Union ELSS Tax Saver Fund Fund vs Union Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union ELSS Tax Saver Fund Fund is an ELSS fund and Union Midcap Fund is a Mid Cap fund. In the 3 years to 30-10-2026, Union ELSS Tax Saver Fund Fund (Direct) returned 9.6% a year and Union Midcap Fund (Direct) returned 15.6% a year. Union ELSS Tax Saver Fund Fund charges 1.71% a year and Union Midcap Fund 1.08% (Direct plans). Their portfolios overlap 45.8%: they hold 45 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 Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Midcap returned more over 5 years: 13.8% a year against 8.9%.
- Union Midcap returned more over 3 years: 15.6% a year against 9.6%.
- Union Midcap costs less: 1.08% a year against 1.71% (Direct plans).
- Union ELSS Tax Saver Fund swung less over 3 years: a standard deviation of 14.1% a year against 16.8%.
- Union ELSS Tax Saver Fund fell less in its worst fall since 30-03-2020: −18.3% against −21.3%.
- Union ELSS Tax Saver Fund holds more in large companies: 54.5% of the fund in large caps against 15.6%.
- Union Midcap is the larger fund: ₹1,906 Cr against ₹821 Cr.
- Their portfolios overlap 45.8%: 45 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 Midcap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | ELSS | Mid Cap |
| AUM | ₹821 Cr (30-09-2026) | ₹1,906 Cr (30-09-2026) |
| NAV | ₹68.15 (Direct) | ₹53.40 (Direct) |
| Expense ratio (Direct) | 1.71% | 1.08% |
| Expense ratio (Regular) | 2.55% | 2.39% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE Midcap 150 TRI |
| Launch date | 23-12-2011 | 23-03-2020 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Vinod Malviya, Sanjay Bembalkar | Gaurav Chopra, Pratik Dharmshi |
| Exit load | Nil | Exit load of 1%, if redeemed within 15 days. |
Union ELSS Tax Saver Fund vs Union Midcap: 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 Midcap Fund (Direct) | −2.89% | −4.59% | +1.33% | +0.66% | +15.60% | +13.79% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
Category average: the average of the 50 ELSS funds and the 34 Mid Cap funds, same plan type.
Union ELSS Tax Saver Fund vs Union Midcap: Year-wise Returns
| Year | ELSS Tax Saver FundUnion ELSS Tax Saver Fund | MidcapUnion Midcap |
|---|---|---|
| 2026to date | −5.75% | +1.41% |
| 2025 | +5.29% | +3.68% |
| 2024 | +17.95% | +30.50% |
| 2023 | +27.50% | +34.21% |
| 2022 | +2.42% | −0.82% |
| 2021 | +36.65% | +53.98% |
Union ELSS Tax Saver Fund vs Union Midcap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Union ELSS Tax Saver Fund Fund
Rolling returns
Every 3-year holding period, 880 of them, one for each trading day from 31-03-2023 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 Midcap Fund (Direct)
BSE 500 TRI
to
Jul 2023Feb 2021
to
Feb 2024Sept 2021
to
Sept 2024May 2022
to
May 2025Dec 2022
to
Dec 2025Jul 2023
to
Jul 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 ELSS Tax Saver Fund | 0.0 | 0.0 | 2.6 | 22.5 | 40.0 | 23.5 | 11.4 | 18.3% | 17.3% | 8.6% | 32.5% | 71% |
| Union Midcap | 0.0 | 0.0 | 0.0 | 0.6 | 24.3 | 41.5 | 33.6 | 23.9% | 22.7% | 14.2% | 39.7% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 2.7 | 23.2 | 45.9 | 19.3 | 8.9 | 17.9% | 17.2% | 8.4% | 32.2% | -- |
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 30-03-2020. Past returns do not promise future returns.
