Kotak Mid Cap Fund vs Union Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Mid Cap Fund and Union Midcap Fund are both Mid Cap funds. In the 3 years to 30-10-2026, Kotak Mid Cap Fund (Direct) returned 15.0% a year and Union Midcap Fund (Direct) returned 15.6% a year. Kotak Mid Cap Fund charges 0.55% a year and Union Midcap Fund 1.08% (Direct plans). Their portfolios overlap 33.9%: they hold 28 of the same securities.
Which is better, Kotak Mid Cap or Union Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Mid Cap returned more over 5 years: 14.5% a year against 13.8%.
- Union Midcap returned more over 3 years: 15.6% a year against 15.0%.
- Kotak Mid Cap costs less: 0.55% a year against 1.08% (Direct plans).
- Kotak Mid Cap swung less over 3 years: a standard deviation of 16.0% a year against 16.8%.
- Kotak Mid Cap fell less in its worst fall since 30-03-2020: −20.9% against −21.3%.
- Kotak Mid Cap is the larger fund: ₹66,613 Cr against ₹1,906 Cr.
- Their portfolios overlap 33.9%: 28 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 | Kotak Mid Cap Fund | Union Midcap Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Union Mutual Fund |
| Category | Mid Cap | Mid Cap |
| AUM | ₹66,613 Cr (30-09-2026) | ₹1,906 Cr (30-09-2026) |
| NAV | ₹155.01 (Direct) | ₹53.40 (Direct) |
| Expense ratio (Direct) | 0.55% | 1.08% |
| Expense ratio (Regular) | 1.51% | 2.39% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Midcap 150 TRI | BSE Midcap 150 TRI |
| Launch date | 30-03-2007 | 23-03-2020 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Atul Bhole | Gaurav Chopra, Pratik Dharmshi |
| Exit load | Exit load for units in excess of 10% of the investment,1% will be charged for redemption within 365 days | Exit load of 1%, if redeemed within 15 days. |
Kotak Mid Cap vs Union 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 |
|---|---|---|---|---|---|---|---|
| Kotak Mid Cap Fund (Direct) | −3.71% | −8.87% | −3.43% | −4.47% | +14.97% | +14.46% | +16.42% |
| Union Midcap Fund (Direct) | −2.89% | −4.59% | +1.33% | +0.66% | +15.60% | +13.79% | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
Category average: the average of the 34 Mid Cap funds, same plan type.
Kotak Mid Cap vs Union Midcap: Year-wise Returns
| Year | Kotak Mid CapKotak Mid Cap | Union MidcapUnion Midcap |
|---|---|---|
| 2026to date | −2.41% | +1.41% |
| 2025 | +2.89% | +3.68% |
| 2024 | +35.02% | +30.50% |
| 2023 | +33.02% | +34.21% |
| 2022 | +6.44% | −0.82% |
| 2021 | +49.17% | +53.98% |
Kotak Mid Cap vs Union Midcap: Rolling Returns
Every holding period of both funds, against Nifty Midcap 150 TRI, the benchmark of Kotak Mid Cap Fund
Rolling returns
Every 3-year holding period, 880 of them, one for each trading day from 31-03-2023 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.
Kotak Mid Cap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
to
Jul 2023Feb 2021
to
Feb 2024Sept 2021
to
Sept 2024May 2022
to
May 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Mid Cap | 0.0 | 0.0 | 0.0 | 0.7 | 10.3 | 47.7 | 41.3 | 25.0% | 24.0% | 13.8% | 40.1% | 31% |
| Union Midcap | 0.0 | 0.0 | 0.0 | 0.6 | 24.3 | 41.5 | 33.6 | 23.9% | 22.7% | 14.2% | 39.7% | 14% |
| Nifty Midcap 150 TRI | 0.0 | 0.0 | 0.0 | 3.1 | 8.9 | 39.0 | 49.1 | 25.8% | 24.8% | 12.7% | 39.4% | -- |
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 Midcap 150 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 30-03-2020. Past returns do not promise future returns.
Kotak Mid Cap vs Union 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 02-03-2020 to 30-10-2026: 80 instalments, ₹8,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Mid CapKotak Mid Cap Fund (Direct) | ₹8,00,000 | ₹14,43,374 | ₹6,43,374 | 17.5% |
| Union MidcapUnion Midcap Fund (Direct) | ₹8,00,000 | ₹14,77,594 | ₹6,77,594 | 18.2% |
Kotak Mid CapKotak Mid Cap Fund (Direct)
Union MidcapUnion 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.
