Union Business Cycle Fund vs Union Retirement Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Business Cycle Fund is a Thematic fund and Union Retirement Fund is a Solution fund. In the year to 30-10-2026, Union Business Cycle Fund (Direct) returned −2.9% and Union Retirement Fund (Direct) returned −2.2%. Union Business Cycle Fund charges 1.81% a year and Union Retirement Fund 1.36% (Direct plans). Their portfolios overlap 39.5%: they hold 30 of the same securities.
Union Business Cycle Fund
Thematic
- 1 year return
- −2.9%
- Expense ratio
- 1.81%
- NAV
- ₹11.48
Which is better, Union Business Cycle or Union Retirement? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Retirement returned more over 1 year: −2.2% against −2.9%.
- Union Retirement costs less: 1.36% a year against 1.81% (Direct plans).
- Union Retirement fell less in its worst fall since 12-03-2024: −17.8% against −19.9%.
- Union Business Cycle is the larger fund: ₹485 Cr against ₹207 Cr.
- Their portfolios overlap 39.5%: 30 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 | Union Business Cycle Fund | Union Retirement Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Thematic | Solution |
| AUM | ₹485 Cr (30-09-2026) | ₹207 Cr (30-09-2026) |
| NAV | ₹11.48 (Direct) | ₹16.43 (Direct) |
| Expense ratio (Direct) | 1.81% | 1.36% |
| Expense ratio (Regular) | 3.06% | 2.67% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 05-03-2024 | 22-09-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Harshad Patwardhan, Pratik Dharmshi | Pratik Dharmshi, Pratit Vajani |
| Exit load | Exit load of 1%, if redeemed within 1 year. | Nil |
Union Business Cycle vs Union Retirement: 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 |
|---|---|---|---|---|---|---|---|
| Union Business Cycle Fund (Direct) | −2.05% | −4.25% | −0.09% | −2.88% | -- | -- | -- |
| Union Retirement Fund (Direct) | −2.20% | −5.14% | −1.02% | −2.20% | +12.05% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Union Business Cycle vs Union Retirement: Year-wise Returns
| Year | Business CycleUnion Business Cycle | RetirementUnion Retirement |
|---|---|---|
| 2026to date | −1.54% | −2.67% |
| 2025 | +2.82% | +7.45% |
| 2024 | -- | +18.75% |
| 2023 | -- | +32.30% |
Union Business Cycle vs Union Retirement: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Union Business Cycle Fund
Rolling returns
Every 1-year holding period, 402 of them, one for each trading day from 12-03-2025 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.
Union Business Cycle Fund (Direct)
Union Retirement Fund (Direct)
Nifty 500 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Union Business Cycle | 25.1 | 33.8 | 30.8 | 6.7 | 3.5 | 0.0 | 0.0 | 3.8% | 3.7% | −6.7% | 18.7% | 44% |
| Union Retirement | 5.2 | 31.1 | 43.0 | 15.9 | 4.0 | 0.7 | 0.0 | 6.6% | 6.5% | −5.0% | 20.9% | 97% |
| Nifty 500 TRI | 26.6 | 32.1 | 33.1 | 6.7 | 1.5 | 0.0 | 0.0 | 3.6% | 3.4% | −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 12-03-2024. Past returns do not promise future returns.
Union Business Cycle vs Union Retirement: 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 12-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Business CycleUnion Business Cycle Fund (Direct) | ₹3,20,000 | ₹3,27,148 | ₹7,148 | 1.6% |
| Union RetirementUnion Retirement Fund (Direct) | ₹3,20,000 | ₹3,31,501 | ₹11,501 | 2.6% |
Union Business CycleUnion Business Cycle Fund (Direct)
Union RetirementUnion Retirement 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.
Union Business Cycle vs Union Retirement: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Business Cycle Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.88% | −2.20% |
| Standard deviation | 15.72% | 15.10% |
| Sharpe ratio | -0.52 | -0.49 |
| Sortino ratio | -0.68 | -0.66 |
| Maximum drawdown | −13.3% (30-03-2026) | −12.2% (23-03-2026) |
| Beta | 1.04 | 1.02 |
| Alpha | +5.02% | +5.74% |
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 | Union Business Cycle Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.46% | +14.09% |
| Standard deviation | 15.27% | 13.10% |
| Sharpe ratio | -0.03 | 0.60 |
| Sortino ratio | -0.04 | 0.82 |
| Maximum drawdown | −19.9% (28-02-2025) | −17.8% (28-02-2025) |
| Beta | 1.00 | 0.96 |
| Alpha | +1.27% | +3.12% |
From daily NAVs, 12-03-2024 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.
Union Business Cycle Fund (Direct)
Union Retirement Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Business Cycle Fund (Direct) | −19.9% | 23-09-2024 | 28-02-2025 | 02-07-2026 | 16 months | −7.2% |
| Union Retirement Fund (Direct) | −17.8% | 26-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −7.9% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 12-03-2024, 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.
Union Business Cycle Fund (Direct)
Union Retirement Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Business Cycle Fund (Direct) | 101% | 97% | 5.02% |
| Union Retirement Fund (Direct) | 104% | 91% | 3.21% |
From month-end values since 12-03-2024. 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.
