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HSBC Large & Mid Cap Fund - Direct Growth vs Union Large & Midcap Fund - Direct Plan - Growth Option
HSBC Large & Mid Cap Fund and Union Large & Midcap Fund are both in the Large & Mid Cap Fund category, from HSBC Asset Management (India) Private Ltd. and Union Asset Management Company Private Limited respectively. HSBC Large & Mid Cap Fund has posted a higher 3-year rolling CAGR. Union Large & Midcap Fund has the lower expense ratio. See the full table and FAQ below for the complete real-data comparison.
Basics
Union Large & Midcap Fund has the lower direct-plan expense ratio, by 0.07 percentage points.
| HSBC Large & Mid Cap Fund - Direct Growth | Union Large & Midcap Fund - Direct Plan - Growth Option | |
|---|---|---|
| Category | Large & Mid Cap Fund | Large & Mid Cap Fund |
| AMC | HSBC Asset Management (India) Private Ltd. | Union Asset Management Company Private Limited |
| Benchmark | NIFTY LargeMidcap 250 TRI | NIFTY LargeMidcap 250 TRI |
| NAV | ₹31.3878 (2026-10-28) | ₹27.96 (2026-10-28) |
| AUM | ₹5,679.217 Cr | ₹935.97 Cr |
| Expense Ratio (Direct) | 1.39% | 1.32% |
| Inception | 2019-03-11 | 2019-11-15 |
Returns
HSBC Large & Mid Cap Fund leads on 3-year rolling CAGR (21.0% vs Union Large & Midcap Fund's 18.5%) - see the FAQ below for percentile context within each fund's own category.
Risk Metrics
HSBC Large & Mid Cap Fund has been the more volatile of the two by standard deviation.
| HSBC Large & Mid Cap Fund - Direct Growth | Union Large & Midcap Fund - Direct Plan - Growth Option | |
|---|---|---|
| 3Y Sharpe Ratio | 0.39 | 0.20 |
| 3Y Alpha | 3.9232% | 0.3157% |
| 3Y Std Deviation | 17.6668% | 14.917% |
| 3Y Calmar Ratio | 0.56 | 0.53 |
Portfolio Analytics
Union Large & Midcap Fund carries the higher portfolio P/E ratio (a rougher proxy for how richly the underlying holdings are valued) - see the table below for the full comparison.
| HSBC Large & Mid Cap Fund - Direct Growth | Union Large & Midcap Fund - Direct Plan - Growth Option | |
|---|---|---|
| P/E Ratio | 34.4332 | 36.9143 |
| P/B Ratio | 15.3738 | 9.2757 |
| Dividend Yield | 0.6065% | 0.6025% |
| Active Share | 75.07% | 63.61% |
| Portfolio Turnover | - | 94% |
| YTM | - | 5.4% |
| Duration (Macaulay) | - | - |
Punji Fund Health Score
HSBC Large & Mid Cap Fund has the stronger Punji Quality grade of the two.
Frequently asked questions
Which has a higher 3-year return, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
HSBC Large & Mid Cap Fund's 3-year rolling CAGR of 21.0% is higher than Union Large & Midcap Fund's 18.5%. HSBC Large & Mid Cap Fund sits in the 92nd percentile of its category on this metric, versus the 62nd percentile for Union Large & Midcap Fund - though note both funds may belong to different categories with different medians, so a raw CAGR comparison doesn't account for how each fund performed relative to its own peers. A higher historical return also doesn't necessarily mean lower risk; check the risk metrics below before concluding either fund is the "better" choice.
Which has a lower expense ratio, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
Union Large & Midcap Fund's direct-plan expense ratio is 0.07 percentage points lower than HSBC Large & Mid Cap Fund's. Over long holding periods, a persistent expense-ratio gap compounds into a materially different final corpus even if the two funds' gross returns are similar - it's one of the few fund attributes you can compare with total certainty upfront, unlike future returns, since the fee is contractually fixed rather than a historical estimate.
Which fund carries more risk, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
By standard deviation (a measure of how much a fund's returns swing around its own average), HSBC Large & Mid Cap Fund has been more volatile than Union Large & Midcap Fund over the trailing window. Standard deviation captures total volatility in both directions - up and down - so a higher figure means bigger swings generally, not necessarily bigger losses specifically. Sharpe ratio (0.39 for HSBC Large & Mid Cap Fund vs 0.20 for Union Large & Midcap Fund) is a better single measure of risk-adjusted return, since it weighs the return earned per unit of volatility taken rather than volatility alone.
Which has higher AUM, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
HSBC Large & Mid Cap Fund has ₹5,679 Cr in assets under management, versus ₹936 Cr for Union Large & Midcap Fund. A larger AUM generally means deeper liquidity and lower per-unit fixed costs for the AMC to spread across investors, but an AUM that's very large relative to a fund's category and strategy (especially in small/mid cap categories, where the investable universe is smaller) can also make it harder for a manager to enter and exit positions without moving the price - bigger isn't automatically better, especially for less liquid categories.
Which fund has a longer track record, HSBC Large & Mid Cap Fund or Union Large & Midcap Fund?
HSBC Large & Mid Cap Fund launched on 2019-03-11, making it older than Union Large & Midcap Fund (launched 2019-11-15). A longer track record means more real market cycles (bull runs, corrections, rate cycles) the fund has actually navigated, which is useful context for judging consistency - but it isn't a guarantee of future performance, and a newer fund isn't automatically worse, especially if it's run by an experienced manager or team with a track record at a prior fund.
Data as of 2026-10-29. Source: AMFI disclosures via Punji. Not investment advice.