Union Innovation & Opportunities Fund vs Union Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Innovation & Opportunities Fund is a Thematic fund and Union Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, Union Innovation & Opportunities Fund (Direct) returned 18.3% a year and Union Small Cap Fund (Direct) returned 14.6% a year. Union Innovation & Opportunities Fund charges 0.99% a year and Union Small Cap Fund 1.10% (Direct plans). Their portfolios overlap 30.3%: they hold 30 of the same securities.
Union Innovation & Opportunities Fund
Thematic
- 3 year return
- 18.3%
- Expense ratio
- 0.99%
- NAV
- ₹16.02
Which is better, Union Innovation & Opportunities or Union Small Cap? 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 14.6%.
- Union Small Cap returned more over 1 year: 11.8% against 4.2%.
- Union Innovation & Opportunities costs less: 0.99% a year against 1.10% (Direct plans).
- Union Innovation & Opportunities swung less over 3 years: a standard deviation of 17.8% a year against 18.8%.
- Union Innovation & Opportunities fell less in its worst fall since 13-09-2023: −23.9% against −26.2%.
- Union Small Cap is the larger fund: ₹2,732 Cr against ₹1,307 Cr.
- Their portfolios overlap 30.3%: 30 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 Small Cap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Thematic | Small Cap |
| AUM | ₹1,307 Cr (30-09-2026) | ₹2,732 Cr (30-09-2026) |
| NAV | ₹16.02 (Direct) | ₹62.58 (Direct) |
| Expense ratio (Direct) | 0.99% | 1.10% |
| Expense ratio (Regular) | 2.35% | 2.17% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 250 Smallcap TRI |
| Launch date | 06-09-2023 | 10-06-2014 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Gaurav Chopra, Sanjay Bembalkar | Pratik Dharmshi, Gaurav Chopra |
| 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 Small Cap: 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 Small Cap Fund (Direct) | −5.54% | −1.57% | +6.90% | +11.79% | +14.64% | +16.16% | +16.45% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 235 Thematic funds and the 36 Small Cap funds, same plan type.
Union Innovation & Opportunities vs Union Small Cap: Year-wise Returns
| Year | Innovation & OpportunitiesUnion Innovation & Opportunities | Small CapUnion Small Cap |
|---|---|---|
| 2026to date | +8.98% | +15.59% |
| 2025 | −2.58% | −3.61% |
| 2024 | +42.90% | +25.16% |
| 2023 | -- | +42.98% |
| 2022 | -- | −0.03% |
| 2021 | -- | +63.37% |
Union Innovation & Opportunities vs Union Small Cap: 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 Small Cap 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 Small Cap | 0.0 | 0.0 | 0.0 | 16.7 | 83.3 | 0.0 | 0.0 | 16.4% | 16.5% | 13.7% | 18.7% | 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 Small Cap: 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 Small CapUnion Small Cap Fund (Direct) | ₹3,80,000 | ₹4,61,849 | ₹81,849 | 12.4% |
Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct)
Union Small CapUnion Small Cap 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 Small Cap: 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 Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.16% | +11.79% |
| Standard deviation | 17.56% | 19.25% |
| Sharpe ratio | -0.06 | 0.34 |
| Sortino ratio | -0.08 | 0.47 |
| Maximum drawdown | −18.1% (23-03-2026) | −12.3% (23-03-2026) |
| Beta | 1.07 | 1.01 |
| Alpha | +12.37% | +17.02% |
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 Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.28% | +14.64% |
| Standard deviation | 17.80% | 18.80% |
| Sharpe ratio | 0.69 | 0.46 |
| Sortino ratio | 0.94 | 0.61 |
| Maximum drawdown | −23.9% (07-04-2025) | −26.2% (03-03-2025) |
| Beta | 1.09 | 0.96 |
| Alpha | +7.69% | +3.93% |
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 Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.48% | +15.92% |
| Standard deviation | 17.64% | 16.91% |
| Sharpe ratio | 0.59 | 0.60 |
| Sortino ratio | 0.80 | 0.79 |
| Maximum drawdown | −23.9% (07-04-2025) | −44.7% (23-03-2020) |
| Beta | 1.09 | 0.85 |
| Alpha | +7.88% | +4.15% |
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 Small Cap 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 Small Cap Fund (Direct) | −26.2% | 11-12-2024 | 03-03-2025 | 27-04-2026 | 14 months | −9.0% |
| 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 Small Cap 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 Small Cap 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 Small Cap Fund (Direct) | 119% | 96% | 11.99% |
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 Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Union Innovation & Opportunities Fund, September 2026; Union Small Cap Fund, September 2026
Holdings in common
- Overlap
- 30.3%
- Held by both
- 30
- Only in Union Innovation & Opportunities
- 25
- Only in Union Small Cap
- 56
| Security | % of Union Innovation & Opportunities | % of Union Small Cap |
|---|---|---|
| GE Vernova T&D India Ltd. | 3.20% | 2.73% |
