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    HSBC ELSS Tax saver Fund vs Union ELSS Tax Saver Fund Fund

    Direct Plan, Growth option · Data as on 30-10-2026

    HSBC ELSS Tax saver Fund and Union ELSS Tax Saver Fund Fund are both ELSS funds. In the 3 years to 30-10-2026, HSBC ELSS Tax saver Fund (Direct) returned 15.1% a year and Union ELSS Tax Saver Fund Fund (Direct) returned 9.6% a year. HSBC ELSS Tax saver Fund charges 1.22% a year and Union ELSS Tax Saver Fund Fund 1.71% (Direct plans). Their portfolios overlap 40.2%: they hold 31 of the same securities.

    HSBC ELSS Tax saver Fund

    ELSS

    3 year return
    15.1%
    Expense ratio
    1.22%
    NAV
    ₹146.37
    See HSBC ELSS Tax saver Fund

    Union ELSS Tax Saver Fund Fund

    ELSS

    3 year return
    9.6%
    Expense ratio
    1.71%
    NAV
    ₹68.15
    See Union ELSS Tax Saver Fund Fund

    Which is better, HSBC ELSS Tax saver or Union ELSS Tax Saver Fund? Key differences

    It depends on what you want from the fund. These are the differences in numbers, from the data on this page.

    • HSBC ELSS Tax saver returned more over 3 years: 15.1% a year against 9.6%.
    • HSBC ELSS Tax saver returned more over 1 year: −3.3% against −6.6%.
    • HSBC ELSS Tax saver costs less: 1.22% a year against 1.71% (Direct plans).
    • Union ELSS Tax Saver Fund swung less over 3 years: a standard deviation of 14.1% a year against 16.5%.
    • Union ELSS Tax Saver Fund fell less in its worst fall since 28-11-2022: −18.3% against −19.2%.
    • HSBC ELSS Tax saver is the larger fund: ₹3,974 Cr against ₹821 Cr.
    • Their portfolios overlap 40.2%: 31 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

    FactHSBC ELSS Tax saver FundUnion ELSS Tax Saver Fund Fund
    Fund houseHSBC Mutual FundUnion Mutual Fund
    CategoryELSSELSS
    AUM₹3,974 Cr (30-09-2026)₹821 Cr (30-09-2026)
    NAV₹146.37 (Direct)₹68.15 (Direct)
    Expense ratio (Direct)1.22%1.71%
    Expense ratio (Regular)2.00%2.55%
    RiskometerVery HighVery High
    BenchmarkNifty 500 TRIBSE 500 TRI
    Launch date27-02-200623-12-2011
    Minimum investment₹500₹500
    Lock in3 years3 years
    Fund managersAbhishek Gupta, Mayank Chaturvedi, Dipan S. ParikhVinod Malviya, Sanjay Bembalkar
    Exit loadNilNil

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: Returns Comparison

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Fund1M3M6M1Y3Y5Y10Y
    HSBC ELSS Tax saver Fund (Direct)−2.93%−5.14%+0.27%−3.32%+15.09%----
    Union ELSS Tax Saver Fund Fund (Direct)−1.94%−4.87%−0.94%−6.57%+9.64%+8.90%+12.34%
    ELSS average−2.34%−5.61%−1.63%−5.75%+10.92%+10.29%+13.05%

    Category average: the average of the 50 ELSS funds, same plan type.

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: Year-wise Returns

    YearHSBC ELSS Tax saverHSBC ELSS Tax saverUnion ELSS Tax Saver FundUnion ELSS Tax Saver Fund
    2026to date−1.82%−5.75%
    2025+1.44%+5.29%
    2024+34.01%+17.95%
    2023+29.42%+27.50%
    2022--+2.42%
    2021--+36.65%

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: Rolling Returns

    Every holding period of both funds, against Nifty 500 TRI, the benchmark of HSBC ELSS Tax saver Fund

    Rolling returns

    Every 3-year holding period, 226 of them, one for each trading day from 28-11-2025 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.

