Union ELSS Tax Saver Fund Fund vs Union Flexi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union ELSS Tax Saver Fund Fund is an ELSS fund and Union Flexi Cap Fund is a Flexi Cap fund. In the 3 years to 30-10-2026, Union ELSS Tax Saver Fund Fund (Direct) returned 9.6% a year and Union Flexi Cap Fund (Direct) returned 10.7% a year. Union ELSS Tax Saver Fund Fund charges 1.71% a year and Union Flexi Cap Fund 1.52% (Direct plans). Their portfolios overlap 54.7%: they hold 46 of the same securities.
Union ELSS Tax Saver Fund Fund
ELSS
- 3 year return
- 9.6%
- Expense ratio
- 1.71%
- NAV
- ₹68.15
Which is better, Union ELSS Tax Saver Fund or Union Flexi 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 Flexi Cap returned more over 5 years: 9.2% a year against 8.9%.
- Union Flexi Cap returned more over 3 years: 10.7% a year against 9.6%.
- Union Flexi Cap costs less: 1.52% a year against 1.71% (Direct plans).
- Union Flexi Cap swung less over 3 years: a standard deviation of 14.0% a year against 14.1%.
- Union Flexi Cap fell less in its worst fall since 02-01-2013: −35.4% against −35.4%.
- Union Flexi Cap is the larger fund: ₹2,320 Cr against ₹821 Cr.
- Their portfolios overlap 54.7%: 46 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 ELSS Tax Saver Fund Fund | Union Flexi Cap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | ELSS | Flexi Cap |
| AUM | ₹821 Cr (30-09-2026) | ₹2,320 Cr (30-09-2026) |
| NAV | ₹68.15 (Direct) | ₹56.71 (Direct) |
| Expense ratio (Direct) | 1.71% | 1.52% |
| Expense ratio (Regular) | 2.55% | 2.54% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 500 TRI |
| Launch date | 23-12-2011 | 10-06-2011 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Vinod Malviya, Sanjay Bembalkar | Sanjay Bembalkar, Vinod Malviya |
| Exit load | Nil | Exit load of 1%, if redeemed within 15 days. |
Union ELSS Tax Saver Fund vs Union Flexi 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 |
|---|---|---|---|---|---|---|---|
| Union ELSS Tax Saver Fund Fund (Direct) | −1.94% | −4.87% | −0.94% | −6.57% | +9.64% | +8.90% | +12.34% |
| Union Flexi Cap Fund (Direct) | −0.61% | −2.79% | +1.78% | −3.32% | +10.74% | +9.20% | +12.83% |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 50 ELSS funds and the 46 Flexi Cap funds, same plan type.
Union ELSS Tax Saver Fund vs Union Flexi Cap: Year-wise Returns
| Year | ELSS Tax Saver FundUnion ELSS Tax Saver Fund | Flexi CapUnion Flexi Cap | BSE 500 TRI |
|---|---|---|---|
| 2026to date | −5.75% | −2.66% | −7.81% |
| 2025 | +5.29% | +4.17% | +7.63% |
| 2024 | +17.95% | +18.20% | +15.81% |
| 2023 | +27.50% | +28.97% | +26.55% |
| 2022 | +2.42% | +0.05% | +4.77% |
| 2021 | +36.65% | +38.27% | +31.63% |
Union ELSS Tax Saver Fund vs Union Flexi Cap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 2,666 of them, one for each trading day from 04-01-2016 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 ELSS Tax Saver Fund Fund (Direct)
Union Flexi Cap Fund (Direct)
BSE 500 TRI
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 ELSS Tax Saver Fund | 1.8 | 7.5 | 22.2 | 23.5 | 24.6 | 15.6 | 4.9 | 13.9% | 13.9% | −6.0% | 34.2% | 53% |
| Union Flexi Cap | 1.2 | 4.8 | 22.3 | 27.6 | 25.4 | 13.8 | 4.9 | 14.0% | 13.6% | −5.2% | 33.4% | 52% |
| BSE 500 TRI | 1.8 | 4.2 | 8.0 | 36.8 | 34.2 | 11.7 | 3.3 | 14.8% | 14.9% | −6.2% | 33.9% | -- |
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 BSE 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 02-01-2013. Past returns do not promise future returns.
