HSBC Large & Mid Cap Fund vs Union Large & Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Large & Mid Cap Fund and Union Large & Midcap Fund are both Large & Mid Cap funds. In the 3 years to 30-10-2026, HSBC Large & Mid Cap Fund (Direct) returned 17.1% a year and Union Large & Midcap Fund (Direct) returned 12.4% a year. HSBC Large & Mid Cap Fund charges 1.35% a year and Union Large & Midcap Fund 1.32% (Direct plans). Their portfolios overlap 29.2%: they hold 36 of the same securities.
HSBC Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 17.1%
- Expense ratio
- 1.35%
- NAV
- ₹31.51
Union Large & Midcap Fund
Large & Mid Cap
- 3 year return
- 12.4%
- Expense ratio
- 1.32%
- NAV
- ₹28.14
Which is better, HSBC Large & Mid Cap or Union Large & Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Large & Mid Cap returned more over 5 years: 13.4% a year against 10.3%.
- HSBC Large & Mid Cap returned more over 3 years: 17.1% a year against 12.4%.
- Union Large & Midcap costs less: 1.32% a year against 1.35% (Direct plans).
- Union Large & Midcap swung less over 3 years: a standard deviation of 15.3% a year against 17.6%.
- Union Large & Midcap fell less in its worst fall since 13-12-2019: −35.6% against −36.1%.
- HSBC Large & Mid Cap is the larger fund: ₹5,784 Cr against ₹969 Cr.
- Their portfolios overlap 29.2%: 36 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 | HSBC Large & Mid Cap Fund | Union Large & Midcap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Union Mutual Fund |
| Category | Large & Mid Cap | Large & Mid Cap |
| AUM | ₹5,784 Cr (30-09-2026) | ₹969 Cr (30-09-2026) |
| NAV | ₹31.51 (Direct) | ₹28.14 (Direct) |
| Expense ratio (Direct) | 1.35% | 1.32% |
| Expense ratio (Regular) | 2.43% | 2.53% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 28-03-2019 | 06-12-2019 |
| Minimum investment | Rs. 5,000 per application | ₹1,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Vinod Malviya, Pratik Dharmshi |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 1 year. | Exit load of 1%, if redeemed within 15 days. |
HSBC Large & Mid Cap vs Union Large & 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 |
|---|---|---|---|---|---|---|---|
| HSBC Large & Mid Cap Fund (Direct) | −1.12% | −2.10% | +2.86% | +3.59% | +17.14% | +13.41% | -- |
| Union Large & Midcap Fund (Direct) | −1.54% | −2.90% | +2.96% | −0.74% | +12.37% | +10.31% | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 36 Large & Mid Cap funds, same plan type.
HSBC Large & Mid Cap vs Union Large & Midcap: Year-wise Returns
| Year | HSBC Large & Mid CapHSBC Large & Mid Cap | Union Large & MidcapUnion Large & Midcap | NIFTY LargeMidcap 250 TRI |
|---|---|---|---|
| 2026to date | +5.15% | −0.07% | −7.09% |
| 2025 | −2.47% | +3.57% | +8.19% |
| 2024 | +39.99% | +22.26% | +18.68% |
| 2023 | +31.69% | +28.33% | +32.66% |
| 2022 | −2.19% | −1.87% | +4.48% |
| 2021 | +37.39% | +40.05% | +37.04% |
HSBC Large & Mid Cap vs Union Large & Midcap: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 955 of them, one for each trading day from 13-12-2022 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.
HSBC Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Apr 2023Dec 2020
to
Dec 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Large & Mid Cap | 0.0 | 0.0 | 0.0 | 3.6 | 25.2 | 56.3 | 14.9 | 21.4% | 21.4% | 12.8% | 31.3% | 61% |
| Union Large & Midcap | 0.0 | 0.0 | 0.0 | 16.9 | 45.5 | 26.7 | 10.9 | 18.9% | 18.3% | 11.0% | 33.3% | 6% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 0.0 | 8.1 | 42.0 | 33.6 | 16.3 | 20.7% | 20.0% | 10.1% | 36.1% | -- |
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 LargeMidcap 250 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 13-12-2019. Past returns do not promise future returns.
HSBC Large & Mid Cap vs Union Large & 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 02-12-2019 to 30-10-2026: 83 instalments, ₹8,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC Large & Mid CapHSBC Large & Mid Cap Fund (Direct) | ₹8,30,000 | ₹15,00,099 | ₹6,70,099 | 16.8% |
| Union Large & MidcapUnion Large & Midcap Fund (Direct) | ₹8,30,000 | ₹13,57,971 | ₹5,27,971 | 14.0% |
HSBC Large & Mid CapHSBC Large & Mid Cap Fund (Direct)
Union Large & MidcapUnion Large & 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.
