Union Midcap Fund vs Union Multicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Midcap Fund is a Mid Cap fund and Union Multicap Fund is a Multi Cap fund. In the 3 years to 30-10-2026, Union Midcap Fund (Direct) returned 15.6% a year and Union Multicap Fund (Direct) returned 14.2% a year. Union Midcap Fund charges 1.08% a year and Union Multicap Fund 1.39% (Direct plans). Their portfolios overlap 42.4%: they hold 41 of the same securities.
Which is better, Union Midcap 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 Midcap returned more over 3 years: 15.6% a year against 14.2%.
- Union Multicap returned more over 1 year: 2.5% against 0.7%.
- Union Midcap costs less: 1.08% a year against 1.39% (Direct plans).
- Union Multicap swung less over 3 years: a standard deviation of 15.0% a year against 16.8%.
- Union Multicap fell less in its worst fall since 26-12-2022: −19.8% against −21.3%.
- Union Multicap holds more in large companies: 31.0% of the fund in large caps against 15.6%.
- Union Midcap is the larger fund: ₹1,906 Cr against ₹1,516 Cr.
- Their portfolios overlap 42.4%: 41 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 Midcap Fund | Union Multicap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Mid Cap | Multi Cap |
| AUM | ₹1,906 Cr (30-09-2026) | ₹1,516 Cr (30-09-2026) |
| NAV | ₹53.40 (Direct) | ₹17.49 (Direct) |
| Expense ratio (Direct) | 1.08% | 1.39% |
| Expense ratio (Regular) | 2.39% | 2.55% |
| Riskometer | Very High | Very High |
| Benchmark | BSE Midcap 150 TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 23-03-2020 | 19-12-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Gaurav Chopra, Pratik Dharmshi | 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 Midcap 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 Midcap Fund (Direct) | −2.89% | −4.59% | +1.33% | +0.66% | +15.60% | +13.79% | -- |
| Union Multicap Fund (Direct) | −1.63% | −2.51% | +4.54% | +2.52% | +14.18% | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 34 Mid Cap funds and the 33 Multi Cap funds, same plan type.
Union Midcap vs Union Multicap: Year-wise Returns
| Year | MidcapUnion Midcap | MulticapUnion Multicap |
|---|---|---|
| 2026to date | +1.41% | +3.55% |
| 2025 | +3.68% | +3.87% |
| 2024 | +30.50% | +24.03% |
| 2023 | +34.21% | +33.64% |
| 2022 | −0.82% | -- |
| 2021 | +53.98% | -- |
Union Midcap vs Union Multicap: Rolling Returns
Every holding period of both funds, against BSE 150 MidCap Index TRI, the benchmark of Union Midcap 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 Midcap Fund (Direct)
Union Multicap Fund (Direct)
BSE 150 MidCap Index 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 Midcap | 0.0 | 0.0 | 0.0 | 1.4 | 46.9 | 51.7 | 0.0 | 20.1% | 20.2% | 14.2% | 23.9% | 47% |
| Union Multicap | 0.0 | 0.0 | 0.0 | 13.5 | 70.5 | 15.9 | 0.0 | 17.7% | 17.6% | 13.1% | 21.2% | 12% |
| BSE 150 MidCap Index TRI | 0.0 | 0.0 | 0.0 | 13.5 | 32.9 | 53.6 | 0.0 | 19.8% | 20.4% | 12.4% | 24.2% | -- |
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 BSE 150 MidCap Index 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 Midcap 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 MidcapUnion Midcap Fund (Direct) | ₹4,70,000 | ₹5,92,720 | ₹1,22,720 | 11.9% |
| Union MulticapUnion Multicap Fund (Direct) | ₹4,70,000 | ₹5,90,101 | ₹1,20,101 | 11.7% |
Union MidcapUnion Midcap 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 Midcap vs Union Multicap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Midcap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.66% | +2.52% |
| Standard deviation | 16.64% | 15.16% |
