SBI NIFTY Index Fund vs Union Largecap Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI NIFTY Index Fund is an Index fund and Union Largecap Fund is a Large Cap fund. In the 3 years to 30-10-2026, SBI NIFTY Index Fund (Direct) returned 7.3% a year and Union Largecap Fund (Direct) returned 7.8% a year. SBI NIFTY Index Fund charges 0.24% a year and Union Largecap Fund 1.68% (Direct plans). Their portfolios overlap 63.2%: they hold 28 of the same securities.
Which is better, SBI NIFTY Index or Union Largecap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI NIFTY Index returned more over 5 years: 6.4% a year against 6.1%.
- Union Largecap returned more over 3 years: 7.8% a year against 7.3%.
- SBI NIFTY Index costs less: 0.24% a year against 1.68% (Direct plans).
- SBI NIFTY Index swung less over 3 years: a standard deviation of 13.2% a year against 13.7%.
- Union Largecap fell less in its worst fall since 18-05-2017: −36.4% against −38.4%.
- SBI NIFTY Index holds more in large companies: 98.8% of the fund in large caps against 83.0%.
- SBI NIFTY Index is the larger fund: ₹13,190 Cr against ₹408 Cr.
- Their portfolios overlap 63.2%: 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 | SBI NIFTY Index Fund | Union Largecap Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | Union Mutual Fund |
| Category | Index | Large Cap |
| AUM | ₹13,190 Cr (30-09-2026) | ₹408 Cr (30-09-2026) |
| NAV | ₹215.76 (Direct) | ₹23.73 (Direct) |
| Expense ratio (Direct) | 0.24% | 1.68% |
| Expense ratio (Regular) | 0.44% | 2.58% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 50 TRI | BSE 100 TRI |
| Launch date | 17-01-2002 | 11-05-2017 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Raviprakash Sharma | Pratik Dharmshi, Sanjay Bembalkar |
| Exit load | Exit load of 0.25% if redeemed within 30 days | Exit load of 1%, if redeemed within 15 days. |
SBI NIFTY Index vs Union Largecap: 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 |
|---|---|---|---|---|---|---|---|
| SBI NIFTY Index Fund (Direct) | +1.94% | −5.06% | −3.24% | −10.22% | +7.34% | +6.43% | +11.22% |
| Union Largecap Fund (Direct) | +0.98% | −4.24% | −2.18% | −8.09% | +7.81% | +6.11% | -- |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | -- |
Category average: the average of the 35 Large Cap funds, same plan type.
SBI NIFTY Index vs Union Largecap: Year-wise Returns
| Year | SBI NIFTY IndexSBI NIFTY Index | Union LargecapUnion Largecap |
|---|---|---|
| 2026to date | −11.09% | −7.05% |
| 2025 | +11.58% | +5.23% |
| 2024 | +9.80% | +13.31% |
| 2023 | +21.04% | +23.26% |
| 2022 | +5.43% | +0.23% |
| 2021 | +25.10% | +29.33% |
SBI NIFTY Index vs Union Largecap: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of SBI NIFTY Index Fund
Rolling returns
Every 3-year holding period, 1,603 of them, one for each trading day from 18-05-2020 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.
SBI NIFTY Index Fund (Direct)
Union Largecap Fund (Direct)
Nifty 50 TRI
to
Nov 2020Dec 2018
to
Dec 2021Feb 2020
to
Feb 2023Mar 2021
to
Mar 2024Apr 2022
to
Apr 2025Apr 2023
to
Apr 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI NIFTY Index | 0.4 | 3.9 | 12.7 | 43.2 | 29.6 | 7.4 | 2.7 | 14.1% | 14.1% | −1.5% | 31.8% | 0% |
| Union Largecap | 1.5 | 6.4 | 11.4 | 39.8 | 29.8 | 10.0 | 1.0 | 13.7% | 14.0% | −4.7% | 30.0% | 27% |
| Nifty 50 TRI | 0.2 | 3.0 | 12.7 | 38.9 | 34.0 | 8.0 | 3.1 | 14.5% | 14.7% | −0.9% | 32.4% | -- |
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 50 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 18-05-2017. Past returns do not promise future returns.
SBI NIFTY Index vs Union Largecap: 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 02-05-2017 to 30-10-2026: 114 instalments, ₹11,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI NIFTY IndexSBI NIFTY Index Fund (Direct) | ₹11,40,000 | ₹18,41,939 | ₹7,01,939 | 9.8% |
| Union LargecapUnion Largecap Fund (Direct) | ₹11,40,000 | ₹18,38,214 | ₹6,98,214 | 9.8% |
SBI NIFTY IndexSBI NIFTY Index Fund (Direct)
Union LargecapUnion Largecap 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.
