Union Retirement Fund vs Union Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Retirement Fund is a Solution fund and Union Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, Union Retirement Fund (Direct) returned 12.1% a year and Union Small Cap Fund (Direct) returned 14.6% a year. Union Retirement Fund charges 1.36% a year and Union Small Cap Fund 1.10% (Direct plans). Their portfolios overlap 35.1%: they hold 34 of the same securities.
Which is better, Union Retirement 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 Small Cap returned more over 3 years: 14.6% a year against 12.1%.
- Union Small Cap returned more over 1 year: 11.8% against −2.2%.
- Union Small Cap costs less: 1.10% a year against 1.36% (Direct plans).
- Union Retirement swung less over 3 years: a standard deviation of 14.3% a year against 18.8%.
- Union Retirement fell less in its worst fall since 29-09-2022: −17.8% against −26.2%.
- Union Retirement holds more in large companies: 46.8% of the fund in large caps against 4.0%.
- Union Small Cap is the larger fund: ₹2,732 Cr against ₹207 Cr.
- Their portfolios overlap 35.1%: 34 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 Retirement Fund | Union Small Cap Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Solution | Small Cap |
| AUM | ₹207 Cr (30-09-2026) | ₹2,732 Cr (30-09-2026) |
| NAV | ₹16.43 (Direct) | ₹62.58 (Direct) |
| Expense ratio (Direct) | 1.36% | 1.10% |
| Expense ratio (Regular) | 2.67% | 2.17% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | BSE 250 Smallcap TRI |
| Launch date | 22-09-2022 | 10-06-2014 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | 5 years, or until retirement if earlier | None |
| Fund managers | Pratik Dharmshi, Pratit Vajani | Pratik Dharmshi, Gaurav Chopra |
| Exit load | Nil | Exit load of 1%, if redeemed within 15 days. |
Union Retirement 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 Retirement Fund (Direct) | −2.20% | −5.14% | −1.02% | −2.20% | +12.05% | -- | -- |
| Union Small Cap Fund (Direct) | −5.54% | −1.57% | +6.90% | +11.79% | +14.64% | +16.16% | +16.45% |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | +14.51% | +16.19% |
Category average: the average of the 36 Small Cap funds, same plan type.
Union Retirement vs Union Small Cap: Year-wise Returns
| Year | RetirementUnion Retirement | Small CapUnion Small Cap |
|---|---|---|
| 2026to date | −2.67% | +15.59% |
| 2025 | +7.45% | −3.61% |
| 2024 | +18.75% | +25.16% |
| 2023 | +32.30% | +42.98% |
| 2022 | -- | −0.03% |
| 2021 | -- | +63.37% |
Union Retirement vs Union Small Cap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Union Retirement Fund
Rolling returns
Every 3-year holding period, 266 of them, one for each trading day from 29-09-2025 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 Retirement Fund (Direct)
Union Small Cap Fund (Direct)
BSE 500 TRI
to
Oct 2025Jan 2023
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 Retirement | 0.0 | 0.0 | 0.0 | 18.8 | 79.7 | 1.5 | 0.0 | 16.9% | 17.6% | 10.8% | 20.2% | 100% |
| Union Small Cap | 0.0 | 0.0 | 0.0 | 1.9 | 60.2 | 38.0 | 0.0 | 19.5% | 19.5% | 13.7% | 24.0% | 100% |
| BSE 500 TRI | 0.0 | 0.0 | 9.0 | 44.4 | 46.6 | 0.0 | 0.0 | 14.1% | 14.8% | 8.4% | 17.8% | -- |
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 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 29-09-2022. Past returns do not promise future returns.
