HSBC Value Fund vs Union Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Value Fund and Union Value Fund are both Value and Contra funds. In the 3 years to 30-10-2026, HSBC Value Fund (Direct) returned 14.1% a year and Union Value Fund (Direct) returned 10.9% a year. HSBC Value Fund charges 0.89% a year and Union Value Fund 1.51% (Direct plans). Their portfolios overlap 36.9%: they hold 25 of the same securities.
Which is better, HSBC Value 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.
- HSBC Value returned more over 3 years: 14.1% a year against 10.9%.
- HSBC Value returned more over 1 year: −5.5% against −6.9%.
- HSBC Value costs less: 0.89% a year against 1.51% (Direct plans).
- Union Value swung less over 3 years: a standard deviation of 14.7% a year against 15.9%.
- Union Value fell less in its worst fall since 28-11-2022: −17.9% against −19.6%.
- Union Value holds more in large companies: 55.5% of the fund in large caps against 41.7%.
- HSBC Value is the larger fund: ₹14,660 Cr against ₹378 Cr.
- Their portfolios overlap 36.9%: 25 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 Value Fund | Union Value Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Union Mutual Fund |
| Category | Value and Contra | Value and Contra |
| AUM | ₹14,660 Cr (30-09-2026) | ₹378 Cr (30-09-2026) |
| NAV | ₹119.88 (Direct) | ₹28.96 (Direct) |
| Expense ratio (Direct) | 0.89% | 1.51% |
| Expense ratio (Regular) | 1.85% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 08-01-2010 | 05-12-2018 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Venugopal Manghat, Mayank Chaturvedi, Dipan S. Parikh | Vinod Malviya, Gaurav Chopra |
| 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 Value 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 |
|---|---|---|---|---|---|---|---|
| HSBC Value Fund (Direct) | −3.06% | −6.13% | −5.12% | −5.46% | +14.13% | -- | -- |
| 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.
HSBC Value vs Union Value: Year-wise Returns
| Year | HSBCHSBC Value | UnionUnion Value |
|---|---|---|
| 2026to date | −6.96% | −6.82% |
| 2025 | +8.02% | +7.95% |
| 2024 | +27.13% | +17.94% |
| 2023 | +40.71% | +34.56% |
| 2022 | -- | +5.90% |
| 2021 | -- | +33.20% |
HSBC Value vs Union Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of HSBC Value 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 Value Fund (Direct)
Union Value Fund (Direct)
Nifty 500 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 Value | 0.0 | 0.0 | 0.0 | 10.6 | 25.2 | 59.7 | 4.4 | 20.8% | 21.6% | 13.6% | 25.9% | 100% |
| Union Value | 0.0 | 0.0 | 0.0 | 29.2 | 61.9 | 8.8 | 0.0 | 16.5% | 17.3% | 10.2% | 21.1% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 8.4 | 48.7 | 42.9 | 0.0 | 0.0 | 14.1% | 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 Value 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC ValueHSBC Value Fund (Direct) | ₹4,80,000 | ₹5,78,727 | ₹98,727 | 9.3% |
| Union ValueUnion Value Fund (Direct) | ₹4,80,000 | ₹5,51,763 | ₹71,763 | 6.9% |
HSBC ValueHSBC Value 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.
HSBC Value vs Union Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.46% | −6.91% |
| Standard deviation | 15.07% | 14.74% |
| Sharpe ratio | -0.71 | -0.82 |
| Sortino ratio | -0.94 | -1.10 |
| Maximum drawdown | −12.3% (23-03-2026) | −12.8% (31-03-2026) |
| Beta | 1.01 | 1.01 |
| Alpha | +1.98% | +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 | HSBC Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.13% | +10.89% |
| Standard deviation | 15.93% | 14.66% |
| Sharpe ratio | 0.51 | 0.33 |
| Sortino ratio | 0.68 | 0.44 |
| Maximum drawdown | −19.6% (03-03-2025) | −17.9% (03-03-2025) |
| Beta | 1.07 | 1.00 |
| Alpha | +3.61% | +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 | HSBC Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.15% | +14.30% |
| Standard deviation | 14.87% | 16.90% |
| Sharpe ratio | 0.67 | 0.54 |
| Sortino ratio | 0.90 | 0.72 |
| Maximum drawdown | −19.6% (03-03-2025) | −37.7% (23-03-2020) |
| Beta | 1.06 | 0.97 |
| Alpha | +6.19% | +1.44% |
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 Value Fund (Direct)
Union Value Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Value Fund (Direct) | −19.6% | 27-09-2024 | 03-03-2025 | 30-06-2025 | 4 months | −8.8% |
| Union Value Fund (Direct) | −17.9% | 23-09-2024 | 03-03-2025 | 10-07-2025 | 4 months | −8.5% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not 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 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HSBC Value Fund (Direct)
Union Value Fund (Direct)
Nifty 500 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 Value Fund (Direct)
Union Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Value Fund (Direct) | 115% | 86% | 5.02% |
