Motilal Oswal Small Cap Fund vs Union Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Small Cap Fund and Union Small Cap Fund are both Small Cap funds. In the year to 30-10-2026, Motilal Oswal Small Cap Fund (Direct) returned 10.6% and Union Small Cap Fund (Direct) returned 11.8%. Motilal Oswal Small Cap Fund charges 0.87% a year and Union Small Cap Fund 1.10% (Direct plans). Their portfolios overlap 17.4%: they hold 15 of the same securities.
Motilal Oswal Small Cap Fund
Small Cap
- 1 year return
- 10.6%
- Expense ratio
- 0.87%
- NAV
- ₹16.47
Which is better, Motilal Oswal Small Cap or Union Small Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Small Cap returned more over 1 year: 11.8% against 10.6%.
- Motilal Oswal Small Cap costs less: 0.87% a year against 1.10% (Direct plans).
- Motilal Oswal Small Cap fell less in its worst fall since 29-12-2023: −23.7% against −26.2%.
- Motilal Oswal Small Cap is the larger fund: ₹8,298 Cr against ₹2,732 Cr.
- Their portfolios overlap 17.4%: 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 Small Cap Fund | Union Small Cap Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Union Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹8,298 Cr (30-09-2026) | ₹2,732 Cr (30-09-2026) |
| NAV | ₹16.47 (Direct) | ₹62.58 (Direct) |
| Expense ratio (Direct) | 0.87% | 1.10% |
| Expense ratio (Regular) | 1.93% | 2.17% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | BSE 250 Smallcap TRI |
| Launch date | Not available | 10-06-2014 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Pratik Dharmshi, Gaurav Chopra |
| Exit load | Not available | Exit load of 1%, if redeemed within 15 days. |
Motilal Oswal Small Cap vs Union Small Cap: 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 Small Cap Fund (Direct) | −5.03% | −2.60% | +11.24% | +10.62% | -- | -- | -- |
| Union Small Cap Fund (Direct) | −5.54% | −1.57% | +6.90% | +11.79% | +14.64% | +16.16% | +16.45% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 36 Small Cap funds, same plan type.
Motilal Oswal Small Cap vs Union Small Cap: Year-wise Returns
| Year | Motilal OswalMotilal Oswal Small Cap | UnionUnion Small Cap |
|---|---|---|
| 2026to date | +14.91% | +15.59% |
| 2025 | −4.09% | −3.61% |
| 2024 | +48.16% | +25.16% |
| 2023 | -- | +42.98% |
| 2022 | -- | −0.03% |
| 2021 | -- | +63.37% |
Motilal Oswal Small Cap vs Union Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of Motilal Oswal Small Cap Fund
Rolling returns
Every 1-year holding period, 453 of them, one for each trading day from 30-12-2024 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 Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Feb 2025Jun 2024
to
Jun 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026May 2025
to
May 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 Small Cap | 9.1 | 13.0 | 12.8 | 19.0 | 19.9 | 12.1 | 14.1 | 13.9% | 14.1% | −8.0% | 51.2% | 98% |
| Union Small Cap | 21.6 | 20.8 | 15.2 | 7.1 | 15.9 | 13.5 | 6.0 | 9.3% | 6.8% | −9.3% | 30.0% | 91% |
| Nifty Smallcap 250 TRI | 36.9 | 30.5 | 20.8 | 8.2 | 1.8 | 0.9 | 1.1 | 2.3% | 2.0% | −11.9% | 28.3% | -- |
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 Smallcap 250 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 29-12-2023. Past returns do not promise future returns.
Motilal Oswal Small Cap vs Union Small Cap: 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 29-12-2023 to 30-10-2026: 35 instalments, ₹3,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Small CapMotilal Oswal Small Cap Fund (Direct) | ₹3,50,000 | ₹4,33,492 | ₹83,492 | 14.9% |
| Union Small CapUnion Small Cap Fund (Direct) | ₹3,50,000 | ₹4,16,556 | ₹66,556 | 12.0% |
Motilal Oswal Small CapMotilal Oswal Small Cap Fund (Direct)
Union Small CapUnion Small Cap 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 Small Cap vs Union Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.62% | +11.79% |
| Standard deviation | 17.28% | 19.25% |
| Sharpe ratio | 0.31 | 0.34 |
| Sortino ratio | 0.44 | 0.47 |
| Maximum drawdown | −16.5% (23-03-2026) | −12.3% (23-03-2026) |
| Beta | 0.91 | 1.01 |
| Alpha | +13.01% | +17.02% |
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 Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.87% | +15.92% |
| Standard deviation | 17.20% | 16.91% |
| Sharpe ratio | 0.75 | 0.60 |
| Sortino ratio | 1.03 | 0.79 |
| Maximum drawdown | −23.7% (03-03-2025) | −44.7% (23-03-2020) |
| Beta | 0.84 | 0.85 |
| Alpha | +11.96% | +4.15% |
From daily NAVs, 29-12-2023 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.
