Mahindra Manulife Small Cap Fund vs Union Retirement Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Small Cap Fund is a Small Cap fund and Union Retirement Fund is a Solution fund. In the 3 years to 30-10-2026, Mahindra Manulife Small Cap Fund (Direct) returned 18.0% a year and Union Retirement Fund (Direct) returned 12.1% a year. Mahindra Manulife Small Cap Fund charges 0.93% a year and Union Retirement Fund 1.36% (Direct plans). Their portfolios overlap 18.8%: they hold 18 of the same securities.
Mahindra Manulife Small Cap Fund
Small Cap
- 3 year return
- 18.0%
- Expense ratio
- 0.93%
- NAV
- ₹22.39
Which is better, Mahindra Manulife Small Cap or Union Retirement? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mahindra Manulife Small Cap returned more over 3 years: 18.0% a year against 12.1%.
- Mahindra Manulife Small Cap returned more over 1 year: 6.3% against −2.2%.
- Mahindra Manulife Small Cap costs less: 0.93% a year against 1.36% (Direct plans).
- Union Retirement swung less over 3 years: a standard deviation of 14.3% a year against 18.2%.
- Union Retirement fell less in its worst fall since 14-12-2022: −17.8% against −26.0%.
- Union Retirement holds more in large companies: 46.8% of the fund in large caps against 12.6%.
- Mahindra Manulife Small Cap is the larger fund: ₹5,373 Cr against ₹207 Cr.
- Their portfolios overlap 18.8%: 18 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 | Mahindra Manulife Small Cap Fund | Union Retirement Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Union Mutual Fund |
| Category | Small Cap | Solution |
| AUM | ₹5,373 Cr (30-09-2026) | ₹207 Cr (30-09-2026) |
| NAV | ₹22.39 (Direct) | ₹16.43 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.36% |
| Expense ratio (Regular) | 2.21% | 2.67% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 250 Smallcap TRI | BSE 500 TRI |
| Launch date | 12-12-2020 | 22-09-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi | Pratik Dharmshi, Pratit Vajani |
| Exit load | Exit load of 1% if redeemed within 3 months | Nil |
Mahindra Manulife Small Cap vs Union Retirement: 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 |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Small Cap Fund (Direct) | −4.59% | −1.41% | +7.45% | +6.31% | +18.00% | -- | -- |
| Union Retirement Fund (Direct) | −2.20% | −5.14% | −1.02% | −2.20% | +12.05% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | -- | -- |
Category average: the average of the 36 Small Cap funds, same plan type.
Mahindra Manulife Small Cap vs Union Retirement: Year-wise Returns
| Year | Mahindra Manulife Small CapMahindra Manulife Small Cap | Union RetirementUnion Retirement |
|---|---|---|
| 2026to date | +9.80% | −2.67% |
| 2025 | −1.29% | +7.45% |
| 2024 | +29.97% | +18.75% |
| 2023 | +60.03% | +32.30% |
Mahindra Manulife Small Cap vs Union Retirement: Rolling Returns
Every holding period of both funds, against BSE 250 SmallCap Index TRI, the benchmark of Mahindra Manulife Small Cap Fund
Rolling returns
Every 3-year holding period, 216 of them, one for each trading day from 15-12-2025 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.
Mahindra Manulife Small Cap Fund (Direct)
Union Retirement Fund (Direct)
BSE 250 SmallCap Index TRI
to
Jan 2026Mar 2023
to
Mar 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife Small Cap | 0.0 | 0.0 | 0.0 | 0.0 | 11.1 | 56.5 | 32.4 | 23.6% | 23.7% | 16.8% | 28.4% | 100% |
| Union Retirement | 0.0 | 0.0 | 0.0 | 23.3 | 74.9 | 1.9 | 0.0 | 16.6% | 16.8% | 10.8% | 20.2% | 18% |
| BSE 250 SmallCap Index TRI | 0.0 | 0.0 | 0.5 | 18.5 | 63.9 | 17.1 | 0.0 | 17.3% | 17.8% | 9.9% | 22.7% | -- |
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 250 SmallCap Index 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 14-12-2022. Past returns do not promise future returns.
