Union Innovation & Opportunities Fund vs UTI Innovation Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Innovation & Opportunities Fund is a Thematic fund and UTI Innovation Fund is a Thematic fund. In the 3 years to 30-10-2026, Union Innovation & Opportunities Fund (Direct) returned 18.3% a year and UTI Innovation Fund (Direct) returned 3.9% a year. Union Innovation & Opportunities Fund charges 0.99% a year and UTI Innovation Fund 1.26% (Direct plans). Their portfolios overlap 29.9%: they hold 15 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 UTI Innovation? 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 3.9%.
- Union Innovation & Opportunities returned more over 1 year: 4.2% against −9.5%.
- Union Innovation & Opportunities costs less: 0.99% a year against 1.26% (Direct plans).
- Union Innovation & Opportunities swung less over 3 years: a standard deviation of 17.8% a year against 18.1%.
- Union Innovation & Opportunities fell less in its worst fall since 18-10-2023: −23.9% against −31.5%.
- Union Innovation & Opportunities is the larger fund: ₹1,307 Cr against ₹768 Cr.
- Their portfolios overlap 29.9%: 15 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 | UTI Innovation Fund |
|---|---|---|
| Fund house | Union Mutual Fund | UTI Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹1,307 Cr (30-09-2026) | ₹768 Cr (30-09-2026) |
| NAV | ₹16.02 (Direct) | ₹11.19 (Direct) |
| Expense ratio (Direct) | 0.99% | 1.26% |
| Expense ratio (Regular) | 2.35% | 2.43% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 06-09-2023 | 13-10-2023 |
| Minimum investment | ₹1,000 | REGULAR PLAN-GROWTH:5000 , DIRECT PLAN-GROWTH:5000, REGULAR PLAN-PAYOUT OF IDCW:5000, DIRECT PLAN-PAYOUT OF IDCW:5000 |
| Lock in | None | None |
| Fund managers | Gaurav Chopra, Sanjay Bembalkar | Nitin Jain FM 1 |
| Exit load | Exit load of 1%, if redeemed within 1 year. | 1% if redeemed/switched out within 12 months from the date of allotment, Nil thereafter. |
Union Innovation & Opportunities vs UTI Innovation: 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% | -- | -- |
| UTI Innovation Fund (Direct) | −1.91% | −4.29% | +3.52% | −9.51% | +3.91% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Union Innovation & Opportunities vs UTI Innovation: Year-wise Returns
| Year | Union Innovation & OpportunitiesUnion Innovation & Opportunities | UTI InnovationUTI Innovation | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +8.98% | −5.63% | −7.51% |
| 2025 | −2.58% | −6.47% | +7.76% |
| 2024 | +42.90% | +20.12% | +16.24% |
Union Innovation & Opportunities vs UTI Innovation: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 500 of them, one for each trading day from 18-10-2024 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)
UTI Innovation Fund (Direct)
Nifty 500 TRI
to
Dec 2024Apr 2024
to
Apr 2025Aug 2024
to
Aug 2025Dec 2024
to
Dec 2025May 2025
to
May 2026Aug 2025
to
Aug 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 | 7.4 | 14.8 | 28.8 | 23.4 | 10.0 | 2.4 | 13.2 | 12.9% | 9.8% | −6.5% | 48.6% | 82% |
| UTI Innovation | 59.0 | 21.0 | 6.8 | 3.0 | 3.2 | 5.8 | 1.2 | 0.6% | −1.3% | −13.8% | 28.5% | 9% |
| Nifty 500 TRI | 21.8 | 28.8 | 29.4 | 8.0 | 3.8 | 0.8 | 7.4 | 6.4% | 4.9% | −9.0% | 37.2% | -- |
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 18-10-2023. Past returns do not promise future returns.
Union Innovation & Opportunities vs UTI Innovation: 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 03-10-2023 to 30-10-2026: 37 instalments, ₹3,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct) | ₹3,70,000 | ₹4,47,241 | ₹77,241 | 12.4% |
| UTI InnovationUTI Innovation Fund (Direct) | ₹3,70,000 | ₹3,67,249 | −₹2,751 | −0.5% |
Union Innovation & OpportunitiesUnion Innovation & Opportunities Fund (Direct)
UTI InnovationUTI Innovation 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 UTI Innovation: 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) | UTI Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.16% | −9.51% |
| Standard deviation | 17.56% | 19.38% |
| Sharpe ratio | -0.06 | -0.76 |
| Sortino ratio | -0.08 | -1.02 |
| Maximum drawdown | −18.1% (23-03-2026) | −25.7% (23-03-2026) |
| Beta | 1.07 | 1.13 |
| Alpha | +12.37% | −0.48% |
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) | UTI Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.28% | +3.91% |
| Standard deviation | 17.80% | 18.10% |
| Sharpe ratio | 0.69 | -0.12 |
| Sortino ratio | 0.94 | -0.16 |
| Maximum drawdown | −23.9% (07-04-2025) | −31.5% (23-03-2026) |
| Beta | 1.09 | 1.05 |
| Alpha | +7.69% | −6.51% |
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) | UTI Innovation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.48% | +3.71% |
| Standard deviation | 17.64% | 18.01% |
| Sharpe ratio | 0.59 | -0.13 |
| Sortino ratio | 0.80 | -0.18 |
| Maximum drawdown | −23.9% (07-04-2025) | −31.5% (23-03-2026) |
| Beta | 1.09 | 1.04 |
| Alpha | +7.88% | −5.44% |
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)
UTI Innovation 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% |
| UTI Innovation Fund (Direct) | −31.5% | 23-09-2024 | 23-03-2026 | Not yet | -- | −16.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 18-10-2023, 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)
