. DSP Midcap Fund charges 0.85% a year and Union Midcap Fund 1.08% (Direct plans). Their portfolios overlap 40.0%: they hold 30 of the same securities.
Which is better, DSP 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 10.0%.
- Union Midcap returned more over 3 years: 15.6% a year against 12.6%.
- DSP Midcap costs less: 0.85% a year against 1.08% (Direct plans).
- DSP Midcap swung less over 3 years: a standard deviation of 15.6% a year against 16.8%.
- Union Midcap fell less in its worst fall since 30-03-2020: −21.3% against −22.5%.
- DSP Midcap is the larger fund: ₹19,488 Cr against ₹1,906 Cr.
- Their portfolios overlap 40.0%: 30 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 | DSP Midcap Fund | Union Midcap Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Union Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹19,488 Cr (30-09-2026) | ₹1,906 Cr (30-09-2026) |
| NAV | ₹160.02 (Direct) | ₹53.40 (Direct) |
| Expense ratio (Direct) | 0.85% | 1.08% |
| Expense ratio (Regular) | 1.74% | 2.39% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | BSE Midcap 150 TRI |
| Launch date | 14-11-2006 | 23-03-2020 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Vinit Sambre, Abhishek Ghosh | Gaurav Chopra, Pratik Dharmshi |
| Exit load | Exit load of 1% if redeemed less than 12 months | Exit load of 1%, if redeemed within 15 days. |
DSP 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 |
|---|---|---|---|---|---|---|---|
| DSP Midcap Fund (Direct) | −3.32% | −7.62% | −3.16% | −4.38% | +12.62% | +9.98% | +12.99% |
| 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.
DSP Midcap vs Union Midcap: Year-wise Returns
| Year | DSPDSP Midcap | UnionUnion Midcap |
|---|---|---|
| 2026to date | −3.90% | +1.41% |
| 2025 | +2.68% | +3.68% |
| 2024 | +23.60% | +30.50% |
| 2023 | +39.75% | +34.21% |
| 2022 | −3.97% | −0.82% |
| 2021 | +29.58% | +53.98% |
DSP Midcap vs Union Midcap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of DSP Midcap Fund
Rolling returns
Every 3-year holding period, 880 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.
DSP Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Midcap | 0.0 | 0.0 | 0.0 | 8.4 | 51.1 | 39.7 | 0.8 | 19.2% | 19.5% | 11.3% | 26.4% | 0% |
| Union Midcap | 0.0 | 0.0 | 0.0 | 0.6 | 24.3 | 41.5 | 33.6 | 23.9% | 22.7% | 14.2% | 39.7% | 14% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 3.1 | 8.9 | 39.0 | 49.1 | 25.8% | 24.8% | 12.7% | 39.4% | -- |
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 Midcap 150 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.
DSP 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 |
|---|---|---|---|---|
| DSP MidcapDSP Midcap Fund (Direct) | ₹8,00,000 | ₹12,32,112 | ₹4,32,112 | 12.8% |
| Union MidcapUnion Midcap Fund (Direct) | ₹8,00,000 | ₹14,77,594 | ₹6,77,594 | 18.2% |
DSP MidcapDSP 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.
DSP Midcap vs Union Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.38% | +0.66% |
| Standard deviation | 15.68% | 16.64% |
| Sharpe ratio | -0.61 | -0.28 |
| Sortino ratio | -0.84 | -0.37 |
| Maximum drawdown | −12.5% (23-03-2026) | −12.1% (23-10-2026) |
| Beta | 0.92 | 0.99 |
| Alpha | −0.76% | +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 | DSP Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.62% | +15.60% |
| Standard deviation | 15.64% | 16.83% |
| Sharpe ratio | 0.42 | 0.57 |
| Sortino ratio | 0.57 | 0.76 |
| Maximum drawdown | −21.2% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 0.89 | 0.96 |
| Alpha | −0.31% | +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 | DSP Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.98% | +13.79% |
| Standard deviation | 15.03% | 15.87% |
| Sharpe ratio | 0.28 | 0.50 |
| Sortino ratio | 0.37 | 0.67 |
| Maximum drawdown | −21.5% (20-06-2022) | −21.3% (28-02-2025) |
| Beta | 0.87 | 0.92 |
| Alpha | −2.79% | +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 | DSP Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.01% | +28.22% |
| Standard deviation | 15.94% | 16.03% |
| Sharpe ratio | 0.62 | 1.44 |
| Sortino ratio | 0.84 | 1.99 |
| Maximum drawdown | −32.7% (23-03-2020) | −21.3% (28-02-2025) |
| Beta | -- | 0.89 |
| Alpha | -- | +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.
DSP Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Midcap Fund (Direct) | −22.5% | 18-10-2021 | 20-06-2022 | 17-07-2023 | 13 months | −10.4% |
| Union Midcap Fund (Direct) | −21.3% | 23-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −9.3% |
| Nifty Midcap 150 TRI | −21.1% | 18-10-2021 | 20-06-2022 | 09-09-2022 | 3 months | −10.5% |
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.
DSP Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 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.
DSP Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 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.
DSP Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| DSP Midcap Fund (Direct) | 85% | 99% | 5.42% |
| Union Midcap Fund (Direct) | 96% | 87% | 6.58% |
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.
