Kotak Multi Asset Allocation Fund vs Union Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 29-10-2026
Kotak Multi Asset Allocation Fund and Union Multi Asset Allocation Fund are both Multi Asset funds. In the year to 30-10-2026, Kotak Multi Asset Allocation Fund (Direct) returned 4.3% and Union Multi Asset Allocation Fund (Direct) returned 2.5%. Kotak Multi Asset Allocation Fund charges 0.63% a year and Union Multi Asset Allocation Fund 1.31% (Direct plans). Their portfolios overlap 14.9%: they hold 14 of the same securities.
Kotak Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.3%
- Expense ratio
- 0.63%
- NAV
- ₹15.65
Union Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 2.5%
- Expense ratio
- 1.31%
- NAV
- ₹11.91
Which is better, Kotak Multi Asset Allocation or Union Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Multi Asset Allocation returned more over 1 year: 4.3% against 2.5%.
- Kotak Multi Asset Allocation costs less: 0.63% a year against 1.31% (Direct plans).
- Union Multi Asset Allocation fell less in its worst fall since 13-09-2024: −12.4% against −13.8%.
- Kotak Multi Asset Allocation is the larger fund: ₹15,236 Cr against ₹989 Cr.
- Their portfolios overlap 14.9%: 14 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 Multi Asset Allocation Fund | Union Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Union Mutual Fund |
| Category | Multi Asset | Multi Asset |
| AUM | ₹15,236 Cr (30-09-2026) | ₹989 Cr (30-09-2026) |
| NAV | ₹15.65 (Direct) | ₹11.91 (Direct) |
| Expense ratio (Direct) | 0.63% | 1.31% |
| Expense ratio (Regular) | 1.76% | 2.40% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 TRI 65% + NIFTY Short Duration Debt Index 25% + Domestic Price of Gold 5% + Domestic Price of Silver 5% | 65% Nifty 50 TRI + 20% Nifty Composite Debt Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver NIFTY Ben |
| Launch date | 22-09-2023 | 10-09-2024 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar | Sanjay Bembalkar, Vinod Malviya, Anindya Sarkar |
| Exit load | Exit Load for units in excess of 30% of the investment,1% will be charged for redemption within 1 year. | Exit load of 1%, if redeemed within 15 days. |
Kotak Multi Asset Allocation vs Union Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) | −3.51% | −4.32% | −4.66% | +4.34% | +16.23% | -- | -- |
| Union Multi Asset Allocation Fund (Direct) | −1.81% | −3.56% | −2.22% | +2.50% | -- | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
Kotak Multi Asset Allocation vs Union Multi Asset Allocation: Year-wise Returns
| Year | KotakKotak Multi Asset Allocation | UnionUnion Multi Asset Allocation |
|---|---|---|
| 2026to date | −2.85% | −1.49% |
| 2025 | +24.37% | +20.42% |
| 2024 | +17.87% | -- |
Kotak Multi Asset Allocation vs Union Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 277 of them, one for each trading day from 15-09-2025 to 29-10-2026: 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 Multi Asset Allocation Fund (Direct)
Union Multi Asset Allocation Fund (Direct)
to
Oct 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Multi Asset Allocation | 0.0 | 2.9 | 7.9 | 14.4 | 17.3 | 28.5 | 28.9 | 20.7% | 21.3% | 2.5% | 39.2% |
| Union Multi Asset Allocation | 0.0 | 5.1 | 5.4 | 25.0 | 41.3 | 12.0 | 11.2 | 16.9% | 16.3% | 0.7% | 33.2% |
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. Every fund is measured over the days all of them have, from 13-09-2024. Past returns do not promise future returns.
Kotak Multi Asset Allocation vs Union Multi Asset Allocation: 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 02-09-2024 to 29-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct) | ₹2,60,000 | ₹2,83,572 | ₹23,572 | 8.0% |
| Union Multi Asset AllocationUnion Multi Asset Allocation Fund (Direct) | ₹2,60,000 | ₹2,79,917 | ₹19,917 | 6.8% |
Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct)
Union Multi Asset AllocationUnion Multi Asset Allocation 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 Multi Asset Allocation vs Union Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Multi Asset Allocation Fund (Direct) | Union Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.34% | +2.50% |
| Standard deviation | 15.49% | 13.22% |
| Sharpe ratio | -0.06 | -0.21 |
| Sortino ratio | -0.07 | -0.28 |
| Maximum drawdown | −13.8% (23-03-2026) | −12.4% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 Multi Asset Allocation Fund (Direct) | Union Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.57% | +8.21% |
| Standard deviation | 12.12% | 11.07% |
| Sharpe ratio | 0.79 | 0.23 |
| Sortino ratio | 1.05 | 0.31 |
| Maximum drawdown | −13.8% (23-03-2026) | −12.4% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 03-10-2023 to 29-10-2026. 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 Multi Asset Allocation Fund (Direct)
Union Multi Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Multi Asset Allocation Fund (Direct) | −13.8% | 29-01-2026 | 23-03-2026 | Not yet | -- | −9.9% |