| Sharpe ratio | -0.28 | -0.18 |
| Sortino ratio | -0.37 | -0.24 |
| Maximum drawdown | −12.1% (23-10-2026) | −12.7% (23-03-2026) |
| Beta | 0.99 | 0.98 |
| Alpha | +5.74% | +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 Midcap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.60% | +14.18% |
| Standard deviation | 16.83% | 15.01% |
| Sharpe ratio | 0.57 | 0.54 |
| Sortino ratio | 0.76 | 0.73 |
| Maximum drawdown | −21.3% (28-02-2025) | −19.8% (28-02-2025) |
| Beta | 0.96 | 0.97 |
| Alpha | +2.40% | +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 Midcap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +28.22% | +16.48% |
| Standard deviation | 16.03% | 13.87% |
| Sharpe ratio | 1.44 | 0.74 |
| Sortino ratio | 1.99 | 1.00 |
| Maximum drawdown | −21.3% (28-02-2025) | −19.8% (28-02-2025) |
| Beta | 0.89 | 0.96 |
| Alpha | +3.23% | +3.62% |
From daily NAVs, 30-03-2020 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 Midcap Fund (Direct)
Union Multicap Fund (Direct)
BSE 150 MidCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Midcap Fund (Direct) | −21.3% | 23-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −9.3% |
| Union Multicap Fund (Direct) | −19.8% | 23-09-2024 | 28-02-2025 | 07-05-2026 | 14 months | −7.0% |
| BSE 150 MidCap Index TRI | −21.8% | 24-09-2024 | 28-02-2025 | 10-07-2026 | 16 months | −10.6% |
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 Midcap Fund (Direct)
Union Multicap Fund (Direct)
BSE 150 MidCap Index 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 Midcap Fund (Direct)
Union Multicap Fund (Direct)
BSE 150 MidCap Index TRI
Against BSE 150 MidCap Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Midcap Fund (Direct) | 99% | 92% | 4.85% |
| Union Multicap Fund (Direct) | 90% | 81% | 4.78% |
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 Midcap vs Union Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: Union Midcap Fund, September 2026; Union Multicap Fund, September 2026
Holdings in common
- Overlap
- 42.4%
- Held by both
- 41
- Only in Union Midcap
- 36
- Only in Union Multicap
- 36
| Security | % of Union Midcap | % of Union Multicap |
|---|---|---|
| One 97 Communications Ltd. | 3.10% | 2.09% |
| Mphasis Ltd. | 2.04% | 1.76% |
| Info Edge (India) Ltd. | 1.76% | 1.65% |
| Multi Commodity Exchange of India Ltd. | 2.90% | 1.64% |
| LG Electronics India Ltd. | 1.68% | 1.61% |
| Axis Bank Ltd. | 1.53% | 1.53% |
| Shriram Finance Ltd. | 1.61% | 1.52% |
| Marico Ltd. | 1.71% | 1.51% |
| Bharat Heavy Electricals Ltd. | 2.12% | 1.49% |
| Sai Life Sciences Ltd. | 1.49% | 1.86% |
| IPCA Laboratories Ltd. | 2.49% | 1.41% |
| The Phoenix Mills Ltd. | 2.00% | 1.37% |
| Dixon Technologies (India) Ltd. | 1.37% | 1.96% |
| Coforge Ltd. | 2.01% | 1.33% |
| Solar Industries India Ltd. | 1.75% | 1.31% |
| RBL Bank Ltd. | 1.42% | 1.20% |
| Fortis Healthcare Ltd. | 2.18% | 1.16% |
| Prestige Estates Projects Ltd. | 1.79% | 1.16% |
| Sona Blw Precision Forgings Ltd. | 1.80% | 1.09% |
| Ujjivan Small Finance Bank Ltd. | 1.62% | 1.02% |
| Acutaas Chemicals Ltd. | 1.00% | 0.99% |
| Gabriel India Ltd. | 0.98% | 1.77% |
| Aditya Birla Capital Ltd. | 1.36% | 0.96% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.35% | 0.94% |
| Max Financial Services Ltd. | 2.59% | 0.90% |
| CarTrade Tech Ltd. | 0.86% | 1.55% |
| GE Vernova T&D India Ltd. | 2.38% | 0.84% |
| Cummins India Ltd. | 1.08% | 0.83% |
| Nippon Life India Asset Management Ltd. | 2.19% | 0.80% |
| Tata Motors Ltd. | 0.76% | 0.96% |
| Persistent Systems Ltd. | 0.76% | 1.13% |
| Zydus Lifesciences Ltd. | 0.75% | 0.98% |
| The Federal Bank Ltd. | 3.04% | 0.66% |
