JM Large Cap Fund vs Union Largecap Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Large Cap Fund and Union Largecap Fund are both Large Cap funds. In the 3 years to 30-10-2026, JM Large Cap Fund (Direct) returned 10.5% a year and Union Largecap Fund (Direct) returned 7.8% a year. JM Large Cap Fund charges 1.19% a year and Union Largecap Fund 1.68% (Direct plans). Their portfolios overlap 55.0%: they hold 29 of the same securities.
Which is better, JM Large Cap or Union Largecap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- JM Large Cap returned more over 5 years: 9.5% a year against 6.1%.
- JM Large Cap returned more over 3 years: 10.5% a year against 7.8%.
- JM Large Cap costs less: 1.19% a year against 1.68% (Direct plans).
- Union Largecap swung less over 3 years: a standard deviation of 13.7% a year against 14.9%.
- JM Large Cap fell less in its worst fall since 18-05-2017: −19.8% against −36.4%.
- Union Largecap is the larger fund: ₹408 Cr against ₹356 Cr.
- Their portfolios overlap 55.0%: 29 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 Large Cap Fund | Union Largecap Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Union Mutual Fund |
| Category | Large Cap | Large Cap |
| AUM | ₹356 Cr (30-09-2026) | ₹408 Cr (30-09-2026) |
| NAV | ₹171.67 (Direct) | ₹23.73 (Direct) |
| Expense ratio (Direct) | 1.19% | 1.68% |
| Expense ratio (Regular) | 2.67% | 2.58% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 100 TRI | BSE 100 TRI |
| Launch date | 01-04-1995 | 11-05-2017 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Asit Bhandarkar, Satish Ramanathan, Ruchi Fozdar | Pratik Dharmshi, Sanjay Bembalkar |
| Exit load | Exit load of 1%, if redeemed within 30 days. | Exit load of 1%, if redeemed within 15 days. |
JM Large Cap vs Union Largecap: 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 Large Cap Fund (Direct) | +0.56% | −3.71% | +0.05% | −5.72% | +10.48% | +9.46% | +11.44% |
| Union Largecap Fund (Direct) | +0.98% | −4.24% | −2.18% | −8.09% | +7.81% | +6.11% | -- |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | -- |
Category average: the average of the 35 Large Cap funds, same plan type.
JM Large Cap vs Union Largecap: Year-wise Returns
| Year | JM Large CapJM Large Cap | Union LargecapUnion Largecap | BSE 100 TRI |
|---|---|---|---|
| 2026to date | −6.23% | −7.05% | −9.68% |
| 2025 | +5.51% | +5.23% | +10.49% |
| 2024 | +16.81% | +13.31% | +13.31% |
| 2023 | +30.52% | +23.26% | +23.23% |
| 2022 | +4.17% | +0.23% | +6.03% |
| 2021 | +24.56% | +29.33% | +26.53% |
JM Large Cap vs Union Largecap: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 1,594 of them, one for each trading day from 18-05-2020 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 Large Cap Fund (Direct)
Union Largecap Fund (Direct)
BSE 100 TRI
to
Nov 2020Dec 2018
to
Dec 2021Feb 2020
to
Feb 2023Mar 2021
to
Mar 2024Apr 2022
to
Apr 2025Apr 2023
to
Apr 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 Large Cap | 0.0 | 4.9 | 9.0 | 25.5 | 47.5 | 13.1 | 0.0 | 15.1% | 15.9% | 0.7% | 24.0% | 52% |
| Union Largecap | 1.5 | 6.4 | 11.4 | 39.8 | 29.8 | 10.0 | 1.0 | 13.7% | 14.0% | −4.7% | 30.0% | 6% |
| BSE 100 TRI | 0.4 | 5.0 | 7.5 | 33.2 | 41.2 | 9.2 | 3.5 | 15.1% | 15.5% | −1.6% | 32.8% | -- |
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 100 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 18-05-2017. Past returns do not promise future returns.