SBI NIFTY Index vs Union Largecap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI NIFTY Index Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.22% | −8.09% |
| Standard deviation | 13.62% | 14.03% |
| Sharpe ratio | -1.14 | -0.95 |
| Sortino ratio | -1.52 | -1.27 |
| Maximum drawdown | −15.1% (31-03-2026) | −14.1% (30-03-2026) |
| Beta | 1.00 | 0.99 |
| Alpha | −0.23% | +0.69% |
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 | SBI NIFTY Index Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.34% | +7.81% |
| Standard deviation | 13.21% | 13.72% |
| Sharpe ratio | 0.10 | 0.13 |
| Sortino ratio | 0.14 | 0.18 |
| Maximum drawdown | −15.5% (04-03-2025) | −16.3% (28-02-2025) |
| Beta | 1.00 | 0.99 |
| Alpha | −0.29% | −1.14% |
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 | SBI NIFTY Index Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.11% |
| Standard deviation | 13.69% | 13.79% |
| Sharpe ratio | 0.05 | 0.02 |
| Sortino ratio | 0.06 | 0.03 |
| Maximum drawdown | −15.9% (17-06-2022) | −18.8% (17-06-2022) |
| Beta | 1.00 | 0.98 |
| Alpha | −0.27% | −1.63% |
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 | SBI NIFTY Index Fund (Direct) | Union Largecap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.95% | +9.55% |
| Standard deviation | 15.84% | 16.04% |
| Sharpe ratio | 0.31 | 0.26 |
| Sortino ratio | 0.42 | 0.35 |
| Maximum drawdown | −38.4% (23-03-2020) | −36.4% (23-03-2020) |
| Beta | 1.00 | 0.97 |
| Alpha | −0.62% | −1.93% |
From daily NAVs, 02-01-2013 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.
SBI NIFTY Index Fund (Direct)
Union Largecap Fund (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI NIFTY Index Fund (Direct) | −38.4% | 14-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −11.8% |
| Union Largecap Fund (Direct) | −36.4% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
| Nifty 50 TRI | −38.3% | 14-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −11.6% |
From daily values since 18-05-2017, 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.
SBI NIFTY Index Fund (Direct)
Union Largecap Fund (Direct)
Nifty 50 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.
SBI NIFTY Index Fund (Direct)
Union Largecap Fund (Direct)
Nifty 50 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.
SBI NIFTY Index Fund (Direct)
Union Largecap Fund (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI NIFTY Index Fund (Direct) | 99% | 101% | 0.14% |
| Union Largecap Fund (Direct) | 92% | 96% | 3.44% |
From month-end values since 18-05-2017. 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.
SBI NIFTY Index vs Union Largecap: Portfolio Overlap
From each fund's latest monthly portfolio: SBI NIFTY Index Fund, September 2026; Union Largecap Fund, September 2026
Holdings in common
- Overlap
- 63.2%
- Held by both
- 28
- Only in SBI NIFTY Index
- 22
- Only in Union Largecap
- 29
| Security | % of SBI NIFTY Index | % of Union Largecap |
|---|---|---|
| ICICI Bank Ltd. | 9.07% | 9.41% |
| HDFC Bank Ltd. | 10.40% | 6.95% |
| Reliance Industries Ltd. | 7.60% | 5.28% |
| Bharti Airtel Ltd. | 5.12% | 4.31% |
| State Bank of India | 3.80% | 4.18% |
| Axis Bank Ltd. | 3.37% | 3.24% |
| Infosys Ltd. | 3.36% | 2.69% |
| Kotak Mahindra Bank Ltd. | 2.94% | 2.52% |
| Mahindra & Mahindra Ltd. | 2.52% | 2.68% |
| Larsen & Toubro Ltd. | 4.21% | 2.49% |
| Eternal Ltd. | 2.22% | 3.27% |
| Bajaj Finance Ltd. | 2.51% | 2.00% |
| Titan Company Ltd. | 1.81% | 2.39% |
| NTPC Ltd. | 1.47% | 2.37% |
| Bharat Electronics Ltd. | 1.33% | 1.40% |
| Shriram Finance Ltd. | 1.32% | 1.69% |
| Maruti Suzuki India Ltd. | 1.49% | 1.25% |
| JSW Steel Ltd. | 1.16% | 1.23% |
| Ultratech Cement Ltd. | 1.24% | 0.99% |
| Adani Enterprises Ltd. | 0.94% | 1.27% |
| Hindalco Industries Ltd. | 1.31% | 0.92% |
| Adani Ports and Special Economic Zone Ltd. | 1.35% | 0.88% |
| Trent Ltd. | 0.84% | 0.87% |
