ITI Value Fund vs Union Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Value Fund and Union Value Fund are both Value and Contra funds. In the 3 years to 30-10-2026, ITI Value Fund (Direct) returned 10.7% a year and Union Value Fund (Direct) returned 10.9% a year. ITI Value Fund charges 1.34% a year and Union Value Fund 1.51% (Direct plans). Their portfolios overlap 33.0%: they hold 25 of the same securities.
Which is better, ITI 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.
- Union Value returned more over 5 years: 10.8% a year against 10.3%.
- Union Value returned more over 3 years: 10.9% a year against 10.7%.
- ITI Value costs less: 1.34% a year against 1.51% (Direct plans).
- Union Value swung less over 3 years: a standard deviation of 14.7% a year against 17.1%.
- Union Value fell less in its worst fall since 17-06-2021: −17.9% against −22.7%.
- Union Value holds more in large companies: 55.5% of the fund in large caps against 42.3%.
- Union Value is the larger fund: ₹378 Cr against ₹346 Cr.
- Their portfolios overlap 33.0%: 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 | ITI Value Fund | Union Value Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Union Mutual Fund |
| Category | Value and Contra | Value and Contra |
| AUM | ₹346 Cr (30-09-2026) | ₹378 Cr (30-09-2026) |
| NAV | ₹17.22 (Direct) | ₹28.96 (Direct) |
| Expense ratio (Direct) | 1.34% | 1.51% |
| Expense ratio (Regular) | 3.04% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 14-06-2021 | 05-12-2018 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nilay Dalal, Dhimant Shah | Vinod Malviya, Gaurav Chopra |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Exit load of 1%, if redeemed within 15 days. |
ITI 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 |
|---|---|---|---|---|---|---|---|
| ITI Value Fund (Direct) | −4.96% | −7.71% | −6.93% | −7.38% | +10.66% | +10.32% | -- |
| 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.
ITI Value vs Union Value: Year-wise Returns
| Year | ITIITI Value | UnionUnion Value |
|---|---|---|
| 2026to date | −9.36% | −6.82% |
| 2025 | +5.32% | +7.95% |
| 2024 | +20.57% | +17.94% |
| 2023 | +38.94% | +34.56% |
| 2022 | +7.86% | +5.90% |
| 2021 | -- | +33.20% |
ITI Value vs Union Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Value Fund
Rolling returns
Every 3-year holding period, 585 of them, one for each trading day from 18-06-2024 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 Value Fund (Direct)
Union Value Fund (Direct)
Nifty 500 TRI
to
Aug 2024Jan 2022
to
Jan 2025Jun 2022
to
Jun 2025Nov 2022
to
Nov 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 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 Value | 0.0 | 0.0 | 0.0 | 8.0 | 42.1 | 44.3 | 5.6 | 19.8% | 20.0% | 10.2% | 27.1% | 100% |
| Union Value | 0.0 | 0.0 | 0.0 | 12.3 | 56.1 | 31.5 | 0.2 | 18.7% | 18.9% | 10.2% | 25.3% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.2 | 32.3 | 55.4 | 9.1 | 0.0 | 15.8% | 15.8% | 8.8% | 22.3% | -- |
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 17-06-2021. Past returns do not promise future returns.
ITI 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 17-06-2021 to 30-10-2026: 65 instalments, ₹6,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI ValueITI Value Fund (Direct) | ₹6,50,000 | ₹8,36,061 | ₹1,86,061 | 9.2% |
| Union ValueUnion Value Fund (Direct) | ₹6,50,000 | ₹8,48,007 | ₹1,98,007 | 9.8% |
ITI ValueITI 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.
ITI Value vs Union Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.38% | −6.91% |
| Standard deviation | 16.32% | 14.74% |
| Sharpe ratio | -0.77 | -0.82 |
| Sortino ratio | -1.03 | -1.10 |
| Maximum drawdown | −15.8% (31-03-2026) | −12.8% (31-03-2026) |
| Beta | 1.09 | 1.01 |
| Alpha | +1.09% | +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 | ITI Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.66% | +10.89% |
| Standard deviation | 17.09% | 14.66% |
| Sharpe ratio | 0.27 | 0.33 |
| Sortino ratio | 0.36 | 0.44 |
| Maximum drawdown | −21.4% (03-03-2025) | −17.9% (03-03-2025) |
| Beta | 1.14 | 1.00 |
| Alpha | −0.14% | +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 | ITI Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.32% | +10.75% |
| Standard deviation | 15.96% | 14.39% |
| Sharpe ratio | 0.28 | 0.34 |
| Sortino ratio | 0.37 | 0.46 |
| Maximum drawdown | −21.4% (03-03-2025) | −17.9% (03-03-2025) |
| Beta | 1.05 | 0.98 |
| Alpha | +1.35% | +2.16% |
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 Value Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.66% | +14.30% |
| Standard deviation | 15.63% | 16.90% |
| Sharpe ratio | 0.32 | 0.54 |
| Sortino ratio | 0.43 | 0.72 |
| Maximum drawdown | −22.7% (20-06-2022) | −37.7% (23-03-2020) |
| Beta | 1.04 | 0.97 |
| Alpha | −0.18% | +1.44% |
From daily NAVs, 17-06-2021 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.
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 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 |
|---|---|---|---|---|---|---|
| ITI Value Fund (Direct) | −22.7% | 18-10-2021 | 20-06-2022 | 25-05-2023 | 11 months | −10.6% |
| 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 17-06-2021, 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 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.