JM Large Cap vs Union Largecap: 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 02-05-2017 to 30-10-2026: 114 instalments, ₹11,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Large CapJM Large Cap Fund (Direct) | ₹11,40,000 | ₹19,99,422 | ₹8,59,422 | 11.4% |
| Union LargecapUnion Largecap Fund (Direct) | ₹11,40,000 | ₹18,38,214 | ₹6,98,214 | 9.8% |
JM Large CapJM Large Cap Fund (Direct)
Union LargecapUnion Largecap 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 Large Cap vs Union Largecap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Large Cap Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.72% | −8.09% |
| Standard deviation | 14.51% | 14.03% |
| Sharpe ratio | -0.76 | -0.95 |
| Sortino ratio | -1.01 | -1.27 |
| Maximum drawdown | −14.5% (31-03-2026) | −14.1% (30-03-2026) |
| Beta | 1.02 | 0.99 |
| Alpha | +3.51% | +0.69% |
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 Large Cap Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.48% | +7.81% |
| Standard deviation | 14.91% | 13.72% |
| Sharpe ratio | 0.30 | 0.13 |
| Sortino ratio | 0.40 | 0.18 |
| Maximum drawdown | −19.8% (28-02-2025) | −16.3% (28-02-2025) |
| Beta | 1.06 | 0.99 |
| Alpha | +1.33% | −1.14% |
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 Large Cap Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.46% | +6.11% |
| Standard deviation | 14.57% | 13.79% |
| Sharpe ratio | 0.25 | 0.02 |
| Sortino ratio | 0.34 | 0.03 |
| Maximum drawdown | −19.8% (28-02-2025) | −18.8% (17-06-2022) |
| Beta | 1.01 | 0.98 |
| Alpha | +1.65% | −1.63% |
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 Large Cap Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.86% | +9.55% |
| Standard deviation | 13.37% | 16.04% |
| Sharpe ratio | 0.43 | 0.26 |
| Sortino ratio | 0.60 | 0.35 |
| Maximum drawdown | −19.8% (28-02-2025) | −36.4% (23-03-2020) |
| Beta | 0.77 | 0.97 |
| Alpha | +1.17% | −1.93% |
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 Large Cap Fund (Direct)
Union Largecap Fund (Direct)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Large Cap Fund (Direct) | −19.8% | 27-09-2024 | 28-02-2025 | Not yet | -- | −9.9% |
| Union Largecap Fund (Direct) | −36.4% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
| BSE 100 TRI | −38.0% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −10.4% |
From daily values since 18-05-2017, 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 Large Cap Fund (Direct)
Union Largecap Fund (Direct)
BSE 100 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 Large Cap Fund (Direct)
Union Largecap Fund (Direct)
BSE 100 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 Large Cap Fund (Direct)
Union Largecap Fund (Direct)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Large Cap Fund (Direct) | 82% | 73% | 7.68% |
| Union Largecap Fund (Direct) | 92% | 99% | 3.04% |
From month-end values since 18-05-2017. 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 Large Cap vs Union Largecap: Portfolio Overlap
From each fund's latest monthly portfolio: JM Large Cap Fund, September 2026; Union Largecap Fund, September 2026
Holdings in common
- Overlap
- 55.0%
- Held by both
- 29
- Only in JM Large Cap
- 20
- Only in Union Largecap
- 28
| Security | % of JM Large Cap | % of Union Largecap |
|---|---|---|
| State Bank of India | 4.56% | 4.18% |
| Bharti Airtel Limited | 3.88% | 4.31% |
| ICICI Bank Limited | 3.56% | 9.41% |
| Reliance Industries Limited | 3.36% | 5.28% |
| Axis Bank Limited | 2.88% | 3.24% |
| Torrent Pharmaceuticals Limited | 2.80% | 3.27% |
| HDFC Bank Limited | 2.69% | 6.95% |
| Kotak Mahindra Bank Limited | 3.15% | 2.52% |
| Larsen & Toubro Limited | 2.90% | 2.49% |
| Mahindra & Mahindra Limited | 2.47% | 2.68% |
| Titan Company Limited | 2.50% | 2.39% |
| Eternal Limited | 2.03% | 3.27% |
| Bajaj Finance Limited | 2.79% | 2.00% |
| Shriram Finance Limited | 2.44% | 1.69% |
| Tata Consumer Products Limited | 1.67% | 2.57% |
| Hitachi Energy India Limited | 1.33% | 1.43% |
| Bharat Electronics Limited | 1.32% | 1.40% |
| Maruti Suzuki India Limited | 1.77% | 1.25% |
