HDFC NIFTY 100 Index Fund vs Union Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC 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, HDFC NIFTY 100 Index Fund (Direct) returned 8.7% a year and Union Value Fund (Direct) returned 10.9% a year. HDFC NIFTY 100 Index Fund charges 0.36% a year and Union Value Fund 1.51% (Direct plans). Their portfolios overlap 43.8%: they hold 33 of the same securities.
HDFC NIFTY 100 Index Fund
Index
- 3 year return
- 8.7%
- Expense ratio
- 0.36%
- NAV
- ₹14.33
Which is better, HDFC 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 3 years: 10.9% a year against 8.7%.
- Union Value returned more over 1 year: −6.9% against −9.0%.
- HDFC NIFTY 100 Index costs less: 0.36% a year against 1.51% (Direct plans).
- HDFC NIFTY 100 Index swung less over 3 years: a standard deviation of 13.6% a year against 14.7%.
- HDFC NIFTY 100 Index fell less in its worst fall since 23-02-2022: −17.3% against −17.9%.
- HDFC NIFTY 100 Index holds more in large companies: 98.0% of the fund in large caps against 55.5%.
- HDFC NIFTY 100 Index is the larger fund: ₹457 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 | HDFC NIFTY 100 Index Fund | Union Value Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Union Mutual Fund |
| Category | Index | Value and Contra |
| AUM | ₹457 Cr (30-09-2026) | ₹378 Cr (30-09-2026) |
| NAV | ₹14.33 (Direct) | ₹28.96 (Direct) |
| Expense ratio (Direct) | 0.36% | 1.51% |
| Expense ratio (Regular) | 0.81% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 100 TRI | BSE 500 TRI |
| Launch date | 23-02-2022 | 05-12-2018 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal | Vinod Malviya, Gaurav Chopra |
| Exit load | NIL | Exit load of 1%, if redeemed within 15 days. |
HDFC 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 |
|---|---|---|---|---|---|---|---|
| HDFC NIFTY 100 Index Fund (Direct) | +1.01% | −5.39% | −3.12% | −9.00% | +8.65% | -- | -- |
| 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.
HDFC NIFTY 100 Index vs Union Value: Year-wise Returns
| Year | HDFC NIFTY 100 IndexHDFC NIFTY 100 Index | Union ValueUnion Value |
|---|---|---|
| 2026to date | −9.57% | −6.82% |
| 2025 | +9.87% | +7.95% |
| 2024 | +12.39% | +17.94% |
| 2023 | +20.80% | +34.56% |
| 2022 | -- | +5.90% |
| 2021 | -- | +33.20% |
HDFC NIFTY 100 Index vs Union Value: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HDFC NIFTY 100 Index Fund
Rolling returns
Every 3-year holding period, 413 of them, one for each trading day from 24-02-2025 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.
HDFC NIFTY 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 TRI
to
Apr 2025Jul 2022
to
Jul 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Jun 2023
to
Jun 2026Sept 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC NIFTY 100 Index | 0.0 | 0.0 | 15.0 | 67.3 | 17.7 | 0.0 | 0.0 | 12.8% | 13.0% | 6.7% | 19.0% | 0% |
| Union Value | 0.0 | 0.0 | 0.0 | 17.2 | 60.8 | 21.8 | 0.2 | 18.1% | 18.6% | 10.2% | 25.3% | 100% |
| Nifty 100 TRI | 0.0 | 0.0 | 11.1 | 65.1 | 23.7 | 0.0 | 0.0 | 13.2% | 13.5% | 7.1% | 19.6% | -- |
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 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 23-02-2022. Past returns do not promise future returns.
HDFC 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 23-02-2022 to 30-10-2026: 57 instalments, ₹5,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC NIFTY 100 IndexHDFC NIFTY 100 Index Fund (Direct) | ₹5,70,000 | ₹6,47,968 | ₹77,968 | 5.4% |
| Union ValueUnion Value Fund (Direct) | ₹5,70,000 | ₹7,06,098 | ₹1,36,098 | 9.0% |
HDFC NIFTY 100 IndexHDFC 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.
HDFC 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 | HDFC NIFTY 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.00% | −6.91% |
| Standard deviation | 13.87% | 14.74% |
| Sharpe ratio | -1.03 | -0.82 |
| Sortino ratio | -1.37 | -1.10 |
| Maximum drawdown | −15.0% (31-03-2026) | −12.8% (31-03-2026) |
| Beta | 1.00 | 1.01 |
| Alpha | −0.33% | +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 | HDFC NIFTY 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.65% | +10.89% |
| Standard deviation | 13.63% | 14.66% |
| Sharpe ratio | 0.19 | 0.33 |
| Sortino ratio | 0.27 | 0.44 |
| Maximum drawdown | −17.3% (28-02-2025) | −17.9% (03-03-2025) |
| Beta | 1.00 | 1.00 |
| Alpha | −0.42% | +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 | HDFC NIFTY 100 Index Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.00% | +14.30% |
| Standard deviation | 13.63% | 16.90% |
| Sharpe ratio | 0.15 | 0.54 |
| Sortino ratio | 0.21 | 0.72 |
| Maximum drawdown | −17.3% (28-02-2025) | −37.7% (23-03-2020) |
| Beta | 1.00 | 0.97 |
| Alpha | −0.44% | +1.44% |
From daily NAVs, 23-02-2022 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.