| Apollo Hospitals Enterprise Ltd. | 0.80% | 0.90% |
| Max Healthcare Institute Ltd. | 0.66% | 1.40% |
| Tata Consumer Products Ltd. | 0.59% | 2.57% |
| Tata Steel Ltd. | 1.46% | 0.57% |
| Jio Financial Services Ltd. | 0.68% | 0.53% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 63.2% means 63.2% 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 SBI NIFTY Index Fund
| Security | % of fund |
|---|---|
| ITC Ltd. | 2.43% |
| Tata Consultancy Services Ltd. | 2.00% |
| Sun Pharmaceutical Industries Ltd. | 1.84% |
| Hindustan Unilever Ltd. | 1.60% |
| HCL Technologies Ltd. | 1.24% |
Largest holdings only in Union Largecap Fund
| Security | % of fund |
|---|---|
| Torrent Pharmaceuticals Ltd. | 3.27% |
| Solar Industries India Ltd. | 2.45% |
| National Stock Exchange of India Ltd. | 1.70% |
| Hitachi Energy India Ltd. | 1.43% |
| Mphasis Ltd. | 1.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI NIFTY Index | Union Largecap |
|---|---|---|
| Equity | 100.2% | 99.0% |
| Debt | 0.0% | 0.1% |
| Cash and others | -0.2% | 0.9% |
Market cap of stocks
| Market cap | SBI NIFTY Index | Union Largecap |
|---|---|---|
| Large Cap | 98.8% | 83.0% |
| Mid Cap | 1.4% | 10.7% |
| Small Cap | 0.0% | 3.6% |
| Not on AMFI's list | 0.0% | 1.7% |
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 | SBI NIFTY Index | Union Largecap |
|---|---|---|
| Banks | 29.6% | 26.3% |
| Petroleum Products | 7.6% | 5.3% |
| IT - Software | 7.5% | 4.5% |
| Automobiles | 6.7% | 4.9% |
| Finance | 5.5% | 4.8% |
| Pharmaceuticals & Biotechnology | 3.3% | 5.2% |
| Telecom - Services | 5.1% | 4.3% |
| Retailing | 3.1% | 4.6% |
The six largest sectors of each fund's stocks, % of the fund.
SBI NIFTY Index vs Union Largecap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI NIFTY Index Fund | Union Largecap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.24% | 1.68% |
| Base expense ratio (Direct) | 0.16% | 1.34% |
| Total expense ratio (Regular) | 0.44% | 2.58% |
| Base expense ratio (Regular) | 0.33% | 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
SBI NIFTY Index Fund vs Union Largecap Fund: Frequently Asked Questions
What is the difference between SBI NIFTY Index Fund and Union Largecap Fund?
SBI NIFTY Index Fund is an Index fund, Union Largecap Fund is a Large Cap fund, run by SBI Mutual Fund and Union Mutual Fund. Their portfolios overlap 63.2%. SBI NIFTY Index Fund charges 0.24% a year and Union Largecap Fund 1.68%.
Which has given higher returns, SBI NIFTY Index Fund or Union Largecap Fund?
Over 1 year: SBI NIFTY Index Fund −10.22%, Union Largecap Fund −8.09%. Over 3 years: SBI NIFTY Index Fund +7.34% a year, Union Largecap Fund +7.81% a year. Over 5 years: SBI NIFTY Index Fund +6.43% a year, Union Largecap Fund +6.11% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI NIFTY Index Fund or Union Largecap Fund?
SBI NIFTY Index Fund charges less: 0.24% a year against 1.68%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI NIFTY Index Fund and Union Largecap Fund overlap?
63.2%. They hold 28 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, SBI NIFTY Index Fund or Union Largecap Fund?
On SEBI's riskometer, SBI NIFTY Index Fund is rated Very High and Union Largecap Fund Very High. Over 3 years, the standard deviation of daily returns was 13.21% and 13.72% a year.
Which is better for SIP, SBI NIFTY Index Fund or Union Largecap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹6,92,459 in SBI NIFTY Index Fund (XIRR 4.9% a year) and ₹7,02,268 in Union Largecap Fund (XIRR 5.5% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both SBI NIFTY Index Fund and Union Largecap Fund?
Yes. 63.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages SBI NIFTY Index Fund and Union Largecap Fund?
SBI NIFTY Index Fund: Raviprakash Sharma. Union Largecap Fund: Pratik Dharmshi, 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.