Union Flexi Cap Fund vs Union Multicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Flexi Cap Fund is a Flexi Cap fund and Union Multicap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Union Flexi Cap Fund (Direct) returned 10.7% a year and Union Multicap Fund (Direct) returned 14.2% a year. Union Flexi Cap Fund charges 1.52% a year and Union Multicap Fund 1.39% (Direct plans). Their portfolios overlap 40.5%: they hold 37 of the same securities.
Which is better, Union Flexi Cap or Union Multicap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Multicap returned more over 3 years: 14.2% a year against 10.7%.
- Union Multicap returned more over 1 year: 2.5% against −3.3%.
- Union Multicap costs less: 1.39% a year against 1.52% (Direct plans).
- Union Flexi Cap swung less over 3 years: a standard deviation of 14.0% a year against 15.0%.
- Union Flexi Cap fell less in its worst fall since 26-12-2022: −17.3% against −19.8%.
- Union Flexi Cap holds more in large companies: 51.7% of the fund in large caps against 31.0%.
- Union Flexi Cap is the larger fund: ₹2,320 Cr against ₹1,516 Cr.
- Their portfolios overlap 40.5%: 37 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 Flexi Cap Fund | Union Multicap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Flexi Cap | Multi Cap |
| AUM | ₹2,320 Cr (30-09-2026) | ₹1,516 Cr (30-09-2026) |
| NAV | ₹56.71 (Direct) | ₹17.49 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.39% |
| Expense ratio (Regular) | 2.54% | 2.55% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 10-06-2011 | 19-12-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Sanjay Bembalkar, Vinod Malviya | Harshad Patwardhan, Sanjay Bembalkar |
| Exit load | Exit load of 1%, if redeemed within 15 days. | Exit load of 1%, if redeemed within 15 days |
Union Flexi Cap vs Union Multicap: 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 Flexi Cap Fund (Direct) | −0.61% | −2.79% | +1.78% | −3.32% | +10.74% | +9.20% | +12.83% |
| Union Multicap Fund (Direct) | −1.63% | −2.51% | +4.54% | +2.52% | +14.18% | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 46 Flexi Cap funds and the 33 Multi Cap funds, same plan type.
Union Flexi Cap vs Union Multicap: Year-wise Returns
| Year | Flexi CapUnion Flexi Cap | MulticapUnion Multicap |
|---|---|---|
| 2026to date | −2.66% | +3.55% |
| 2025 | +4.17% | +3.87% |
| 2024 | +18.20% | +24.03% |
| 2023 | +28.97% | +33.64% |
| 2022 | +0.05% | -- |
| 2021 | +38.27% | -- |
Union Flexi Cap vs Union Multicap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Union Flexi Cap Fund
Rolling returns
Every 3-year holding period, 207 of them, one for each trading day from 26-12-2025 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 Flexi Cap Fund (Direct)
Union Multicap Fund (Direct)
BSE 500 TRI
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Union Flexi Cap | 0.0 | 0.0 | 2.4 | 59.9 | 37.7 | 0.0 | 0.0 | 14.0% | 13.8% | 9.4% | 17.8% | 91% |
| Union Multicap | 0.0 | 0.0 | 0.0 | 13.5 | 70.5 | 15.9 | 0.0 | 17.7% | 17.6% | 13.1% | 21.2% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 11.6 | 54.6 | 33.8 | 0.0 | 0.0 | 13.6% | 13.5% | 8.4% | 17.8% | -- |
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 26-12-2022. Past returns do not promise future returns.
