Sundaram Business Cycle Fund vs Union Innovation & Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
Sundaram Business Cycle Fund is a Thematic fund and Union Innovation & Opportunities Fund is a Thematic fund. In the year to 30-10-2026, Sundaram Business Cycle Fund (Direct) returned −7.3% and Union Innovation & Opportunities Fund (Direct) returned 4.2%. Sundaram Business Cycle Fund charges 1.12% a year and Union Innovation & Opportunities Fund 0.99% (Direct plans). Their portfolios overlap 23.6%: they hold 12 of the same securities.
Sundaram Business Cycle Fund
Thematic
- 1 year return
- −7.3%
- Expense ratio
- 1.12%
- NAV
- ₹10.64
Union Innovation & Opportunities Fund
Thematic
- 1 year return
- 4.2%
- Expense ratio
- 0.99%
- NAV
- ₹16.02
Which is better, Sundaram Business Cycle 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.
- Union Innovation & Opportunities returned more over 1 year: 4.2% against −7.3%.
- Union Innovation & Opportunities costs less: 0.99% a year against 1.12% (Direct plans).
- Sundaram Business Cycle fell less in its worst fall since 26-06-2024: −19.5% against −23.9%.
- Sundaram Business Cycle is the larger fund: ₹1,716 Cr against ₹1,307 Cr.
- Their portfolios overlap 23.6%: 12 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 | Sundaram Business Cycle Fund | Union Innovation & Opportunities Fund |
|---|---|---|
| Fund house | Sundaram Mutual Fund | Union Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,716 Cr (30-09-2026) | ₹1,307 Cr (30-09-2026) |
| NAV | ₹10.64 (Direct) | ₹16.02 (Direct) |
| Expense ratio (Direct) | 1.12% | 0.99% |
| Expense ratio (Regular) | 2.57% | 2.35% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 25-06-2024 | 06-09-2023 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Madanagopal Ramu, Sandeep Agarwal, Shalav Saket | Gaurav Chopra, Sanjay Bembalkar |
| Exit load | 1% - For redemption or withdrawal by way of SWP within 365 days from the date of allotment; NIL - For redemption or withdrawal by way of SWP after 365 days from the date of allotment; Further, exit load will be waived on Intra-scheme and Inter scheme Switch-outs/STP; Generally, the exit load will be calculated on First in First out (FIFO) basis. | Exit load of 1%, if redeemed within 1 year. |
Sundaram Business Cycle 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 |
|---|---|---|---|---|---|---|---|
| Sundaram Business Cycle Fund (Direct) | −6.36% | −6.84% | +1.59% | −7.30% | -- | -- | -- |
| Union Innovation & Opportunities Fund (Direct) | −2.08% | +0.19% | +11.72% | +4.16% | +18.28% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Sundaram Business Cycle vs Union Innovation & Opportunities: Year-wise Returns
| Year | Sundaram Business CycleSundaram Business Cycle | Union Innovation & OpportunitiesUnion Innovation & Opportunities | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −4.73% | +8.98% | −7.51% |
| 2025 | +2.64% | −2.58% | +7.76% |
| 2024 | -- | +42.90% | +16.24% |
Sundaram Business Cycle vs Union Innovation & Opportunities: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 331 of them, one for each trading day from 26-06-2025 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.
Sundaram Business Cycle Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty 500 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sundaram Business Cycle | 19.3 | 43.5 | 29.3 | 7.9 | 0.0 | 0.0 | 0.0 | 3.5% | 3.4% | −9.4% | 12.6% | 54% |
| Union Innovation & Opportunities | 11.2 | 21.1 | 37.5 | 23.0 | 7.3 | 0.0 | 0.0 | 7.1% | 7.3% | −6.5% | 18.5% | 73% |
| Nifty 500 TRI | 31.4 | 33.8 | 26.0 | 6.9 | 1.8 | 0.0 | 0.0 | 2.9% | 2.2% | −9.0% | 15.9% | -- |
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 500 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 26-06-2024. Past returns do not promise future returns.
Sundaram Business Cycle 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 26-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Sundaram Business CycleSundaram Business Cycle Fund (Direct) | ₹2,90,000 | ₹2,87,735 | −₹2,265 | −0.6% |
| Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct) | ₹2,90,000 | ₹3,27,225 | ₹37,225 | 10.0% |
Sundaram Business CycleSundaram Business Cycle 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.
Sundaram Business Cycle vs Union Innovation & Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Sundaram Business Cycle Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.30% | +4.16% |
| Standard deviation | 17.89% | 17.56% |
| Sharpe ratio | -0.70 | -0.06 |
| Sortino ratio | -0.94 | -0.08 |
| Maximum drawdown | −19.1% (31-03-2026) | −18.1% (23-03-2026) |
| Beta | 1.12 | 1.07 |
| Alpha | +1.54% | +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 | Sundaram Business Cycle Fund (Direct) | Union Innovation & Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.63% | +16.48% |
| Standard deviation | 15.10% | 17.64% |
| Sharpe ratio | -0.21 | 0.59 |
| Sortino ratio | -0.28 | 0.80 |
| Maximum drawdown | −19.5% (31-03-2026) | −23.9% (07-04-2025) |
| Beta | 0.98 | 1.09 |
| Alpha | +2.62% | +7.88% |
From daily NAVs, 26-06-2024 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.
Sundaram Business Cycle Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Sundaram Business Cycle Fund (Direct) | −19.5% | 19-09-2025 | 31-03-2026 | 10-07-2026 | 3 months | −12.1% |
| Union Innovation & Opportunities Fund (Direct) | −23.9% | 17-12-2024 | 07-04-2025 | 30-06-2026 | 15 months | −6.3% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 26-06-2024, 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.
