TRUSTMF Small Cap Fund vs Union Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
TRUSTMF Small Cap Fund and Union Small Cap Fund are both Small Cap funds. In the year to 30-10-2026, TRUSTMF Small Cap Fund (Direct) returned 20.0% and Union Small Cap Fund (Direct) returned 11.8%. TRUSTMF Small Cap Fund charges 1.47% a year and Union Small Cap Fund 1.10% (Direct plans). Their portfolios overlap 36.6%: they hold 33 of the same securities.
TRUSTMF Small Cap Fund
Small Cap
- 1 year return
- 20.0%
- Expense ratio
- 1.47%
- NAV
- ₹13.33
Which is better, TRUSTMF 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.
- TRUSTMF Small Cap returned more over 1 year: 20.0% against 11.8%.
- Union Small Cap costs less: 1.10% a year against 1.47% (Direct plans).
- TRUSTMF Small Cap fell less in its worst fall since 05-11-2024: −24.0% against −26.2%.
- TRUSTMF Small Cap is the larger fund: ₹3,877 Cr against ₹2,732 Cr.
- Their portfolios overlap 36.6%: 33 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 | TRUSTMF Small Cap Fund | Union Small Cap Fund |
|---|---|---|
| Fund house | Trust Mutual Fund | Union Mutual Fund |
| Category | Small Cap | Small Cap |
| AUM | ₹3,877 Cr (30-09-2026) | ₹2,732 Cr (30-09-2026) |
| NAV | ₹13.33 (Direct) | ₹62.58 (Direct) |
| Expense ratio (Direct) | 1.47% | 1.10% |
| Expense ratio (Regular) | 2.85% | 2.17% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Smallcap 250 TRI | BSE 250 Smallcap TRI |
| Launch date | 04-11-2024 | 10-06-2014 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Mihir Vora, Aakash Manghani | Pratik Dharmshi, Gaurav Chopra |
| Exit load | 1% - If redeemed/switched out within 180 days from the date of allotment. Nil - if redeemed/switched out after 180 days from the date of allotment. | Exit load of 1%, if redeemed within 15 days. |
TRUSTMF 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 |
|---|---|---|---|---|---|---|---|
| TRUSTMF Small Cap Fund (Direct) | −3.27% | +1.83% | +14.62% | +19.98% | -- | -- | -- |
| 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.
TRUSTMF Small Cap vs Union Small Cap: Year-wise Returns
| Year | TRUSTMFTRUSTMF Small Cap | UnionUnion Small Cap |
|---|---|---|
| 2026to date | +22.18% | +15.59% |
| 2025 | +1.11% | −3.61% |
| 2024 | -- | +25.16% |
| 2023 | -- | +42.98% |
| 2022 | -- | −0.03% |
| 2021 | -- | +63.37% |
TRUSTMF Small Cap vs Union Small Cap: Rolling Returns
Every holding period of both funds, against Nifty Smallcap 250 TRI, the benchmark of TRUSTMF Small Cap Fund
Rolling returns
Every 1-year holding period, 242 of them, one for each trading day from 06-11-2025 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.
TRUSTMF Small Cap Fund (Direct)
Union Small Cap Fund (Direct)
Nifty Smallcap 250 TRI
to
Dec 2025Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Aug 2025
to
Aug 2026Oct 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRUSTMF Small Cap | 3.3 | 10.3 | 8.7 | 9.1 | 11.2 | 23.1 | 34.3 | 19.5% | 21.9% | −2.0% | 36.4% | 100% |
| Union Small Cap | 15.7 | 5.0 | 9.5 | 7.9 | 28.9 | 23.6 | 9.5 | 14.1% | 17.5% | −9.3% | 30.0% | 100% |
| Nifty Smallcap 250 TRI | 29.8 | 31.8 | 25.6 | 12.0 | 0.8 | 0.0 | 0.0 | 2.7% | 3.0% | −11.9% | 15.5% | -- |
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 05-11-2024. Past returns do not promise future returns.
