Baroda BNP Paribas Innovation Fund vs Union Innovation & Opportunities Fund
Baroda BNP Paribas Innovation Fund and Union Innovation & Opportunities Fund are both Innovation Funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR — vs +19.84%, 5-year CAGR — vs —, volatility 16.98% vs 17.82%, maximum drawdown −22.27% vs −23.94%. Their portfolios overlap by 26% (16 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | Union Mutual Fund |
| Compared as | Innovation Funds | Innovation Funds |
| NAV | ₹14.2909 | ₹16.8700 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 7 Mar 2024 | 13 Sep 2023 |
| Track record | 2.7 yrs | 3.1 yrs |
| Fund size (AUM) | ₹859 Cr | ₹1,307 Cr |
| Securities held | 48 | 55 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| 1 month | +3.37% | +2.55% |
| 3 months | +0.72% | +1.57% |
| 6 months | +5.48% | +13.07% |
| 1 year | +9.09% | +10.41% |
| 3 years (CAGR) | — | +19.84% |
| 5 years (CAGR) | — | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +14.25% | +18.31% |
| SIP return (XIRR, 5 years) ⓘ | — | — |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| 2026 (year to date) | +10.48% | +14.76% |
| 2025 | −0.64% | −2.58% |
| 2024 | — | +42.90% |
Risk
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Volatility (annualised) ⓘ | 16.98% | 17.82% |
| Downside volatility ⓘ | 11.99% | 12.04% |
| Sharpe ratio ⓘ | 0.46 | 0.75 |
| Sortino ratio ⓘ | 0.65 | 1.11 |
| Maximum drawdown ⓘ | −22.27% | −23.94% |
| Recovery from that fall | 13 months | 15 months |
| Current fall from peak | −1.58% | −1.35% |
| Rolling 1-year return: worst | −6.13% | −6.52% |
| Rolling 1-year return: median | +7.15% | +10.28% |
| Rolling 1-year return: best | +20.50% | +51.98% |
| Share of 1-year periods with a loss | 14.11% | 6.97% |
Against each fund's benchmark
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Beta ⓘ | 0.99 | 0.96 |
| Alpha (Jensen's, annualised) ⓘ | +7.08% | +7.79% |
| R² ⓘ | 83.27 | 70.41 |
| Upside capture | 125.05% | 123.26% |
| Downside capture | 92.02% | 89.68% |
| Tracking error | 6.99% | 9.78% |
| Information ratio | 1.05 | 0.84 |
| Treynor ratio | 4.90 | 12.33 |
Portfolio
Asset mix
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Equity | 94.51% | 96.14% |
| Cash & equivalents | 4.34% | 3.75% |
| Debt | 1.15% | 0.11% |
Market-cap split (share of fund assets)
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Large Cap | 31.41% | 13.08% |
| Mid Cap | 34.58% | 27.83% |
| Small Cap | 26.59% | 54.67% |
| Unclassified | 1.93% | 0.56% |
Concentration
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Top 10 holdings | 37.29% | 34.26% |
| Effective number of stocks ⓘ | 40.4 | 43.3 |
| Securities held | 48 | 55 |
Portfolio overlap: 26%
16 companies are held by both funds; by weight, 26% of the two portfolios is the same. That is a moderate overlap.
| Held by both | Baroda BNP Paribas Innovation | Union Innovation & Opportunities |
|---|---|---|
| One 97 Communications Limited | 5.27% | 5.25% |
| Eternal Limited | 3.16% | 4.80% |
| Acutaas Chemicals Limited | 3.82% | 2.95% |
| Billionbrains Garage Ventures Ltd | 1.73% | 2.11% |
| Delhivery Limited | 1.72% | 2.17% |
| Lenskart Solutions Limited | 2.58% | 1.57% |
| GE Vernova T&D India Limited | 1.54% | 3.20% |
| Sagility Limited | 1.34% | 1.38% |
| Navin Fluorine International Limited | 3.45% | 1.04% |
| Fractal Analytics Ltd | 1.16% | 0.97% |
| Amber Enterprises India Limited | 0.97% | 2.14% |
| Bharat Electronics Limited | 2.48% | 0.96% |
| FSN E-Commerce Ventures Limited | 2.76% | 0.93% |
| KFin Technologies Limited | 0.70% | 0.99% |
| PB Fintech Limited | 1.28% | 0.61% |
Top 10 holdings
Baroda BNP Paribas Innovation
- One 97 Communications Limited5.27%
- Divi's Laboratories Limited4.32%
- Linde India Limited4.07%
- Acutaas Chemicals Limited3.82%
- Hitachi Energy India Limited3.53%
- Navin Fluorine International Limited3.45%
- Bosch Limited3.29%
- TVS Motor Company Ltd.3.27%
- Eternal Limited3.16%
- Multi Commodity Exchange of India Limited3.11%
Union Innovation & Opportunities
- One 97 Communications Limited5.25%
- Eternal Limited4.80%
- Info Edge (India) Limited3.49%
- GE Vernova T&D India Limited3.20%
- Sai Life Sciences Limited3.12%
- Ather Energy Limited3.09%
- Acutaas Chemicals Limited2.95%
- CG Power and Industrial Solutions Limited2.84%
- Sona BLW Precision Forgings Limited2.84%
- Syrma SGS Technology Ltd2.68%
Sector exposure
| Baroda BNP Paribas Innovation | Union Innovation & Opportunities | |
|---|---|---|
| Retailing | 8.50% | 15.56% |
| Pharmaceuticals & Biotechnology | 14.64% | 6.07% |
| Auto Components | 4.04% | 10.33% |
| Financial Technology (Fintech) | 10.28% | 5.86% |
| Chemicals & Petrochemicals | 9.19% | 4.17% |
| Capital Markets | 8.24% | 3.10% |
| Electrical Equipment | 5.07% | 7.75% |
| Automobiles | 6.21% | 3.66% |
| IT - Services | 3.93% | 5.86% |
| Consumer Durables | 0.97% | 5.13% |
| Banks | 0.57% | 4.05% |
| Transport Services | 1.72% | 3.82% |
| Industrial Products | 3.67% | 0.80% |
| Aerospace & Defense | 3.55% | 2.65% |
Questions people ask
What is the difference between Baroda BNP Paribas Innovation and Union Innovation & Opportunities returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +9.09% vs +10.41%; 3-year CAGR — vs +19.84%; 5-year CAGR — vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Baroda BNP Paribas Innovation and Union Innovation & Opportunities compare on risk?
Volatility (36 monthly returns, annualised) 16.98% vs 17.82%; Sharpe ratio 0.46 vs 0.75; Sortino ratio 0.65 vs 1.11; maximum drawdown −22.27% vs −23.94%; beta 0.99 vs 0.96.
How much do Baroda BNP Paribas Innovation and Union Innovation & Opportunities overlap?
By weight, 26% of the two portfolios is invested in the same companies; 16 stocks are held by both, the largest shared positions being One 97 Communications Limited, Eternal Limited, Acutaas Chemicals Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Baroda BNP Paribas Innovation and Union Innovation & Opportunities?
Baroda BNP Paribas Innovation: large cap 31.4%, mid cap 34.6%, small cap 26.6%. Union Innovation & Opportunities: large cap 13.1%, mid cap 27.8%, small cap 54.7% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 5 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.