Union Retirement 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 29-09-2022 to 30-10-2026: 50 instalments, ₹5,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union RetirementUnion Retirement Fund (Direct) | ₹5,00,000 | ₹6,05,015 | ₹1,05,015 | 9.1% |
| Union Small CapUnion Small Cap Fund (Direct) | ₹5,00,000 | ₹6,90,779 | ₹1,90,779 | 15.6% |
Union RetirementUnion Retirement 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 Retirement 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 Retirement Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.20% | +11.79% |
| Standard deviation | 15.10% | 19.25% |
| Sharpe ratio | -0.49 | 0.34 |
| Sortino ratio | -0.66 | 0.47 |
| Maximum drawdown | −12.2% (23-03-2026) | −12.3% (23-03-2026) |
| Beta | 1.02 | 1.01 |
| Alpha | +5.74% | +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 Retirement Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.05% | +14.64% |
| Standard deviation | 14.27% | 18.80% |
| Sharpe ratio | 0.42 | 0.46 |
| Sortino ratio | 0.57 | 0.61 |
| Maximum drawdown | −17.8% (28-02-2025) | −26.2% (03-03-2025) |
| Beta | 0.98 | 0.96 |
| Alpha | +2.23% | +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 Retirement Fund (Direct) | Union Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.09% | +15.92% |
| Standard deviation | 13.10% | 16.91% |
| Sharpe ratio | 0.60 | 0.60 |
| Sortino ratio | 0.82 | 0.79 |
| Maximum drawdown | −17.8% (28-02-2025) | −44.7% (23-03-2020) |
| Beta | 0.96 | 0.85 |
| Alpha | +3.12% | +4.15% |
From daily NAVs, 29-09-2022 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 Retirement Fund (Direct)
Union Small Cap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Retirement Fund (Direct) | −17.8% | 26-09-2024 | 28-02-2025 | 20-10-2025 | 8 months | −7.9% |
| Union Small Cap Fund (Direct) | −26.2% | 11-12-2024 | 03-03-2025 | 27-04-2026 | 14 months | −9.0% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 29-09-2022, 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 Retirement Fund (Direct)
Union Small Cap Fund (Direct)
BSE 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 Retirement Fund (Direct)
Union Small Cap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Retirement Fund (Direct) | 97% | 77% | 3.70% |
| Union Small Cap Fund (Direct) | 103% | 64% | 12.19% |
From month-end values since 29-09-2022. 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 Retirement vs Union Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Union Retirement Fund, September 2026; Union Small Cap Fund, September 2026
Holdings in common
- Overlap
- 35.1%
- Held by both
- 34
- Only in Union Retirement
- 46
- Only in Union Small Cap
- 52
| Security | % of Union Retirement | % of Union Small Cap |
|---|---|---|
| Multi Commodity Exchange of India Ltd. | 2.72% | 2.99% |
| Navin Fluorine International Ltd. | 2.00% | 3.40% |
| S.J.S. Enterprises Ltd. | 1.97% | 2.45% |
| Azad Engineering Ltd. | 1.87% | 2.44% |
| GE Vernova T&D India Ltd. | 1.83% | 2.73% |
| Karur Vysya Bank Ltd. | 1.72% | 3.06% |
| Kirloskar Oil Engines Ltd. | 1.53% | 2.87% |
| Acutaas Chemicals Ltd. | 1.51% | 1.94% |
| Torrent Pharmaceuticals Ltd. | 1.44% | 1.68% |
| Ujjivan Small Finance Bank Ltd. | 1.41% | 2.24% |
| Gabriel India Ltd. | 1.40% | 3.08% |
| CarTrade Tech Ltd. | 1.61% | 1.27% |
| Kfin Technologies Ltd. | 1.10% | 1.25% |
| Hindustan Copper Ltd. | 1.08% | 2.12% |
| KSB Ltd. | 1.12% | 1.02% |
| Cemindia Projects Ltd. | 0.98% | 0.99% |
| Amber Enterprises India Ltd. | 0.84% | 1.22% |
| Shadowfax Technologies Ltd. | 0.81% | 0.87% |
| JK Cement Ltd. | 0.91% | 0.80% |
| MTAR technologies Ltd. | 0.76% | 1.59% |
| Doms Industries Ltd. | 0.73% | 0.87% |
| Data Patterns (India) Ltd. | 0.73% | 2.20% |
| Aarti Industries Ltd. | 0.81% | 0.71% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.36% | 0.64% |