Sundaram Business Cycle Fund (Direct)
Union Innovation & Opportunities Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Sundaram Business Cycle Fund (Direct) | 112% | 96% | 7.65% |
| Union Innovation & Opportunities Fund (Direct) | 138% | 90% | 10.01% |
From month-end values since 26-06-2024. 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.
Sundaram Business Cycle vs Union Innovation & Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: Sundaram Business Cycle Fund, September 2026; Union Innovation & Opportunities Fund, September 2026
Holdings in common
- Overlap
- 23.6%
- Held by both
- 12
- Only in Sundaram Business Cycle
- 24
- Only in Union Innovation & Opportunities
- 43
| Security | % of Sundaram Business Cycle | % of Union Innovation & Opportunities |
|---|---|---|
| Eternal Ltd (Previously Zomato Ltd) | 4.00% | 4.80% |
| One 97 Communications Ltd | 3.78% | 5.25% |
| GE Vernova T and D India Ltd | 2.81% | 3.20% |
| Affle (India) Ltd | 2.60% | 2.39% |
| Delhivery Ltd | 2.99% | 2.17% |
| S.J.S. Enterprises Ltd | 2.28% | 2.09% |
| Shriram Finance Ltd | 3.48% | 1.80% |
| MTAR Technologies Ltd | 3.80% | 1.71% |
| Lenskart Solutions Limited | 3.14% | 1.57% |
| FSN E–Commerce Ventures Ltd(NYKAA) | 3.39% | 0.93% |
| PB Fintech Ltd | 0.34% | 0.61% |
| TVS Motor Company Ltd | 0.03% | 0.57% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.6% means 23.6% 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 Sundaram Business Cycle Fund
| Security | % of fund |
|---|---|
| Radico Khaitan Ltd | 4.20% |
| TD Power Systems Ltd | 3.78% |
| Interglobe Aviation Ltd | 3.61% |
| Kirloskar Oil Engines Ltd | 3.34% |
| Dhoot Transmission Ltd | 3.32% |
Largest holdings only in Union Innovation & Opportunities Fund
| Security | % of fund |
|---|---|
| Info Edge (India) Ltd. | 3.49% |
| Sai Life Sciences Ltd. | 3.12% |
| Ather Energy Ltd. | 3.09% |
| 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 | Sundaram Business Cycle | Union Innovation & Opportunities |
|---|---|---|
| Equity | 97.1% | 96.1% |
| Debt | 0.0% | 0.1% |
| Cash and others | 2.9% | 3.8% |
Market cap of stocks
| Market cap | Sundaram Business Cycle | Union Innovation & Opportunities |
|---|---|---|
| Large Cap | 17.8% | 13.1% |
| Mid Cap | 35.6% | 27.8% |
| Small Cap | 34.8% | 54.7% |
| Not on AMFI's list | 8.9% | 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 | Sundaram Business Cycle | Union Innovation & Opportunities |
|---|---|---|
| Retailing | 10.5% | 15.6% |
| Electrical Equipment | 13.4% | 7.8% |
| Industrial Products | 10.6% | 0.8% |
| Auto Components | 5.6% | 10.3% |
| Finance | 8.5% | 1.8% |
| It - Software | 8.2% | 0.0% |
| Transport Services | 6.6% | 3.8% |
| Pharmaceuticals & Biotechnology | 0.0% | 6.1% |
| Financial Technology (Fintech) | 4.1% | 5.9% |
| IT - Services | 0.0% | 5.9% |
The six largest sectors of each fund's stocks, % of the fund.
Sundaram Business Cycle vs Union Innovation & Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Sundaram Business Cycle Fund | Union Innovation & Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.12% | 0.99% |
| Base expense ratio (Direct) | 0.52% | 0.70% |
| Total expense ratio (Regular) | 2.57% | 2.35% |
| Base expense ratio (Regular) | 1.81% | 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 Sundaram Business Cycle with
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Sundaram Business Cycle Fund vs Union Innovation & Opportunities Fund: Frequently Asked Questions
What is the difference between Sundaram Business Cycle Fund and Union Innovation & Opportunities Fund?
Sundaram Business Cycle Fund is a Thematic fund, Union Innovation & Opportunities Fund is a Thematic fund, run by Sundaram Mutual Fund and Union Mutual Fund. Their portfolios overlap 23.6%. Sundaram Business Cycle Fund charges 1.12% a year and Union Innovation & Opportunities Fund 0.99%.
Which has given higher returns, Sundaram Business Cycle Fund or Union Innovation & Opportunities Fund?
Over 1 year: Sundaram Business Cycle Fund −7.30%, Union Innovation & Opportunities Fund +4.16%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Sundaram Business Cycle Fund or Union Innovation & Opportunities Fund?
Union Innovation & Opportunities Fund charges less: 0.99% a year against 1.12%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Sundaram Business Cycle Fund and Union Innovation & Opportunities Fund overlap?
23.6%. They hold 12 of the same securities, the largest shared ones being ETERNAL, PAYTM, GVT&D. From each fund's latest monthly portfolio.
Which is riskier, Sundaram Business Cycle Fund or Union Innovation & Opportunities Fund?
On SEBI's riskometer, Sundaram Business Cycle Fund is rated Very High and Union Innovation & Opportunities Fund Very High. Over 1 years, the standard deviation of daily returns was 17.89% and 17.56% a year.
Can I invest in both Sundaram Business Cycle Fund and Union Innovation & Opportunities Fund?
Yes. 23.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Sundaram Business Cycle Fund and Union Innovation & Opportunities Fund?
Sundaram Business Cycle Fund: Madanagopal Ramu, Sandeep Agarwal, Shalav Saket. 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.