    0%5%10%15%20%25%
    Dec 2022
    to
    Dec 2025    Feb 2023
    to
    Feb 2026    Apr 2023
    to
    Apr 2026    Jun 2023
    to
    Jun 2026    Aug 2023
    to
    Aug 2026    Oct 2023
    to
    Oct 2026
    HSBC ELSS Tax saver Fund (Direct)Union ELSS Tax Saver Fund Fund (Direct)Nifty 500 TRI

    How the periods spread

    FundBelow 0%0-5%5-10%10-15%15-20%20-25%Above 25%MeanMedianLowestHighestBeat benchmark
    HSBC ELSS Tax saver0.00.00.05.372.622.10.018.3%18.3%14.0%21.9%100%
    Union ELSS Tax Saver Fund0.00.010.252.737.20.00.013.7%13.6%8.6%17.5%9%
    Nifty 500 TRI0.00.08.448.742.90.00.014.1%14.1%8.8%18.1%--

    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 28-11-2022. Past returns do not promise future returns.

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: 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

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    HSBC ELSS Tax saverHSBC ELSS Tax saver Fund (Direct) ₹4,80,000 ₹5,83,624 ₹1,03,624 9.8%
    Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct) ₹4,80,000 ₹5,41,309 ₹61,309 6.0%
    ₹0₹2.0 L₹4.0 L₹6.0 L₹8.0 L
    2023202420252026
    HSBC ELSS Tax saverHSBC ELSS Tax saver Fund (Direct)Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund 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.

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: Risk and Drawdowns

    How much each fund swings, and the worst fall over the same days

    Risk and return

    MeasureHSBC ELSS Tax saver Fund (Direct)Union ELSS Tax Saver Fund Fund (Direct)
    Return (CAGR)+15.09%+9.64%
    Standard deviation16.54%14.09%
    Sharpe ratio0.550.26
    Sortino ratio0.740.34
    Maximum drawdown−19.2% (28-02-2025)−18.3% (28-02-2025)
    Beta1.120.97
    Alpha+4.39%−0.15%

    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.

    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.

    −20%−15%−10%−5%0%
    2023202420252026
    HSBC ELSS Tax saver Fund (Direct)Union ELSS Tax Saver Fund Fund (Direct)Nifty 500 TRI
    FundWorst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    HSBC ELSS Tax saver Fund (Direct)−19.2%16-12-202428-02-202518-06-202616 months−8.4%
    Union ELSS Tax Saver Fund Fund (Direct)−18.3%23-09-202428-02-202505-08-202617 months−7.3%
    Nifty 500 TRI−18.6%26-09-202428-02-2025Not yet--−8.8%

    From daily values since 28-11-2022, 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 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.

    0%5%10%15%20%
    2026
    HSBC ELSS Tax saver Fund (Direct)Union ELSS Tax Saver Fund Fund (Direct)Nifty 500 TRI

    Against Nifty 500 TRI

    FundUp captureDown captureTracking error
    HSBC ELSS Tax saver Fund (Direct)114%95%5.17%
    Union ELSS Tax Saver Fund Fund (Direct)95%89%3.63%

    From month-end values since 28-11-2022. 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.

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: Portfolio Overlap

    From each fund's latest monthly portfolio: HSBC ELSS Tax saver Fund, September 2026; Union ELSS Tax Saver Fund Fund, September 2026

    Holdings in common

    Overlap
    40.2%
    Held by both
    31
    Only in HSBC ELSS Tax saver
    49
    Only in Union ELSS Tax Saver Fund
    52
    Security% of HSBC ELSS Tax saver% of Union ELSS Tax Saver Fund
    ICICI Bank Limited3.84%7.17%
    HDFC Bank Limited3.34%4.92%
    Reliance Industries Limited2.84%2.46%
    Larsen & Toubro Limited2.21%2.10%
    Bharti Airtel Limited2.06%3.08%
    Eternal Limited2.54%2.05%
    Axis Bank Limited1.84%3.18%
    State Bank of India1.83%1.85%
    Jindal Steel Limited1.85%1.81%
    Shriram Finance Limited2.26%1.80%

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.2% means 40.2% 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 HSBC ELSS Tax saver Fund

    Security% of fund
    AVALON TECHNOLOGIES LIMITED4.51%
    Pearl Global Industries Limited2.79%
    GE Vernova T&D India Limited2.22%
    Karur Vysya Bank Limited2.12%
    PNB Housing Finance Limited2.04%