HSBC Large & Mid Cap vs Union Large & Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +3.59% | −0.74% |
| Standard deviation | 15.71% | 15.51% |
| Sharpe ratio | -0.11 | -0.39 |
| Sortino ratio | -0.14 | -0.52 |
| Maximum drawdown | −12.2% (23-03-2026) | −12.6% (30-03-2026) |
| Beta | 0.97 | 1.01 |
| Alpha | +9.71% | +5.90% |
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 | HSBC Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.14% | +12.37% |
| Standard deviation | 17.58% | 15.31% |
| Sharpe ratio | 0.63 | 0.41 |
| Sortino ratio | 0.84 | 0.55 |
| Maximum drawdown | −25.1% (28-02-2025) | −18.7% (28-02-2025) |
| Beta | 1.10 | 1.01 |
| Alpha | +5.04% | +0.82% |
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 | HSBC Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.41% | +10.31% |
| Standard deviation | 16.63% | 14.63% |
| Sharpe ratio | 0.46 | 0.31 |
| Sortino ratio | 0.61 | 0.41 |
| Maximum drawdown | −25.1% (28-02-2025) | −19.6% (20-06-2022) |
| Beta | 1.06 | 0.96 |
| Alpha | +2.53% | −0.10% |
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 | HSBC Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.38% | +16.18% |
| Standard deviation | 18.18% | 17.07% |
| Sharpe ratio | 0.62 | 0.65 |
| Sortino ratio | 0.82 | 0.85 |
| Maximum drawdown | −36.1% (23-03-2020) | −35.6% (23-03-2020) |
| Beta | 1.02 | 0.96 |
| Alpha | +1.70% | +0.71% |
From daily NAVs, 04-04-2019 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.
HSBC Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Large & Mid Cap Fund (Direct) | −36.1% | 20-02-2020 | 23-03-2020 | 11-11-2020 | 8 months | −7.3% |
| Union Large & Midcap Fund (Direct) | −35.6% | 20-02-2020 | 23-03-2020 | 15-09-2020 | 6 months | −6.6% |
| NIFTY LargeMidcap 250 TRI | −37.8% | 24-01-2020 | 23-03-2020 | 05-11-2020 | 7 months | −8.6% |
From daily values since 13-12-2019, 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.
HSBC Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 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.
HSBC Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 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.
HSBC Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Large & Mid Cap Fund (Direct) | 104% | 100% | 6.24% |
| Union Large & Midcap Fund (Direct) | 96% | 92% | 5.18% |
From month-end values since 13-12-2019. 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.
HSBC Large & Mid Cap vs Union Large & Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Large & Mid Cap Fund, September 2026; Union Large & Midcap Fund, September 2026
Holdings in common
- Overlap
- 29.2%
- Held by both
- 36
- Only in HSBC Large & Mid Cap
- 43
- Only in Union Large & Midcap
- 45
| Security | % of HSBC Large & Mid Cap | % of Union Large & Midcap |
|---|---|---|
| ICICI Bank Limited | 6.52% | 4.84% |
| HDFC Bank Limited | 5.81% | 2.86% |
| CG Power And Industrial Solutions Ltd | 2.31% | 1.86% |
| One 97 Communications Limited | 1.77% | 2.49% |
| The Federal Bank Limited | 3.34% | 1.51% |
| FSN E-Commerce Ventures Limited | 2.44% | 1.37% |
| Divi''s Laboratories Limited | 1.33% | 1.58% |
| APAR INDUSTRIES LTD | 1.46% | 1.30% |
| GE Vernova T&D India Limited | 2.54% | 1.21% |
| InterGlobe Aviation Limited | 2.00% | 1.16% |
| Nippon Life India Asset Management Ltd | 1.56% | 1.16% |
| Aditya Birla Capital Limited | 1.34% | 1.02% |
| Multi Commodity Exchange of India Ltd. | 1.00% | 1.98% |
| AIA Engineering Limited | 1.03% | 0.98% |
| Cholamandalam Invest & Finance Co Ltd | 1.42% | 0.84% |
| Bajaj Finance Limited | 0.83% | 0.78% |
| Zydus Lifesciences Limited | 0.70% | 0.87% |
| Tech Mahindra Limited | 0.65% | 0.79% |
| JSW Energy Limited | 0.56% | 1.65% |
| Coforge Limited | 1.46% | 0.51% |
| Tata Motors Limited | 1.16% | 0.50% |
| TVS Motor Company Limited | 2.38% | 0.42% |
| Prestige Estates Projects Limited | 0.20% | 0.23% |
| ICICI Prudential AMC Ltd | 0.17% | 0.79% |
| Larsen & Toubro Limited | 0.16% | 1.40% |
| Cummins India Limited | 0.08% | 0.98% |
| Tata Consumer Products Limited | 0.05% | 0.96% |
| BSE Ltd | 0.05% | 0.58% |