Mahindra Manulife Small Cap vs Union Retirement: 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 14-12-2022 to 30-10-2026: 47 instalments, ₹4,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct) | ₹4,70,000 | ₹6,41,931 | ₹1,71,931 | 16.1% |
| Union RetirementUnion Retirement Fund (Direct) | ₹4,70,000 | ₹5,54,668 | ₹84,668 | 8.4% |
Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct)
Union RetirementUnion Retirement 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.
Mahindra Manulife Small Cap vs Union Retirement: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Small Cap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.31% | −2.20% |
| Standard deviation | 17.52% | 15.10% |
| Sharpe ratio | 0.06 | -0.49 |
| Sortino ratio | 0.08 | -0.66 |
| Maximum drawdown | −15.2% (23-03-2026) | −12.2% (23-03-2026) |
| Beta | 0.94 | 1.02 |
| Alpha | +10.89% | +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 | Mahindra Manulife Small Cap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.00% | +12.05% |
| Standard deviation | 18.22% | 14.27% |
| Sharpe ratio | 0.66 | 0.42 |
| Sortino ratio | 0.88 | 0.57 |
| Maximum drawdown | −26.0% (03-03-2025) | −17.8% (28-02-2025) |
| Beta | 0.96 | 0.98 |
| Alpha | +7.33% | +2.23% |
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 | Mahindra Manulife Small Cap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +23.03% | +14.09% |
| Standard deviation | 16.94% | 13.10% |
| Sharpe ratio | 0.99 | 0.60 |
| Sortino ratio | 1.33 | 0.82 |
| Maximum drawdown | −26.0% (03-03-2025) | −17.8% (28-02-2025) |
| Beta | 0.93 | 0.96 |
| Alpha | +9.56% | +3.12% |
From daily NAVs, 14-12-2022 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.
Mahindra Manulife Small Cap Fund (Direct)
Union Retirement Fund (Direct)
BSE 250 SmallCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Small Cap Fund (Direct) | −26.0% | 01-10-2024 | 03-03-2025 | 19-06-2026 | 16 months | −8.7% |
| Union Retirement Fund (Direct) | −17.8% | 26-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −7.9% |
| BSE 250 SmallCap Index TRI | −26.2% | 23-09-2024 | 03-03-2025 | Not yet | -- | −11.5% |
From daily values since 14-12-2022, 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.
Mahindra Manulife Small Cap Fund (Direct)
Union Retirement Fund (Direct)
BSE 250 SmallCap Index 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.
Mahindra Manulife Small Cap Fund (Direct)
Union Retirement Fund (Direct)
BSE 250 SmallCap Index TRI
Against BSE 250 SmallCap Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Small Cap Fund (Direct) | 104% | 74% | 5.16% |
| Union Retirement Fund (Direct) | 68% | 54% | 9.95% |
From month-end values since 14-12-2022. 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.
Mahindra Manulife Small Cap vs Union Retirement: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Small Cap Fund, September 2026; Union Retirement Fund, September 2026
Holdings in common
- Overlap
- 18.8%
- Held by both
- 18
- Only in Mahindra Manulife Small Cap
- 67
- Only in Union Retirement
- 62
| Security | % of Mahindra Manulife Small Cap | % of Union Retirement |
|---|---|---|
| Multi Commodity Exchange of India Limited | 4.62% | 2.72% |
| Solar Industries India Limited | 1.68% | 2.53% |
| Acutaas Chemicals Limited | 1.48% | 1.51% |
| Karur Vysya Bank Limited | 1.47% | 1.72% |
| Ujjivan Small Finance Bank Limited | 1.80% | 1.41% |
| ZF Commercial Vehicle Control Systems India Limited | 1.44% | 1.36% |
| Ajanta Pharma Limited | 1.21% | 1.16% |
| Sona BLW Precision Forgings Limited | 1.63% | 1.00% |
| GE Vernova T&D India Limited | 0.85% | 1.83% |
| Arvind Limited | 2.37% | 0.84% |
| Adani Enterprises Limited | 1.89% | 0.77% |
| Doms Industries Limited | 0.86% | 0.73% |
| Gabriel India Limited | 0.72% | 1.40% |
| Blue Star Limited | 0.80% | 0.71% |
| Aarti Industries Limited | 0.69% | 0.81% |
| Ather Energy Limited | 1.60% | 0.55% |
