HSBC Midcap Fund vs Union Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Midcap Fund and Union Midcap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, HSBC Midcap Fund (Direct) returned 21.6% a year and Union Midcap Fund (Direct) returned 15.6% a year. HSBC Midcap Fund charges 1.11% a year and Union Midcap Fund 1.08% (Direct plans). Their portfolios overlap 25.9%: they hold 28 of the same securities.
Which is better, HSBC 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.
- HSBC Midcap returned more over 3 years: 21.6% a year against 15.6%.
- HSBC Midcap returned more over 1 year: 9.6% against 0.7%.
- Union Midcap costs less: 1.08% a year against 1.11% (Direct plans).
- Union Midcap swung less over 3 years: a standard deviation of 16.8% a year against 18.7%.
- Union Midcap fell less in its worst fall since 28-11-2022: −21.3% against −26.0%.
- Union Midcap holds more in large companies: 15.6% of the fund in large caps against 4.7%.
- HSBC Midcap is the larger fund: ₹16,800 Cr against ₹1,906 Cr.
- Their portfolios overlap 25.9%: 28 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 Midcap Fund | Union Midcap Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Union Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹16,800 Cr (30-09-2026) | ₹1,906 Cr (30-09-2026) |
| NAV | ₹502.29 (Direct) | ₹53.40 (Direct) |
| Expense ratio (Direct) | 1.11% | 1.08% |
| Expense ratio (Regular) | 2.18% | 2.39% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | BSE Midcap 150 TRI |
| Launch date | 09-08-2004 | 23-03-2020 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh | Gaurav Chopra, 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 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 |
|---|---|---|---|---|---|---|---|
| HSBC Midcap Fund (Direct) | −2.89% | −2.26% | +3.65% | +9.56% | +21.64% | -- | -- |
| 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.
HSBC Midcap vs Union Midcap: Year-wise Returns
| Year | HSBCHSBC Midcap | UnionUnion Midcap |
|---|---|---|
| 2026to date | +9.89% | +1.41% |
| 2025 | −0.31% | +3.68% |
| 2024 | +41.24% | +30.50% |
| 2023 | +41.53% | +34.21% |
| 2022 | -- | −0.82% |
| 2021 | -- | +53.98% |
HSBC Midcap vs Union Midcap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of HSBC Midcap 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.
HSBC Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 Midcap | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 34.1 | 65.9 | 25.7% | 26.0% | 20.2% | 29.3% | 100% |
| Union Midcap | 0.0 | 0.0 | 0.0 | 1.3 | 43.8 | 54.9 | 0.0 | 20.2% | 20.2% | 14.2% | 23.9% | 26% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 11.9 | 22.6 | 63.3 | 2.2 | 20.8% | 21.9% | 12.7% | 26.0% | -- |
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 28-11-2022. Past returns do not promise future returns.
HSBC 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC MidcapHSBC Midcap Fund (Direct) | ₹4,80,000 | ₹6,84,074 | ₹2,04,074 | 18.0% |
| Union MidcapUnion Midcap Fund (Direct) | ₹4,80,000 | ₹6,10,520 | ₹1,30,520 | 12.1% |
HSBC MidcapHSBC 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.
HSBC Midcap vs Union Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.56% | +0.66% |
| Standard deviation | 17.41% | 16.64% |
| Sharpe ratio | 0.25 | -0.28 |
| Sortino ratio | 0.34 | -0.37 |
| Maximum drawdown | −13.1% (23-10-2026) | −12.1% (23-10-2026) |
| Beta | 0.97 | 0.99 |
| Alpha | +13.62% | +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 | HSBC Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.64% | +15.60% |
| Standard deviation | 18.73% | 16.83% |
| Sharpe ratio | 0.83 | 0.57 |
| Sortino ratio | 1.12 | 0.76 |
| Maximum drawdown | −26.0% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 1.04 | 0.96 |
| Alpha | +7.52% | +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 | HSBC Midcap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.80% | +28.22% |
| Standard deviation | 17.02% | 16.03% |
| Sharpe ratio | 0.92 | 1.44 |
| Sortino ratio | 1.23 | 1.99 |
| Maximum drawdown | −26.0% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 1.01 | 0.89 |
| Alpha | +5.71% | +3.23% |
From daily NAVs, 28-11-2022 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.
HSBC 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 |
|---|---|---|---|---|---|---|
| HSBC Midcap Fund (Direct) | −26.0% | 17-12-2024 | 28-02-2025 | 20-04-2026 | 14 months | −9.5% |
| Union Midcap Fund (Direct) | −21.3% | 23-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −9.3% |
| Nifty Midcap 150 TRI | −20.9% | 24-09-2024 | 28-02-2025 | 12-11-2025 | 8 months | −10.5% |
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 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HSBC 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.
