Union Value Fund vs Zerodha Nifty 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
Union Value Fund is a Value and Contra fund and Zerodha Nifty 100 ETF is an ETF fund. In the year to 30-10-2026, Union Value Fund (Direct) returned −6.9% and Zerodha Nifty 100 ETF (Direct) returned −8.7%. Union Value Fund charges 1.51% a year and Zerodha Nifty 100 ETF 0.28% (Direct plans). Their portfolios overlap 43.8%: they hold 33 of the same securities.
Which is better, Union Value or Zerodha Nifty 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Value returned more over 1 year: −6.9% against −8.7%.
- Zerodha Nifty 100 ETF costs less: 0.28% a year against 1.51% (Direct plans).
- Zerodha Nifty 100 ETF fell less in its worst fall since 18-06-2024: −17.2% against −17.9%.
- Zerodha Nifty 100 ETF holds more in large companies: 97.9% of the fund in large caps against 55.5%.
- Union Value is the larger fund: ₹378 Cr against ₹165 Cr.
- Their portfolios overlap 43.8%: 33 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 Value Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Fund house | Union Mutual Fund | Zerodha Mutual Fund |
| Category | Value and Contra | ETF |
| AUM | ₹378 Cr (30-09-2026) | ₹165 Cr (30-09-2026) |
| NAV | ₹28.96 (Direct) | ₹10.09 (Direct) |
| Expense ratio (Direct) | 1.51% | 0.28% |
| Expense ratio (Regular) | 2.56% | Not available |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 100 TRI |
| Launch date | 05-12-2018 | 12-06-2024 |
| Minimum investment | ₹1,000 | In creation unit size of 765,000 units and in multiples thereafter |
| Lock in | None | None |
| Fund managers | Vinod Malviya, Gaurav Chopra | Kedarnath Mirajkar |
| Exit load | Exit load of 1%, if redeemed within 15 days. | Not available |
Union Value vs Zerodha Nifty 100 ETF: 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 Value Fund (Direct) | −2.10% | −6.46% | −3.53% | −6.91% | +10.89% | +10.75% | -- |
| Zerodha Nifty 100 ETF (Direct) | +1.04% | −5.28% | −2.92% | −8.69% | -- | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | -- |
Category average: the average of the 30 Value and Contra funds, same plan type.
Union Value vs Zerodha Nifty 100 ETF: Year-wise Returns
| Year | Union ValueUnion Value | Zerodha Nifty 100 ETFZerodha Nifty 100 ETF |
|---|---|---|
| 2026to date | −6.82% | −9.32% |
| 2025 | +7.95% | +10.15% |
| 2024 | +17.94% | -- |
| 2023 | +34.56% | -- |
| 2022 | +5.90% | -- |
| 2021 | +33.20% | -- |
Union Value vs Zerodha Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Union Value Fund
Rolling returns
Every 1-year holding period, 337 of them, one for each trading day from 18-06-2025 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 Value Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
BSE 500 TRI
to
Jul 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
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 Value | 16.0 | 41.8 | 26.4 | 10.7 | 4.5 | 0.6 | 0.0 | 4.7% | 4.1% | −7.5% | 20.4% | 97% |
| Zerodha Nifty 100 ETF | 40.8 | 27.5 | 19.2 | 11.8 | 0.6 | 0.0 | 0.0 | 2.2% | 1.3% | −10.5% | 15.2% | 47% |
| BSE 500 TRI | 34.1 | 34.1 | 24.0 | 6.5 | 1.2 | 0.0 | 0.0 | 2.6% | 2.0% | −9.2% | 15.7% | -- |
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 18-06-2024. Past returns do not promise future returns.
Union Value vs Zerodha Nifty 100 ETF: 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union ValueUnion Value Fund (Direct) | ₹2,90,000 | ₹2,85,419 | −₹4,581 | −1.3% |
| Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (Direct) | ₹2,90,000 | ₹2,80,663 | −₹9,337 | −2.6% |
Union ValueUnion Value Fund (Direct)
Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (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 Value vs Zerodha Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Value Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | −6.91% | −8.69% |
| Standard deviation | 14.74% | 14.04% |
| Sharpe ratio | -0.82 | -0.99 |
| Sortino ratio | -1.10 | -1.32 |
| Maximum drawdown | −12.8% (31-03-2026) | −14.9% (30-03-2026) |
| Beta | 1.01 | 1.00 |
| Alpha | +0.85% | −0.01% |
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 Value Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +14.30% | −0.19% |
| Standard deviation | 16.90% | 13.27% |
| Sharpe ratio | 0.54 | -0.45 |
| Sortino ratio | 0.72 | -0.62 |
| Maximum drawdown | −37.7% (23-03-2020) | −17.2% (28-02-2025) |
| Beta | 0.97 | 1.00 |
| Alpha | +1.44% | −0.06% |
From daily NAVs, 12-12-2018 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 Value Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Value Fund (Direct) | −17.9% | 23-09-2024 | 03-03-2025 | 10-07-2025 | 4 months | −8.5% |
| Zerodha Nifty 100 ETF (Direct) | −17.2% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 18-06-2024, 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 Value Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Value Fund (Direct) | 97% | 92% | 3.74% |
| Zerodha Nifty 100 ETF (Direct) | 93% | 94% | 2.67% |
