Union ELSS Tax Saver Fund Fund vs Union Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union ELSS Tax Saver Fund Fund is an ELSS fund and Union Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, Union ELSS Tax Saver Fund Fund (Direct) returned −6.6% and Union Multi Asset Allocation Fund (Direct) returned 2.5%. Union ELSS Tax Saver Fund Fund charges 1.71% a year and Union Multi Asset Allocation Fund 1.31% (Direct plans). Their portfolios overlap 44.3%: they hold 47 of the same securities.
Union ELSS Tax Saver Fund Fund
ELSS
- 1 year return
- −6.6%
- Expense ratio
- 1.71%
- NAV
- ₹68.15
Union Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 2.5%
- Expense ratio
- 1.31%
- NAV
- ₹11.91
Which is better, Union ELSS Tax Saver Fund or Union Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Multi Asset Allocation returned more over 1 year: 2.5% against −6.6%.
- Union Multi Asset Allocation costs less: 1.31% a year against 1.71% (Direct plans).
- Union Multi Asset Allocation fell less in its worst fall since 13-09-2024: −12.4% against −18.3%.
- Union ELSS Tax Saver Fund holds more in large companies: 54.5% of the fund in large caps against 40.1%.
- Union Multi Asset Allocation is the larger fund: ₹989 Cr against ₹821 Cr.
- Their portfolios overlap 44.3%: 47 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 Multi Asset Allocation Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | ELSS | Multi Asset |
| AUM | ₹821 Cr (30-09-2026) | ₹989 Cr (30-09-2026) |
| NAV | ₹68.15 (Direct) | ₹11.91 (Direct) |
| Expense ratio (Direct) | 1.71% | 1.31% |
| Expense ratio (Regular) | 2.55% | 2.40% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | 65% Nifty 50 TRI + 20% Nifty Composite Debt Index + 10% Domestic Prices of Gold + 5% Domestic Prices of Silver NIFTY Ben |
| Launch date | 23-12-2011 | 10-09-2024 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Vinod Malviya, Sanjay Bembalkar | Sanjay Bembalkar, Vinod Malviya, Anindya Sarkar |
| Exit load | Nil | Exit load of 1%, if redeemed within 15 days. |
Union ELSS Tax Saver Fund vs Union Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) | −1.81% | −3.56% | −2.22% | +2.50% | -- | -- | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | +13.05% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | -- | -- | -- |
Category average: the average of the 50 ELSS funds and the 37 Multi Asset funds, same plan type.
Union ELSS Tax Saver Fund vs Union Multi Asset Allocation: Year-wise Returns
| Year | ELSS Tax Saver FundUnion ELSS Tax Saver Fund | Multi Asset AllocationUnion Multi Asset Allocation |
|---|---|---|
| 2026to date | −5.75% | −1.49% |
| 2025 | +5.29% | +20.42% |
| 2024 | +17.95% | -- |
| 2023 | +27.50% | -- |
| 2022 | +2.42% | -- |
| 2021 | +36.65% | -- |
Union ELSS Tax Saver Fund vs Union Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Union ELSS Tax Saver Fund Fund
Rolling returns
Every 1-year holding period, 276 of them, one for each trading day from 15-09-2025 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 ELSS Tax Saver Fund Fund (Direct)
Union Multi Asset Allocation Fund (Direct)
BSE 500 TRI
to
Oct 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026May 2025
to
May 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Union ELSS Tax Saver Fund | 23.2 | 36.6 | 31.2 | 5.8 | 3.3 | 0.0 | 0.0 | 3.6% | 2.8% | −8.7% | 16.9% | 79% |
| Union Multi Asset Allocation | 0.0 | 5.1 | 5.4 | 25.0 | 41.3 | 12.0 | 11.2 | 16.9% | 16.3% | 0.7% | 33.2% | 100% |
| BSE 500 TRI | 31.9 | 30.4 | 28.3 | 8.0 | 1.4 | 0.0 | 0.0 | 3.1% | 2.5% | −9.2% | 15.7% | -- |
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 13-09-2024. Past returns do not promise future returns.
