ITI Small Cap Fund vs Union Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Small Cap Fund and Union Small Cap Fund are both Small Cap funds. In the 3 years to 30-10-2026, ITI Small Cap Fund (Direct) returned 22.1% a year and Union Small Cap Fund (Direct) returned 14.6% a year. ITI Small Cap Fund charges 0.84% a year and Union Small Cap Fund 1.10% (Direct plans). Their portfolios overlap 39.9%: they hold 40 of the same securities.
Which is better, ITI Small Cap or Union Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Small Cap returned more over 5 years: 17.2% a year against 16.2%.
- ITI Small Cap returned more over 3 years: 22.1% a year against 14.6%.
- ITI Small Cap costs less: 0.84% a year against 1.10% (Direct plans).
- Union Small Cap swung less over 3 years: a standard deviation of 18.8% a year against 19.2%.
- Union Small Cap fell less in its worst fall since 19-02-2020: −37.6% against −39.9%.
- ITI Small Cap is the larger fund: ₹3,666 Cr against ₹2,732 Cr.
- Their portfolios overlap 39.9%: 40 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 | ITI Small Cap Fund | Union Small Cap Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Union Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹3,666 Cr (30-09-2026) | ₹2,732 Cr (30-09-2026) |
| NAV | ₹36.08 (Direct) | ₹62.58 (Direct) |
| Expense ratio (Direct) | 0.84% | 1.10% |
| Expense ratio (Regular) | 2.21% | 2.17% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | BSE 250 Smallcap TRI |
| Launch date | 17-02-2020 | 10-06-2014 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Dhimant Shah, Alok Ranjan | Pratik Dharmshi, Gaurav Chopra |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Exit load of 1%, if redeemed within 15 days. |
ITI Small Cap vs Union Small Cap: 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 |
|---|---|---|---|---|---|---|---|
| ITI Small Cap Fund (Direct) | −4.66% | −0.93% | +10.45% | +11.05% | +22.07% | +17.21% | -- |
| Union Small Cap Fund (Direct) | −5.54% | −1.57% | +6.90% | +11.79% | +14.64% | +16.16% | +16.45% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 36 Small Cap funds, same plan type.
ITI Small Cap vs Union Small Cap: Year-wise Returns
| Year | ITIITI Small Cap | UnionUnion Small Cap |
|---|---|---|
| 2026to date | +15.04% | +15.59% |
| 2025 | −2.54% | −3.61% |
| 2024 | +36.28% | +25.16% |
| 2023 | +54.63% | +42.98% |
| 2022 | −2.37% | −0.03% |
| 2021 | +34.93% | +63.37% |
ITI Small Cap vs Union Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of ITI Small Cap Fund
Rolling returns
Every 3-year holding period, 906 of them, one for each trading day from 20-02-2023 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.
ITI Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Jun 2023Jan 2021
to
Jan 2024Sept 2021
to
Sept 2024Apr 2022
to
Apr 2025Dec 2022
to
Dec 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Small Cap | 0.0 | 0.0 | 0.0 | 0.6 | 0.9 | 24.3 | 74.3 | 26.7% | 26.6% | 14.5% | 36.3% | 54% |
| Union Small Cap | 0.0 | 0.0 | 0.0 | 3.0 | 29.0 | 35.2 | 32.9 | 24.6% | 22.3% | 11.4% | 43.1% | 28% |
| Nifty Smallcap 250 TRI | 0.0 | 0.0 | 0.0 | 3.5 | 19.2 | 28.8 | 48.5 | 26.2% | 24.7% | 11.4% | 44.7% | -- |
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 Smallcap 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 19-02-2020. Past returns do not promise future returns.
ITI Small Cap vs Union Small Cap: 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 19-02-2020 to 30-10-2026: 81 instalments, ₹8,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI Small CapITI Small Cap Fund (Direct) | ₹8,10,000 | ₹17,16,897 | ₹9,06,897 | 22.0% |
| Union Small CapUnion Small Cap Fund (Direct) | ₹8,10,000 | ₹16,33,498 | ₹8,23,498 | 20.5% |
ITI Small CapITI Small Cap Fund (Direct)
Union Small CapUnion Small Cap 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.