DSP Midcap vs Union Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Midcap Fund, September 2026; Union Midcap Fund, September 2026
Holdings in common
- Overlap
- 40.0%
- Held by both
- 30
- Only in DSP Midcap
- 34
- Only in Union Midcap
- 47
| Security | % of DSP Midcap | % of Union Midcap |
|---|---|---|
| Multi Commodity Exchange Of India Limited | 3.31% | 2.90% |
| Federal Bank Limited | 2.56% | 3.04% |
| IPCA Laboratories Limited | 2.84% | 2.49% |
| Max Financial Services Limited | 2.48% | 2.59% |
| Fortis Healthcare Limited | 2.53% | 2.18% |
| Coforge Limited | 4.07% | 2.01% |
| Phoenix Mills Limited | 2.73% | 2.00% |
| Nippon Life India Asset Management Limited | 1.87% | 2.19% |
| APL Apollo Tubes Limited | 2.34% | 1.68% |
| Uno Minda Limited | 1.66% | 1.72% |
| Jindal Steel Limited | 2.17% | 1.65% |
| Mphasis Limited | 1.61% | 2.04% |
| L&T Finance Limited | 1.55% | 1.47% |
| Dixon Technologies (India) Limited | 1.86% | 1.37% |
| Apar Industries Limited | 1.36% | 1.87% |
| Tube Investments of India Limited | 1.57% | 1.22% |
| SRF Limited | 1.14% | 1.47% |
| Ge Vernova T&D India Limited | 1.04% | 2.38% |
| Schaeffler India Limited | 2.10% | 0.99% |
| Shriram Finance Limited | 0.97% | 1.61% |
| KEI Industries Limited | 1.67% | 0.89% |
| AU Small Finance Bank Limited | 1.71% | 0.87% |
| Bharat Forge Limited | 2.51% | 0.73% |
| Lenskart Solutions Limited | 0.79% | 0.63% |
| J.K. Cement Limited | 1.87% | 0.54% |
| Sona Blw Precision Forgings Limited | 0.53% | 1.80% |
| Hindustan Petroleum Corporation Limited | 1.26% | 0.43% |
| PB Fintech Limited | 1.02% | 0.41% |
| Vishal Mega Mart Limited | 1.33% | 0.33% |
| LG Electronics India Limited | 0.04% | 1.68% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.0% means 40.0% 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 DSP Midcap Fund
| Security | % of fund |
|---|---|
| Cholamandalam Investment and Finance Co Limited | 2.44% |
| Coromandel International Limited | 2.29% |
| Supreme Industries Limited | 2.18% |
| Bharti Airtel Limited | 2.03% |
| Kirloskar Oil Engines Limited | 2.02% |
Largest holdings only in Union Midcap Fund
| Security | % of fund |
|---|---|
| One 97 Communications Ltd. | 3.10% |
| Bharat Heavy Electricals Ltd. | 2.12% |
| Ajanta Pharma Ltd. | 2.08% |
| Prestige Estates Projects Ltd. | 1.79% |
| Info Edge (India) Ltd. | 1.76% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Midcap | Union Midcap |
|---|---|---|
| Equity | 95.4% | 98.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 4.6% | 1.8% |
Market cap of stocks
| Market cap | DSP Midcap | Union Midcap |
|---|---|---|
| Large Cap | 16.5% | 15.6% |
| Mid Cap | 67.5% | 66.5% |
| Small Cap | 11.4% | 15.5% |
| Not on AMFI's list | 0.0% | 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 | DSP Midcap | Union Midcap |
|---|---|---|
| Auto Components | 11.2% | 9.8% |
| Banks | 7.5% | 9.1% |
| Industrial Products | 8.7% | 5.4% |
| Pharmaceuticals & Biotechnology | 5.0% | 8.6% |
| Electrical Equipment | 3.1% | 7.4% |
| Capital Markets | 5.2% | 7.3% |
| IT - Software | 6.5% | 4.8% |
| Finance | 5.9% | 4.4% |
| Chemicals & Petrochemicals | 3.0% | 5.7% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Midcap vs Union Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Midcap Fund | Union Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.85% | 1.08% |
| Base expense ratio (Direct) | 0.66% | 0.66% |
| Total expense ratio (Regular) | 1.74% | 2.39% |
| Base expense ratio (Regular) | 1.42% | 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 DSP Midcap with
DSP Midcap Fund vs Union Midcap Fund: Frequently Asked Questions
What is the difference between DSP Midcap Fund and Union Midcap Fund?
Both are Mid Cap funds, run by DSP Mutual Fund and Union Mutual Fund. Their portfolios overlap 40.0%. DSP Midcap Fund charges 0.85% a year and Union Midcap Fund 1.08%.
Which has given higher returns, DSP Midcap Fund or Union Midcap Fund?
Over 1 year: DSP Midcap Fund −4.38%, Union Midcap Fund +0.66%. Over 3 years: DSP Midcap Fund +12.62% a year, Union Midcap Fund +15.60% a year. Over 5 years: DSP Midcap Fund +9.98% 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, DSP Midcap Fund or Union Midcap Fund?
DSP Midcap Fund charges less: 0.85% a year against 1.08%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Midcap Fund and Union Midcap Fund overlap?
40.0%. They hold 30 of the same securities, the largest shared ones being MCX, FEDERALBNK, IPCALAB. From each fund's latest monthly portfolio.
Which is riskier, DSP Midcap Fund or Union Midcap Fund?
On SEBI's riskometer, DSP Midcap Fund is rated Very High and Union Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 15.64% and 16.83% a year.
Which is better for SIP, DSP 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 ₹7,91,450 in DSP Midcap Fund (XIRR 10.2% 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 DSP Midcap Fund and Union Midcap Fund?
Yes. 40.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages DSP Midcap Fund and Union Midcap Fund?
DSP Midcap Fund: Vinit Sambre, Abhishek Ghosh. 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.