From month-end values since 18-06-2024. 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 Value vs Zerodha Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Union Value Fund, September 2026; Zerodha Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 43.8%
- Held by both
- 33
- Only in Union Value
- 38
- Only in Zerodha Nifty 100 ETF
- 67
| Security | % of Union Value | % of Zerodha Nifty 100 ETF |
|---|---|---|
| ICICI Bank Ltd. | 6.44% | 7.34% |
| HDFC Bank Ltd. | 4.12% | 8.41% |
| Reliance Industries Ltd. | 3.75% | 6.15% |
| Bharti Airtel Ltd. | 2.98% | 4.14% |
| State Bank of India | 2.93% | 3.07% |
| Axis Bank Ltd. | 3.21% | 2.73% |
| Larsen & Toubro Ltd. | 2.16% | 3.41% |
| Maruti Suzuki India Ltd. | 2.00% | 1.21% |
| NTPC Ltd. | 2.21% | 1.19% |
| Sun Pharmaceutical Industries Ltd. | 1.13% | 1.49% |
| Bharat Electronics Ltd. | 1.20% | 1.08% |
| Shriram Finance Ltd. | 2.73% | 1.07% |
| Tata Consultancy Services Ltd. | 0.98% | 1.62% |
| Infosys Ltd. | 0.95% | 2.72% |
| Interglobe Aviation Ltd. | 0.92% | 0.87% |
| Adani Ports and Special Economic Zone Ltd. | 0.86% | 1.09% |
| Tata Steel Ltd. | 0.83% | 1.18% |
| Hindustan Unilever Ltd. | 0.80% | 1.29% |
| Adani Enterprises Ltd. | 0.88% | 0.76% |
| Tech Mahindra Ltd. | 2.19% | 0.75% |
| HCL Technologies Ltd. | 0.70% | 1.00% |
| Hindustan Aeronautics Ltd. | 0.99% | 0.69% |
| Tata Motors Ltd. | 1.12% | 0.68% |
| Cipla Ltd. | 0.77% | 0.59% |
| Samvardhana Motherson International Ltd. | 0.86% | 0.56% |
| Torrent Pharmaceuticals Ltd. | 1.40% | 0.55% |
| Vedanta Aluminium Metal Ltd. | 0.92% | 0.55% |
| ITC Ltd. | 0.49% | 1.96% |
| HDFC Life Insurance Company Ltd. | 0.79% | 0.43% |
| Jindal Steel Ltd. | 1.92% | 0.33% |
| LTM Ltd. | 0.80% | 0.29% |
| Zydus Lifesciences Ltd. | 0.69% | 0.22% |
| TATA Capital Ltd. | 0.95% | 0.14% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.8% means 43.8% 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 Value Fund
| Security | % of fund |
|---|---|
| Gabriel India Ltd. | 2.02% |
| Nippon Life India Asset Management Ltd. | 1.67% |
| The Phoenix Mills Ltd. | 1.66% |
| Ajanta Pharma Ltd. | 1.64% |
| Ujjivan Small Finance Bank Ltd. | 1.64% |
Largest holdings only in Zerodha Nifty 100 ETF
| Security | % of fund |
|---|---|
| Kotak Mahindra Bank Limited | 2.38% |
| Mahindra & Mahindra Limited | 2.04% |
| Bajaj Finance Limited | 2.03% |
| Eternal Limited | 1.80% |
| Titan Company Limited | 1.47% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Value | Zerodha Nifty 100 ETF |
|---|---|---|
| Equity | 96.3% | 99.9% |
| Debt | 0.1% | 0.0% |
| Cash and others | 3.6% | 0.1% |
Market cap of stocks
| Market cap | Union Value | Zerodha Nifty 100 ETF |
|---|---|---|
| Large Cap | 55.5% | 97.9% |
| Mid Cap | 14.6% | 2.0% |
| Small Cap | 25.4% | 0.0% |
| Not on AMFI's list | 0.8% | 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 Value | Zerodha Nifty 100 ETF |
|---|---|---|
| Banks | 21.1% | 25.1% |
| Petroleum Products | 4.5% | 7.0% |
| IT - Software | 6.9% | 6.7% |
| Automobiles | 2.5% | 6.4% |
| Finance | 3.7% | 6.2% |
| Pharmaceuticals & Biotechnology | 5.6% | 4.3% |
| Construction | 5.6% | 3.4% |
| Telecom - Services | 3.0% | 4.4% |
| Auto Components | 4.1% | 0.9% |
The six largest sectors of each fund's stocks, % of the fund.
Union Value vs Zerodha Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Value Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.51% | 0.28% |
| Base expense ratio (Direct) | 1.08% | 0.22% |
| Total expense ratio (Regular) | 2.56% | Not available |
| Base expense ratio (Regular) | 2.10% | 0.00% |
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 Value Fund vs Zerodha Nifty 100 ETF: Frequently Asked Questions
What is the difference between Union Value Fund and Zerodha Nifty 100 ETF?
Union Value Fund is a Value and Contra fund, Zerodha Nifty 100 ETF is an ETF fund, run by Union Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 43.8%. Union Value Fund charges 1.51% a year and Zerodha Nifty 100 ETF 0.28%.
Which has given higher returns, Union Value Fund or Zerodha Nifty 100 ETF?
Over 1 year: Union Value Fund −6.91%, Zerodha Nifty 100 ETF −8.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union Value Fund or Zerodha Nifty 100 ETF?
Zerodha Nifty 100 ETF charges less: 0.28% a year against 1.51%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Value Fund and Zerodha Nifty 100 ETF overlap?
43.8%. They hold 33 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Union Value Fund or Zerodha Nifty 100 ETF?
On SEBI's riskometer, Union Value Fund is rated Very High and Zerodha Nifty 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 14.74% and 14.04% a year.
Can I invest in both Union Value Fund and Zerodha Nifty 100 ETF?
Yes. 43.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union Value Fund and Zerodha Nifty 100 ETF?
Union Value Fund: Vinod Malviya, Gaurav Chopra. Zerodha Nifty 100 ETF: Kedarnath Mirajkar.
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.