ITI Small Cap vs Union Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.05% | +11.79% |
| Standard deviation | 18.41% | 19.25% |
| Sharpe ratio | 0.32 | 0.34 |
| Sortino ratio | 0.44 | 0.47 |
| Maximum drawdown | −15.2% (23-03-2026) | −12.3% (23-03-2026) |
| Beta | 0.98 | 1.01 |
| Alpha | +14.07% | +17.02% |
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 | ITI Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +22.07% | +14.64% |
| Standard deviation | 19.22% | 18.80% |
| Sharpe ratio | 0.83 | 0.46 |
| Sortino ratio | 1.12 | 0.61 |
| Maximum drawdown | −24.2% (03-03-2025) | −26.2% (03-03-2025) |
| Beta | 0.98 | 0.96 |
| Alpha | +9.83% | +3.93% |
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 | ITI Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.21% | +16.16% |
| Standard deviation | 18.13% | 17.35% |
| Sharpe ratio | 0.63 | 0.60 |
| Sortino ratio | 0.83 | 0.79 |
| Maximum drawdown | −29.2% (20-06-2022) | −26.2% (03-03-2025) |
| Beta | 0.94 | 0.90 |
| Alpha | +4.52% | +4.58% |
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 | ITI Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +21.13% | +15.92% |
| Standard deviation | 19.88% | 16.91% |
| Sharpe ratio | 0.80 | 0.60 |
| Sortino ratio | 1.04 | 0.79 |
| Maximum drawdown | −39.9% (24-03-2020) | −44.7% (23-03-2020) |
| Beta | 0.94 | 0.85 |
| Alpha | +1.86% | +4.15% |
From daily NAVs, 19-02-2020 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.
ITI Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Small Cap Fund (Direct) | −39.9% | 19-02-2020 | 24-03-2020 | 26-08-2020 | 5 months | −8.2% |
| Union Small Cap Fund (Direct) | −37.6% | 20-02-2020 | 23-03-2020 | 24-08-2020 | 5 months | −9.0% |
| Nifty Smallcap 250 TRI | −42.7% | 20-02-2020 | 24-03-2020 | 15-09-2020 | 6 months | −9.4% |
From daily values since 19-02-2020, 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.
ITI Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 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.
ITI Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 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.
ITI Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Small Cap Fund (Direct) | 92% | 83% | 7.01% |
| Union Small Cap Fund (Direct) | 88% | 72% | 8.24% |
From month-end values since 19-02-2020. 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.
ITI Small Cap vs Union Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Small Cap Fund, September 2026; Union Small Cap Fund, September 2026
Holdings in common
- Overlap
- 39.9%
- Held by both
- 40
- Only in ITI Small Cap
- 46
- Only in Union Small Cap
- 46
| Security | % of ITI Small Cap | % of Union Small Cap |
|---|---|---|
| Acutaas Chemicals Limited | 3.55% | 1.94% |
| Karur Vysya Bank Limited | 1.93% | 3.06% |
| Multi Commodity Exchange of India Limited | 1.88% | 2.99% |
| Radico Khaitan Limited | 1.73% | 1.60% |
| Sai Life Sciences Limited | 1.60% | 1.76% |
| Kirloskar Oil Engines Limited | 1.56% | 2.87% |
| Navin Fluorine International Limited | 1.53% | 3.40% |
| Welspun Corp Limited | 2.89% | 1.27% |
| Cartrade Tech Limited | 1.79% | 1.27% |
| Hitachi Energy India Limited | 1.17% | 1.77% |
| Ather Energy Limited | 1.30% | 1.15% |
| Torrent Pharmaceuticals Limited | 1.15% | 1.68% |
| Apar Industries Limited | 1.68% | 1.13% |
| Hindustan Copper Limited | 1.08% | 2.12% |
| RBL Bank Limited | 1.17% | 1.07% |
| Gabriel India Limited | 1.05% | 3.08% |
| PTC Industries Limited | 1.48% | 1.03% |
| Ujjivan Small Finance Bank Limited | 1.03% | 2.24% |
| KSB Limited | 1.02% | 1.02% |
| TD Power Systems Limited | 1.31% | 0.98% |
| City Union Bank Limited | 0.95% | 1.65% |
| Krishna Institute Of Medical Sciences Limited | 0.90% | 1.56% |
| Shadowfax Technologies Limited | 0.89% | 0.87% |
| Cemindia Projects Ltd | 0.87% | 0.99% |
| Sumitomo Chemical India Limited | 0.91% | 0.84% |
| Home First Finance Company India Limited | 0.79% | 1.02% |
| Neuland Laboratories Limited | 1.57% | 0.78% |
| KFin Technologies Limited | 0.78% | 1.25% |
| JK Cement Limited | 0.76% | 0.80% |