| Data Patterns (India) Ltd. | 0.64% | 0.98% |
| Aarti Industries Ltd. | 1.05% | 0.47% |
| L&T Finance Ltd. | 1.47% | 0.44% |
| Amber Enterprises India Ltd. | 0.92% | 0.41% |
| K.P.R. Mill Ltd. | 0.32% | 0.67% |
| Navin Fluorine International Ltd. | 0.29% | 1.54% |
| 91 Day Treasury Bills | 0.04% | 0.05% |
| 91 Day Treasury Bills | 0.03% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.4% means 42.4% 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 Midcap Fund
| Security | % of fund |
|---|---|
| Ajanta Pharma Ltd. | 2.08% |
| Apar Industries Ltd. | 1.87% |
| JSW Energy Ltd. | 1.74% |
| UNO Minda Ltd. | 1.72% |
| Bharti Hexacom Ltd. | 1.71% |
Largest holdings only in Union Multicap Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 4.20% |
| HDFC Bank Ltd. | 2.95% |
| Larsen & Toubro Ltd. | 2.41% |
| Karur Vysya Bank Ltd. | 2.32% |
| Sun Pharmaceutical Industries Ltd. | 2.07% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Midcap | Union Multicap |
|---|---|---|
| Equity | 98.1% | 92.7% |
| Debt | 0.1% | 0.1% |
| Cash and others | 1.8% | 7.2% |
Market cap of stocks
| Market cap | Union Midcap | Union Multicap |
|---|---|---|
| Large Cap | 15.6% | 31.0% |
| Mid Cap | 66.5% | 29.9% |
| Small Cap | 15.5% | 31.7% |
| Not on AMFI's list | 0.5% | 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 Midcap | Union Multicap |
|---|---|---|
| Banks | 9.1% | 16.3% |
| Auto Components | 9.8% | 8.6% |
| Pharmaceuticals & Biotechnology | 8.6% | 8.3% |
| Electrical Equipment | 7.4% | 4.1% |
| Capital Markets | 7.3% | 3.4% |
| Chemicals & Petrochemicals | 5.7% | 3.3% |
| Industrial Products | 5.4% | 4.2% |
| IT - Software | 4.8% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Union Midcap vs Union Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Midcap Fund | Union Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.08% | 1.39% |
| Base expense ratio (Direct) | 0.66% | 0.83% |
| Total expense ratio (Regular) | 2.39% | 2.55% |
| Base expense ratio (Regular) | 1.78% | 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 Midcap with
Union Midcap Fund vs Union Multicap Fund: Frequently Asked Questions
What is the difference between Union Midcap Fund and Union Multicap Fund?
Union Midcap Fund is a Mid Cap fund, Union Multicap Fund is a Multi Cap fund, run by Union Mutual Fund. Their portfolios overlap 42.4%. Union Midcap Fund charges 1.08% a year and Union Multicap Fund 1.39%.
Which has given higher returns, Union Midcap Fund or Union Multicap Fund?
Over 1 year: Union Midcap Fund +0.66%, Union Multicap Fund +2.52%. Over 3 years: Union Midcap Fund +15.60% 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 Midcap Fund or Union Multicap Fund?
Union Midcap Fund charges less: 1.08% a year against 1.39%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Midcap Fund and Union Multicap Fund overlap?
42.4%. They hold 41 of the same securities, the largest shared ones being PAYTM, MPHASIS, NAUKRI. From each fund's latest monthly portfolio.
Which is riskier, Union Midcap Fund or Union Multicap Fund?
On SEBI's riskometer, Union Midcap Fund is rated Very High and Union Multicap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.83% and 15.01% a year.
Which is better for SIP, Union Midcap 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 ₹4,16,599 in Union Midcap Fund (XIRR 7.7% 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 Midcap Fund and Union Multicap Fund?
Yes. 42.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union Midcap Fund and Union Multicap Fund?
Union Midcap Fund: Gaurav Chopra, Pratik Dharmshi. 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.