Union ELSS Tax Saver Fund vs Union Flexi 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct) | ₹16,60,000 | ₹41,90,854 | ₹25,30,854 | 12.5% |
| Union Flexi CapUnion Flexi Cap Fund (Direct) | ₹16,60,000 | ₹43,36,774 | ₹26,76,774 | 12.9% |
Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct)
Union Flexi CapUnion Flexi 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.
Union ELSS Tax Saver Fund vs Union Flexi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union ELSS Tax Saver Fund Fund (Direct) | Union Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.57% | −3.32% |
| Standard deviation | 14.85% | 14.78% |
| Sharpe ratio | -0.80 | -0.58 |
| Sortino ratio | -1.05 | -0.77 |
| Maximum drawdown | −14.0% (30-03-2026) | −13.9% (30-03-2026) |
| Beta | 1.01 | 1.01 |
| Alpha | +1.27% | +4.41% |
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 ELSS Tax Saver Fund Fund (Direct) | Union Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.64% | +10.74% |
| Standard deviation | 14.09% | 14.00% |
| Sharpe ratio | 0.26 | 0.34 |
| Sortino ratio | 0.34 | 0.45 |
| Maximum drawdown | −18.3% (28-02-2025) | −17.3% (28-02-2025) |
| Beta | 0.97 | 0.96 |
| Alpha | −0.15% | +0.98% |
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 | Union ELSS Tax Saver Fund Fund (Direct) | Union Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.90% | +9.20% |
| Standard deviation | 13.88% | 13.70% |
| Sharpe ratio | 0.22 | 0.25 |
| Sortino ratio | 0.30 | 0.33 |
| Maximum drawdown | −18.3% (28-02-2025) | −18.9% (20-06-2022) |
| Beta | 0.95 | 0.94 |
| Alpha | +0.39% | +0.73% |
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 | Union ELSS Tax Saver Fund Fund (Direct) | Union Flexi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.58% | +12.63% |
| Standard deviation | 15.09% | 15.04% |
| Sharpe ratio | 0.43 | 0.44 |
| Sortino ratio | 0.58 | 0.59 |
| Maximum drawdown | −35.4% (23-03-2020) | −35.4% (23-03-2020) |
| Beta | 0.93 | 0.93 |
| Alpha | +0.21% | +0.26% |
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.
Union ELSS Tax Saver Fund Fund (Direct)
Union Flexi Cap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union ELSS Tax Saver Fund Fund (Direct) | −35.4% | 19-02-2020 | 23-03-2020 | 16-09-2020 | 6 months | −7.3% |
| Union Flexi Cap Fund (Direct) | −35.4% | 19-02-2020 | 23-03-2020 | 16-09-2020 | 6 months | −5.9% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 02-01-2013, 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 ELSS Tax Saver Fund Fund (Direct)
Union Flexi Cap Fund (Direct)
BSE 500 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.
Union ELSS Tax Saver Fund Fund (Direct)
Union Flexi Cap Fund (Direct)
BSE 500 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.
