COMPARE
HSBC Midcap Fund - Direct Growth vs Union Midcap Fund - Direct Plan - Growth Option
HSBC Midcap Fund and Union Midcap Fund are both in the Mid Cap Fund category, from HSBC Asset Management (India) Private Ltd. and Union Asset Management Company Private Limited respectively. HSBC Midcap Fund has posted a higher 3-year rolling CAGR. Union Midcap Fund has the lower expense ratio. See the full table and FAQ below for the complete real-data comparison.
Basics
Union Midcap Fund has the lower direct-plan expense ratio, by 0.04 percentage points.
| HSBC Midcap Fund - Direct Growth | Union Midcap Fund - Direct Plan - Growth Option | |
|---|---|---|
| Category | Mid Cap Fund | Mid Cap Fund |
| AMC | HSBC Asset Management (India) Private Ltd. | Union Asset Management Company Private Limited |
| Benchmark | Nifty Midcap 150 TRI | BSE 150 MidCap Index TRI |
| NAV | ₹502.9783 (2026-10-28) | ₹53.37 (2026-10-28) |
| AUM | ₹16,372.657 Cr | ₹1,847.738 Cr |
| Expense Ratio (Direct) | 1.15% | 1.11% |
| Inception | 2004-06-24 | 2020-03-02 |
Returns
HSBC Midcap Fund leads on 3-year rolling CAGR (25.8% vs Union Midcap Fund's 22.9%) - see the FAQ below for percentile context within each fund's own category.
Risk Metrics
HSBC Midcap Fund has been the more volatile of the two by standard deviation.
| HSBC Midcap Fund - Direct Growth | Union Midcap Fund - Direct Plan - Growth Option | |
|---|---|---|
| 3Y Sharpe Ratio | 0.63 | 0.36 |
| 3Y Alpha | 7.6777% | 0.9639% |
| 3Y Std Deviation | 18.8795% | 16.636% |
| 3Y Calmar Ratio | 0.73 | 0.62 |
Portfolio Analytics
HSBC 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 Midcap Fund - Direct Growth | Union Midcap Fund - Direct Plan - Growth Option | |
|---|---|---|
| P/E Ratio | 42.3761 | 41.9769 |
| P/B Ratio | - | 8.174 |
| Dividend Yield | 0.4829% | 0.4843% |
| Active Share | 73.25% | 62.49% |
| Portfolio Turnover | 129% | 88% |
| YTM | - | 5.3857% |
| Duration (Macaulay) | - | - |
Punji Fund Health Score
HSBC Midcap Fund has the stronger Punji Quality grade of the two.
Frequently asked questions
Which has a higher 3-year return, HSBC Midcap Fund or Union Midcap Fund?
HSBC Midcap Fund's 3-year rolling CAGR of 25.8% is higher than Union Midcap Fund's 22.9%. HSBC Midcap Fund sits in the 93rd percentile of its category on this metric, versus the 69th percentile for Union 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 Midcap Fund or Union Midcap Fund?
Union Midcap Fund's direct-plan expense ratio is 0.04 percentage points lower than HSBC Midcap 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 Midcap Fund or Union Midcap Fund?
By standard deviation (a measure of how much a fund's returns swing around its own average), HSBC Midcap Fund has been more volatile than Union 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 (0.63 for HSBC Midcap Fund vs 0.36 for Union 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 Midcap Fund or Union Midcap Fund?
HSBC Midcap Fund has ₹16,373 Cr in assets under management, versus ₹1,848 Cr for Union 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 Midcap Fund or Union Midcap Fund?
HSBC Midcap Fund launched on 2004-06-24, making it older than Union Midcap Fund (launched 2020-03-02). 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.