Union Flexi Cap Fund vs Union Retirement Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Flexi Cap Fund is a Flexi Cap fund and Union Retirement Fund is a Solution fund. In the 3 years to 30-10-2026, Union Flexi Cap Fund (Direct) returned 10.7% a year and Union Retirement Fund (Direct) returned 12.1% a year. Union Flexi Cap Fund charges 1.52% a year and Union Retirement Fund 1.36% (Direct plans). Their portfolios overlap 46.2%: they hold 39 of the same securities.
Which is better, Union Flexi Cap 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 3 years: 12.1% a year against 10.7%.
- Union Retirement returned more over 1 year: −2.2% against −3.3%.
- Union Retirement costs less: 1.36% a year against 1.52% (Direct plans).
- Union Flexi Cap swung less over 3 years: a standard deviation of 14.0% a year against 14.3%.
- Union Flexi Cap fell less in its worst fall since 29-09-2022: −17.3% against −17.8%.
- Union Flexi Cap is the larger fund: ₹2,320 Cr against ₹207 Cr.
- Their portfolios overlap 46.2%: 39 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 Retirement Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Flexi Cap | Solution |
| AUM | ₹2,320 Cr (30-09-2026) | ₹207 Cr (30-09-2026) |
| NAV | ₹56.71 (Direct) | ₹16.43 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.36% |
| Expense ratio (Regular) | 2.54% | 2.67% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 500 TRI |
| Launch date | 10-06-2011 | 22-09-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Sanjay Bembalkar, Vinod Malviya | Pratik Dharmshi, Pratit Vajani |
| Exit load | Exit load of 1%, if redeemed within 15 days. | Nil |
Union Flexi Cap 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 Flexi Cap Fund (Direct) | −0.61% | −2.79% | +1.78% | −3.32% | +10.74% | +9.20% | +12.83% |
| Union Retirement Fund (Direct) | −2.20% | −5.14% | −1.02% | −2.20% | +12.05% | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | +13.13% |
Category average: the average of the 46 Flexi Cap funds, same plan type.
Union Flexi Cap vs Union Retirement: Year-wise Returns
| Year | Flexi CapUnion Flexi Cap | RetirementUnion Retirement | BSE 500 TRI |
|---|---|---|---|
| 2026to date | −2.66% | −2.67% | −7.81% |
| 2025 | +4.17% | +7.45% | +7.63% |
| 2024 | +18.20% | +18.75% | +15.81% |
| 2023 | +28.97% | +32.30% | +26.55% |
| 2022 | +0.05% | -- | +4.77% |
| 2021 | +38.27% | -- | +31.63% |
Union Flexi Cap vs Union Retirement: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 266 of them, one for each trading day from 29-09-2025 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 Flexi Cap Fund (Direct)
Union Retirement Fund (Direct)
BSE 500 TRI
to
Oct 2025Jan 2023
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Sept 2023
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 Flexi Cap | 0.0 | 0.0 | 1.9 | 47.0 | 51.1 | 0.0 | 0.0 | 14.6% | 15.1% | 9.4% | 18.0% | 93% |
| Union Retirement | 0.0 | 0.0 | 0.0 | 18.8 | 79.7 | 1.5 | 0.0 | 16.9% | 17.6% | 10.8% | 20.2% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 9.0 | 44.4 | 46.6 | 0.0 | 0.0 | 14.1% | 14.8% | 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 29-09-2022. Past returns do not promise future returns.