Union ELSS Tax Saver Fund Fund (Direct)
Union Flexi Cap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union ELSS Tax Saver Fund Fund (Direct) | 92% | 89% | 3.61% |
| Union Flexi Cap Fund (Direct) | 92% | 88% | 3.63% |
From month-end values since 02-01-2013. 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 ELSS Tax Saver Fund vs Union Flexi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Union ELSS Tax Saver Fund Fund, September 2026; Union Flexi Cap Fund, September 2026
Holdings in common
- Overlap
- 54.7%
- Held by both
- 46
- Only in Union ELSS Tax Saver Fund
- 37
- Only in Union Flexi Cap
- 29
| Security | % of Union ELSS Tax Saver Fund | % of Union Flexi Cap |
|---|---|---|
| ICICI Bank Ltd. | 7.17% | 6.32% |
| HDFC Bank Ltd. | 4.92% | 4.51% |
| Axis Bank Ltd. | 3.18% | 3.65% |
| Bharti Airtel Ltd. | 3.08% | 2.61% |
| Eternal Ltd. | 2.05% | 2.21% |
| Gabriel India Ltd. | 1.98% | 1.97% |
| State Bank of India | 1.85% | 3.35% |
| Ajanta Pharma Ltd. | 1.68% | 1.75% |
| Sai Life Sciences Ltd. | 1.56% | 1.97% |
| Ujjivan Small Finance Bank Ltd. | 1.50% | 1.92% |
| Reliance Industries Ltd. | 2.46% | 1.43% |
| Bharat Heavy Electricals Ltd. | 1.39% | 1.57% |
| Aarti Industries Ltd. | 1.20% | 1.11% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.10% | 1.42% |
| One 97 Communications Ltd. | 1.97% | 1.09% |
| JSW Infrastructure Ltd. | 2.08% | 1.08% |
| LG Electronics India Ltd. | 1.44% | 1.08% |
| Shriram Finance Ltd. | 1.80% | 1.06% |
| Engineers India Ltd. | 1.02% | 1.07% |
| Bajaj Finance Ltd. | 0.98% | 2.19% |
| Torrent Pharmaceuticals Ltd. | 0.94% | 1.66% |
| Varun Beverages Ltd. | 0.93% | 1.19% |
| Cummins India Ltd. | 1.00% | 0.92% |
| Mphasis Ltd. | 0.83% | 0.97% |
| Tech Mahindra Ltd. | 1.38% | 0.82% |
| Inventurus Knowledge Solutions Ltd. | 0.80% | 1.24% |
| Acutaas Chemicals Ltd. | 0.93% | 0.78% |
| CG Power and Industrial Solutions Ltd. | 1.78% | 0.72% |
| Maruti Suzuki India Ltd. | 1.53% | 0.72% |
| Infosys Ltd. | 0.72% | 1.11% |
| Gokaldas Exports Ltd. | 0.75% | 0.71% |
| JSW Energy Ltd. | 1.68% | 0.69% |
| The Phoenix Mills Ltd. | 1.42% | 0.67% |
| LTM Ltd. | 0.81% | 0.66% |
| Sun Pharmaceutical Industries Ltd. | 0.66% | 0.94% |
| Dixon Technologies (India) Ltd. | 0.92% | 0.59% |
| Cemindia Projects Ltd. | 0.59% | 1.70% |
| Data Patterns (India) Ltd. | 1.26% | 0.55% |
| Balrampur Chini Mills Ltd. | 1.33% | 0.50% |
| Shiprocket Ltd. | 0.50% | 0.93% |
| Larsen & Toubro Ltd. | 2.10% | 0.49% |
| Tata Consumer Products Ltd. | 1.04% | 0.49% |
| Coforge Ltd. | 0.49% | 1.21% |
| Prestige Estates Projects Ltd. | 0.28% | 0.70% |
| 91 Day Treasury Bills | 0.03% | 0.05% |
| 91 Day Treasury Bills | 0.03% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 54.7% means 54.7% 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 ELSS Tax Saver Fund Fund
| Security | % of fund |
|---|---|
| Jindal Steel Ltd. | 1.81% |
| Solar Industries India Ltd. | 1.79% |
| Sona Blw Precision Forgings Ltd. | 1.43% |
| UNO Minda Ltd. | 1.41% |
| Aether Industries Ltd. | 1.23% |
Largest holdings only in Union Flexi Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Ltd. | 2.28% |
| Shadowfax Technologies Ltd. | 1.83% |
| Trent Ltd. | 1.70% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.61% |
