Union Multicap Fund vs Union Retirement Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Multicap Fund is a Multi Cap fund and Union Retirement Fund is a Solution fund. In the 3 years to 30-10-2026, Union Multicap Fund (Direct) returned 14.2% a year and Union Retirement Fund (Direct) returned 12.1% a year. Union Multicap Fund charges 1.39% a year and Union Retirement Fund 1.36% (Direct plans). Their portfolios overlap 51.8%: they hold 46 of the same securities.
Which is better, Union Multicap 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 Multicap returned more over 3 years: 14.2% a year against 12.1%.
- Union Multicap returned more over 1 year: 2.5% against −2.2%.
- Union Retirement costs less: 1.36% a year against 1.39% (Direct plans).
- Union Retirement swung less over 3 years: a standard deviation of 14.3% a year against 15.0%.
- Union Retirement fell less in its worst fall since 26-12-2022: −17.8% against −19.8%.
- Union Retirement holds more in large companies: 46.8% of the fund in large caps against 31.0%.
- Union Multicap is the larger fund: ₹1,516 Cr against ₹207 Cr.
- Their portfolios overlap 51.8%: 46 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 Multicap Fund | Union Retirement Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Multi Cap | Solution |
| AUM | ₹1,516 Cr (30-09-2026) | ₹207 Cr (30-09-2026) |
| NAV | ₹17.49 (Direct) | ₹16.43 (Direct) |
| Expense ratio (Direct) | 1.39% | 1.36% |
| Expense ratio (Regular) | 2.55% | 2.67% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | BSE 500 TRI |
| Launch date | 19-12-2022 | 22-09-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Harshad Patwardhan, Sanjay Bembalkar | Pratik Dharmshi, Pratit Vajani |
| Exit load | Exit load of 1%, if redeemed within 15 days | Nil |
Union Multicap 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 Multicap Fund (Direct) | −1.63% | −2.51% | +4.54% | +2.52% | +14.18% | -- | -- |
| Union Retirement Fund (Direct) | −2.20% | −5.14% | −1.02% | −2.20% | +12.05% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
Union Multicap vs Union Retirement: Year-wise Returns
| Year | MulticapUnion Multicap | RetirementUnion Retirement |
|---|---|---|
| 2026to date | +3.55% | −2.67% |
| 2025 | +3.87% | +7.45% |
| 2024 | +24.03% | +18.75% |
| 2023 | +33.64% | +32.30% |
Union Multicap vs Union Retirement: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Union Multicap 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 Multicap Fund (Direct)
Union Retirement Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multicap | 0.0 | 0.0 | 0.0 | 13.5 | 70.5 | 15.9 | 0.0 | 17.7% | 17.6% | 13.1% | 21.2% | 100% |
| Union Retirement | 0.0 | 0.0 | 0.0 | 24.2 | 73.9 | 1.9 | 0.0 | 16.5% | 16.7% | 10.8% | 20.2% | 99% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 35.3 | 63.3 | 1.4 | 0.0 | 15.9% | 16.1% | 10.1% | 20.1% | -- |
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 Nifty500 Multicap 50:25:25 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 Multicap 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 26-12-2022 to 30-10-2026: 47 instalments, ₹4,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union MulticapUnion Multicap Fund (Direct) | ₹4,70,000 | ₹5,90,101 | ₹1,20,101 | 11.7% |
| Union RetirementUnion Retirement Fund (Direct) | ₹4,70,000 | ₹5,54,668 | ₹84,668 | 8.4% |
Union MulticapUnion Multicap 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 Multicap vs Union Retirement: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Multicap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.52% | −2.20% |
| Standard deviation | 15.16% | 15.10% |
| Sharpe ratio | -0.18 | -0.49 |
| Sortino ratio | -0.24 | -0.66 |