Union Flexi Cap 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 01-09-2022 to 30-10-2026: 50 instalments, ₹5,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Flexi CapUnion Flexi Cap Fund (Direct) | ₹5,00,000 | ₹5,90,350 | ₹90,350 | 7.9% |
| Union RetirementUnion Retirement Fund (Direct) | ₹5,00,000 | ₹6,05,015 | ₹1,05,015 | 9.1% |
Union Flexi CapUnion Flexi Cap 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 Flexi Cap vs Union Retirement: 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 Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | −3.32% | −2.20% |
| Standard deviation | 14.78% | 15.10% |
| Sharpe ratio | -0.58 | -0.49 |
| Sortino ratio | -0.77 | -0.66 |
| Maximum drawdown | −13.9% (30-03-2026) | −12.2% (23-03-2026) |
| Beta | 1.01 | 1.02 |
| Alpha | +4.41% | +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 Flexi Cap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.74% | +12.05% |
| Standard deviation | 14.00% | 14.27% |
| Sharpe ratio | 0.34 | 0.42 |
| Sortino ratio | 0.45 | 0.57 |
| Maximum drawdown | −17.3% (28-02-2025) | −17.8% (28-02-2025) |
| Beta | 0.96 | 0.98 |
| Alpha | +0.98% | +2.23% |
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 Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.63% | +14.09% |
| Standard deviation | 15.04% | 13.10% |
| Sharpe ratio | 0.44 | 0.60 |
| Sortino ratio | 0.59 | 0.82 |
| Maximum drawdown | −35.4% (23-03-2020) | −17.8% (28-02-2025) |
| Beta | 0.93 | 0.96 |
| Alpha | +0.26% | +3.12% |
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 Retirement 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 Retirement Fund (Direct) | −17.8% | 26-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −7.9% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 29-09-2022, 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 Retirement 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 Retirement Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Flexi Cap Fund (Direct) | 96% | 83% | 3.66% |
| Union Retirement Fund (Direct) | 97% | 77% | 3.70% |
From month-end values since 29-09-2022. 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 Retirement: Portfolio Overlap
From each fund's latest monthly portfolio: Union Flexi Cap Fund, September 2026; Union Retirement Fund, September 2026
Holdings in common
- Overlap
- 46.2%
- Held by both
- 39
- Only in Union Flexi Cap
- 36
- Only in Union Retirement
- 41
| Security | % of Union Flexi Cap | % of Union Retirement |
|---|---|---|
| ICICI Bank Ltd. | 6.32% | 5.76% |
| HDFC Bank Ltd. | 4.51% | 4.29% |
| Eternal Ltd. | 2.21% | 2.17% |
| Axis Bank Ltd. | 3.65% | 2.08% |
| State Bank of India | 3.35% | 1.77% |
| Bharti Airtel Ltd. | 2.61% | 1.45% |
| Torrent Pharmaceuticals Ltd. | 1.66% | 1.44% |
| Reliance Industries Ltd. | 1.43% | 2.10% |
| Ujjivan Small Finance Bank Ltd. | 1.92% | 1.41% |
| Gabriel India Ltd. | 1.97% | 1.40% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.42% | 1.36% |
| Navin Fluorine International Ltd. | 1.35% | 2.00% |
| Ajanta Pharma Ltd. | 1.75% | 1.16% |
| Infosys Ltd. | 1.11% | 1.52% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.61% | 1.06% |
| Shriram Finance Ltd. | 1.06% | 1.24% |
| Varun Beverages Ltd. | 1.19% | 1.05% |
| Titan Company Ltd. | 0.99% | 1.55% |
| Cemindia Projects Ltd. | 1.70% | 0.98% |
| Mphasis Ltd. | 0.97% | 1.34% |
| Bharat Heavy Electricals Ltd. | 1.57% | 0.96% |
| LG Electronics India Ltd. | 1.08% | 0.92% |
| Trent Ltd. | 1.70% | 0.89% |
| Shadowfax Technologies Ltd. | 1.83% | 0.81% |
| Aarti Industries Ltd. | 1.11% | 0.81% |
| Acutaas Chemicals Ltd. | 0.78% | 1.51% |
| Adani Enterprises Ltd. | 0.97% | 0.77% |
| Maruti Suzuki India Ltd. | 0.72% | 0.96% |