Union Flexi Cap vs Union Multicap: 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 01-12-2022 to 30-10-2026: 47 instalments, ₹4,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Flexi CapUnion Flexi Cap Fund (Direct) | ₹4,70,000 | ₹5,43,106 | ₹73,106 | 7.3% |
| Union MulticapUnion Multicap Fund (Direct) | ₹4,70,000 | ₹5,90,101 | ₹1,20,101 | 11.7% |
Union Flexi CapUnion Flexi Cap Fund (Direct)
Union MulticapUnion Multicap 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 Flexi Cap vs Union Multicap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Flexi Cap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.32% | +2.52% |
| Standard deviation | 14.78% | 15.16% |
| Sharpe ratio | -0.58 | -0.18 |
| Sortino ratio | -0.77 | -0.24 |
| Maximum drawdown | −13.9% (30-03-2026) | −12.7% (23-03-2026) |
| Beta | 1.01 | 0.98 |
| Alpha | +4.41% | +8.30% |
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 Flexi Cap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.74% | +14.18% |
| Standard deviation | 14.00% | 15.01% |
| Sharpe ratio | 0.34 | 0.54 |
| Sortino ratio | 0.45 | 0.73 |
| Maximum drawdown | −17.3% (28-02-2025) | −19.8% (28-02-2025) |
| Beta | 0.96 | 0.97 |
| Alpha | +0.98% | +3.08% |
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 Flexi Cap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.63% | +16.48% |
| Standard deviation | 15.04% | 13.87% |
| Sharpe ratio | 0.44 | 0.74 |
| Sortino ratio | 0.59 | 1.00 |
| Maximum drawdown | −35.4% (23-03-2020) | −19.8% (28-02-2025) |
| Beta | 0.93 | 0.96 |
| Alpha | +0.26% | +3.62% |
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 Flexi Cap Fund (Direct)
Union Multicap 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 Flexi Cap Fund (Direct) | −17.3% | 24-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −5.9% |
| Union Multicap Fund (Direct) | −19.8% | 23-09-2024 | 28-02-2025 | 07-05-2026 | 14 months | −7.0% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 26-12-2022, 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 Flexi Cap Fund (Direct)
Union Multicap 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 Flexi Cap Fund (Direct)
Union Multicap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Flexi Cap Fund (Direct) | 96% | 83% | 3.74% |
| Union Multicap Fund (Direct) | 106% | 72% | 5.60% |
From month-end values since 26-12-2022. 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 Flexi Cap vs Union Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: Union Flexi Cap Fund, September 2026; Union Multicap Fund, September 2026
Holdings in common
- Overlap
- 40.5%
- Held by both
- 37
- Only in Union Flexi Cap
- 38
- Only in Union Multicap
- 40
| Security | % of Union Flexi Cap | % of Union Multicap |
|---|---|---|
| ICICI Bank Ltd. | 6.32% | 4.20% |
| HDFC Bank Ltd. | 4.51% | 2.95% |
| Sai Life Sciences Ltd. | 1.97% | 1.86% |
| Gabriel India Ltd. | 1.97% | 1.77% |
| State Bank of India | 3.35% | 1.69% |
| Axis Bank Ltd. | 3.65% | 1.53% |
| Bharat Heavy Electricals Ltd. | 1.57% | 1.49% |
| Bharti Airtel Ltd. | 2.61% | 1.35% |
| Navin Fluorine International Ltd. | 1.35% | 1.54% |
| Coforge Ltd. | 1.21% | 1.33% |
| Reliance Industries Ltd. | 1.43% | 1.12% |
| Ather Energy Ltd. | 1.11% | 1.35% |
| One 97 Communications Ltd. | 1.09% | 2.09% |
| LG Electronics India Ltd. | 1.08% | 1.61% |
| Shriram Finance Ltd. | 1.06% | 1.52% |
| Ujjivan Small Finance Bank Ltd. | 1.92% | 1.02% |
| Shadowfax Technologies Ltd. | 1.83% | 1.01% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.61% | 1.01% |
| Torrent Pharmaceuticals Ltd. | 1.66% | 0.98% |
| Adani Enterprises Ltd. | 0.97% | 1.11% |
| Mphasis Ltd. | 0.97% | 1.76% |
| Honasa Consumer Ltd. | 1.02% | 0.95% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.42% | 0.94% |
| Sun Pharmaceutical Industries Ltd. | 0.94% | 2.07% |
| Cummins India Ltd. | 0.92% | 0.83% |
| Acutaas Chemicals Ltd. | 0.78% | 0.99% |
| Prestige Estates Projects Ltd. | 0.70% | 1.16% |