Kotak Mid Cap vs Union Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Mid Cap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.47% | +0.66% |
| Standard deviation | 16.19% | 16.64% |
| Sharpe ratio | -0.60 | -0.28 |
| Sortino ratio | -0.81 | -0.37 |
| Maximum drawdown | −13.4% (23-10-2026) | −12.1% (23-10-2026) |
| Beta | 0.95 | 0.99 |
| Alpha | −0.57% | +5.74% |
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 | Kotak Mid Cap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.97% | +15.60% |
| Standard deviation | 16.04% | 16.83% |
| Sharpe ratio | 0.56 | 0.57 |
| Sortino ratio | 0.75 | 0.76 |
| Maximum drawdown | −20.9% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 0.91 | 0.96 |
| Alpha | +1.87% | +2.40% |
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 | Kotak Mid Cap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.46% | +13.79% |
| Standard deviation | 15.08% | 15.87% |
| Sharpe ratio | 0.57 | 0.50 |
| Sortino ratio | 0.77 | 0.67 |
| Maximum drawdown | −20.9% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 0.87 | 0.92 |
| Alpha | +1.67% | +1.25% |
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 | Kotak Mid Cap Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.97% | +28.22% |
| Standard deviation | 15.17% | 16.03% |
| Sharpe ratio | 0.85 | 1.44 |
| Sortino ratio | 1.14 | 1.99 |
| Maximum drawdown | −36.0% (24-03-2020) | −21.3% (28-02-2025) |
| Beta | -- | 0.89 |
| Alpha | -- | +3.23% |
From daily NAVs, 03-01-2013 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.
Kotak Mid Cap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Mid Cap Fund (Direct) | −20.9% | 16-12-2024 | 28-02-2025 | 16-07-2025 | 5 months | −11.0% |
| Union Midcap Fund (Direct) | −21.3% | 23-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −9.3% |
| Nifty Midcap 150 TRI | −21.1% | 18-10-2021 | 20-06-2022 | 09-09-2022 | 3 months | −10.5% |
From daily values since 30-03-2020, 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.
Kotak Mid Cap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 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.
Kotak Mid Cap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 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.
Kotak Mid Cap Fund (Direct)
Union Midcap Fund (Direct)
Nifty Midcap 150 TRI
Against Nifty Midcap 150 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Mid Cap Fund (Direct) | 93% | 84% | 5.06% |
| Union Midcap Fund (Direct) | 96% | 87% | 6.58% |
From month-end values since 30-03-2020. 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.
Kotak Mid Cap vs Union Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Mid Cap Fund, September 2026; Union Midcap Fund, September 2026
Holdings in common
- Overlap
- 33.9%
- Held by both
- 28
- Only in Kotak Mid Cap
- 43
- Only in Union Midcap
- 49
| Security | % of Kotak Mid Cap | % of Union Midcap |
|---|---|---|
| FEDERAL BANK LTD. | 2.62% | 3.04% |
| IPCA Laboratories Ltd. | 3.57% | 2.49% |
| GE VERNOVA T&D INDIA LIMITED | 2.45% | 2.38% |
| Fortis Healthcare India Ltd | 3.49% | 2.18% |
| Mphasis Ltd | 2.57% | 2.04% |
| Solar Industries India Limited | 2.41% | 1.75% |
| BHARTI HEXACOM LTD. | 2.00% | 1.71% |
| Nippon Life Asset Management Ltd | 1.53% | 2.19% |
| L&T FINANCE LTD | 2.72% | 1.47% |
| SRF LTD. | 1.51% | 1.47% |
| Dixon Technologies India Ltd | 2.87% | 1.37% |
| Apar Industries Ltd. | 1.34% | 1.87% |
| BILLIONBRAINS GARAGE VENTURES LIMITED (GROWW) | 1.41% | 1.23% |
| Max Financial Services Ltd | 1.18% | 2.59% |
| Schaeffler India Ltd | 2.36% | 0.99% |
| ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LTD | 0.99% | 1.35% |
| KEI Industries Ltd. | 2.45% | 0.89% |
| Jindal Steel & Power Ltd | 0.89% | 1.65% |
| Minda Industries Ltd. | 0.87% | 1.72% |
| Persistent Systems Limited | 1.60% | 0.76% |
| BHARAT FORGE LTD. | 1.22% | 0.73% |
| LENSKART SOLUTIONS LIMITED | 0.84% | 0.63% |