| CG Power and Industrial Solutions Ltd. | 0.72% | 0.83% |
| GE Vernova T&D India Ltd. | 0.68% | 1.83% |
| The Phoenix Mills Ltd. | 0.67% | 1.50% |
| Dixon Technologies (India) Ltd. | 0.59% | 1.59% |
| Ather Energy Ltd. | 1.11% | 0.55% |
| Data Patterns (India) Ltd. | 0.55% | 0.73% |
| JSW Steel Ltd. | 0.54% | 1.00% |
| Tata Consumer Products Ltd. | 0.49% | 1.84% |
| Engineers India Ltd. | 1.07% | 0.43% |
| 91 Day Treasury Bills | 0.05% | 0.04% |
| 91 Day Treasury Bills | 0.06% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 46.2% means 46.2% 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% |
| Bajaj Finance Ltd. | 2.19% |
| Sai Life Sciences Ltd. | 1.97% |
| Dr. Lal Path labs Ltd. | 1.38% |
| Manipal Health Enterprises Ltd | 1.37% |
Largest holdings only in Union Retirement Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Ltd. | 2.72% |
| Solar Industries India Ltd. | 2.53% |
| S.J.S. Enterprises Ltd. | 1.97% |
| Azad Engineering Ltd. | 1.87% |
| NTPC Ltd. | 1.80% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Flexi Cap | Union Retirement |
|---|---|---|
| Equity | 95.0% | 97.8% |
| Debt | 0.1% | 0.1% |
| Cash and others | 4.9% | 2.1% |
Market cap of stocks
| Market cap | Union Flexi Cap | Union Retirement |
|---|---|---|
| Large Cap | 51.7% | 46.8% |
| Mid Cap | 12.5% | 20.5% |
| Small Cap | 26.4% | 30.6% |
| 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 Retirement |
|---|---|---|
| Banks | 20.5% | 17.0% |
| Pharmaceuticals & Biotechnology | 10.1% | 4.1% |
| Capital Markets | 3.2% | 6.8% |
| Electrical Equipment | 3.7% | 6.3% |
| Finance | 5.9% | 2.9% |
| Chemicals & Petrochemicals | 2.5% | 5.8% |
| Auto Components | 4.7% | 5.7% |
| Consumer Durables | 2.7% | 5.6% |
| IT - Software | 4.8% | 4.5% |
| Retailing | 3.9% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Union Flexi Cap vs Union Retirement: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Flexi Cap Fund | Union Retirement Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.36% |
| Base expense ratio (Direct) | 0.85% | 0.98% |
| Total expense ratio (Regular) | 2.54% | 2.67% |
| Base expense ratio (Regular) | 1.73% | 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 Flexi Cap Fund vs Union Retirement Fund: Frequently Asked Questions
What is the difference between Union Flexi Cap Fund and Union Retirement Fund?
Union Flexi Cap Fund is a Flexi Cap fund, Union Retirement Fund is a Solution fund, run by Union Mutual Fund. Their portfolios overlap 46.2%. Union Flexi Cap Fund charges 1.52% a year and Union Retirement Fund 1.36%.
Which has given higher returns, Union Flexi Cap Fund or Union Retirement Fund?
Over 1 year: Union Flexi Cap Fund −3.32%, Union Retirement Fund −2.20%. Over 3 years: Union Flexi Cap Fund +10.74% a year, Union Retirement Fund +12.05% 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 Retirement Fund?
Union Retirement Fund charges less: 1.36% 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 Retirement Fund overlap?
46.2%. They hold 39 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Union Flexi Cap Fund or Union Retirement Fund?
On SEBI's riskometer, Union Flexi Cap Fund is rated Very High and Union Retirement Fund Very High. Over 3 years, the standard deviation of daily returns was 14.00% and 14.27% a year.
Which is better for SIP, Union Flexi Cap Fund or Union Retirement 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 ₹3,97,020 in Union Retirement Fund (XIRR 4.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Union Flexi Cap Fund and Union Retirement Fund?
Yes. 46.2% 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 Retirement Fund?
Union Flexi Cap Fund: Sanjay Bembalkar, Vinod Malviya. 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.