JM ELSS - Tax Saver Fund vs Union Large & Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM ELSS - Tax Saver Fund is an ELSS fund and Union Large & Midcap Fund is a Large & Mid Cap fund. In the 3 years to 30-10-2026, JM ELSS - Tax Saver Fund (Direct) returned 15.6% a year and Union Large & Midcap Fund (Direct) returned 12.4% a year. JM ELSS - Tax Saver Fund charges 1.34% a year and Union Large & Midcap Fund 1.32% (Direct plans). Their portfolios overlap 31.4%: they hold 22 of the same securities.
JM ELSS - Tax Saver Fund
ELSS
- 3 year return
- 15.6%
- Expense ratio
- 1.34%
- NAV
- ₹57.26
Union Large & Midcap Fund
Large & Mid Cap
- 3 year return
- 12.4%
- Expense ratio
- 1.32%
- NAV
- ₹28.14
Which is better, JM ELSS - Tax Saver 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.
- JM ELSS - Tax Saver returned more over 5 years: 12.3% a year against 10.3%.
- JM ELSS - Tax Saver returned more over 3 years: 15.6% a year against 12.4%.
- Union Large & Midcap costs less: 1.32% a year against 1.34% (Direct plans).
- Union Large & Midcap swung less over 3 years: a standard deviation of 15.3% a year against 16.1%.
- Union Large & Midcap fell less in its worst fall since 13-12-2019: −35.6% against −37.4%.
- Union Large & Midcap is the larger fund: ₹969 Cr against ₹240 Cr.
- Their portfolios overlap 31.4%: 22 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 | JM ELSS - Tax Saver Fund | Union Large & Midcap Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Union Mutual Fund |
| Category | ELSS | Large & Mid Cap |
| AUM | ₹240 Cr (30-09-2026) | ₹969 Cr (30-09-2026) |
| NAV | ₹57.26 (Direct) | ₹28.14 (Direct) |
| Expense ratio (Direct) | 1.34% | 1.32% |
| Expense ratio (Regular) | 2.68% | 2.53% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 31-03-2008 | 06-12-2019 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar | Vinod Malviya, Pratik Dharmshi |
| Exit load | Nil | Exit load of 1%, if redeemed within 15 days. |
JM ELSS - Tax Saver 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 |
|---|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | −3.36% | −4.03% | +5.11% | −1.27% | +15.60% | +12.32% | +15.40% |
| Union Large & Midcap Fund (Direct) | −1.54% | −2.90% | +2.96% | −0.74% | +12.37% | +10.31% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 50 ELSS funds and the 36 Large & Mid Cap funds, same plan type.
JM ELSS - Tax Saver vs Union Large & Midcap: Year-wise Returns
| Year | JM ELSS - Tax SaverJM ELSS - Tax Saver | Union Large & MidcapUnion Large & Midcap |
|---|---|---|
| 2026to date | −0.54% | −0.07% |
| 2025 | +3.83% | +3.57% |
| 2024 | +30.64% | +22.26% |
| 2023 | +32.19% | +28.33% |
| 2022 | +1.47% | −1.87% |
| 2021 | +33.15% | +40.05% |
JM ELSS - Tax Saver vs Union Large & Midcap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of JM ELSS - Tax Saver Fund
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.
JM ELSS - Tax Saver Fund (Direct)
Union Large & Midcap Fund (Direct)
BSE 500 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver | 0.0 | 0.0 | 0.0 | 1.3 | 33.9 | 43.0 | 21.8 | 21.6% | 21.3% | 14.2% | 33.2% | 92% |
| 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% | 88% |
| BSE 500 TRI | 0.0 | 0.0 | 2.5 | 21.4 | 48.6 | 18.3 | 9.2 | 18.0% | 17.3% | 8.4% | 33.9% | -- |
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 BSE 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 13-12-2019. Past returns do not promise future returns.
JM ELSS - Tax Saver 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 |
|---|---|---|---|---|
| JM ELSS - Tax SaverJM ELSS - Tax Saver Fund (Direct) | ₹8,30,000 | ₹14,47,874 | ₹6,17,874 | 15.8% |
| Union Large & MidcapUnion Large & Midcap Fund (Direct) | ₹8,30,000 | ₹13,57,971 | ₹5,27,971 | 14.0% |
JM ELSS - Tax SaverJM ELSS - Tax Saver 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.
