Motilal Oswal Multi Cap Fund vs Union Innovation & Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Multi Cap Fund is a Multi Cap fund and Union Innovation & Opportunities Fund is a Thematic fund. In the year to 30-10-2026, Motilal Oswal Multi Cap Fund (Direct) returned 5.1% and Union Innovation & Opportunities Fund (Direct) returned 4.2%. Motilal Oswal Multi Cap Fund charges 1.20% a year and Union Innovation & Opportunities Fund 0.99% (Direct plans). Their portfolios overlap 28.1%: they hold 15 of the same securities.
Motilal Oswal Multi Cap Fund
Multi Cap
- 1 year return
- 5.1%
- Expense ratio
- 1.20%
- NAV
- ₹14.86
Union Innovation & Opportunities Fund
Thematic
- 1 year return
- 4.2%
- Expense ratio
- 0.99%
- NAV
- ₹16.02
Which is better, Motilal Oswal Multi Cap or Union Innovation & Opportunities? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Motilal Oswal Multi Cap returned more over 1 year: 5.1% against 4.2%.
- Union Innovation & Opportunities costs less: 0.99% a year against 1.20% (Direct plans).
- Union Innovation & Opportunities fell less in its worst fall since 21-06-2024: −23.9% against −24.1%.
- Motilal Oswal Multi Cap holds more in large companies: 29.5% of the fund in large caps against 13.1%.
- Motilal Oswal Multi Cap is the larger fund: ₹4,601 Cr against ₹1,307 Cr.
- Their portfolios overlap 28.1%: 15 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 | Motilal Oswal Multi Cap Fund | Union Innovation & Opportunities Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Union Mutual Fund |
| Category | Multi Cap | Thematic |
| AUM | ₹4,601 Cr (30-09-2026) | ₹1,307 Cr (30-09-2026) |
| NAV | ₹14.86 (Direct) | ₹16.02 (Direct) |
| Expense ratio (Direct) | 1.20% | 0.99% |
| Expense ratio (Regular) | 2.31% | 2.35% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | Nifty 500 TRI |
| Launch date | 18-06-2024 | 06-09-2023 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Ajay Khandelwal, Sandeep Jain, Atul Mehra, Rakesh Shetty, Swapnil Mayekar | Gaurav Chopra, Sanjay Bembalkar |
| Exit load | 1% - If redeemed on or before 15 days from the date of allotment. Nil - If redeemed after 15 days from the date of allotment. | Exit load of 1%, if redeemed within 1 year. |
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Multi Cap Fund (Direct) | −1.25% | +3.81% | +17.42% | +5.13% | -- | -- | -- |
| Union Innovation & Opportunities Fund (Direct) | −2.08% | +0.19% | +11.72% | +4.16% | +18.28% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 33 Multi Cap funds and the 235 Thematic funds, same plan type.
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: Year-wise Returns
| Year | Motilal Oswal Multi CapMotilal Oswal Multi Cap | Union Innovation & OpportunitiesUnion Innovation & Opportunities |
|---|---|---|
| 2026to date | +10.31% | +8.98% |
| 2025 | −2.29% | −2.58% |
| 2024 | -- | +42.90% |
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Motilal Oswal Multi Cap Fund
Rolling returns
Every 1-year holding period, 334 of them, one for each trading day from 23-06-2025 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.
Motilal Oswal Multi Cap Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Aug 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal Multi Cap | 25.7 | 22.2 | 15.0 | 13.5 | 12.6 | 3.0 | 8.1 | 7.6% | 5.6% | −12.6% | 32.5% | 56% |
| Union Innovation & Opportunities | 11.1 | 21.0 | 38.0 | 22.8 | 7.2 | 0.0 | 0.0 | 7.1% | 7.3% | −6.5% | 18.5% | 74% |
| Nifty500 Multicap 50:25:25 TRI | 26.9 | 39.5 | 26.3 | 5.4 | 1.8 | 0.0 | 0.0 | 3.2% | 2.8% | −7.6% | 16.2% | -- |
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. The benchmark is Nifty500 Multicap 50:25:25 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 21-06-2024. Past returns do not promise future returns.
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: 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 21-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Multi CapMotilal Oswal Multi Cap Fund (Direct) | ₹2,90,000 | ₹3,35,901 | ₹45,901 | 12.3% |
| Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct) | ₹2,90,000 | ₹3,27,225 | ₹37,225 | 10.0% |
Motilal Oswal Multi CapMotilal Oswal Multi Cap Fund (Direct)
Union Innovation & OpportunitiesUnion Innovation & Opportunities 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.
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Multi Cap Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.13% | +4.16% |
| Standard deviation | 17.58% | 17.56% |
| Sharpe ratio | -0.01 | -0.06 |
| Sortino ratio | -0.01 | -0.08 |
| Maximum drawdown | −23.9% (30-03-2026) | −18.1% (23-03-2026) |
| Beta | 1.06 | 1.07 |
| Alpha | +11.89% | +12.37% |
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 | Motilal Oswal Multi Cap Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.06% | +16.48% |
| Standard deviation | 18.15% | 17.64% |
| Sharpe ratio | 0.62 | 0.59 |
| Sortino ratio | 0.88 | 0.80 |
| Maximum drawdown | −24.1% (30-03-2026) | −23.9% (07-04-2025) |
| Beta | 1.07 | 1.09 |
| Alpha | +16.92% | +7.88% |
From daily NAVs, 21-06-2024 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.
Motilal Oswal Multi Cap Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Multi Cap Fund (Direct) | −24.1% | 17-09-2025 | 30-03-2026 | 03-08-2026 | 4 months | −5.3% |
| Union Innovation & Opportunities Fund (Direct) | −23.9% | 17-12-2024 | 07-04-2025 | 30-06-2026 | 15 months | −6.3% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 21-06-2024, 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.