Union ELSS Tax Saver Fund vs Union Multi Asset Allocation: 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct) | ₹2,60,000 | ₹2,56,659 | −₹3,341 | −1.2% |
| Union Multi Asset AllocationUnion Multi Asset Allocation Fund (Direct) | ₹2,60,000 | ₹2,79,917 | ₹19,917 | 6.8% |
Union ELSS Tax Saver FundUnion ELSS Tax Saver Fund Fund (Direct)
Union Multi Asset AllocationUnion Multi Asset Allocation 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 Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −6.57% | +2.50% |
| Standard deviation | 14.85% | 13.22% |
| Sharpe ratio | -0.80 | -0.21 |
| Sortino ratio | -1.05 | -0.28 |
| Maximum drawdown | −14.0% (30-03-2026) | −12.4% (23-03-2026) |
| Beta | 1.01 | -- |
| Alpha | +1.27% | -- |
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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.58% | +8.21% |
| Standard deviation | 15.09% | 11.07% |
| Sharpe ratio | 0.43 | 0.23 |
| Sortino ratio | 0.58 | 0.31 |
| Maximum drawdown | −35.4% (23-03-2020) | −12.4% (23-03-2026) |
| Beta | 0.93 | -- |
| Alpha | +0.21% | -- |
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 Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct) | −12.4% | 29-01-2026 | 23-03-2026 | Not yet | -- | −7.5% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 13-09-2024, 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 ELSS Tax Saver Fund Fund (Direct)
Union Multi Asset Allocation Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union ELSS Tax Saver Fund Fund (Direct) | 98% | 92% | 3.60% |
| Union Multi Asset Allocation Fund (Direct) | 81% | 32% | 8.07% |
From month-end values since 13-09-2024. 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 ELSS Tax Saver Fund vs Union Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: Union ELSS Tax Saver Fund Fund, September 2026; Union Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 44.3%
- Held by both
- 47
- Only in Union ELSS Tax Saver Fund
- 36
- Only in Union Multi Asset Allocation
- 39
| Security | % of Union ELSS Tax Saver Fund | % of Union Multi Asset Allocation |
|---|---|---|
| ICICI Bank Ltd. | 7.17% | 4.49% |
| HDFC Bank Ltd. | 4.92% | 4.19% |
| Bharti Airtel Ltd. | 3.08% | 2.67% |
| Axis Bank Ltd. | 3.18% | 2.46% |
| Reliance Industries Ltd. | 2.46% | 2.44% |
| State Bank of India | 1.85% | 2.34% |
| Larsen & Toubro Ltd. | 2.10% | 1.54% |
| Eternal Ltd. | 2.05% | 1.16% |
| Gabriel India Ltd. | 1.98% | 1.15% |
| Maruti Suzuki India Ltd. | 1.53% | 1.11% |
| Kotak Mahindra Bank Ltd. | 1.11% | 1.50% |
| LG Electronics India Ltd. | 1.44% | 1.06% |
| Engineers India Ltd. | 1.02% | 1.32% |
| Bajaj Finance Ltd. | 0.98% | 1.68% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.10% | 0.88% |
| Tata Consumer Products Ltd. | 1.04% | 0.87% |
| Ajanta Pharma Ltd. | 1.68% | 0.82% |
| Inventurus Knowledge Solutions Ltd. | 0.80% | 0.92% |
| JSW Infrastructure Ltd. | 2.08% | 0.79% |
| Ultratech Cement Ltd. | 0.97% | 0.72% |
| Infosys Ltd. | 0.72% | 1.29% |
| CG Power and Industrial Solutions Ltd. | 1.78% | 0.66% |
| JSW Energy Ltd. | 1.68% | 0.61% |
| Shriram Finance Ltd. | 1.80% | 0.60% |
| Solar Industries India Ltd. | 1.79% | 0.60% |
| One 97 Communications Ltd. | 1.97% | 0.59% |
| Aarti Industries Ltd. | 1.20% | 0.59% |
| Cemindia Projects Ltd. | 0.59% | 0.58% |
| The Phoenix Mills Ltd. | 1.42% | 0.56% |
| Amber Enterprises India Ltd. | 1.06% | 0.56% |
| Tata Consultancy Services Ltd. | 0.73% | 0.56% |
| Bharat Heavy Electricals Ltd. | 1.39% | 0.53% |
| RBL Bank Ltd. | 1.11% | 0.52% |
| Ujjivan Small Finance Bank Ltd. | 1.50% | 0.51% |
| Shiprocket Ltd. | 0.50% | 0.52% |
| Tata Motors Ltd. | 0.50% | 0.90% |
| KRN Heat Exchanger and Refrigeration Ltd. | 0.49% | 0.67% |
| Gokaldas Exports Ltd. | 0.75% | 0.48% |
| Pidilite Industries Ltd. | 0.80% | 0.39% |
| Sai Life Sciences Ltd. | 1.56% | 0.33% |