ITI 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 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ITI Value Fund (Direct)
Union Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Value Fund (Direct) | 104% | 104% | 5.89% |
| Union Value Fund (Direct) | 100% | 86% | 3.95% |
From month-end values since 17-06-2021. 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 Value vs Union Value: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Value Fund, September 2026; Union Value Fund, September 2026
Holdings in common
- Overlap
- 33.0%
- Held by both
- 25
- Only in ITI Value
- 46
- Only in Union Value
- 46
| Security | % of ITI Value | % of Union Value |
|---|---|---|
| HDFC Bank Limited | 4.90% | 4.12% |
| Reliance Industries Limited | 3.31% | 3.75% |
| Shriram Finance Limited | 2.16% | 2.73% |
| Axis Bank Limited | 2.13% | 3.21% |
| ICICI Bank Limited | 1.95% | 6.44% |
| Ujjivan Small Finance Bank Limited | 1.70% | 1.64% |
| RBL Bank Limited | 1.52% | 1.60% |
| Aarti Industries Limited | 1.31% | 1.30% |
| Balrampur Chini Mills Limited | 1.38% | 1.23% |
| The Federal Bank Limited | 1.84% | 1.21% |
| Voltamp Transformers Limited | 1.49% | 1.16% |
| State Bank of India | 1.16% | 2.93% |
| Zydus Wellness Limited | 1.08% | 1.12% |
| Krishna Institute Of Medical Sciences Limited | 1.13% | 1.06% |
| Engineers India Limited | 1.03% | 1.35% |
| Tech Mahindra Limited | 0.97% | 2.19% |
| Larsen & Toubro Limited | 0.90% | 2.16% |
| Samvardhana Motherson International Limited | 1.91% | 0.86% |
| HDFC Life Insurance Company Limited | 1.02% | 0.79% |
| Infosys Limited | 0.70% | 0.95% |
| Bharti Airtel Limited | 0.67% | 2.98% |
| Vedanta Aluminium Metal Limited | 0.61% | 0.92% |
| Bharat Heavy Electricals Limited | 2.21% | 0.55% |
| ITC Limited | 2.27% | 0.49% |
| Tata Consultancy Services Limited | 0.44% | 0.98% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.0% means 33.0% 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 Value Fund
| Security | % of fund |
|---|---|
| Manipal Payment and Identity Solutions Ltd | 2.23% |
| Craftsman Automation Limited | 2.15% |
| Bajaj Auto Limited | 1.78% |
| Solar Industries India Limited | 1.78% |
| Redington Limited | 1.69% |
Largest holdings only in Union Value Fund
| Security | % of fund |
|---|---|
| NTPC Ltd. | 2.21% |
| Gabriel India Ltd. | 2.02% |
| Maruti Suzuki India Ltd. | 2.00% |
| Jindal Steel Ltd. | 1.92% |
| Nippon Life India Asset Management Ltd. | 1.67% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Value | Union Value |
|---|---|---|
| Equity | 95.6% | 96.3% |
| Debt | 0.0% | 0.1% |
| Cash and others | 4.4% | 3.6% |
Market cap of stocks
| Market cap | ITI Value | Union Value |
|---|---|---|
| Large Cap | 42.3% | 55.5% |
| Mid Cap | 10.5% | 14.6% |
| Small Cap | 40.6% | 25.4% |
| Not on AMFI's list | 2.2% | 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 | ITI Value | Union Value |
|---|---|---|
| Banks | 22.1% | 21.1% |
| Finance | 12.7% | 3.7% |
| IT - Software | 2.1% | 6.9% |
| Healthcare Services | 6.2% | 2.1% |
| Chemicals & Petrochemicals | 5.8% | 1.3% |
| Pharmaceuticals & Biotechnology | 5.1% | 5.6% |
| Construction | 3.0% | 5.6% |
| Auto Components | 5.0% | 4.1% |
| Petroleum Products | 3.3% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Value vs Union Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Value Fund | Union Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.34% | 1.51% |
| Base expense ratio (Direct) | 0.60% | 1.08% |
| Total expense ratio (Regular) | 3.04% | 2.56% |
| Base expense ratio (Regular) | 2.10% | 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
ITI Value Fund vs Union Value Fund: Frequently Asked Questions
What is the difference between ITI Value Fund and Union Value Fund?
Both are Value and Contra funds, run by ITI Mutual Fund and Union Mutual Fund. Their portfolios overlap 33.0%. ITI Value Fund charges 1.34% a year and Union Value Fund 1.51%.
Which has given higher returns, ITI Value Fund or Union Value Fund?
Over 1 year: ITI Value Fund −7.38%, Union Value Fund −6.91%. Over 3 years: ITI Value Fund +10.66% a year, Union Value Fund +10.89% a year. Over 5 years: ITI Value Fund +10.32% a year, Union Value Fund +10.75% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Value Fund or Union Value Fund?
ITI Value Fund charges less: 1.34% a year against 1.51%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Value Fund and Union Value Fund overlap?
33.0%. They hold 25 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, SHRIRAMFIN. From each fund's latest monthly portfolio.
Which is riskier, ITI Value Fund or Union Value Fund?
On SEBI's riskometer, ITI Value Fund is rated Very High and Union Value Fund Very High. Over 3 years, the standard deviation of daily returns was 17.09% and 14.66% a year.
Which is better for SIP, ITI Value Fund or Union Value Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,67,161 in ITI Value Fund (XIRR 9.0% a year) and ₹7,73,448 in Union Value Fund (XIRR 9.3% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Value Fund and Union Value Fund?
Yes. 33.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Value Fund and Union Value Fund?
ITI Value Fund: Nilay Dalal, Dhimant Shah. 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.