UTI Innovation 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)
UTI Innovation Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Innovation & Opportunities Fund (Direct) | 123% | 90% | 9.80% |
| UTI Innovation Fund (Direct) | 90% | 115% | 12.80% |
From month-end values since 18-10-2023. 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 UTI Innovation: Portfolio Overlap
From each fund's latest monthly portfolio: Union Innovation & Opportunities Fund, September 2026; UTI Innovation Fund, September 2026
Holdings in common
- Overlap
- 29.9%
- Held by both
- 15
- Only in Union Innovation & Opportunities
- 40
- Only in UTI Innovation
- 17
| Security | % of Union Innovation & Opportunities | % of UTI Innovation |
|---|---|---|
| One 97 Communications Ltd. | 5.25% | 4.83% |
| Eternal Ltd. | 4.80% | 9.39% |
| Info Edge (India) Ltd. | 3.49% | 9.07% |
| Acutaas Chemicals Ltd. | 2.95% | 4.92% |
| AFFLE 3I Ltd. | 2.39% | 5.74% |
| Delhivery Ltd. | 2.17% | 2.12% |
| Billionbrains Garage Ventures Ltd. | 2.11% | 2.30% |
| MTAR technologies Ltd. | 1.71% | 1.88% |
| Urban Company Ltd. | 1.16% | 1.47% |
| FSN E-Commerce Ventures Ltd. | 0.93% | 6.15% |
| Swiggy Ltd. | 0.92% | 1.61% |
| Fractal Analytics Ltd. | 0.97% | 0.91% |
| PB Fintech Ltd. | 0.61% | 3.05% |
| Shiprocket Ltd. | 0.56% | 2.20% |
| Meesho Ltd. | 0.38% | 2.36% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.9% means 29.9% 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 |
|---|---|
| GE Vernova T&D India Ltd. | 3.20% |
| Sai Life Sciences Ltd. | 3.12% |
| Ather Energy Ltd. | 3.09% |
| Sona Blw Precision Forgings Ltd. | 2.84% |
| CG Power and Industrial Solutions Ltd. | 2.84% |
Largest holdings only in UTI Innovation Fund
| Security | % of fund |
|---|---|
| EQ - RATEGAIN TRAVEL TECHNOLOGIES LTD | 4.44% |
| EQ - NAZARA TECHNOLOGIES LTD | 3.20% |
| EQ - GRAVITA INDIA LTD. | 3.06% |
| EQ - CLEAN SCIENCE & TECHNOLOGY LTD | 2.92% |
| EQ - SUZLON ENERGY LTD. | 2.86% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Innovation & Opportunities | UTI Innovation |
|---|---|---|
| Equity | 96.1% | 96.2% |
| Debt | 0.1% | 0.0% |
| Cash and others | 3.8% | 3.8% |
Market cap of stocks
| Market cap | Union Innovation & Opportunities | UTI Innovation |
|---|---|---|
| Large Cap | 13.1% | 13.7% |
| Mid Cap | 27.8% | 32.7% |
| Small Cap | 54.7% | 47.6% |
| Not on AMFI's list | 0.6% | 2.2% |
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 | UTI Innovation |
|---|---|---|
| Retailing | 15.6% | 30.1% |
| IT - Software | 1.9% | 15.8% |
| Auto Components | 10.3% | 0.0% |
| Financial Technology (Fintech) | 5.9% | 7.9% |
| Electrical Equipment | 7.8% | 4.7% |
| IT - Services | 5.9% | 7.0% |
| Pharmaceuticals & Biotechnology | 6.1% | 6.9% |
The six largest sectors of each fund's stocks, % of the fund.
Union Innovation & Opportunities vs UTI Innovation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Innovation & Opportunities Fund | UTI Innovation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.99% | 1.26% |
| Base expense ratio (Direct) | 0.70% | 0.96% |
| Total expense ratio (Regular) | 2.35% | 2.43% |
| Base expense ratio (Regular) | 1.86% | 2.04% |
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 UTI Innovation Fund: Frequently Asked Questions
What is the difference between Union Innovation & Opportunities Fund and UTI Innovation Fund?
Union Innovation & Opportunities Fund is a Thematic fund, UTI Innovation Fund is a Thematic fund, run by Union Mutual Fund and UTI Mutual Fund. Their portfolios overlap 29.9%. Union Innovation & Opportunities Fund charges 0.99% a year and UTI Innovation Fund 1.26%.
Which has given higher returns, Union Innovation & Opportunities Fund or UTI Innovation Fund?
Over 1 year: Union Innovation & Opportunities Fund +4.16%, UTI Innovation Fund −9.51%. Over 3 years: Union Innovation & Opportunities Fund +18.28% a year, UTI Innovation Fund +3.91% 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 UTI Innovation Fund?
Union Innovation & Opportunities Fund charges less: 0.99% a year against 1.26%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Innovation & Opportunities Fund and UTI Innovation Fund overlap?
29.9%. They hold 15 of the same securities, the largest shared ones being PAYTM, ETERNAL, NAUKRI. From each fund's latest monthly portfolio.
Which is riskier, Union Innovation & Opportunities Fund or UTI Innovation Fund?
On SEBI's riskometer, Union Innovation & Opportunities Fund is rated Very High and UTI Innovation Fund Very High. Over 3 years, the standard deviation of daily returns was 17.80% and 18.10% a year.
Which is better for SIP, Union Innovation & Opportunities Fund or UTI Innovation 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 ₹3,67,249 in UTI Innovation Fund (XIRR -0.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Union Innovation & Opportunities Fund and UTI Innovation Fund?
Yes. 29.9% 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 UTI Innovation Fund?
Union Innovation & Opportunities Fund: Gaurav Chopra, Sanjay Bembalkar. UTI Innovation Fund: Nitin Jain FM 1.
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.