TRUSTMF 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 05-11-2024 to 30-10-2026: 24 instalments, ₹2,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| TRUSTMF Small CapTRUSTMF Small Cap Fund (Direct) | ₹2,40,000 | ₹2,97,773 | ₹57,773 | 22.4% |
| Union Small CapUnion Small Cap Fund (Direct) | ₹2,40,000 | ₹2,75,313 | ₹35,313 | 13.9% |
TRUSTMF Small CapTRUSTMF 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.
TRUSTMF 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 | TRUSTMF Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +19.98% | +11.79% |
| Standard deviation | 17.68% | 19.25% |
| Sharpe ratio | 0.83 | 0.34 |
| Sortino ratio | 1.15 | 0.47 |
| Maximum drawdown | −14.0% (23-03-2026) | −12.3% (23-03-2026) |
| Beta | 0.91 | 1.01 |
| Alpha | +22.38% | +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 | TRUSTMF Small Cap Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.26% | +15.92% |
| Standard deviation | 18.55% | 16.91% |
| Sharpe ratio | 0.52 | 0.60 |
| Sortino ratio | 0.70 | 0.79 |
| Maximum drawdown | −24.0% (03-03-2025) | −44.7% (23-03-2020) |
| Beta | 0.92 | 0.85 |
| Alpha | +16.77% | +4.15% |
From daily NAVs, 05-11-2024 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.
TRUSTMF 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 |
|---|---|---|---|---|---|---|
| TRUSTMF Small Cap Fund (Direct) | −24.0% | 03-01-2025 | 03-03-2025 | 23-10-2025 | 8 months | −6.5% |
| Union Small Cap Fund (Direct) | −26.2% | 11-12-2024 | 03-03-2025 | 27-04-2026 | 14 months | −9.0% |
| Nifty Smallcap 250 TRI | −25.6% | 11-12-2024 | 03-03-2025 | 06-08-2026 | 17 months | −9.4% |
From daily values since 05-11-2024, 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.
TRUSTMF 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 |
|---|---|---|---|
| TRUSTMF Small Cap Fund (Direct) | 125% | 74% | 7.11% |
| Union Small Cap Fund (Direct) | 111% | 84% | 5.90% |
From month-end values since 05-11-2024. 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.
TRUSTMF Small Cap vs Union Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: TRUSTMF Small Cap Fund, September 2026; Union Small Cap Fund, September 2026
Holdings in common
- Overlap
- 36.6%
- Held by both
- 33
- Only in TRUSTMF Small Cap
- 39
- Only in Union Small Cap
- 53
| Security | % of TRUSTMF Small Cap | % of Union Small Cap |
|---|---|---|
| Multi Commodity Exchange of India Limited | 2.12% | 2.99% |
| Karur Vysya Bank Limited | 2.12% | 3.06% |
| Navin Fluorine International Limited | 1.79% | 3.40% |
| City Union Bank Limited | 1.61% | 1.65% |
| Sansera Engineering Limited | 2.16% | 1.59% |
| Radico Khaitan Limited | 1.57% | 1.60% |
| Kirloskar Oil Engines Limited | 1.50% | 2.87% |
| Sai Life Sciences Limited | 1.37% | 1.76% |
| Acutaas Chemicals Limited | 1.32% | 1.94% |
| Welspun Corp Limited | 1.93% | 1.27% |
| Cartrade Tech Limited | 1.46% | 1.27% |
| Data Patterns (India) Limited | 1.22% | 2.20% |
| PNB Housing Finance Limited | 1.27% | 1.18% |
| Hindustan Copper Limited | 1.16% | 2.12% |
| Ather Energy Limited | 1.40% | 1.15% |
| Milky Mist Dairy Food Limited | 1.10% | 2.52% |
| RBL Bank Limited | 2.24% | 1.07% |
| S.J.S. Enterprises Limited | 1.04% | 2.45% |
| PTC Industries Limited | 1.07% | 1.03% |
| Syrma SGS Technology Limited | 1.28% | 1.02% |
| Cemindia Projects Ltd | 1.13% | 0.99% |
| TD Power Systems Limited | 1.15% | 0.98% |
| Shilpa Medicare Limited | 0.99% | 0.91% |
| MTAR Technologies Limited | 0.88% | 1.59% |
| Shadowfax Technologies Limited | 2.13% | 0.87% |
| Neuland Laboratories Limited | 1.19% | 0.78% |
| Inox India Limited | 1.55% | 0.75% |