| Bharat Electronics Limited | 0.04% | 0.16% |
| Sai Life Sciences Ltd. | 0.04% | 1.51% |
| Infosys Limited | 0.02% | 0.51% |
| Eternal Limited | 0.01% | 2.28% |
| Bharat Heavy Electricals Limited | 0.01% | 1.52% |
| Bharti Airtel Limited | 0.01% | 2.32% |
| Reliance Industries Limited | 0.01% | 1.50% |
| ABB India Limited | 0.01% | 0.82% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.2% means 29.2% 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 Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Lenskart Solutions Limited | 4.96% |
| Meesho Limited | 3.79% |
| Aditya Infotech Limited | 3.37% |
| Ather Energy Limited | 2.72% |
| Dhoot Transmission Limited | 2.60% |
Largest holdings only in Union Large & Midcap Fund
| Security | % of fund |
|---|---|
| INDO-MIM Ltd. | 2.64% |
| Axis Bank Ltd. | 2.20% |
| JSW Infrastructure Ltd. | 2.07% |
| Jindal Steel Ltd. | 2.01% |
| Shriram Finance Ltd. | 2.00% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Large & Mid Cap | Union Large & Midcap |
|---|---|---|
| Equity | 97.9% | 98.2% |
| Debt | 0.0% | 0.1% |
| Cash and others | 2.1% | 1.7% |
Market cap of stocks
| Market cap | HSBC Large & Mid Cap | Union Large & Midcap |
|---|---|---|
| Large Cap | 35.4% | 44.0% |
| Mid Cap | 40.4% | 38.6% |
| Small Cap | 16.8% | 12.5% |
| Not on AMFI's list | 5.3% | 3.1% |
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 | HSBC Large & Mid Cap | Union Large & Midcap |
|---|---|---|
| Banks | 17.5% | 14.6% |
| Electrical Equipment | 13.0% | 6.7% |
| Retailing | 11.2% | 5.2% |
| Pharmaceuticals & Biotechnology | 8.6% | 7.9% |
| Finance | 7.2% | 4.6% |
| Auto Components | 2.6% | 6.2% |
| Chemicals & Petrochemicals | 0.0% | 5.4% |
| Automobiles | 5.1% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Large & Mid Cap vs Union Large & Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Large & Mid Cap Fund | Union Large & Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.35% | 1.32% |
| Base expense ratio (Direct) | 0.66% | 0.88% |
| Total expense ratio (Regular) | 2.43% | 2.53% |
| Base expense ratio (Regular) | 1.58% | 1.94% |
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 HSBC Large & Mid Cap with
HSBC Large & Mid Cap Fund vs Union Large & Midcap Fund: Frequently Asked Questions
What is the difference between HSBC Large & Mid Cap Fund and Union Large & Midcap Fund?
Both are Large & Mid Cap funds, run by HSBC Mutual Fund and Union Mutual Fund. Their portfolios overlap 29.2%. HSBC Large & Mid Cap Fund charges 1.35% a year and Union Large & Midcap Fund 1.32%.
Which has given higher returns, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
Over 1 year: HSBC Large & Mid Cap Fund +3.59%, Union Large & Midcap Fund −0.74%. Over 3 years: HSBC Large & Mid Cap Fund +17.14% a year, Union Large & Midcap Fund +12.37% a year. Over 5 years: HSBC Large & Mid Cap Fund +13.41% a year, Union Large & Midcap Fund +10.31% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
Union Large & Midcap Fund charges less: 1.32% a year against 1.35%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Large & Mid Cap Fund and Union Large & Midcap Fund overlap?
29.2%. They hold 36 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, CGPOWER. From each fund's latest monthly portfolio.
Which is riskier, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
On SEBI's riskometer, HSBC Large & Mid Cap Fund is rated Very High and Union Large & Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 17.58% and 15.31% a year.
Which is better for SIP, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,76,104 in HSBC Large & Mid Cap Fund (XIRR 14.2% a year) and ₹7,97,153 in Union Large & Midcap Fund (XIRR 10.5% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Large & Mid Cap Fund and Union Large & Midcap Fund?
Yes. 29.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Large & Mid Cap Fund and Union Large & Midcap Fund?
HSBC Large & Mid Cap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. Union Large & Midcap Fund: Vinod Malviya, 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.