Union ELSS Tax Saver Fund vs Union Midcap: 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 02-03-2020 to 30-10-2026: 80 instalments, ₹8,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct) | ₹8,00,000 | ₹11,89,564 | ₹3,89,564 | 11.7% |
| Union MidcapUnion Midcap Fund (Direct) | ₹8,00,000 | ₹14,77,594 | ₹6,77,594 | 18.2% |
Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct)
Union MidcapUnion Midcap 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 Midcap: 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 Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.57% | +0.66% |
| Standard deviation | 14.85% | 16.64% |
| Sharpe ratio | -0.80 | -0.28 |
| Sortino ratio | -1.05 | -0.37 |
| Maximum drawdown | −14.0% (30-03-2026) | −12.1% (23-10-2026) |
| Beta | 1.01 | 0.99 |
| Alpha | +1.27% | +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 ELSS Tax Saver Fund Fund (Direct) | Union Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.64% | +15.60% |
| Standard deviation | 14.09% | 16.83% |
| Sharpe ratio | 0.26 | 0.57 |
| Sortino ratio | 0.34 | 0.76 |
| Maximum drawdown | −18.3% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 0.97 | 0.96 |
| Alpha | −0.15% | +2.40% |
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 Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.90% | +13.79% |
| Standard deviation | 13.88% | 15.87% |
| Sharpe ratio | 0.22 | 0.50 |
| Sortino ratio | 0.30 | 0.67 |
| Maximum drawdown | −18.3% (28-02-2025) | −21.3% (28-02-2025) |
| Beta | 0.95 | 0.92 |
| Alpha | +0.39% | +1.25% |
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 Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.58% | +28.22% |
| Standard deviation | 15.09% | 16.03% |
| Sharpe ratio | 0.43 | 1.44 |
| Sortino ratio | 0.58 | 1.99 |
| Maximum drawdown | −35.4% (23-03-2020) | −21.3% (28-02-2025) |
| Beta | 0.93 | 0.89 |
| Alpha | +0.21% | +3.23% |
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 Midcap 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) | −18.3% | 23-09-2024 | 28-02-2025 | 05-08-2026 | 17 months | −7.3% |
| Union Midcap Fund (Direct) | −21.3% | 23-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −9.3% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 30-03-2020, 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 Midcap 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 Midcap 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 Midcap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union ELSS Tax Saver Fund Fund (Direct) | 96% | 89% | 3.60% |
| Union Midcap Fund (Direct) | 107% | 67% | 8.20% |
From month-end values since 30-03-2020. 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 Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Union ELSS Tax Saver Fund Fund, September 2026; Union Midcap Fund, September 2026
Holdings in common
- Overlap
- 45.8%
- Held by both
- 45
- Only in Union ELSS Tax Saver Fund
- 38
- Only in Union Midcap
- 32
| Security | % of Union ELSS Tax Saver Fund | % of Union Midcap |
|---|---|---|
| One 97 Communications Ltd. | 1.97% | 3.10% |
| Solar Industries India Ltd. | 1.79% | 1.75% |
| JSW Infrastructure Ltd. | 2.08% | 1.68% |
| Ajanta Pharma Ltd. | 1.68% | 2.08% |
| JSW Energy Ltd. | 1.68% | 1.74% |
| Jindal Steel Ltd. | 1.81% | 1.65% |
| Shriram Finance Ltd. | 1.80% | 1.61% |
| Axis Bank Ltd. | 3.18% | 1.53% |
| Ujjivan Small Finance Bank Ltd. | 1.50% | 1.62% |
| Sai Life Sciences Ltd. | 1.56% | 1.49% |
| LG Electronics India Ltd. | 1.44% | 1.68% |
| Sona Blw Precision Forgings Ltd. | 1.43% | 1.80% |
| The Phoenix Mills Ltd. | 1.42% | 2.00% |
| UNO Minda Ltd. | 1.41% | 1.72% |
| Bharat Heavy Electricals Ltd. | 1.39% | 2.12% |
| Aether Industries Ltd. | 1.23% | 1.18% |
| Max Financial Services Ltd. | 1.17% | 2.59% |
| RBL Bank Ltd. | 1.11% | 1.42% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.10% | 1.35% |
| Aarti Industries Ltd. | 1.20% | 1.05% |
| Cummins India Ltd. | 1.00% | 1.08% |
| CG Power and Industrial Solutions Ltd. | 1.78% | 0.99% |
| Gabriel India Ltd. | 1.98% | 0.98% |
| The Federal Bank Ltd. | 0.95% | 3.04% |
| Acutaas Chemicals Ltd. | 0.93% | 1.00% |
| Amber Enterprises India Ltd. | 1.06% | 0.92% |
| AIA Engineering Ltd. | 0.95% | 0.92% |