| Dr. Lal Path labs Ltd. | 1.38% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union ELSS Tax Saver Fund | Union Flexi Cap |
|---|---|---|
| Equity | 98.9% | 95.0% |
| Debt | 0.1% | 0.1% |
| Cash and others | 1.0% | 4.9% |
Market cap of stocks
| Market cap | Union ELSS Tax Saver Fund | Union Flexi Cap |
|---|---|---|
| Large Cap | 54.5% | 51.7% |
| Mid Cap | 22.4% | 12.5% |
| Small Cap | 21.5% | 26.4% |
| Not on AMFI's list | 0.5% | 4.5% |
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 ELSS Tax Saver Fund | Union Flexi Cap |
|---|---|---|
| Banks | 21.8% | 20.5% |
| Pharmaceuticals & Biotechnology | 6.4% | 10.1% |
| Auto Components | 6.6% | 4.7% |
| Finance | 3.3% | 5.9% |
| Chemicals & Petrochemicals | 5.0% | 2.5% |
| IT - Software | 5.0% | 4.8% |
| Electrical Equipment | 4.4% | 3.7% |
| Retailing | 3.1% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
Union ELSS Tax Saver Fund vs Union Flexi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union ELSS Tax Saver Fund Fund | Union Flexi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.71% | 1.52% |
| Base expense ratio (Direct) | 1.23% | 0.85% |
| Total expense ratio (Regular) | 2.55% | 2.54% |
| Base expense ratio (Regular) | 2.00% | 1.73% |
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 Union ELSS Tax Saver Fund with
Union ELSS Tax Saver Fund Fund vs Union Flexi Cap Fund: Frequently Asked Questions
What is the difference between Union ELSS Tax Saver Fund Fund and Union Flexi Cap Fund?
Union ELSS Tax Saver Fund Fund is an ELSS fund, Union Flexi Cap Fund is a Flexi Cap fund, run by Union Mutual Fund. Their portfolios overlap 54.7%. Union ELSS Tax Saver Fund Fund charges 1.71% a year and Union Flexi Cap Fund 1.52%.
Which has given higher returns, Union ELSS Tax Saver Fund Fund or Union Flexi Cap Fund?
Over 1 year: Union ELSS Tax Saver Fund Fund −6.57%, Union Flexi Cap Fund −3.32%. Over 3 years: Union ELSS Tax Saver Fund Fund +9.64% a year, Union Flexi Cap Fund +10.74% a year. Over 5 years: Union ELSS Tax Saver Fund Fund +8.90% a year, Union Flexi Cap Fund +9.20% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union ELSS Tax Saver Fund Fund or Union Flexi Cap Fund?
Union Flexi Cap Fund charges less: 1.52% a year against 1.71%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union ELSS Tax Saver Fund Fund and Union Flexi Cap Fund overlap?
54.7%. They hold 46 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Union ELSS Tax Saver Fund Fund or Union Flexi Cap Fund?
On SEBI's riskometer, Union ELSS Tax Saver Fund Fund is rated Very High and Union Flexi Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.09% and 14.00% a year.
Which is better for SIP, Union ELSS Tax Saver Fund Fund or Union Flexi Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,46,147 in Union ELSS Tax Saver Fund Fund (XIRR 7.9% a year) and ₹7,68,424 in Union Flexi Cap Fund (XIRR 9.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Union ELSS Tax Saver Fund Fund and Union Flexi Cap Fund?
Yes. 54.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union ELSS Tax Saver Fund Fund and Union Flexi Cap Fund?
Union ELSS Tax Saver Fund Fund: Vinod Malviya, Sanjay Bembalkar. Union Flexi Cap Fund: Sanjay Bembalkar, Vinod Malviya.
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.