| Inox India Limited | 1.01% | 0.75% |
| MTAR Technologies Limited | 0.68% | 1.59% |
| Affle 3i Limited | 0.98% | 0.66% |
| ZF Commercial Vehicle Control Systems India Limited | 1.34% | 0.64% |
| Craftsman Automation Limited | 1.16% | 0.59% |
| BSE Limited | 1.02% | 0.57% |
| Shiprocket Limited | 0.83% | 0.47% |
| Graphite India Limited | 0.98% | 0.44% |
| One 97 Communications Limited | 1.05% | 0.43% |
| Nippon Life India Asset Management Limited | 0.79% | 0.39% |
| National Stock Exchange Of India Ltd | 0.35% | 0.78% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.9% means 39.9% 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 ITI Small Cap Fund
| Security | % of fund |
|---|---|
| Laurus Labs Limited | 2.36% |
| VA Tech Wabag Limited | 1.98% |
| Wockhardt Limited | 1.90% |
| GNG Electronics Ltd | 1.77% |
| Sona BLW Precision Forgings Limited | 1.52% |
Largest holdings only in Union Small Cap Fund
| Security | % of fund |
|---|---|
| GE Vernova T&D India Ltd. | 2.73% |
| Milky Mist Dairy Food Ltd. | 2.52% |
| S.J.S. Enterprises Ltd. | 2.45% |
| Azad Engineering Ltd. | 2.44% |
| Corona Remedies Ltd. | 2.20% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Small Cap | Union Small Cap |
|---|---|---|
| Equity | 94.7% | 98.4% |
| Debt | 0.0% | 0.1% |
| Cash and others | 5.3% | 1.5% |
Market cap of stocks
| Market cap | ITI Small Cap | Union Small Cap |
|---|---|---|
| Large Cap | 7.3% | 4.0% |
| Mid Cap | 20.1% | 16.4% |
| Small Cap | 62.5% | 71.0% |
| Not on AMFI's list | 4.9% | 7.0% |
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 | ITI Small Cap | Union Small Cap |
|---|---|---|
| Pharmaceuticals & Biotechnology | 12.1% | 9.7% |
| Electrical Equipment | 7.4% | 10.9% |
| Industrial Products | 9.8% | 9.7% |
| Auto Components | 8.6% | 8.8% |
| Capital Markets | 4.8% | 8.1% |
| Banks | 7.8% | 8.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Small Cap vs Union Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Small Cap Fund | Union Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.84% | 1.10% |
| Base expense ratio (Direct) | 0.45% | 0.78% |
| Total expense ratio (Regular) | 2.21% | 2.17% |
| Base expense ratio (Regular) | 1.65% | 1.70% |
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 ITI Small Cap with
ITI Small Cap Fund vs Union Small Cap Fund: Frequently Asked Questions
What is the difference between ITI Small Cap Fund and Union Small Cap Fund?
Both are Small Cap funds, run by ITI Mutual Fund and Union Mutual Fund. Their portfolios overlap 39.9%. ITI Small Cap Fund charges 0.84% a year and Union Small Cap Fund 1.10%.
Which has given higher returns, ITI Small Cap Fund or Union Small Cap Fund?
Over 1 year: ITI Small Cap Fund +11.05%, Union Small Cap Fund +11.79%. Over 3 years: ITI Small Cap Fund +22.07% a year, Union Small Cap Fund +14.64% a year. Over 5 years: ITI Small Cap Fund +17.21% a year, Union Small Cap Fund +16.16% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Small Cap Fund or Union Small Cap Fund?
ITI Small Cap Fund charges less: 0.84% a year against 1.10%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Small Cap Fund and Union Small Cap Fund overlap?
39.9%. They hold 40 of the same securities, the largest shared ones being ACUTAAS, KARURVYSYA, MCX. From each fund's latest monthly portfolio.
Which is riskier, ITI Small Cap Fund or Union Small Cap Fund?
On SEBI's riskometer, ITI Small Cap Fund is rated Very High and Union Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 19.22% and 18.80% a year.
Which is better for SIP, ITI Small Cap Fund or Union Small Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹10,19,021 in ITI Small Cap Fund (XIRR 20.3% a year) and ₹9,18,770 in Union Small Cap Fund (XIRR 16.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Small Cap Fund and Union Small Cap Fund?
Yes. 39.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Small Cap Fund and Union Small Cap Fund?
ITI Small Cap Fund: Dhimant Shah, Alok Ranjan. Union Small Cap Fund: Pratik Dharmshi, 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.