DSP Multi Asset Allocation Fund vs Union Multi Asset Allocation Fund
DSP Multi Asset Allocation Fund and Union Multi Asset Allocation Fund are both Multi Asset Allocation funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +17.68% vs —, 5-year CAGR — vs —, volatility 8.40% vs 11.67%, maximum drawdown −9.71% vs −12.42%. Their portfolios overlap by 20.2% (19 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
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Fund house | DSP Mutual Fund | Union Mutual Fund |
| Compared as | Multi Asset Allocation | Multi Asset Allocation |
| NAV | ₹16.4073 | ₹12.4000 |
| NAV date | 4 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 29 Sep 2023 | 13 Sep 2024 |
| Track record | 3.1 yrs | 2.1 yrs |
| Fund size (AUM) | ₹10,820 Cr | ₹971 Cr |
| Securities held | 107 | 86 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| 1 month | +0.92% | +1.56% |
| 3 months | −3.15% | −1.59% |
| 6 months | −1.38% | +0.32% |
| 1 year | +7.30% | +7.17% |
| 3 years (CAGR) | +17.68% | — |
| 5 years (CAGR) | — | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +17.33% | +10.20% |
| 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
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| 2026 (year to date) | +2.53% | +2.56% |
| 2025 | +24.73% | +20.42% |
| 2024 | +18.12% | — |
Risk
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Volatility (annualised) ⓘ | 8.40% | 11.67% |
| Downside volatility ⓘ | 5.22% | 8.44% |
| Sharpe ratio ⓘ | 1.33 | 0.32 |
| Sortino ratio ⓘ | 2.15 | 0.44 |
| Maximum drawdown ⓘ | −9.71% | −12.42% |
| Recovery from that fall | 5 months | — |
| Current fall from peak | −4.14% | −3.73% |
| Rolling 1-year return: worst | +3.99% | +0.69% |
| Rolling 1-year return: median | +18.19% | +16.19% |
| Rolling 1-year return: best | +34.53% | +33.19% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Beta ⓘ | 0.44 | 0.68 |
| Alpha (Jensen's, annualised) ⓘ | +8.64% | +9.00% |
| R² ⓘ | 55.76 | 78.41 |
| Upside capture | 72.51% | 88.58% |
| Downside capture | 7.68% | 32.53% |
| Tracking error | 10.15% | 7.35% |
| Information ratio | 0.86 | 1.78 |
| Treynor ratio | 24.51 | 2.04 |
Portfolio
Asset mix
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Equity | 38.34% | 67.05% |
| Debt | 13.65% | 11.37% |
| Cash & equivalents | 13.46% | 4.18% |
| Foreign Securities | 11.89% | 0.00% |
| Gold | 11.65% | 11.71% |
| ETF Units | 5.94% | 0.00% |
| REITs / InvITs | 5.08% | 0.00% |
| Silver | 0.00% | 3.95% |
Market-cap split (share of fund assets)
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Large Cap | 28.70% | 40.10% |
| Mid Cap | 4.36% | 8.40% |
| Small Cap | 4.78% | 16.23% |
| Unclassified | 0.50% | 2.32% |
Concentration
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Top 10 holdings | 37.65% | 39.31% |
| Effective number of stocks ⓘ | 38.9 | 35.6 |
| Securities held | 107 | 86 |
Portfolio overlap: 20.2%
19 companies are held by both funds; by weight, 20.2% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | DSP Multi Asset Allocation | Union Multi Asset Allocation |
|---|---|---|
| HDFC Bank Limited | 3.54% | 4.19% |
| ICICI Bank Limited | 2.79% | 4.49% |
| Axis Bank Limited | 2.98% | 2.46% |
| Bharti Airtel Limited | 2.02% | 2.67% |
| Reliance Industries Limited | 1.49% | 2.44% |
| State Bank of India | 1.33% | 2.34% |
| Larsen & Toubro Limited | 1.31% | 1.54% |
| Maruti Suzuki India Limited | 0.89% | 1.11% |
| Tata Motors Ltd | 0.77% | 0.90% |
| UltraTech Cement Limited | 0.80% | 0.72% |
| NTPC Limited | 0.96% | 0.68% |
| Oil India Limited | 0.70% | 0.59% |
| Sun Pharmaceutical Industries Limited | 0.50% | 0.33% |
| Infosys Limited | 0.33% | 1.29% |
| National Stock Exchange Of India Ltd | 0.50% | 0.29% |
Top 10 holdings
DSP Multi Asset Allocation
- DSP Gold ETF11.65%
- DSP Nifty 50 Equal Wieght ETF5.38%
- Government Securities4.08%
- HDFC Bank Limited3.54%
- Axis Bank Limited2.98%
- ICICI Bank Limited2.79%
- 6.94% Government of India (11/05/2036)2.10%
- Bharti Airtel Limited2.02%
- Nvidia Corporation1.62%
- Reliance Industries Limited1.49%
Union Multi Asset Allocation
- Union Gold ETF11.71%
- ICICI Bank Limited4.49%
- HDFC Bank Limited4.19%
- ICICI Prudential Silver ETF3.95%
- Bharti Airtel Limited2.67%
- 7.1% National Bank For Agriculture and Rural Development (29/03/2029)2.49%
- REC Ltd.2.46%
- Axis Bank Limited2.46%
- Canara Bank2.45%
- Reliance Industries Limited2.44%
Sector exposure
| DSP Multi Asset Allocation | Union Multi Asset Allocation | |
|---|---|---|
| Capital Markets | 1.97% | 17.88% |
| Mutual Funds | 17.59% | 0.00% |
| Banks | 10.85% | 17.03% |
| Sovereign | 10.74% | 0.28% |
| CRISIL AAA | 1.96% | 8.35% |
| Realty | 4.91% | 1.09% |
| Construction | 1.73% | 3.44% |
| Pharmaceuticals & Biotechnology | 0.93% | 3.14% |
| Auto Components | 2.08% | 3.02% |
| Foreign Security | 2.84% | 0.00% |
| Petroleum Products | 2.75% | 2.44% |
| Telecom - Services | 2.24% | 2.67% |
| IT - Software | 0.46% | 2.59% |
| Consumer Durables | 2.50% | 2.42% |
Questions people ask
What is the difference between DSP Multi Asset Allocation and Union Multi Asset Allocation returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +7.30% vs +7.17%; 3-year CAGR +17.68% vs —; 5-year CAGR — vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do DSP Multi Asset Allocation and Union Multi Asset Allocation compare on risk?
Volatility (36 monthly returns, annualised) 8.40% vs 11.67%; Sharpe ratio 1.33 vs 0.32; Sortino ratio 2.15 vs 0.44; maximum drawdown −9.71% vs −12.42%; beta 0.44 vs 0.68.
How much do DSP Multi Asset Allocation and Union Multi Asset Allocation overlap?
By weight, 20.2% of the two portfolios is invested in the same companies; 19 stocks are held by both, the largest shared positions being HDFC Bank Limited, ICICI Bank Limited, Axis Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of DSP Multi Asset Allocation and Union Multi Asset Allocation?
DSP Multi Asset Allocation: large cap 28.7%, mid cap 4.4%, small cap 4.8%. Union Multi Asset Allocation: large cap 40.1%, mid cap 8.4%, small cap 16.2% (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.