HDFC 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 |
|---|---|---|---|---|---|---|
| HDFC NIFTY 100 Index Fund (Direct) | −17.3% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.7% |
| Union Value Fund (Direct) | −17.9% | 23-09-2024 | 03-03-2025 | 10-07-2025 | 4 months | −8.5% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 23-02-2022, 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.
HDFC 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.
HDFC NIFTY 100 Index Fund (Direct)
Union Value Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC NIFTY 100 Index Fund (Direct) | 99% | 100% | 0.11% |
| Union Value Fund (Direct) | 102% | 79% | 5.28% |
From month-end values since 23-02-2022. 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.
HDFC NIFTY 100 Index vs Union Value: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC NIFTY 100 Index Fund, September 2026; Union Value Fund, September 2026
Holdings in common
- Overlap
- 43.8%
- Held by both
- 33
- Only in HDFC NIFTY 100 Index
- 67
- Only in Union Value
- 38
| Security | % of HDFC NIFTY 100 Index | % of Union Value |
|---|---|---|
| ICICI Bank Ltd. | 7.35% | 6.44% |
| HDFC Bank Ltd. | 8.42% | 4.12% |
| Reliance Industries Ltd. | 6.15% | 3.75% |
| Bharti Airtel Ltd. | 4.14% | 2.98% |
| State Bank of India | 3.07% | 2.93% |
| Axis Bank Ltd. | 2.73% | 3.21% |
| Larsen and Toubro Ltd. | 3.41% | 2.16% |
| Maruti Suzuki India Limited | 1.21% | 2.00% |
| NTPC Limited | 1.19% | 2.21% |
| Sun Pharmaceutical Industries Ltd. | 1.49% | 1.13% |
| Bharat Electronics Ltd. | 1.08% | 1.20% |
| Shriram Finance Ltd. | 1.07% | 2.73% |
| Tata Consultancy Services Ltd. | 1.62% | 0.98% |
| Infosys Limited | 2.72% | 0.95% |
| InterGlobe Aviation Ltd. | 0.87% | 0.92% |
| Adani Ports & Special Economic Zone | 1.09% | 0.86% |
| Tata Steel Ltd. | 1.19% | 0.83% |
| Hindustan Unilever Ltd. | 1.29% | 0.80% |
| ADANI ENTERPRISES LIMTIED | 0.76% | 0.88% |
| Tech Mahindra Ltd. | 0.75% | 2.19% |
| HCL Technologies Ltd. | 1.00% | 0.70% |
| Hindustan Aeronautics Limited | 0.69% | 0.99% |
| Tata Motors Limited | 0.68% | 1.12% |
| Cipla Ltd. | 0.59% | 0.77% |
| Samvardhana Motherson International Ltd. | 0.56% | 0.86% |
| Torrent Pharmaceuticals Ltd. | 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 Ltd. | 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 HDFC NIFTY 100 Index Fund
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 2.38% |
| Mahindra & Mahindra Ltd. | 2.04% |
| Bajaj Finance Ltd. | 2.03% |
| Eternal Limited | 1.80% |
| Titan Company Ltd. | 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 | HDFC NIFTY 100 Index | Union Value |
|---|---|---|
| Equity | 100.1% | 96.3% |
| Debt | 0.0% | 0.1% |
| Cash and others | -0.1% | 3.6% |
Market cap of stocks
| Market cap | HDFC 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 | HDFC 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.
HDFC NIFTY 100 Index vs Union Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC NIFTY 100 Index Fund | Union Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.36% | 1.51% |
| Base expense ratio (Direct) | 0.25% | 1.08% |
| Total expense ratio (Regular) | 0.81% | 2.56% |
| Base expense ratio (Regular) | 0.64% | 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
HDFC NIFTY 100 Index Fund vs Union Value Fund: Frequently Asked Questions
What is the difference between HDFC NIFTY 100 Index Fund and Union Value Fund?
HDFC NIFTY 100 Index Fund is an Index fund, Union Value Fund is a Value and Contra fund, run by HDFC Mutual Fund and Union Mutual Fund. Their portfolios overlap 43.8%. HDFC NIFTY 100 Index Fund charges 0.36% a year and Union Value Fund 1.51%.
Which has given higher returns, HDFC NIFTY 100 Index Fund or Union Value Fund?
Over 1 year: HDFC NIFTY 100 Index Fund −9.00%, Union Value Fund −6.91%. Over 3 years: HDFC NIFTY 100 Index Fund +8.65% a year, Union Value Fund +10.89% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC NIFTY 100 Index Fund or Union Value Fund?
HDFC NIFTY 100 Index Fund charges less: 0.36% a year against 1.51%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC 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, HDFC NIFTY 100 Index Fund or Union Value Fund?
On SEBI's riskometer, HDFC 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, HDFC NIFTY 100 Index Fund or Union Value Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,71,127 in HDFC NIFTY 100 Index Fund (XIRR 0.2% a year) and ₹3,81,894 in Union Value Fund (XIRR 2.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC 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 HDFC NIFTY 100 Index Fund and Union Value Fund?
HDFC NIFTY 100 Index Fund: Nandita Menezes, Arun Agarwal. 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.