| Sky Gold And Diamonds Limited | 1.74% | 0.71% |
| Craftsman Automation Limited | 0.74% | 0.59% |
| Honasa Consumer Limited | 1.39% | 0.55% |
| One 97 Communications Limited | 0.88% | 0.43% |
| Nippon Life India Asset Management Limited | 0.99% | 0.39% |
| Kanohar Electricals Limited | 1.34% | 0.25% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.6% means 36.6% 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 TRUSTMF Small Cap Fund
| Security | % of fund |
|---|---|
| Lenskart Solutions Limited | 2.40% |
| Jyoti CNC Automation Ltd | 2.05% |
| VA Tech Wabag Limited | 1.95% |
| Laurus Labs Limited | 1.81% |
| Dixon Technologies (India) Limited | 1.75% |
Largest holdings only in Union Small Cap Fund
| Security | % of fund |
|---|---|
| Gabriel India Ltd. | 3.08% |
| GE Vernova T&D India Ltd. | 2.73% |
| Azad Engineering Ltd. | 2.44% |
| Ujjivan Small Finance Bank Ltd. | 2.24% |
| Corona Remedies Ltd. | 2.20% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | TRUSTMF Small Cap | Union Small Cap |
|---|---|---|
| Equity | 94.2% | 98.4% |
| Debt | 0.0% | 0.1% |
| Cash and others | 5.8% | 1.5% |
Market cap of stocks
| Market cap | TRUSTMF Small Cap | Union Small Cap |
|---|---|---|
| Large Cap | 1.0% | 4.0% |
| Mid Cap | 19.0% | 16.4% |
| Small Cap | 67.6% | 71.0% |
| Not on AMFI's list | 6.6% | 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 | TRUSTMF Small Cap | Union Small Cap |
|---|---|---|
| Pharmaceuticals & Biotechnology | 11.8% | 9.7% |
| Electrical Equipment | 6.8% | 10.9% |
| Industrial Products | 7.3% | 9.7% |
| Auto Components | 7.6% | 8.8% |
| Capital Markets | 4.0% | 8.1% |
| Banks | 7.2% | 8.0% |
| Consumer Durables | 5.6% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
TRUSTMF Small Cap vs Union Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | TRUSTMF Small Cap Fund | Union Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.47% | 1.10% |
| Base expense ratio (Direct) | 0.42% | 0.78% |
| Total expense ratio (Regular) | 2.85% | 2.17% |
| Base expense ratio (Regular) | 1.64% | 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 TRUSTMF Small Cap with
TRUSTMF Small Cap Fund vs Union Small Cap Fund: Frequently Asked Questions
What is the difference between TRUSTMF Small Cap Fund and Union Small Cap Fund?
Both are Small Cap funds, run by Trust Mutual Fund and Union Mutual Fund. Their portfolios overlap 36.6%. TRUSTMF Small Cap Fund charges 1.47% a year and Union Small Cap Fund 1.10%.
Which has given higher returns, TRUSTMF Small Cap Fund or Union Small Cap Fund?
Over 1 year: TRUSTMF Small Cap Fund +19.98%, Union Small Cap Fund +11.79%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, TRUSTMF Small Cap Fund or Union Small Cap Fund?
Union Small Cap Fund charges less: 1.10% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do TRUSTMF Small Cap Fund and Union Small Cap Fund overlap?
36.6%. They hold 33 of the same securities, the largest shared ones being MCX, KARURVYSYA, NAVINFLUOR. From each fund's latest monthly portfolio.
Which is riskier, TRUSTMF Small Cap Fund or Union Small Cap Fund?
On SEBI's riskometer, TRUSTMF Small Cap Fund is rated Very High and Union Small Cap Fund Very High. Over 1 years, the standard deviation of daily returns was 17.68% and 19.25% a year.
Can I invest in both TRUSTMF Small Cap Fund and Union Small Cap Fund?
Yes. 36.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages TRUSTMF Small Cap Fund and Union Small Cap Fund?
TRUSTMF Small Cap Fund: Mihir Vora, Aakash Manghani. Union Small Cap Fund: Pratik Dharmshi, Gaurav Chopra.
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.