| INDIAN BANK | 2.24% | 0.57% |
| JK Cement Ltd. | 1.08% | 0.54% |
| HINDUSTAN PETROLEUM CORPORATION LTD. | 1.22% | 0.43% |
| VISHAL MEGA MART LIMITED | 3.04% | 0.33% |
| MANIPAL HEALTH ENTERPRISES LTD | 0.27% | 0.50% |
| SWIGGY LTD | 1.55% | 0.23% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.9% means 33.9% 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 Kotak Mid Cap Fund
| Security | % of fund |
|---|---|
| BANK OF MAHARASHTRA | 2.16% |
| Oberoi Realty Limited | 2.11% |
| Bharat Electronics Ltd. | 1.96% |
| Global Health Ltd. | 1.82% |
| ETERNAL LIMITED | 1.72% |
Largest holdings only in Union Midcap Fund
| Security | % of fund |
|---|---|
| One 97 Communications Ltd. | 3.10% |
| Multi Commodity Exchange of India Ltd. | 2.90% |
| Bharat Heavy Electricals Ltd. | 2.12% |
| Ajanta Pharma Ltd. | 2.08% |
| Coforge Ltd. | 2.01% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Mid Cap | Union Midcap |
|---|---|---|
| Equity | 98.6% | 98.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 1.4% | 1.8% |
Market cap of stocks
| Market cap | Kotak Mid Cap | Union Midcap |
|---|---|---|
| Large Cap | 13.5% | 15.6% |
| Mid Cap | 66.5% | 66.5% |
| Small Cap | 17.8% | 15.5% |
| Not on AMFI's list | 0.8% | 0.5% |
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 | Kotak Mid Cap | Union Midcap |
|---|---|---|
| Finance | 10.1% | 4.4% |
| Auto Components | 7.0% | 9.8% |
| Pharmaceuticals and Biotechnology | 9.6% | 0.0% |
| Banks | 7.6% | 9.1% |
| Healthcare Services | 8.7% | 2.7% |
| Pharmaceuticals & Biotechnology | 0.0% | 8.6% |
| Electrical Equipment | 4.6% | 7.4% |
| Capital Markets | 5.4% | 7.3% |
| Retailing | 7.2% | 4.2% |
| Chemicals & Petrochemicals | 0.0% | 5.7% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Mid Cap vs Union Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Mid Cap Fund | Union Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.55% | 1.08% |
| Base expense ratio (Direct) | 0.36% | 0.66% |
| Total expense ratio (Regular) | 1.51% | 2.39% |
| Base expense ratio (Regular) | 1.17% | 1.78% |
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 Kotak Mid Cap with
Kotak Mid Cap Fund vs Union Midcap Fund: Frequently Asked Questions
What is the difference between Kotak Mid Cap Fund and Union Midcap Fund?
Both are Mid Cap funds, run by Kotak Mahindra Mutual Fund and Union Mutual Fund. Their portfolios overlap 33.9%. Kotak Mid Cap Fund charges 0.55% a year and Union Midcap Fund 1.08%.
Which has given higher returns, Kotak Mid Cap Fund or Union Midcap Fund?
Over 1 year: Kotak Mid Cap Fund −4.47%, Union Midcap Fund +0.66%. Over 3 years: Kotak Mid Cap Fund +14.97% a year, Union Midcap Fund +15.60% a year. Over 5 years: Kotak Mid Cap Fund +14.46% a year, Union Midcap Fund +13.79% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Mid Cap Fund or Union Midcap Fund?
Kotak Mid Cap Fund charges less: 0.55% a year against 1.08%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Mid Cap Fund and Union Midcap Fund overlap?
33.9%. They hold 28 of the same securities, the largest shared ones being FEDERALBNK, IPCALAB, GVT&D. From each fund's latest monthly portfolio.
Which is riskier, Kotak Mid Cap Fund or Union Midcap Fund?
On SEBI's riskometer, Kotak Mid Cap Fund is rated Very High and Union Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.04% and 16.83% a year.
Which is better for SIP, Kotak Mid Cap Fund or Union Midcap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,46,604 in Kotak Mid Cap Fund (XIRR 12.9% a year) and ₹8,58,918 in Union Midcap Fund (XIRR 13.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Mid Cap Fund and Union Midcap Fund?
Yes. 33.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Mid Cap Fund and Union Midcap Fund?
Kotak Mid Cap Fund: Atul Bhole. Union Midcap Fund: Gaurav Chopra, 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.