JM ELSS - Tax Saver vs Union Large & Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM ELSS - Tax Saver Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.27% | −0.74% |
| Standard deviation | 15.50% | 15.51% |
| Sharpe ratio | -0.42 | -0.39 |
| Sortino ratio | -0.56 | -0.52 |
| Maximum drawdown | −16.9% (23-03-2026) | −12.6% (30-03-2026) |
| Beta | 1.04 | 1.01 |
| Alpha | +6.93% | +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 | JM ELSS - Tax Saver Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.60% | +12.37% |
| Standard deviation | 16.06% | 15.31% |
| Sharpe ratio | 0.60 | 0.41 |
| Sortino ratio | 0.80 | 0.55 |
| Maximum drawdown | −20.9% (07-04-2025) | −18.7% (28-02-2025) |
| Beta | 1.08 | 1.01 |
| Alpha | +5.41% | +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 | JM ELSS - Tax Saver Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.32% | +10.31% |
| Standard deviation | 15.58% | 14.63% |
| Sharpe ratio | 0.42 | 0.31 |
| Sortino ratio | 0.56 | 0.41 |
| Maximum drawdown | −20.9% (07-04-2025) | −19.6% (20-06-2022) |
| Beta | 1.04 | 0.96 |
| Alpha | +3.55% | −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 | JM ELSS - Tax Saver Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.16% | +16.18% |
| Standard deviation | 16.95% | 17.07% |
| Sharpe ratio | 0.60 | 0.65 |
| Sortino ratio | 0.81 | 0.85 |
| Maximum drawdown | −37.4% (23-03-2020) | −35.6% (23-03-2020) |
| Beta | 1.02 | 0.96 |
| Alpha | +3.19% | +0.71% |
From daily NAVs, 02-01-2013 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.
JM ELSS - Tax Saver Fund (Direct)
Union Large & Midcap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | −37.4% | 19-02-2020 | 23-03-2020 | 10-11-2020 | 8 months | −7.2% |
| Union Large & Midcap Fund (Direct) | −35.6% | 20-02-2020 | 23-03-2020 | 15-09-2020 | 6 months | −6.6% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
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.
JM ELSS - Tax Saver Fund (Direct)
Union Large & Midcap Fund (Direct)
BSE 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.
JM ELSS - Tax Saver Fund (Direct)
Union Large & Midcap Fund (Direct)
BSE 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.
JM ELSS - Tax Saver Fund (Direct)
Union Large & Midcap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM ELSS - Tax Saver Fund (Direct) | 106% | 92% | 5.69% |
| Union Large & Midcap Fund (Direct) | 98% | 82% | 5.44% |
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.
JM ELSS - Tax Saver vs Union Large & Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: JM ELSS - Tax Saver Fund, September 2026; Union Large & Midcap Fund, September 2026
Holdings in common
- Overlap
- 31.4%
- Held by both
- 22
- Only in JM ELSS - Tax Saver
- 31
- Only in Union Large & Midcap
- 59
| Security | % of JM ELSS - Tax Saver | % of Union Large & Midcap |
|---|---|---|
| HDFC Bank Limited | 2.90% | 2.86% |
| ICICI Bank Limited | 2.67% | 4.84% |
| One 97 Communications Limited | 3.31% | 2.49% |
| Bharti Airtel Limited | 2.41% | 2.32% |
| Eternal Limited | 2.08% | 2.28% |
| Jindal Steel Limited | 1.89% | 2.01% |
| Shriram Finance Limited | 1.70% | 2.00% |
| Fortis Healthcare Limited | 1.97% | 1.57% |
| Max Financial Services Limited | 1.51% | 1.70% |
| Reliance Industries Limited | 2.64% | 1.50% |
| Navin Fluorine International Limited | 1.65% | 1.46% |
| Larsen & Toubro Limited | 1.75% | 1.40% |
| APAR INDUSTRIES LTD | 1.68% | 1.30% |
| State Bank of India | 2.01% | 1.19% |
| Maruti Suzuki India Limited | 1.42% | 1.19% |
| Zydus Lifesciences Limited | 1.49% | 0.87% |
| Tech Mahindra Limited | 1.71% | 0.79% |
| Bajaj Finance Limited | 1.94% | 0.78% |
| PERSISTENT SYSTEMS LTD | 1.54% | 0.63% |
| BSE Ltd | 1.61% | 0.58% |
| CarTrade Tech Limited | 2.30% | 0.39% |