| Dixon Technologies (India) Ltd. | 0.92% | 1.37% |
| Mphasis Ltd. | 0.83% | 2.04% |
| Grindwell Norton Ltd. | 0.92% | 0.80% |
| Varun Beverages Ltd. | 0.93% | 0.76% |
| Gokaldas Exports Ltd. | 0.75% | 0.74% |
| Info Edge (India) Ltd. | 0.70% | 1.76% |
| Schaeffler India Ltd. | 0.66% | 0.99% |
| Data Patterns (India) Ltd. | 1.26% | 0.64% |
| Zydus Lifesciences Ltd. | 0.64% | 0.75% |
| Fortis Healthcare Ltd. | 0.62% | 2.18% |
| Aditya Birla Capital Ltd. | 0.53% | 1.36% |
| Tata Motors Ltd. | 0.50% | 0.76% |
| Coforge Ltd. | 0.49% | 2.01% |
| CarTrade Tech Ltd. | 0.39% | 0.86% |
| Prestige Estates Projects Ltd. | 0.28% | 1.79% |
| BSE Ltd. | 0.26% | 1.02% |
| 91 Day Treasury Bills | 0.03% | 0.04% |
| 91 Day Treasury Bills | 0.03% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.8% means 45.8% 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 |
|---|---|
| ICICI Bank Ltd. | 7.17% |
| HDFC Bank Ltd. | 4.92% |
| Bharti Airtel Ltd. | 3.08% |
| Reliance Industries Ltd. | 2.46% |
| Larsen & Toubro Ltd. | 2.10% |
Largest holdings only in Union Midcap Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Ltd. | 2.90% |
| IPCA Laboratories Ltd. | 2.49% |
| GE Vernova T&D India Ltd. | 2.38% |
| Nippon Life India Asset Management Ltd. | 2.19% |
| Apar Industries Ltd. | 1.87% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union ELSS Tax Saver Fund | Union Midcap |
|---|---|---|
| Equity | 98.9% | 98.1% |
| Debt | 0.1% | 0.1% |
| Cash and others | 1.0% | 1.8% |
Market cap of stocks
| Market cap | Union ELSS Tax Saver Fund | Union Midcap |
|---|---|---|
| Large Cap | 54.5% | 15.6% |
| Mid Cap | 22.4% | 66.5% |
| Small Cap | 21.5% | 15.5% |
| Not on AMFI's list | 0.5% | 0.5% |
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 Midcap |
|---|---|---|
| Banks | 21.8% | 9.1% |
| Auto Components | 6.6% | 9.8% |
| Pharmaceuticals & Biotechnology | 6.4% | 8.6% |
| Electrical Equipment | 4.4% | 7.4% |
| Capital Markets | 1.3% | 7.3% |
| Chemicals & Petrochemicals | 5.0% | 5.7% |
| IT - Software | 5.0% | 4.8% |
The six largest sectors of each fund's stocks, % of the fund.
Union ELSS Tax Saver Fund vs Union Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union ELSS Tax Saver Fund Fund | Union Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.71% | 1.08% |
| Base expense ratio (Direct) | 1.23% | 0.66% |
| Total expense ratio (Regular) | 2.55% | 2.39% |
| Base expense ratio (Regular) | 2.00% | 1.78% |
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 Midcap Fund: Frequently Asked Questions
What is the difference between Union ELSS Tax Saver Fund Fund and Union Midcap Fund?
Union ELSS Tax Saver Fund Fund is an ELSS fund, Union Midcap Fund is a Mid Cap fund, run by Union Mutual Fund. Their portfolios overlap 45.8%. Union ELSS Tax Saver Fund Fund charges 1.71% a year and Union Midcap Fund 1.08%.
Which has given higher returns, Union ELSS Tax Saver Fund Fund or Union Midcap Fund?
Over 1 year: Union ELSS Tax Saver Fund Fund −6.57%, Union Midcap Fund +0.66%. Over 3 years: Union ELSS Tax Saver Fund Fund +9.64% a year, Union Midcap Fund +15.60% a year. Over 5 years: Union ELSS Tax Saver Fund Fund +8.90% a year, Union Midcap Fund +13.79% 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 Midcap Fund?
Union Midcap Fund charges less: 1.08% 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 Midcap Fund overlap?
45.8%. They hold 45 of the same securities, the largest shared ones being PAYTM, SOLARINDS, JSWINFRA. From each fund's latest monthly portfolio.
Which is riskier, Union ELSS Tax Saver Fund Fund or Union Midcap Fund?
On SEBI's riskometer, Union ELSS Tax Saver Fund Fund is rated Very High and Union Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.09% and 16.83% a year.
Which is better for SIP, Union ELSS Tax Saver Fund Fund or Union Midcap 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 ₹8,58,918 in Union Midcap Fund (XIRR 13.4% 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 Midcap Fund?
Yes. 45.8% 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 Midcap Fund?
Union ELSS Tax Saver Fund Fund: Vinod Malviya, Sanjay Bembalkar. Union Midcap Fund: Gaurav Chopra, Pratik Dharmshi.
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.