Union Innovation & Opportunities Fund vs Union Large & Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Innovation & Opportunities Fund is a Thematic fund and Union Large & Midcap Fund is a Large & Mid Cap fund. In the 3 years to 30-10-2026, Union Innovation & Opportunities Fund (Direct) returned 18.3% a year and Union Large & Midcap Fund (Direct) returned 12.4% a year. Union Innovation & Opportunities Fund charges 0.99% a year and Union Large & Midcap Fund 1.32% (Direct plans). Their portfolios overlap 30.3%: they hold 27 of the same securities.
Union Innovation & Opportunities Fund
Thematic
- 3 year return
- 18.3%
- Expense ratio
- 0.99%
- NAV
- ₹16.02
Union Large & Midcap Fund
Large & Mid Cap
- 3 year return
- 12.4%
- Expense ratio
- 1.32%
- NAV
- ₹28.14
Which is better, Union Innovation & Opportunities or Union Large & 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 Innovation & Opportunities returned more over 3 years: 18.3% a year against 12.4%.
- Union Innovation & Opportunities returned more over 1 year: 4.2% against −0.7%.
- Union Innovation & Opportunities costs less: 0.99% a year against 1.32% (Direct plans).
- Union Large & Midcap swung less over 3 years: a standard deviation of 15.3% a year against 17.8%.
- Union Large & Midcap fell less in its worst fall since 13-09-2023: −18.7% against −23.9%.
- Union Large & Midcap holds more in large companies: 44.0% of the fund in large caps against 13.1%.
- Union Innovation & Opportunities is the larger fund: ₹1,307 Cr against ₹969 Cr.
- Their portfolios overlap 30.3%: 27 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 Innovation & Opportunities Fund | Union Large & Midcap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Thematic | Large & Mid Cap |
| AUM | ₹1,307 Cr (30-09-2026) | ₹969 Cr (30-09-2026) |
| NAV | ₹16.02 (Direct) | ₹28.14 (Direct) |
| Expense ratio (Direct) | 0.99% | 1.32% |
| Expense ratio (Regular) | 2.35% | 2.53% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 06-09-2023 | 06-12-2019 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Gaurav Chopra, Sanjay Bembalkar | Vinod Malviya, Pratik Dharmshi |
| Exit load | Exit load of 1%, if redeemed within 1 year. | Exit load of 1%, if redeemed within 15 days. |
Union Innovation & Opportunities vs Union Large & 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 Innovation & Opportunities Fund (Direct) | −2.08% | +0.19% | +11.72% | +4.16% | +18.28% | -- | -- |
| Union Large & Midcap Fund (Direct) | −1.54% | −2.90% | +2.96% | −0.74% | +12.37% | +10.31% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 235 Thematic funds and the 36 Large & Mid Cap funds, same plan type.
Union Innovation & Opportunities vs Union Large & Midcap: Year-wise Returns
| Year | Innovation & OpportunitiesUnion Innovation & Opportunities | Large & MidcapUnion Large & Midcap |
|---|---|---|
| 2026to date | +8.98% | −0.07% |
| 2025 | −2.58% | +3.57% |
| 2024 | +42.90% | +22.26% |
| 2023 | -- | +28.33% |
| 2022 | -- | −1.87% |
| 2021 | -- | +40.05% |
Union Innovation & Opportunities vs Union Large & Midcap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Union Innovation & Opportunities Fund
Rolling returns
Every 3-year holding period, 30 of them, one for each trading day from 15-09-2026 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 Innovation & Opportunities Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 500 TRI
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 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 Innovation & Opportunities | 0.0 | 0.0 | 0.0 | 0.0 | 93.3 | 6.7 | 0.0 | 18.2% | 18.2% | 16.1% | 20.3% | 100% |
| Union Large & Midcap | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 12.3% | 12.2% | 11.0% | 13.9% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 63.3 | 36.7 | 0.0 | 0.0 | 0.0 | 9.8% | 9.6% | 8.8% | 11.0% | -- |
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 Nifty 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 13-09-2023. Past returns do not promise future returns.