Union Business Cycle vs Union Retirement: Portfolio Overlap
From each fund's latest monthly portfolio: Union Business Cycle Fund, September 2026; Union Retirement Fund, September 2026
Holdings in common
- Overlap
- 39.5%
- Held by both
- 30
- Only in Union Business Cycle
- 33
- Only in Union Retirement
- 50
| Security | % of Union Business Cycle | % of Union Retirement |
|---|---|---|
| ICICI Bank Ltd. | 6.34% | 5.76% |
| HDFC Bank Ltd. | 2.94% | 4.29% |
| Solar Industries India Ltd. | 2.16% | 2.53% |
| Axis Bank Ltd. | 3.38% | 2.08% |
| Navin Fluorine International Ltd. | 2.23% | 2.00% |
| Reliance Industries Ltd. | 1.96% | 2.10% |
| State Bank of India | 1.67% | 1.77% |
| Dixon Technologies (India) Ltd. | 1.82% | 1.59% |
| GE Vernova T&D India Ltd. | 1.57% | 1.83% |
| Mphasis Ltd. | 1.73% | 1.34% |
| Ujjivan Small Finance Bank Ltd. | 1.32% | 1.41% |
| Shriram Finance Ltd. | 2.30% | 1.24% |
| Bharti Airtel Ltd. | 1.18% | 1.45% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.09% | 1.36% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.09% | 1.06% |
| Hindustan Copper Ltd. | 1.01% | 1.08% |
| Sona Blw Precision Forgings Ltd. | 2.53% | 1.00% |
| Bharat Heavy Electricals Ltd. | 2.29% | 0.96% |
| Tata Motors Ltd. | 1.85% | 0.92% |
| Arvind Ltd. | 2.18% | 0.84% |
| Aarti Industries Ltd. | 1.08% | 0.81% |
| Apollo Hospitals Enterprise Ltd. | 1.58% | 0.79% |
| Adani Enterprises Ltd. | 1.45% | 0.77% |
| MTAR technologies Ltd. | 0.85% | 0.76% |
| Data Patterns (India) Ltd. | 1.22% | 0.73% |
| Cemindia Projects Ltd. | 0.67% | 0.98% |
| Interglobe Aviation Ltd. | 1.02% | 0.66% |
| Angel One Ltd. | 0.51% | 1.06% |
| 91 Day Treasury Bills | 0.09% | 0.04% |
| 91 Day Treasury Bills | 0.08% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.5% means 39.5% 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 Union Business Cycle Fund
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 3.62% |
| One 97 Communications Ltd. | 2.58% |
| Sai Life Sciences Ltd. | 2.46% |
| RBL Bank Ltd. | 2.04% |
| Jindal Saw Ltd. | 1.87% |
Largest holdings only in Union Retirement Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Ltd. | 2.72% |
| Eternal Ltd. | 2.17% |
| S.J.S. Enterprises Ltd. | 1.97% |
| Azad Engineering Ltd. | 1.87% |
| Tata Consumer Products Ltd. | 1.84% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Business Cycle | Union Retirement |
|---|---|---|
| Equity | 94.7% | 97.8% |
| Debt | 0.2% | 0.1% |
| Cash and others | 5.2% | 2.1% |
Market cap of stocks
| Market cap | Union Business Cycle | Union Retirement |
|---|---|---|
| Large Cap | 44.6% | 46.8% |
| Mid Cap | 16.6% | 20.5% |
| Small Cap | 33.5% | 30.6% |
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 | Union Business Cycle | Union Retirement |
|---|---|---|
| Banks | 19.1% | 17.0% |
| Pharmaceuticals & Biotechnology | 7.8% | 4.1% |
| Capital Markets | 1.8% | 6.8% |
| Electrical Equipment | 4.7% | 6.3% |
| Textiles & Apparels | 6.1% | 0.8% |
| Construction | 6.0% | 1.4% |
| Chemicals & Petrochemicals | 5.5% | 5.8% |
| Auto Components | 3.6% | 5.7% |
| Consumer Durables | 1.8% | 5.6% |
| IT - Software | 4.9% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Union Business Cycle vs Union Retirement: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Business Cycle Fund | Union Retirement Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.81% | 1.36% |
| Base expense ratio (Direct) | 1.03% | 0.98% |
| Total expense ratio (Regular) | 3.06% | 2.67% |
| Base expense ratio (Regular) | 2.09% | 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
Union Business Cycle Fund vs Union Retirement Fund: Frequently Asked Questions
What is the difference between Union Business Cycle Fund and Union Retirement Fund?
Union Business Cycle Fund is a Thematic fund, Union Retirement Fund is a Solution fund, run by Union Mutual Fund. Their portfolios overlap 39.5%. Union Business Cycle Fund charges 1.81% a year and Union Retirement Fund 1.36%.
Which has given higher returns, Union Business Cycle Fund or Union Retirement Fund?
Over 1 year: Union Business Cycle Fund −2.88%, Union Retirement Fund −2.20%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union Business Cycle Fund or Union Retirement Fund?
Union Retirement Fund charges less: 1.36% a year against 1.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Business Cycle Fund and Union Retirement Fund overlap?
39.5%. They hold 30 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SOLARINDS. From each fund's latest monthly portfolio.
Which is riskier, Union Business Cycle Fund or Union Retirement Fund?
On SEBI's riskometer, Union Business Cycle Fund is rated Very High and Union Retirement Fund Very High. Over 1 years, the standard deviation of daily returns was 15.72% and 15.10% a year.
Can I invest in both Union Business Cycle Fund and Union Retirement Fund?
Yes. 39.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Union Business Cycle Fund and Union Retirement Fund?
Union Business Cycle Fund: Harshad Patwardhan, Pratik Dharmshi. Union Retirement Fund: Pratik Dharmshi, Pratit Vajani.
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.