| Maximum drawdown | −12.7% (23-03-2026) | −12.2% (23-03-2026) |
| Beta | 0.98 | 1.02 |
| Alpha | +8.30% | +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 Multicap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.18% | +12.05% |
| Standard deviation | 15.01% | 14.27% |
| Sharpe ratio | 0.54 | 0.42 |
| Sortino ratio | 0.73 | 0.57 |
| Maximum drawdown | −19.8% (28-02-2025) | −17.8% (28-02-2025) |
| Beta | 0.97 | 0.98 |
| Alpha | +3.08% | +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 Multicap Fund (Direct) | Union Retirement Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.48% | +14.09% |
| Standard deviation | 13.87% | 13.10% |
| Sharpe ratio | 0.74 | 0.60 |
| Sortino ratio | 1.00 | 0.82 |
| Maximum drawdown | −19.8% (28-02-2025) | −17.8% (28-02-2025) |
| Beta | 0.96 | 0.96 |
| Alpha | +3.62% | +3.12% |
From daily NAVs, 26-12-2022 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 Multicap Fund (Direct)
Union Retirement Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Multicap Fund (Direct) | −19.8% | 23-09-2024 | 28-02-2025 | 07-05-2026 | 14 months | −7.0% |
| Union Retirement Fund (Direct) | −17.8% | 26-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −7.9% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
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 Multicap Fund (Direct)
Union Retirement Fund (Direct)
Nifty500 Multicap 50:25:25 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 Multicap Fund (Direct)
Union Retirement Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Multicap Fund (Direct) | 104% | 87% | 4.38% |
| Union Retirement Fund (Direct) | 92% | 80% | 3.76% |
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 Multicap vs Union Retirement: Portfolio Overlap
From each fund's latest monthly portfolio: Union Multicap Fund, September 2026; Union Retirement Fund, September 2026
Holdings in common
- Overlap
- 51.8%
- Held by both
- 46
- Only in Union Multicap
- 31
- Only in Union Retirement
- 34
| Security | % of Union Multicap | % of Union Retirement |
|---|---|---|
| ICICI Bank Ltd. | 4.20% | 5.76% |
| HDFC Bank Ltd. | 2.95% | 4.29% |
| S.J.S. Enterprises Ltd. | 2.02% | 1.97% |
| Karur Vysya Bank Ltd. | 2.32% | 1.72% |
| State Bank of India | 1.69% | 1.77% |
| Multi Commodity Exchange of India Ltd. | 1.64% | 2.72% |
| Dixon Technologies (India) Ltd. | 1.96% | 1.59% |
| CarTrade Tech Ltd. | 1.55% | 1.61% |
| Navin Fluorine International Ltd. | 1.54% | 2.00% |
| Axis Bank Ltd. | 1.53% | 2.08% |
| Gabriel India Ltd. | 1.77% | 1.40% |
| The Phoenix Mills Ltd. | 1.37% | 1.50% |
| Bharti Airtel Ltd. | 1.35% | 1.45% |
| Mphasis Ltd. | 1.76% | 1.34% |
| Solar Industries India Ltd. | 1.31% | 2.53% |
| Adani Ports and Special Economic Zone Ltd. | 1.28% | 1.31% |
| Shriram Finance Ltd. | 1.52% | 1.24% |
| Reliance Industries Ltd. | 1.12% | 2.10% |
| Ujjivan Small Finance Bank Ltd. | 1.02% | 1.41% |
| Cholamandalam Investment & Finance Co. Ltd. | 1.01% | 1.06% |
| Sona Blw Precision Forgings Ltd. | 1.09% | 1.00% |
| Acutaas Chemicals Ltd. | 0.99% | 1.51% |
| Torrent Pharmaceuticals Ltd. | 0.98% | 1.44% |
| Bharat Heavy Electricals Ltd. | 1.49% | 0.96% |
| ZF Commercial Vehicle Control Systems India Ltd. | 0.94% | 1.36% |
| LG Electronics India Ltd. | 1.61% | 0.92% |
| Tata Motors Ltd. | 0.96% | 0.92% |
| Max Financial Services Ltd. | 0.90% | 1.16% |
| Persistent Systems Ltd. | 1.13% | 0.89% |
| JSW Steel Ltd. | 0.87% | 1.00% |
| Arvind Ltd. | 0.97% | 0.84% |
| GE Vernova T&D India Ltd. | 0.84% | 1.83% |
| Shadowfax Technologies Ltd. | 1.01% | 0.81% |
| TVS Motor Company Ltd. | 0.88% | 0.80% |
| Nippon Life India Asset Management Ltd. | 0.80% | 1.30% |
| Adani Enterprises Ltd. | 1.11% | 0.77% |
| Data Patterns (India) Ltd. | 0.98% | 0.73% |