| Prestige Estates Projects Limited | 1.26% | 0.23% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.4% means 31.4% 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 JM ELSS - Tax Saver Fund
| Security | % of fund |
|---|---|
| SYRMA SGS TECHNOLOGY LIMITED | 3.41% |
| Karur Vysya Bank Limited | 2.69% |
| EPL Limited | 2.19% |
| Kotak Mahindra Bank Limited | 2.11% |
| United Spirits Limited | 2.09% |
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% |
| Multi Commodity Exchange of India Ltd. | 1.98% |
| CG Power and Industrial Solutions Ltd. | 1.86% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM ELSS - Tax Saver | Union Large & Midcap |
|---|---|---|
| Equity | 98.9% | 98.2% |
| Debt | 0.0% | 0.1% |
| Cash and others | 1.1% | 1.7% |
Market cap of stocks
| Market cap | JM ELSS - Tax Saver | Union Large & Midcap |
|---|---|---|
| Large Cap | 35.1% | 44.0% |
| Mid Cap | 18.2% | 38.6% |
| Small Cap | 45.5% | 12.5% |
| Not on AMFI's list | 0.0% | 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 | JM ELSS - Tax Saver | Union Large & Midcap |
|---|---|---|
| Banks | 12.4% | 14.6% |
| Finance | 10.1% | 4.6% |
| Pharmaceuticals & Biotechnology | 3.1% | 7.9% |
| Electrical Equipment | 1.7% | 6.7% |
| Retailing | 6.4% | 5.2% |
| Auto Components | 3.5% | 6.2% |
| Chemicals & Petrochemicals | 1.6% | 5.4% |
| Industrial Manufacturing | 5.0% | 2.6% |
| Commercial Services & Supplies | 4.9% | 0.0% |
| Automobiles | 4.7% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
JM ELSS - Tax Saver vs Union Large & Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM ELSS - Tax Saver Fund | Union Large & Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.34% | 1.32% |
| Base expense ratio (Direct) | 0.93% | 0.88% |
| Total expense ratio (Regular) | 2.68% | 2.53% |
| Base expense ratio (Regular) | 2.10% | 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 JM ELSS - Tax Saver with
JM ELSS - Tax Saver Fund vs Union Large & Midcap Fund: Frequently Asked Questions
What is the difference between JM ELSS - Tax Saver Fund and Union Large & Midcap Fund?
JM ELSS - Tax Saver Fund is an ELSS fund, Union Large & Midcap Fund is a Large & Mid Cap fund, run by JM Financial Mutual Fund and Union Mutual Fund. Their portfolios overlap 31.4%. JM ELSS - Tax Saver Fund charges 1.34% a year and Union Large & Midcap Fund 1.32%.
Which has given higher returns, JM ELSS - Tax Saver Fund or Union Large & Midcap Fund?
Over 1 year: JM ELSS - Tax Saver Fund −1.27%, Union Large & Midcap Fund −0.74%. Over 3 years: JM ELSS - Tax Saver Fund +15.60% a year, Union Large & Midcap Fund +12.37% a year. Over 5 years: JM ELSS - Tax Saver Fund +12.32% 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, JM ELSS - Tax Saver Fund or Union Large & Midcap Fund?
Union Large & Midcap Fund charges less: 1.32% a year against 1.34%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM ELSS - Tax Saver Fund and Union Large & Midcap Fund overlap?
31.4%. They hold 22 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, PAYTM. From each fund's latest monthly portfolio.
Which is riskier, JM ELSS - Tax Saver Fund or Union Large & Midcap Fund?
On SEBI's riskometer, JM ELSS - Tax Saver Fund is rated Very High and Union Large & Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.06% and 15.31% a year.
Which is better for SIP, JM ELSS - Tax Saver 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 ₹8,40,555 in JM ELSS - Tax Saver Fund (XIRR 12.6% 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 JM ELSS - Tax Saver Fund and Union Large & Midcap Fund?
Yes. 31.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM ELSS - Tax Saver Fund and Union Large & Midcap Fund?
JM ELSS - Tax Saver Fund: Deepak Gupta, Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar. 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.