| Union Value Fund (Direct) | 99% | 83% | 4.10% |
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 Value vs Union Value: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Value Fund, September 2026; Union Value Fund, September 2026
Holdings in common
- Overlap
- 36.9%
- Held by both
- 25
- Only in HSBC Value
- 61
- Only in Union Value
- 46
| Security | % of HSBC Value | % of Union Value |
|---|---|---|
| HDFC Bank Limited | 5.07% | 4.12% |
| ICICI Bank Limited | 4.00% | 6.44% |
| State Bank of India | 3.01% | 2.93% |
| Reliance Industries Limited | 2.72% | 3.75% |
| Larsen & Toubro Limited | 2.10% | 2.16% |
| Shriram Finance Limited | 2.09% | 2.73% |
| Tech Mahindra Limited | 1.95% | 2.19% |
| NTPC Limited | 1.60% | 2.21% |
| Maruti Suzuki India Limited | 1.38% | 2.00% |
| Jindal Steel Limited | 1.32% | 1.92% |
| Bharti Airtel Limited | 1.24% | 2.98% |
| Balrampur Chini Mills Limited | 2.33% | 1.23% |
| The Federal Bank Limited | 3.15% | 1.21% |
| POWER MECH PROJECTS LIMITED | 1.20% | 1.51% |
| Axis Bank Limited | 1.18% | 3.21% |
| Sun Pharmaceutical Industries Limited | 1.06% | 1.13% |
| Tata Motors Limited | 0.95% | 1.12% |
| Infosys Limited | 0.84% | 0.95% |
| Hindustan Unilever Limited | 1.04% | 0.80% |
| Hindustan Petroleum Corporation Limited | 0.99% | 0.79% |
| Hero MotoCorp Limited | 2.09% | 0.53% |
| Vedanta Aluminium Metal Limited | 0.49% | 0.92% |
| HCL Technologies Limited | 0.48% | 0.70% |
| ITC Limited | 0.46% | 0.49% |
| Nippon Life India Asset Management Ltd | 0.19% | 1.67% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.9% means 36.9% 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 Value Fund
| Security | % of fund |
|---|---|
| Karur Vysya Bank Limited | 3.50% |
| FINOLEX CABLES LTD | 2.97% |
| PNB Housing Finance Limited | 2.72% |
| Indian Bank | 1.88% |
| Jindal Stainless Limited | 1.74% |
Largest holdings only in Union Value Fund
| Security | % of fund |
|---|---|
| Gabriel India Ltd. | 2.02% |
| The Phoenix Mills Ltd. | 1.66% |
| Ajanta Pharma Ltd. | 1.64% |
| Ujjivan Small Finance Bank Ltd. | 1.64% |
| Kirloskar Oil Engines Ltd. | 1.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Value | Union Value |
|---|---|---|
| Equity | 98.1% | 96.3% |
| Debt | 0.0% | 0.1% |
| Cash and others | 1.9% | 3.6% |
Market cap of stocks
| Market cap | HSBC Value | Union Value |
|---|---|---|
| Large Cap | 41.7% | 55.5% |
| Mid Cap | 17.7% | 14.6% |
| Small Cap | 38.3% | 25.4% |
| Not on AMFI's list | 0.5% | 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 | HSBC Value | Union Value |
|---|---|---|
| Banks | 24.7% | 21.1% |
| Finance | 7.6% | 3.7% |
| Textiles & Apparels | 7.0% | 0.7% |
| IT - Software | 3.6% | 6.9% |
| Industrial Products | 6.1% | 3.0% |
| Pharmaceuticals & Biotechnology | 1.8% | 5.6% |
| Construction | 4.0% | 5.6% |
| Petroleum Products | 3.7% | 4.5% |
| Automobiles | 4.3% | 2.5% |
| Auto Components | 0.5% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Value vs Union Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Value Fund | Union Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.89% | 1.51% |
| Base expense ratio (Direct) | 0.65% | 1.08% |
| Total expense ratio (Regular) | 1.85% | 2.56% |
| Base expense ratio (Regular) | 1.46% | 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
HSBC Value Fund vs Union Value Fund: Frequently Asked Questions
What is the difference between HSBC Value Fund and Union Value Fund?
Both are Value and Contra funds, run by HSBC Mutual Fund and Union Mutual Fund. Their portfolios overlap 36.9%. HSBC Value Fund charges 0.89% a year and Union Value Fund 1.51%.
Which has given higher returns, HSBC Value Fund or Union Value Fund?
Over 1 year: HSBC Value Fund −5.46%, Union Value Fund −6.91%. Over 3 years: HSBC Value Fund +14.13% 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, HSBC Value Fund or Union Value Fund?
HSBC Value Fund charges less: 0.89% a year against 1.51%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Value Fund and Union Value Fund overlap?
36.9%. They hold 25 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, SBIN. From each fund's latest monthly portfolio.
Which is riskier, HSBC Value Fund or Union Value Fund?
On SEBI's riskometer, HSBC Value Fund is rated Very High and Union Value Fund Very High. Over 3 years, the standard deviation of daily returns was 15.93% and 14.66% a year.
Which is better for SIP, HSBC Value 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 ₹3,89,513 in HSBC Value Fund (XIRR 3.3% 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 HSBC Value Fund and Union Value Fund?
Yes. 36.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Value Fund and Union Value Fund?
HSBC Value Fund: Venugopal Manghat, Mayank Chaturvedi, Dipan S. Parikh. 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.