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 Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Small Cap Fund (Direct) | −23.7% | 17-12-2024 | 03-03-2025 | 07-05-2026 | 14 months | −7.9% |
| Union Small Cap Fund (Direct) | −26.2% | 11-12-2024 | 03-03-2025 | 27-04-2026 | 14 months | −9.0% |
| Nifty Smallcap 250 TRI | −26.0% | 23-09-2024 | 03-03-2025 | 26-08-2026 | 18 months | −9.4% |
From daily values since 29-12-2023, 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 Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
Against Nifty Smallcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Small Cap Fund (Direct) | 110% | 71% | 6.72% |
| Union Small Cap Fund (Direct) | 100% | 81% | 6.23% |
From month-end values since 29-12-2023. 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 Small Cap vs Union Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Small Cap Fund, September 2026; Union Small Cap Fund, September 2026
Holdings in common
- Overlap
- 17.4%
- Held by both
- 15
- Only in Motilal Oswal Small Cap
- 43
- Only in Union Small Cap
- 71
| Security | % of Motilal Oswal Small Cap | % of Union Small Cap |
|---|---|---|
| Karur Vysya Bank Limited | 3.02% | 3.06% |
| Multi Commodity Exchange of India Limited | 1.72% | 2.99% |
| MTAR Technologies Limited | 1.71% | 1.59% |
| Gabriel India Limited | 1.40% | 3.08% |
| City Union Bank Limited | 1.28% | 1.65% |
| eClerx Services Limited | 1.69% | 1.24% |
| Vijaya Diagnostic Centre Limited | 2.14% | 1.21% |
| Apar Industries Limited | 1.65% | 1.13% |
| Syrma SGS Technology Ltd | 2.52% | 1.02% |
| Shadowfax Technologies Limited | 1.18% | 0.87% |
| KEI Industries Limited | 0.81% | 1.26% |
| Sky Gold And Diamonds Limited | 2.57% | 0.71% |
| BSE Limited | 1.19% | 0.57% |
| Deepak Fertilizers and Petrochemicals Corporation Limited | 1.27% | 0.43% |
| Chalet Hotels Limited | 1.51% | 0.42% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.4% means 17.4% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Rubicon Research Limited | 3.84% |
| VA Tech Wabag Limited | 3.82% |
| CCL Products (India) Limited | 3.49% |
| Aditya Infotech Limited | 3.38% |
| Dr Agarwals Health Care Limited | 2.92% |
Largest holdings only in Union Small Cap Fund
| Security | % of fund |
|---|---|
| Navin Fluorine International Ltd. | 3.40% |
| Kirloskar Oil Engines Ltd. | 2.87% |
| GE Vernova T&D India Ltd. | 2.73% |
| Milky Mist Dairy Food Ltd. | 2.52% |
| S.J.S. Enterprises Ltd. | 2.45% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Small Cap | Union Small Cap |
|---|---|---|
| Equity | 91.9% | 98.4% |
| Debt | 0.0% | 0.1% |
| Cash and others | 8.1% | 1.5% |
Market cap of stocks
| Market cap | Motilal Oswal Small Cap | Union Small Cap |
|---|---|---|
| Large Cap | 2.5% | 4.0% |
| Mid Cap | 7.4% | 16.4% |
| Small Cap | 77.0% | 71.0% |
| Not on AMFI's list | 5.1% | 7.0% |
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 | Motilal Oswal Small Cap | Union Small Cap |
|---|---|---|
| Electrical Equipment | 4.5% | 10.9% |
| Industrial Products | 0.8% | 9.7% |
| Pharmaceuticals & Biotechnology | 6.1% | 9.7% |
| Consumer Durables | 9.3% | 3.6% |
| Auto Components | 7.6% | 8.8% |
| Industrial Manufacturing | 8.7% | 2.5% |
| Retailing | 8.7% | 1.8% |
| Capital Markets | 4.3% | 8.1% |
| Banks | 6.6% | 8.0% |
| Healthcare Services | 7.4% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Small Cap vs Union Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Small Cap Fund | Union Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.87% | 1.10% |
| Base expense ratio (Direct) | 0.56% | 0.78% |
| Total expense ratio (Regular) | 1.93% | 2.17% |
| Base expense ratio (Regular) | 1.53% | 1.70% |
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 Small Cap with
Motilal Oswal Small Cap Fund vs Union Small Cap Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Small Cap Fund and Union Small Cap Fund?
Both are Small Cap funds, run by Motilal Oswal Mutual Fund and Union Mutual Fund. Their portfolios overlap 17.4%. Motilal Oswal Small Cap Fund charges 0.87% a year and Union Small Cap Fund 1.10%.
Which has given higher returns, Motilal Oswal Small Cap Fund or Union Small Cap Fund?
Over 1 year: Motilal Oswal Small Cap Fund +10.62%, Union Small Cap Fund +11.79%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Small Cap Fund or Union Small Cap Fund?
Motilal Oswal Small Cap Fund charges less: 0.87% a year against 1.10%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Small Cap Fund and Union Small Cap Fund overlap?
17.4%. They hold 15 of the same securities, the largest shared ones being KARURVYSYA, MCX, MTARTECH. From each fund's latest monthly portfolio.
Can I invest in both Motilal Oswal Small Cap Fund and Union Small Cap Fund?
Yes. 17.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.