| Solar Industries India Limited | 1.19% | 2.45% |
| Adani Enterprises Limited | 1.16% | 1.27% |
| Divi's Laboratories Limited | 2.08% | 1.16% |
| Infosys Limited | 1.15% | 2.69% |
| CG Power And Industrial Solutions Ltd | 1.10% | 1.05% |
| UltraTech Cement Limited | 1.80% | 0.99% |
| TVS Motor Company Limited | 2.25% | 0.96% |
| Apollo Hospitals Enterprise Limited | 2.70% | 0.90% |
| Adani Port & Special Economic Zone Ltd | 2.88% | 0.88% |
| Tata Steel Limited | 1.23% | 0.57% |
| Polycab India Limited | 1.12% | 0.45% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 55.0% means 55.0% 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 JM Large Cap Fund
| Security | % of fund |
|---|---|
| One 97 Communications Limited | 2.69% |
| The Indian Hotels Company Limited | 1.96% |
| JSW Energy Limited | 1.85% |
| Bajaj Auto Limited | 1.84% |
| 360 ONE WAM LIMITED | 1.80% |
Largest holdings only in Union Largecap Fund
| Security | % of fund |
|---|---|
| NTPC Ltd. | 2.37% |
| National Stock Exchange of India Ltd. | 1.70% |
| Max Healthcare Institute Ltd. | 1.40% |
| Mphasis Ltd. | 1.32% |
| GE Vernova T&D India Ltd. | 1.31% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Large Cap | Union Largecap |
|---|---|---|
| Equity | 95.8% | 99.0% |
| Debt | 0.0% | 0.1% |
| Cash and others | 4.2% | 0.9% |
Market cap of stocks
| Market cap | JM Large Cap | Union Largecap |
|---|---|---|
| Large Cap | 81.1% | 83.0% |
| Mid Cap | 13.5% | 10.7% |
| Small Cap | 0.1% | 3.6% |
| Not on AMFI's list | 1.1% | 1.7% |
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 Large Cap | Union Largecap |
|---|---|---|
| Banks | 16.9% | 26.3% |
| Automobiles | 8.3% | 4.9% |
| Pharmaceuticals & Biotechnology | 6.3% | 5.2% |
| Petroleum Products | 3.4% | 5.3% |
| Finance | 5.2% | 4.8% |
| Capital Markets | 5.1% | 3.5% |
| Retailing | 2.0% | 4.6% |
| IT - Software | 4.2% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
JM Large Cap vs Union Largecap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Large Cap Fund | Union Largecap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.19% | 1.68% |
| Base expense ratio (Direct) | 0.82% | 1.34% |
| Total expense ratio (Regular) | 2.67% | 2.58% |
| 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
Compare JM Large Cap with
JM Large Cap Fund vs Union Largecap Fund: Frequently Asked Questions
What is the difference between JM Large Cap Fund and Union Largecap Fund?
Both are Large Cap funds, run by JM Financial Mutual Fund and Union Mutual Fund. Their portfolios overlap 55.0%. JM Large Cap Fund charges 1.19% a year and Union Largecap Fund 1.68%.
Which has given higher returns, JM Large Cap Fund or Union Largecap Fund?
Over 1 year: JM Large Cap Fund −5.72%, Union Largecap Fund −8.09%. Over 3 years: JM Large Cap Fund +10.48% a year, Union Largecap Fund +7.81% a year. Over 5 years: JM Large Cap Fund +9.46% a year, Union Largecap Fund +6.11% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Large Cap Fund or Union Largecap Fund?
JM Large Cap Fund charges less: 1.19% a year against 1.68%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Large Cap Fund and Union Largecap Fund overlap?
55.0%. They hold 29 of the same securities, the largest shared ones being SBIN, BHARTIARTL, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, JM Large Cap Fund or Union Largecap Fund?
On SEBI's riskometer, JM Large Cap Fund is rated Very High and Union Largecap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.91% and 13.72% a year.
Which is better for SIP, JM Large Cap Fund or Union Largecap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,49,911 in JM Large Cap Fund (XIRR 8.1% a year) and ₹7,02,268 in Union Largecap Fund (XIRR 5.5% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Large Cap Fund and Union Largecap Fund?
Yes. 55.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages JM Large Cap Fund and Union Largecap Fund?
JM Large Cap Fund: Deepak Gupta, Asit Bhandarkar, Satish Ramanathan, Ruchi Fozdar. Union Largecap Fund: Pratik Dharmshi, Sanjay Bembalkar.
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.