| GE Vernova T&D India Ltd. | 0.68% | 0.84% |
| The Phoenix Mills Ltd. | 0.67% | 1.37% |
| Dixon Technologies (India) Ltd. | 0.59% | 1.96% |
| Data Patterns (India) Ltd. | 0.55% | 0.98% |
| JSW Steel Ltd. | 0.54% | 0.87% |
| Larsen & Toubro Ltd. | 0.49% | 2.41% |
| Aarti Industries Ltd. | 1.11% | 0.47% |
| Sumitomo Chemical India Ltd. | 0.42% | 0.48% |
| 91 Day Treasury Bills | 0.06% | 0.06% |
| 91 Day Treasury Bills | 0.05% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.5% means 40.5% 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 Flexi Cap Fund
| Security | % of fund |
|---|---|
| Divi's Laboratories Ltd. | 2.28% |
| Eternal Ltd. | 2.21% |
| Bajaj Finance Ltd. | 2.19% |
| Ajanta Pharma Ltd. | 1.75% |
| Trent Ltd. | 1.70% |
Largest holdings only in Union Multicap Fund
| Security | % of fund |
|---|---|
| Karur Vysya Bank Ltd. | 2.32% |
| S.J.S. Enterprises Ltd. | 2.02% |
| Radico Khaitan Ltd. | 1.70% |
| Info Edge (India) Ltd. | 1.65% |
| Multi Commodity Exchange of India Ltd. | 1.64% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Flexi Cap | Union Multicap |
|---|---|---|
| Equity | 95.0% | 92.7% |
| Debt | 0.1% | 0.1% |
| Cash and others | 4.9% | 7.2% |
Market cap of stocks
| Market cap | Union Flexi Cap | Union Multicap |
|---|---|---|
| Large Cap | 51.7% | 31.0% |
| Mid Cap | 12.5% | 29.9% |
| Small Cap | 26.4% | 31.7% |
| Not on AMFI's list | 4.5% | 0.0% |
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 | Union Flexi Cap | Union Multicap |
|---|---|---|
| Banks | 20.5% | 16.3% |
| Pharmaceuticals & Biotechnology | 10.1% | 8.3% |
| Auto Components | 4.7% | 8.6% |
| Finance | 5.9% | 3.9% |
| IT - Software | 4.8% | 4.2% |
| Industrial Products | 1.6% | 4.2% |
| Electrical Equipment | 3.7% | 4.1% |
| Retailing | 3.9% | 3.2% |
The six largest sectors of each fund's stocks, % of the fund.
Union Flexi Cap vs Union Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Flexi Cap Fund | Union Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.39% |
| Base expense ratio (Direct) | 0.85% | 0.83% |
| Total expense ratio (Regular) | 2.54% | 2.55% |
| Base expense ratio (Regular) | 1.73% | 1.82% |
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 Flexi Cap with
Union Flexi Cap Fund vs Union Multicap Fund: Frequently Asked Questions
What is the difference between Union Flexi Cap Fund and Union Multicap Fund?
Union Flexi Cap Fund is a Flexi Cap fund, Union Multicap Fund is a Multi Cap fund, run by Union Mutual Fund. Their portfolios overlap 40.5%. Union Flexi Cap Fund charges 1.52% a year and Union Multicap Fund 1.39%.
Which has given higher returns, Union Flexi Cap Fund or Union Multicap Fund?
Over 1 year: Union Flexi Cap Fund −3.32%, Union Multicap Fund +2.52%. Over 3 years: Union Flexi Cap Fund +10.74% a year, Union Multicap Fund +14.18% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union Flexi Cap Fund or Union Multicap Fund?
Union Multicap Fund charges less: 1.39% a year against 1.52%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Flexi Cap Fund and Union Multicap Fund overlap?
40.5%. They hold 37 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SAILIFE. From each fund's latest monthly portfolio.
Which is riskier, Union Flexi Cap Fund or Union Multicap Fund?
On SEBI's riskometer, Union Flexi Cap Fund is rated Very High and Union Multicap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.00% and 15.01% a year.
Which is better for SIP, Union Flexi Cap Fund or Union Multicap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,92,896 in Union Flexi Cap Fund (XIRR 3.8% a year) and ₹4,18,952 in Union Multicap Fund (XIRR 8.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Union Flexi Cap Fund and Union Multicap Fund?
Yes. 40.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union Flexi Cap Fund and Union Multicap Fund?
Union Flexi Cap Fund: Sanjay Bembalkar, Vinod Malviya. Union Multicap Fund: Harshad Patwardhan, Sanjay Bembalkar.
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.