Motilal Oswal Multi Cap Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Multi Cap Fund (Direct) | 161% | 89% | 12.64% |
| Union Innovation & Opportunities Fund (Direct) | 133% | 91% | 8.58% |
From month-end values since 21-06-2024. 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.
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Multi Cap Fund, September 2026; Union Innovation & Opportunities Fund, September 2026
Holdings in common
- Overlap
- 28.1%
- Held by both
- 15
- Only in Motilal Oswal Multi Cap
- 20
- Only in Union Innovation & Opportunities
- 40
| Security | % of Motilal Oswal Multi Cap | % of Union Innovation & Opportunities |
|---|---|---|
| Eternal Limited | 4.38% | 4.80% |
| One 97 Communications Limited | 3.26% | 5.25% |
| CG Power and Industrial Solutions Limited | 3.40% | 2.84% |
| RBL Bank Limited | 3.45% | 2.41% |
| Syrma SGS Technology Ltd | 2.39% | 2.68% |
| Ather Energy Limited | 2.13% | 3.09% |
| Shriram Finance Limited | 2.59% | 1.80% |
| MTAR Technologies Limited | 2.33% | 1.71% |
| Lenskart Solutions Limited | 4.30% | 1.57% |
| UNO Minda Limited | 2.16% | 1.31% |
| Shadowfax Technologies Limited | 3.05% | 1.09% |
| Navin Fluorine International Limited | 1.98% | 1.04% |
| Billionbrains Garage Ventures Ltd | 1.03% | 2.11% |
| Sky Gold And Diamonds Limited | 2.32% | 0.78% |
| Meesho Ltd | 2.97% | 0.38% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.1% means 28.1% 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 Motilal Oswal Multi Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Limited | 5.03% |
| Shaily Engineering Plastics Limited | 4.02% |
| Kalyan Jewellers India Limited | 3.51% |
| Bajaj Finance Ltd | 3.13% |
| Coforge Limited | 3.04% |
Largest holdings only in Union Innovation & Opportunities Fund
| Security | % of fund |
|---|---|
| Info Edge (India) Ltd. | 3.49% |
| GE Vernova T&D India Ltd. | 3.20% |
| Sai Life Sciences Ltd. | 3.12% |
| Acutaas Chemicals Ltd. | 2.95% |
| Sona Blw Precision Forgings Ltd. | 2.84% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Multi Cap | Union Innovation & Opportunities |
|---|---|---|
| Equity | 93.7% | 96.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 6.3% | 3.8% |
Market cap of stocks
| Market cap | Motilal Oswal Multi Cap | Union Innovation & Opportunities |
|---|---|---|
| Large Cap | 29.5% | 13.1% |
| Mid Cap | 29.3% | 27.8% |
| Small Cap | 32.8% | 54.7% |
| Not on AMFI's list | 2.1% | 0.6% |
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 | Motilal Oswal Multi Cap | Union Innovation & Opportunities |
|---|---|---|
| Retailing | 11.7% | 15.6% |
| Finance | 10.9% | 1.8% |
| Auto Components | 4.5% | 10.3% |
| Electrical Equipment | 10.0% | 7.8% |
| Consumer Durables | 9.8% | 5.1% |
| Banks | 6.4% | 4.0% |
| Pharmaceuticals & Biotechnology | 5.0% | 6.1% |
| Transport Services | 6.0% | 3.8% |
| Financial Technology (Fintech) | 3.6% | 5.9% |
| IT - Services | 0.0% | 5.9% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Multi Cap vs Union Innovation & Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Multi Cap Fund | Union Innovation & Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 0.99% |
| Base expense ratio (Direct) | 0.61% | 0.70% |
| Total expense ratio (Regular) | 2.31% | 2.35% |
| Base expense ratio (Regular) | 1.62% | 1.86% |
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 Motilal Oswal Multi Cap with
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Motilal Oswal Multi Cap Fund vs Union Innovation & Opportunities Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Multi Cap Fund and Union Innovation & Opportunities Fund?
Motilal Oswal Multi Cap Fund is a Multi Cap fund, Union Innovation & Opportunities Fund is a Thematic fund, run by Motilal Oswal Mutual Fund and Union Mutual Fund. Their portfolios overlap 28.1%. Motilal Oswal Multi Cap Fund charges 1.20% a year and Union Innovation & Opportunities Fund 0.99%.
Which has given higher returns, Motilal Oswal Multi Cap Fund or Union Innovation & Opportunities Fund?
Over 1 year: Motilal Oswal Multi Cap Fund +5.13%, Union Innovation & Opportunities Fund +4.16%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Multi Cap Fund or Union Innovation & Opportunities Fund?
Union Innovation & Opportunities Fund charges less: 0.99% a year against 1.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Multi Cap Fund and Union Innovation & Opportunities Fund overlap?
28.1%. They hold 15 of the same securities, the largest shared ones being ETERNAL, PAYTM, CGPOWER. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Multi Cap Fund or Union Innovation & Opportunities Fund?
On SEBI's riskometer, Motilal Oswal Multi Cap Fund is rated Very High and Union Innovation & Opportunities Fund Very High. Over 1 years, the standard deviation of daily returns was 17.58% and 17.56% a year.
Can I invest in both Motilal Oswal Multi Cap Fund and Union Innovation & Opportunities Fund?
Yes. 28.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Motilal Oswal Multi Cap Fund and Union Innovation & Opportunities Fund?
Motilal Oswal Multi Cap Fund: Ajay Khandelwal, Sandeep Jain, Atul Mehra, Rakesh Shetty, Swapnil Mayekar. Union Innovation & Opportunities Fund: Gaurav Chopra, 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.