Union Innovation & Opportunities vs Union Large & 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 13-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct) | ₹3,80,000 | ₹4,63,358 | ₹83,358 | 12.6% |
| Union Large & MidcapUnion Large & Midcap Fund (Direct) | ₹3,80,000 | ₹4,18,636 | ₹38,636 | 6.1% |
Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct)
Union Large & MidcapUnion Large & 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 Innovation & Opportunities vs Union Large & Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Innovation & Opportunities Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.16% | −0.74% |
| Standard deviation | 17.56% | 15.51% |
| Sharpe ratio | -0.06 | -0.39 |
| Sortino ratio | -0.08 | -0.52 |
| Maximum drawdown | −18.1% (23-03-2026) | −12.6% (30-03-2026) |
| Beta | 1.07 | 1.01 |
| Alpha | +12.37% | +5.90% |
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 Innovation & Opportunities Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.28% | +12.37% |
| Standard deviation | 17.80% | 15.31% |
| Sharpe ratio | 0.69 | 0.41 |
| Sortino ratio | 0.94 | 0.55 |
| Maximum drawdown | −23.9% (07-04-2025) | −18.7% (28-02-2025) |
| Beta | 1.09 | 1.01 |
| Alpha | +7.69% | +0.82% |
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 Innovation & Opportunities Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.48% | +16.18% |
| Standard deviation | 17.64% | 17.07% |
| Sharpe ratio | 0.59 | 0.65 |
| Sortino ratio | 0.80 | 0.85 |
| Maximum drawdown | −23.9% (07-04-2025) | −35.6% (23-03-2020) |
| Beta | 1.09 | 0.96 |
| Alpha | +7.88% | +0.71% |
From daily NAVs, 13-09-2023 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.
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 Innovation & Opportunities Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Innovation & Opportunities Fund (Direct) | −23.9% | 17-12-2024 | 07-04-2025 | 30-06-2026 | 15 months | −6.3% |
| Union Large & Midcap Fund (Direct) | −18.7% | 23-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −6.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 13-09-2023, 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 Innovation & Opportunities Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 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 Innovation & Opportunities Fund (Direct)
Union Large & Midcap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Innovation & Opportunities Fund (Direct) | 123% | 90% | 9.66% |
| Union Large & Midcap Fund (Direct) | 103% | 92% | 5.08% |
From month-end values since 13-09-2023. 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 Innovation & Opportunities vs Union Large & Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Union Innovation & Opportunities Fund, September 2026; Union Large & Midcap Fund, September 2026
Holdings in common
- Overlap
- 30.3%
- Held by both
- 27
- Only in Union Innovation & Opportunities
- 28
- Only in Union Large & Midcap
- 54
| Security | % of Union Innovation & Opportunities | % of Union Large & Midcap |
|---|---|---|
| One 97 Communications Ltd. | 5.25% | 2.49% |
| Eternal Ltd. | 4.80% | 2.28% |
| CG Power and Industrial Solutions Ltd. | 2.84% | 1.86% |
| Shriram Finance Ltd. | 1.80% | 2.00% |
| The Phoenix Mills Ltd. | 2.46% | 1.74% |
| JSW Energy Ltd. | 2.23% | 1.65% |
| Sai Life Sciences Ltd. | 3.12% | 1.51% |
| The Federal Bank Ltd. | 1.64% | 1.51% |
| Sona Blw Precision Forgings Ltd. | 2.84% | 1.46% |
| UNO Minda Ltd. | 1.31% | 1.79% |
| GE Vernova T&D India Ltd. | 3.20% | 1.21% |
| ZF Commercial Vehicle Control Systems India Ltd. | 2.59% | 1.18% |
| Aether Industries Ltd. | 1.84% | 1.17% |
| Info Edge (India) Ltd. | 3.49% | 1.13% |
| Gabriel India Ltd. | 1.50% | 1.05% |
| Navin Fluorine International Ltd. | 1.04% | 1.46% |
| Dixon Technologies (India) Ltd. | 1.00% | 0.95% |
| FSN E-Commerce Ventures Ltd. | 0.93% | 1.37% |
| Amber Enterprises India Ltd. | 2.14% | 0.90% |
| Acutaas Chemicals Ltd. | 2.95% | 0.79% |
| RBL Bank Ltd. | 2.41% | 0.79% |
| Shiprocket Ltd. | 0.56% | 0.50% |
| TVS Motor Company Ltd. | 0.57% | 0.42% |
| CarTrade Tech Ltd. | 2.31% | 0.39% |
| Bharat Electronics Ltd. | 0.96% | 0.16% |