| Home First Finance Company India Ltd. | 0.59% | 1.02% |
| Angel One Ltd. | 1.06% | 0.58% |
| Garden Reach Shipbuilders & Engineers Ltd. | 0.58% | 0.60% |
| Ather Energy Ltd. | 0.55% | 1.15% |
| KEI Industries Ltd. | 0.54% | 1.26% |
| Vijaya Diagnostic Centre Ltd. | 0.52% | 1.21% |
| Max Financial Services Ltd. | 1.16% | 0.40% |
| Nippon Life India Asset Management Ltd. | 1.30% | 0.39% |
| 91 Day Treasury Bills | 0.04% | 0.04% |
| 91 Day Treasury Bills | 0.03% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.1% means 35.1% 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 Retirement Fund
| Security | % of fund |
|---|---|
| ICICI Bank Ltd. | 5.76% |
| HDFC Bank Ltd. | 4.29% |
| Solar Industries India Ltd. | 2.53% |
| Eternal Ltd. | 2.17% |
| Reliance Industries Ltd. | 2.10% |
Largest holdings only in Union Small Cap Fund
| Security | % of fund |
|---|---|
| Milky Mist Dairy Food Ltd. | 2.52% |
| Corona Remedies Ltd. | 2.20% |
| Hitachi Energy India Ltd. | 1.77% |
| Sai Life Sciences Ltd. | 1.76% |
| City Union Bank Ltd. | 1.65% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Retirement | Union Small Cap |
|---|---|---|
| Equity | 97.8% | 98.4% |
| Debt | 0.1% | 0.1% |
| Cash and others | 2.1% | 1.5% |
Market cap of stocks
| Market cap | Union Retirement | Union Small Cap |
|---|---|---|
| Large Cap | 46.8% | 4.0% |
| Mid Cap | 20.5% | 16.4% |
| Small Cap | 30.6% | 71.0% |
| Not on AMFI's list | 0.0% | 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 Retirement | Union Small Cap |
|---|---|---|
| Banks | 17.0% | 8.0% |
| Electrical Equipment | 6.3% | 10.9% |
| Industrial Products | 3.2% | 9.7% |
| Pharmaceuticals & Biotechnology | 4.1% | 9.7% |
| Auto Components | 5.7% | 8.8% |
| Capital Markets | 6.8% | 8.1% |
| Chemicals & Petrochemicals | 5.8% | 5.7% |
| Consumer Durables | 5.6% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
Union Retirement vs Union Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Retirement Fund | Union Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.36% | 1.10% |
| Base expense ratio (Direct) | 0.98% | 0.78% |
| Total expense ratio (Regular) | 2.67% | 2.17% |
| Base expense ratio (Regular) | 2.10% | 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
Union Retirement Fund vs Union Small Cap Fund: Frequently Asked Questions
What is the difference between Union Retirement Fund and Union Small Cap Fund?
Union Retirement Fund is a Solution fund, Union Small Cap Fund is a Small Cap fund, run by Union Mutual Fund. Their portfolios overlap 35.1%. Union Retirement Fund charges 1.36% a year and Union Small Cap Fund 1.10%.
Which has given higher returns, Union Retirement Fund or Union Small Cap Fund?
Over 1 year: Union Retirement Fund −2.20%, Union Small Cap Fund +11.79%. Over 3 years: Union Retirement Fund +12.05% 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 Retirement Fund or Union Small Cap Fund?
Union Small Cap Fund charges less: 1.10% a year against 1.36%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Retirement Fund and Union Small Cap Fund overlap?
35.1%. They hold 34 of the same securities, the largest shared ones being MCX, NAVINFLUOR, SJS. From each fund's latest monthly portfolio.
Which is riskier, Union Retirement Fund or Union Small Cap Fund?
On SEBI's riskometer, Union Retirement Fund is rated Very High and Union Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 14.27% and 18.80% a year.
Which is better for SIP, Union Retirement 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 ₹3,97,020 in Union Retirement Fund (XIRR 4.5% 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 Retirement Fund and Union Small Cap Fund?
Yes. 35.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Union Retirement Fund and Union Small Cap Fund?
Union Retirement Fund: Pratik Dharmshi, Pratit Vajani. 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.