| KSB Ltd. | 0.73% | 1.12% |
| Azad Engineering Ltd. | 0.65% | 1.87% |
| Hindustan Copper Ltd. | 0.57% | 1.08% |
| Ather Energy Ltd. | 1.35% | 0.55% |
| MTAR technologies Ltd. | 0.55% | 0.76% |
| Aarti Industries Ltd. | 0.47% | 0.81% |
| Amber Enterprises India Ltd. | 0.41% | 0.84% |
| 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. 51.8% means 51.8% 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 Multicap Fund
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 2.41% |
| One 97 Communications Ltd. | 2.09% |
| Sun Pharmaceutical Industries Ltd. | 2.07% |
| Sai Life Sciences Ltd. | 1.86% |
| Radico Khaitan Ltd. | 1.70% |
Largest holdings only in Union Retirement Fund
| Security | % of fund |
|---|---|
| Eternal Ltd. | 2.17% |
| Tata Consumer Products Ltd. | 1.84% |
| NTPC Ltd. | 1.80% |
| Titan Company Ltd. | 1.55% |
| Kirloskar Oil Engines Ltd. | 1.53% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Multicap | Union Retirement |
|---|---|---|
| Equity | 92.7% | 97.8% |
| Debt | 0.1% | 0.1% |
| Cash and others | 7.2% | 2.1% |
Market cap of stocks
| Market cap | Union Multicap | Union Retirement |
|---|---|---|
| Large Cap | 31.0% | 46.8% |
| Mid Cap | 29.9% | 20.5% |
| Small Cap | 31.7% | 30.6% |
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 Multicap | Union Retirement |
|---|---|---|
| Banks | 16.3% | 17.0% |
| Auto Components | 8.6% | 5.7% |
| Pharmaceuticals & Biotechnology | 8.3% | 4.1% |
| Capital Markets | 3.4% | 6.8% |
| Electrical Equipment | 4.1% | 6.3% |
| Chemicals & Petrochemicals | 3.3% | 5.8% |
| Consumer Durables | 4.0% | 5.6% |
| IT - Software | 4.2% | 4.5% |
| Industrial Products | 4.2% | 3.2% |
The six largest sectors of each fund's stocks, % of the fund.
Union Multicap vs Union Retirement: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Multicap Fund | Union Retirement Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.39% | 1.36% |
| Base expense ratio (Direct) | 0.83% | 0.98% |
| Total expense ratio (Regular) | 2.55% | 2.67% |
| Base expense ratio (Regular) | 1.82% | 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 Multicap Fund vs Union Retirement Fund: Frequently Asked Questions
What is the difference between Union Multicap Fund and Union Retirement Fund?
Union Multicap Fund is a Multi Cap fund, Union Retirement Fund is a Solution fund, run by Union Mutual Fund. Their portfolios overlap 51.8%. Union Multicap Fund charges 1.39% a year and Union Retirement Fund 1.36%.
Which has given higher returns, Union Multicap Fund or Union Retirement Fund?
Over 1 year: Union Multicap Fund +2.52%, Union Retirement Fund −2.20%. Over 3 years: Union Multicap Fund +14.18% 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 Multicap Fund or Union Retirement Fund?
Union Retirement Fund charges less: 1.36% a year against 1.39%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Multicap Fund and Union Retirement Fund overlap?
51.8%. They hold 46 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, SJS. From each fund's latest monthly portfolio.
Which is riskier, Union Multicap Fund or Union Retirement Fund?
On SEBI's riskometer, Union Multicap Fund is rated Very High and Union Retirement Fund Very High. Over 3 years, the standard deviation of daily returns was 15.01% and 14.27% a year.
Which is better for SIP, Union Multicap 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 ₹4,18,952 in Union Multicap Fund (XIRR 8.0% 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 Multicap Fund and Union Retirement Fund?
Yes. 51.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union Multicap Fund and Union Retirement Fund?
Union Multicap Fund: Harshad Patwardhan, Sanjay Bembalkar. 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.