| LTM Ltd. | 0.81% | 0.33% |
| Sun Pharmaceutical Industries Ltd. | 0.66% | 0.33% |
| Jindal Steel Ltd. | 1.81% | 0.25% |
| Varun Beverages Ltd. | 0.93% | 0.18% |
| Bharat Electronics Ltd. | 0.12% | 0.51% |
| 91 Day Treasury Bills | 0.03% | 0.28% |
| 91 Day Treasury Bills | 0.03% | 0.29% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.3% means 44.3% 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 |
|---|---|
| Sona Blw Precision Forgings Ltd. | 1.43% |
| UNO Minda Ltd. | 1.41% |
| Tech Mahindra Ltd. | 1.38% |
| Balrampur Chini Mills Ltd. | 1.33% |
| Data Patterns (India) Ltd. | 1.26% |
Largest holdings only in Union Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| Union Gold ETF | 11.71% |
| ICICI Prudential Silver ETF | 3.95% |
| National Bank for Agriculture and Rural Development | 2.49% |
| REC Ltd. | 2.46% |
| Canara Bank | 2.45% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union ELSS Tax Saver Fund | Union Multi Asset Allocation |
|---|---|---|
| Equity | 98.9% | 67.1% |
| Debt | 0.1% | 11.4% |
| Cash and others | 1.0% | 21.6% |
Market cap of stocks
| Market cap | Union ELSS Tax Saver Fund | Union Multi Asset Allocation |
|---|---|---|
| Large Cap | 54.5% | 40.1% |
| Mid Cap | 22.4% | 8.4% |
| Small Cap | 21.5% | 16.2% |
| Not on AMFI's list | 0.5% | 2.3% |
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 Multi Asset Allocation |
|---|---|---|
| Banks | 21.8% | 17.0% |
| Auto Components | 6.6% | 3.0% |
| Pharmaceuticals & Biotechnology | 6.4% | 3.1% |
| Chemicals & Petrochemicals | 5.0% | 1.6% |
| IT - Software | 5.0% | 2.6% |
| Electrical Equipment | 4.4% | 1.9% |
| Construction | 3.7% | 3.4% |
| Telecom - Services | 3.1% | 2.7% |
The six largest sectors of each fund's stocks, % of the fund.
Union ELSS Tax Saver Fund vs Union Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union ELSS Tax Saver Fund Fund | Union Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.71% | 1.31% |
| Base expense ratio (Direct) | 1.23% | 0.91% |
| Total expense ratio (Regular) | 2.55% | 2.40% |
| Base expense ratio (Regular) | 2.00% | 1.85% |
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
Compare Union Multi Asset Allocation with
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Union ELSS Tax Saver Fund Fund vs Union Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between Union ELSS Tax Saver Fund Fund and Union Multi Asset Allocation Fund?
Union ELSS Tax Saver Fund Fund is an ELSS fund, Union Multi Asset Allocation Fund is a Multi Asset fund, run by Union Mutual Fund. Their portfolios overlap 44.3%. Union ELSS Tax Saver Fund Fund charges 1.71% a year and Union Multi Asset Allocation Fund 1.31%.
Which has given higher returns, Union ELSS Tax Saver Fund Fund or Union Multi Asset Allocation Fund?
Over 1 year: Union ELSS Tax Saver Fund Fund −6.57%, Union Multi Asset Allocation Fund +2.50%. 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 Multi Asset Allocation Fund?
Union Multi Asset Allocation Fund charges less: 1.31% 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 Multi Asset Allocation Fund overlap?
44.3%. They hold 47 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Union ELSS Tax Saver Fund Fund or Union Multi Asset Allocation Fund?
On SEBI's riskometer, Union ELSS Tax Saver Fund Fund is rated Very High and Union Multi Asset Allocation Fund Very High. Over 1 years, the standard deviation of daily returns was 14.85% and 13.22% a year.
Can I invest in both Union ELSS Tax Saver Fund Fund and Union Multi Asset Allocation Fund?
Yes. 44.3% 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 Multi Asset Allocation Fund?
Union ELSS Tax Saver Fund Fund: Vinod Malviya, Sanjay Bembalkar. Union Multi Asset Allocation Fund: Sanjay Bembalkar, Vinod Malviya, Anindya Sarkar.
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.