| Union Multi Asset Allocation Fund (Direct) | −12.4% | 29-01-2026 | 23-03-2026 | Not yet | -- | −7.5% |
From daily values since 13-09-2024, 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 Multi Asset Allocation Fund (Direct)
Union Multi Asset Allocation Fund (Direct)
Kotak Multi Asset Allocation vs Union Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Multi Asset Allocation Fund, September 2026; Union Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 14.9%
- Held by both
- 14
- Only in Kotak Multi Asset Allocation
- 84
- Only in Union Multi Asset Allocation
- 72
| Security | % of Kotak Multi Asset Allocation | % of Union Multi Asset Allocation |
|---|---|---|
| HDFC BANK LTD. | 2.39% | 4.19% |
| STATE BANK OF INDIA. | 3.27% | 2.34% |
| ICICI BANK LTD. | 1.36% | 4.49% |
| BHARTI AIRTEL LTD. | 1.27% | 2.67% |
| RELIANCE INDUSTRIES LTD. | 1.19% | 2.44% |
| ETERNAL LIMITED | 2.50% | 1.16% |
| Maruti Suzuki India Limited | 2.40% | 1.11% |
| TML COMMERCIAL VEHICLES LIMITED | 0.88% | 0.90% |
| NTPC LTD | 2.51% | 0.68% |
| SHRIRAM FINANCE LIMITED | 1.74% | 0.60% |
| One 97 Communications Ltd | 1.50% | 0.59% |
| Oil India Limited | 1.42% | 0.59% |
| Hindustan Unilever Ltd. | 1.98% | 0.44% |
| BILLIONBRAINS GARAGE VENTURES LIMITED (GROWW) | 0.32% | 0.60% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 14.9% means 14.9% 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 Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| KOTAK MUTUAL FUND - KOTAK SILVER ETF | 7.90% |
| KOTAK MUTUAL FUND - KOTAK GOLD ETF | 5.74% |
| INDO-MIM LTD | 2.91% |
| ITC Ltd. | 2.54% |
| Hero MotoCorp Ltd. | 2.24% |
Largest holdings only in Union Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Union Gold ETF | 11.71% |
| ICICI Prudential Silver ETF | 3.95% |
| National Bank for Agriculture and Rural Development | 2.49% |
| REC Ltd. | 2.46% |
| Axis Bank Ltd. | 2.46% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Multi Asset Allocation | Union Multi Asset Allocation |
|---|---|---|
| Equity | 70.7% | 67.1% |
| Debt | 10.6% | 11.4% |
| Cash and others | 18.7% | 21.6% |
Market cap of stocks
| Market cap | Kotak Multi Asset Allocation | Union Multi Asset Allocation |
|---|---|---|
| Large Cap | 36.0% | 40.1% |
| Mid Cap | 16.0% | 8.4% |
| Small Cap | 14.5% | 16.2% |
| Not on AMFI's list | 4.1% | 2.3% |
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 Multi Asset Allocation | Union Multi Asset Allocation |
|---|---|---|
| Banks | 11.4% | 17.0% |
| Finance | 5.6% | 2.3% |
| Power | 4.9% | 2.4% |
| Automobiles | 4.6% | 1.9% |
| Diversified FMCG | 4.5% | 0.4% |
| Industrial Manufacturing | 4.1% | 0.0% |
| Telecom - Services | 4.1% | 2.7% |
| Construction | 0.0% | 3.4% |
| Pharmaceuticals & Biotechnology | 0.0% | 3.1% |
| Auto Components | 1.6% | 3.0% |
| IT - Software | 2.0% | 2.6% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Multi Asset Allocation vs Union Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Multi Asset Allocation Fund | Union Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.63% | 1.31% |
| Base expense ratio (Direct) | 0.44% | 0.91% |
| Total expense ratio (Regular) | 1.76% | 2.40% |
| Base expense ratio (Regular) | 1.40% | 1.85% |
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 Multi Asset Allocation with
Kotak Multi Asset Allocation Fund vs Union Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Kotak Multi Asset Allocation Fund and Union Multi Asset Allocation Fund?
Both are Multi Asset funds, run by Kotak Mahindra Mutual Fund and Union Mutual Fund. Their portfolios overlap 14.9%. Kotak Multi Asset Allocation Fund charges 0.63% a year and Union Multi Asset Allocation Fund 1.31%.
Which has given higher returns, Kotak Multi Asset Allocation Fund or Union Multi Asset Allocation Fund?
Over 1 year: Kotak Multi Asset Allocation Fund +4.34%, Union Multi Asset Allocation Fund +2.50%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Multi Asset Allocation Fund or Union Multi Asset Allocation Fund?
Kotak Multi Asset Allocation Fund charges less: 0.63% a year against 1.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Multi Asset Allocation Fund and Union Multi Asset Allocation Fund overlap?
14.9%. They hold 14 of the same securities, the largest shared ones being HDFCBANK, SBIN, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak Multi Asset Allocation Fund or Union Multi Asset Allocation Fund?
On SEBI's riskometer, Kotak Multi Asset Allocation Fund is rated Very High and Union Multi Asset Allocation Fund Very High. Over 1 years, the standard deviation of daily returns was 15.49% and 13.22% a year.
Can I invest in both Kotak Multi Asset Allocation Fund and Union Multi Asset Allocation Fund?
Yes. 14.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Multi Asset Allocation Fund and Union Multi Asset Allocation Fund?
Kotak Multi Asset Allocation Fund: Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar. Union Multi Asset Allocation Fund: Sanjay Bembalkar, Vinod Malviya, Anindya Sarkar.
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.