| Dixon Technologies (India) Limited | 0.38% | 1.59% |
| Navin Fluorine International Limited | 0.33% | 2.00% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 18.8% means 18.8% 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 Mahindra Manulife Small Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Limited | 4.54% |
| Jindal Saw Ltd | 3.17% |
| Garware Hi-Tech Films Limited | 2.91% |
| Supreme Petrochem Limited | 2.50% |
| Voltamp Transformers Limited | 2.46% |
Largest holdings only in Union Retirement Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 5.76% |
| HDFC Bank Ltd. | 4.29% |
| Eternal Ltd. | 2.17% |
| Reliance Industries Ltd. | 2.10% |
| Axis Bank Ltd. | 2.08% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Small Cap | Union Retirement |
|---|---|---|
| Equity | 99.2% | 97.8% |
| Debt | 0.0% | 0.1% |
| Cash and others | 0.8% | 2.1% |
Market cap of stocks
| Market cap | Mahindra Manulife Small Cap | Union Retirement |
|---|---|---|
| Large Cap | 12.6% | 46.8% |
| Mid Cap | 19.7% | 20.5% |
| Small Cap | 66.3% | 30.6% |
| Not on AMFI's list | 0.6% | 0.0% |
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 | Mahindra Manulife Small Cap | Union Retirement |
|---|---|---|
| Banks | 6.1% | 17.0% |
| Industrial Products | 15.3% | 3.2% |
| Pharmaceuticals & Biotechnology | 15.2% | 4.1% |
| Auto Components | 8.7% | 5.7% |
| Chemicals & Petrochemicals | 8.2% | 5.8% |
| Capital Markets | 4.6% | 6.8% |
| Electrical Equipment | 3.3% | 6.3% |
| Consumer Durables | 4.7% | 5.6% |
| Textiles & Apparels | 4.9% | 0.8% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Small Cap vs Union Retirement: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Small Cap Fund | Union Retirement Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.36% |
| Base expense ratio (Direct) | 0.48% | 0.98% |
| Total expense ratio (Regular) | 2.21% | 2.67% |
| Base expense ratio (Regular) | 1.60% | 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
Mahindra Manulife Small Cap Fund vs Union Retirement Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Small Cap Fund and Union Retirement Fund?
Mahindra Manulife Small Cap Fund is a Small Cap fund, Union Retirement Fund is a Solution fund, run by Mahindra Manulife Mutual Fund and Union Mutual Fund. Their portfolios overlap 18.8%. Mahindra Manulife Small Cap Fund charges 0.93% a year and Union Retirement Fund 1.36%.
Which has given higher returns, Mahindra Manulife Small Cap Fund or Union Retirement Fund?
Over 1 year: Mahindra Manulife Small Cap Fund +6.31%, Union Retirement Fund −2.20%. Over 3 years: Mahindra Manulife Small Cap Fund +18.00% a year, Union Retirement Fund +12.05% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Small Cap Fund or Union Retirement Fund?
Mahindra Manulife Small Cap Fund charges less: 0.93% a year against 1.36%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Small Cap Fund and Union Retirement Fund overlap?
18.8%. They hold 18 of the same securities, the largest shared ones being MCX, SOLARINDS, ACUTAAS. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Small Cap Fund or Union Retirement Fund?
On SEBI's riskometer, Mahindra Manulife Small Cap Fund is rated Very High and Union Retirement Fund Very High. Over 3 years, the standard deviation of daily returns was 18.22% and 14.27% a year.
Which is better for SIP, Mahindra Manulife Small Cap Fund or Union Retirement Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,34,798 in Mahindra Manulife Small Cap Fund (XIRR 10.5% a year) and ₹3,97,020 in Union Retirement Fund (XIRR 4.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Small Cap Fund and Union Retirement Fund?
Yes. 18.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Small Cap Fund and Union Retirement Fund?
Mahindra Manulife Small Cap Fund: Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi. Union Retirement Fund: Pratik Dharmshi, Pratit Vajani.
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.