| 91 Day Treasury Bills | 0.06% | 0.03% |
| 91 Day Treasury Bills | 0.05% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.3% means 30.3% 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 Innovation & Opportunities Fund
| Security | % of fund |
|---|---|
| Ather Energy Ltd. | 3.09% |
| Syrma SGS Technology Ltd. | 2.68% |
| AFFLE 3I Ltd. | 2.39% |
| Honasa Consumer Ltd. | 2.23% |
| Delhivery Ltd. | 2.17% |
Largest holdings only in Union Large & Midcap Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 4.84% |
| HDFC Bank Ltd. | 2.86% |
| INDO-MIM Ltd. | 2.64% |
| Bharti Airtel Ltd. | 2.32% |
| Axis Bank Ltd. | 2.20% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Innovation & Opportunities | Union Large & Midcap |
|---|---|---|
| Equity | 96.1% | 98.2% |
| Debt | 0.1% | 0.1% |
| Cash and others | 3.8% | 1.7% |
Market cap of stocks
| Market cap | Union Innovation & Opportunities | Union Large & Midcap |
|---|---|---|
| Large Cap | 13.1% | 44.0% |
| Mid Cap | 27.8% | 38.6% |
| Small Cap | 54.7% | 12.5% |
| Not on AMFI's list | 0.6% | 3.1% |
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 Innovation & Opportunities | Union Large & Midcap |
|---|---|---|
| Retailing | 15.6% | 5.2% |
| Banks | 4.0% | 14.6% |
| Auto Components | 10.3% | 6.2% |
| Pharmaceuticals & Biotechnology | 6.1% | 7.9% |
| Electrical Equipment | 7.8% | 6.7% |
| Financial Technology (Fintech) | 5.9% | 2.5% |
| IT - Services | 5.9% | 0.0% |
| Chemicals & Petrochemicals | 4.2% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
Union Innovation & Opportunities vs Union Large & Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Innovation & Opportunities Fund | Union Large & Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.99% | 1.32% |
| Base expense ratio (Direct) | 0.70% | 0.88% |
| Total expense ratio (Regular) | 2.35% | 2.53% |
| Base expense ratio (Regular) | 1.86% | 1.94% |
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.
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Union Innovation & Opportunities Fund vs Union Large & Midcap Fund: Frequently Asked Questions
What is the difference between Union Innovation & Opportunities Fund and Union Large & Midcap Fund?
Union Innovation & Opportunities Fund is a Thematic fund, Union Large & Midcap Fund is a Large & Mid Cap fund, run by Union Mutual Fund. Their portfolios overlap 30.3%. Union Innovation & Opportunities Fund charges 0.99% a year and Union Large & Midcap Fund 1.32%.
Which has given higher returns, Union Innovation & Opportunities Fund or Union Large & Midcap Fund?
Over 1 year: Union Innovation & Opportunities Fund +4.16%, Union Large & Midcap Fund −0.74%. Over 3 years: Union Innovation & Opportunities Fund +18.28% a year, Union Large & Midcap Fund +12.37% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union Innovation & Opportunities Fund or Union Large & Midcap Fund?
Union Innovation & Opportunities Fund charges less: 0.99% a year against 1.32%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Innovation & Opportunities Fund and Union Large & Midcap Fund overlap?
30.3%. They hold 27 of the same securities, the largest shared ones being PAYTM, ETERNAL, CGPOWER. From each fund's latest monthly portfolio.
Which is riskier, Union Innovation & Opportunities Fund or Union Large & Midcap Fund?
On SEBI's riskometer, Union Innovation & Opportunities Fund is rated Very High and Union Large & Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 17.80% and 15.31% a year.
Which is better for SIP, Union Innovation & Opportunities Fund or Union Large & Midcap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,47,241 in Union Innovation & Opportunities Fund (XIRR 12.4% a year) and ₹4,04,650 in Union Large & Midcap Fund (XIRR 5.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Union Innovation & Opportunities Fund and Union Large & Midcap Fund?
Yes. 30.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Union Innovation & Opportunities Fund and Union Large & Midcap Fund?
Union Innovation & Opportunities Fund: Gaurav Chopra, Sanjay Bembalkar. Union Large & Midcap Fund: Vinod Malviya, 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.