    Largest holdings only in Union ELSS Tax Saver Fund Fund

    Security% of fund
    JSW Infrastructure Ltd.2.08%
    Gabriel India Ltd.1.98%
    One 97 Communications Ltd.1.97%
    Solar Industries India Ltd.1.79%
    Ajanta Pharma Ltd.1.68%

    Asset and sector split

    Share of each fund, from its latest monthly portfolio

    Asset allocation

    AssetHSBC ELSS Tax saverUnion ELSS Tax Saver Fund
    Equity99.3%98.9%
    Debt0.0%0.1%
    Cash and others0.7%1.0%

    Market cap of stocks

    Market capHSBC ELSS Tax saverUnion ELSS Tax Saver Fund
    Large Cap47.2%54.5%
    Mid Cap17.7%22.4%
    Small Cap31.6%21.5%
    Not on AMFI's list2.7%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

    SectorHSBC ELSS Tax saverUnion ELSS Tax Saver Fund
    Banks15.5%21.8%
    Electrical Equipment11.9%4.4%
    Auto Components4.6%6.6%
    IT - Software6.4%5.0%
    Pharmaceuticals & Biotechnology3.1%6.4%
    Finance5.5%3.3%
    Consumer Durables5.2%3.4%
    Chemicals & Petrochemicals0.4%5.0%

    The six largest sectors of each fund's stocks, % of the fund.

    HSBC ELSS Tax saver vs Union ELSS Tax Saver Fund: Expense Ratio

    What each plan charges a year, from AMFI's expense ratio file

    ChargeHSBC ELSS Tax saver FundUnion ELSS Tax Saver Fund Fund
    Total expense ratio (Direct)1.22%1.71%
    Base expense ratio (Direct)0.98%1.23%
    Total expense ratio (Regular)2.00%2.55%
    Base expense ratio (Regular)1.64%2.00%

    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

    HSBC ELSS Tax saver Fund vs Union ELSS Tax Saver Fund Fund: Frequently Asked Questions

    What is the difference between HSBC ELSS Tax saver Fund and Union ELSS Tax Saver Fund Fund?

    Both are ELSS funds, run by HSBC Mutual Fund and Union Mutual Fund. Their portfolios overlap 40.2%. HSBC ELSS Tax saver Fund charges 1.22% a year and Union ELSS Tax Saver Fund Fund 1.71%.

    Which has given higher returns, HSBC ELSS Tax saver Fund or Union ELSS Tax Saver Fund Fund?

    Over 1 year: HSBC ELSS Tax saver Fund −3.32%, Union ELSS Tax Saver Fund Fund −6.57%. Over 3 years: HSBC ELSS Tax saver Fund +15.09% a year, Union ELSS Tax Saver Fund Fund +9.64% a year. As on 30-10-2026. Past returns do not promise future returns.

    Which has the lower expense ratio, HSBC ELSS Tax saver Fund or Union ELSS Tax Saver Fund Fund?

    HSBC ELSS Tax saver Fund charges less: 1.22% a year against 1.71%. These are the Direct plans' total expense ratios reported to AMFI.

    How much do HSBC ELSS Tax saver Fund and Union ELSS Tax Saver Fund Fund overlap?

    40.2%. They hold 31 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.

    Which is riskier, HSBC ELSS Tax saver Fund or Union ELSS Tax Saver Fund Fund?

    On SEBI's riskometer, HSBC ELSS Tax saver Fund is rated Very High and Union ELSS Tax Saver Fund Fund Very High. Over 3 years, the standard deviation of daily returns was 16.54% and 14.09% a year.

    Which is better for SIP, HSBC ELSS Tax saver Fund or Union ELSS Tax Saver Fund Fund?

    Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,01,552 in HSBC ELSS Tax saver Fund (XIRR 5.3% a year) and ₹3,81,873 in Union ELSS Tax Saver Fund Fund (XIRR 2.0% a year). Both received 37 instalments. Past returns do not promise future returns.

    Can I invest in both HSBC ELSS Tax saver Fund and Union ELSS Tax Saver Fund Fund?

    Yes. 40.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.

    Who manages HSBC ELSS Tax saver Fund and Union ELSS Tax Saver Fund Fund?

    HSBC ELSS Tax saver Fund: Abhishek Gupta, Mayank Chaturvedi, Dipan S. Parikh. Union ELSS Tax Saver Fund Fund: Vinod Malviya, 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.

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