| S.J.S. Enterprises Ltd. | 2.09% | 2.45% |
| Acutaas Chemicals Ltd. | 2.95% | 1.94% |
| Sai Life Sciences Ltd. | 3.12% | 1.76% |
| Data Patterns (India) Ltd. | 1.69% | 2.20% |
| MTAR technologies Ltd. | 1.71% | 1.59% |
| Gabriel India Ltd. | 1.50% | 3.08% |
| Krishna Institute of Medical Sciences Ltd. | 1.42% | 1.56% |
| CarTrade Tech Ltd. | 2.31% | 1.27% |
| Amber Enterprises India Ltd. | 2.14% | 1.22% |
| Ather Energy Ltd. | 3.09% | 1.15% |
| RBL Bank Ltd. | 2.41% | 1.07% |
| Navin Fluorine International Ltd. | 1.04% | 3.40% |
| Syrma SGS Technology Ltd. | 2.68% | 1.02% |
| Kfin Technologies Ltd. | 0.99% | 1.25% |
| Sagility Ltd. | 1.38% | 0.90% |
| Shadowfax Technologies Ltd. | 1.09% | 0.87% |
| Delhivery Ltd. | 2.17% | 0.76% |
| SKY Gold & Diamonds Ltd. | 0.78% | 0.71% |
| AFFLE 3I Ltd. | 2.39% | 0.66% |
| ZF Commercial Vehicle Control Systems India Ltd. | 2.59% | 0.64% |
| Honasa Consumer Ltd. | 2.23% | 0.55% |
| Aether Industries Ltd. | 1.84% | 0.53% |
| Info Edge (India) Ltd. | 3.49% | 0.48% |
| Inox India Ltd. | 0.48% | 0.75% |
| Shiprocket Ltd. | 0.56% | 0.47% |
| One 97 Communications Ltd. | 5.25% | 0.43% |
| KSB Ltd. | 0.32% | 1.02% |
| 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. 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 |
|---|---|
| Eternal Ltd. | 4.80% |
| Sona Blw Precision Forgings Ltd. | 2.84% |
| CG Power and Industrial Solutions Ltd. | 2.84% |
| The Phoenix Mills Ltd. | 2.46% |
| JSW Energy Ltd. | 2.23% |
Largest holdings only in Union Small Cap Fund
| Security | % of fund |
|---|---|
| Karur Vysya Bank Ltd. | 3.06% |
| Multi Commodity Exchange of India Ltd. | 2.99% |
| Kirloskar Oil Engines Ltd. | 2.87% |
| Milky Mist Dairy Food Ltd. | 2.52% |
| Azad Engineering Ltd. | 2.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Innovation & Opportunities | Union Small Cap |
|---|---|---|
| Equity | 96.1% | 98.4% |
| Debt | 0.1% | 0.1% |
| Cash and others | 3.8% | 1.5% |
Market cap of stocks
| Market cap | Union Innovation & Opportunities | Union Small Cap |
|---|---|---|
| Large Cap | 13.1% | 4.0% |
| Mid Cap | 27.8% | 16.4% |
| Small Cap | 54.7% | 71.0% |
| Not on AMFI's list | 0.6% | 7.0% |
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 Innovation & Opportunities | Union Small Cap |
|---|---|---|
| Retailing | 15.6% | 1.8% |
| Electrical Equipment | 7.8% | 10.9% |
| Auto Components | 10.3% | 8.8% |
| Industrial Products | 0.8% | 9.7% |
| Pharmaceuticals & Biotechnology | 6.1% | 9.7% |
| Capital Markets | 3.1% | 8.1% |
| Banks | 4.0% | 8.0% |
| Financial Technology (Fintech) | 5.9% | 0.4% |
| IT - Services | 5.9% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
Union Innovation & Opportunities vs Union Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Innovation & Opportunities Fund | Union Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.99% | 1.10% |
| Base expense ratio (Direct) | 0.70% | 0.78% |
| Total expense ratio (Regular) | 2.35% | 2.17% |
| Base expense ratio (Regular) | 1.86% | 1.70% |
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
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Union Innovation & Opportunities Fund vs Union Small Cap Fund: Frequently Asked Questions
What is the difference between Union Innovation & Opportunities Fund and Union Small Cap Fund?
Union Innovation & Opportunities Fund is a Thematic fund, Union Small Cap Fund is a Small Cap fund, run by Union Mutual Fund. Their portfolios overlap 30.3%. Union Innovation & Opportunities Fund charges 0.99% a year and Union Small Cap Fund 1.10%.
Which has given higher returns, Union Innovation & Opportunities Fund or Union Small Cap Fund?
Over 1 year: Union Innovation & Opportunities Fund +4.16%, Union Small Cap Fund +11.79%. Over 3 years: Union Innovation & Opportunities Fund +18.28% a year, Union Small Cap Fund +14.64% 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 Small Cap Fund?
Union Innovation & Opportunities Fund charges less: 0.99% a year against 1.10%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Innovation & Opportunities Fund and Union Small Cap Fund overlap?
30.3%. They hold 30 of the same securities, the largest shared ones being GVT&D, SJS, ACUTAAS. From each fund's latest monthly portfolio.
Which is riskier, Union Innovation & Opportunities Fund or Union Small Cap Fund?
On SEBI's riskometer, Union Innovation & Opportunities Fund is rated Very High and Union Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 17.80% and 18.80% a year.
Which is better for SIP, Union Innovation & Opportunities Fund or Union Small Cap 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 ₹4,46,701 in Union Small Cap Fund (XIRR 12.3% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Union Innovation & Opportunities Fund and Union Small Cap 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 Small Cap Fund?
Union Innovation & Opportunities Fund: Gaurav Chopra, Sanjay Bembalkar. Union Small Cap Fund: Pratik Dharmshi, Gaurav Chopra.
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.