HSBC Midcap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Midcap Fund (Direct) | 109% | 86% | 6.94% |
| Union Midcap Fund (Direct) | 96% | 91% | 5.10% |
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 Midcap vs Union Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Midcap Fund, September 2026; Union Midcap Fund, September 2026
Holdings in common
- Overlap
- 25.9%
- Held by both
- 28
- Only in HSBC Midcap
- 37
- Only in Union Midcap
- 49
| Security | % of HSBC Midcap | % of Union Midcap |
|---|---|---|
| The Federal Bank Limited | 3.90% | 3.04% |
| GE Vernova T&D India Limited | 3.09% | 2.38% |
| Coforge Limited | 2.28% | 2.01% |
| Nippon Life India Asset Management Ltd | 2.01% | 2.19% |
| APAR INDUSTRIES LTD | 3.16% | 1.87% |
| IPCA Laboratories Limited | 1.75% | 2.49% |
| Multi Commodity Exchange of India Ltd. | 1.62% | 2.90% |
| One 97 Communications Limited | 1.47% | 3.10% |
| Aditya Birla Capital Limited | 1.66% | 1.36% |
| Prestige Estates Projects Limited | 1.09% | 1.79% |
| JSW Energy Limited | 0.95% | 1.74% |
| CG Power And Industrial Solutions Ltd | 0.93% | 0.99% |
| AU Small Finance Bank Limited | 2.34% | 0.87% |
| Zydus Lifesciences Limited | 2.82% | 0.75% |
| Bharat Forge Limited | 2.61% | 0.73% |
| Data Patterns (India) Limited | 1.71% | 0.64% |
| Lenskart Solutions Limited | 5.08% | 0.63% |
| Indian Bank | 1.44% | 0.57% |
| FSN E-Commerce Ventures Limited | 3.38% | 0.43% |
| PB Fintech Limited | 1.45% | 0.41% |
| Navin Fluorine International Limited | 2.01% | 0.29% |
| Max Financial Services Limited | 0.03% | 2.59% |
| Dixon Technologies (India) Limited | 0.02% | 1.37% |
| JK Cement Limited | 0.02% | 0.54% |
| KEI Industries Limited | 0.02% | 0.89% |
| Bharti Hexacom Limited | 0.01% | 1.71% |
| PERSISTENT SYSTEMS LTD | 0.01% | 0.76% |
| SWIGGY LIMITED | 0.01% | 0.23% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.9% means 25.9% 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 Midcap Fund
| Security | % of fund |
|---|---|
| Meesho Limited | 5.04% |
| Aditya Infotech Limited | 3.64% |
| Piramal Finance Ltd | 3.56% |
| Ather Energy Limited | 3.03% |
| Dhoot Transmission Limited | 2.91% |
Largest holdings only in Union Midcap Fund
| Security | % of fund |
|---|---|
| Fortis Healthcare Ltd. | 2.18% |
| Bharat Heavy Electricals Ltd. | 2.12% |
| Ajanta Pharma Ltd. | 2.08% |
| Mphasis Ltd. | 2.04% |
| The Phoenix Mills Ltd. | 2.00% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Midcap | Union Midcap |
|---|---|---|
| Equity | 99.2% | 98.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 0.8% | 1.8% |
Market cap of stocks
| Market cap | HSBC Midcap | Union Midcap |
|---|---|---|
| Large Cap | 4.7% | 15.6% |
| Mid Cap | 65.3% | 66.5% |
| Small Cap | 25.0% | 15.5% |
| Not on AMFI's list | 4.2% | 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 | HSBC Midcap | Union Midcap |
|---|---|---|
| Electrical Equipment | 15.4% | 7.4% |
| Retailing | 13.5% | 4.2% |
| Banks | 11.0% | 9.1% |
| Auto Components | 5.5% | 9.8% |
| Pharmaceuticals & Biotechnology | 7.9% | 8.6% |
| Capital Markets | 5.1% | 7.3% |
| Finance | 7.3% | 4.4% |
| Chemicals & Petrochemicals | 2.0% | 5.7% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Midcap vs Union Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Midcap Fund | Union Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.11% | 1.08% |
| Base expense ratio (Direct) | 0.54% | 0.66% |
| Total expense ratio (Regular) | 2.18% | 2.39% |
| Base expense ratio (Regular) | 1.44% | 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 HSBC Midcap with
HSBC Midcap Fund vs Union Midcap Fund: Frequently Asked Questions
What is the difference between HSBC Midcap Fund and Union Midcap Fund?
Both are Mid Cap funds, run by HSBC Mutual Fund and Union Mutual Fund. Their portfolios overlap 25.9%. HSBC Midcap Fund charges 1.11% a year and Union Midcap Fund 1.08%.
Which has given higher returns, HSBC Midcap Fund or Union Midcap Fund?
Over 1 year: HSBC Midcap Fund +9.56%, Union Midcap Fund +0.66%. Over 3 years: HSBC Midcap Fund +21.64% a year, Union Midcap Fund +15.60% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Midcap Fund or Union Midcap Fund?
Union Midcap Fund charges less: 1.08% a year against 1.11%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Midcap Fund and Union Midcap Fund overlap?
25.9%. They hold 28 of the same securities, the largest shared ones being FEDERALBNK, GVT&D, COFORGE. From each fund's latest monthly portfolio.
Which is riskier, HSBC Midcap Fund or Union Midcap Fund?
On SEBI's riskometer, HSBC Midcap Fund is rated Very High and Union Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 18.73% and 16.83% a year.
Which is better for SIP, HSBC Midcap Fund or Union Midcap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,52,824 in HSBC Midcap Fund (XIRR 13.2% a year) and ₹4,16,599 in Union Midcap Fund (XIRR 7.7% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Midcap Fund and Union Midcap Fund?
Yes. 25.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Midcap Fund and Union Midcap Fund?
HSBC Midcap Fund: Cheenu Gupta, Mayank Chaturvedi, Dipan S. Parikh. 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.