360 ONE MSCI India ETF vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
360 ONE MSCI India ETF is an ETF fund and Union Arbitrage Fund is an Arbitrage fund. Their portfolios overlap 42.7%: they hold 66 of the same securities.
Which is better, 360 ONE MSCI India ETF or Union Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Arbitrage fell less in its worst fall since 29-05-2026: −0.6% against −9.9%.
- 360 ONE MSCI India ETF holds more in large companies: 78.3% of the fund in large caps against 50.9%.
- Union Arbitrage is the larger fund: ₹220 Cr against ₹6 Cr.
- Their portfolios overlap 42.7%: 66 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 | 360 ONE MSCI India ETF | Union Arbitrage Fund |
|---|---|---|
| Fund house | 360 ONE Mutual Fund | Union Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹6 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹9.56 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 0.00% | 1.61% |
| Expense ratio (Regular) | Not available | 2.23% |
| Riskometer | Very High | Low |
| Benchmark | MSCI India TRI | Nifty 50 Arbitrage Index |
| Launch date | 22-05-2026 | 20-02-2019 |
| Minimum investment | On Continuous basis: Directly with Fund- a) Market Makers: Market Makers can directly purchase/redeem in blocks from the fund in “Creation unit size” on any business day. b) Large Investors: Large Investors can directly purchase/redeem in blocks from the | ₹1,000 |
| Lock in | None | None |
| Fund managers | Viral Mehta, Pranav Mise | Vishal Thakker, Devesh Thacker |
| Exit load | Nil | Exit load of 0.25% if redeemed within 1 months. |
360 ONE MSCI India ETF vs Union Arbitrage: 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 |
|---|---|---|---|---|---|---|---|
| 360 ONE MSCI India ETF (Direct) | +0.25% | −5.95% | -- | -- | -- | -- | -- |
| Union Arbitrage Fund (Direct) | +0.49% | +1.61% | +3.34% | +6.59% | +7.14% | +6.58% | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
360 ONE MSCI India ETF vs Union Arbitrage: Year-wise Returns
| Year | 360 ONE MSCI India ETF360 ONE MSCI India ETF | Union ArbitrageUnion Arbitrage |
|---|---|---|
| 2026to date | -- | +5.45% |
| 2025 | -- | +6.64% |
| 2024 | -- | +8.23% |
| 2023 | -- | +7.62% |
| 2022 | -- | +4.30% |
| 2021 | -- | +4.12% |
360 ONE MSCI India ETF vs Union Arbitrage: Rolling Returns
Every holding period of both funds
360 ONE MSCI India ETF vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | 360 ONE MSCI India ETF (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.33% | +6.10% |
| Standard deviation | 11.22% | 1.06% |
| Sharpe ratio | -1.12 | 0.86 |
| Sortino ratio | -1.49 | 1.29 |
| Maximum drawdown | −9.9% (08-10-2026) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-05-2026 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.
360 ONE MSCI India ETF (Direct)
Union Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| 360 ONE MSCI India ETF (Direct) | −9.9% | 03-08-2026 | 08-10-2026 | Not yet | -- | −7.8% |
| Union Arbitrage Fund (Direct) | −0.6% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
From daily values since 29-05-2026, the first day every fund has.
360 ONE MSCI India ETF vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: 360 ONE MSCI India ETF, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 42.7%
- Held by both
- 66
- Only in 360 ONE MSCI India ETF
- 99
- Only in Union Arbitrage
- 15
| Security | % of 360 ONE MSCI India ETF | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 5.44% | 3.03% |
| ICICI Bank Limited | 5.51% | 2.19% |
| HDFC Bank Limited | 6.35% | 1.80% |
| Kotak Mahindra Bank Limited | 1.79% | 1.78% |
| State Bank of India | 1.39% | 1.44% |
| Axis Bank Limited | 2.21% | 1.36% |
| Bajaj Finance Limited | 1.90% | 1.31% |
| Sun Pharmaceutical Industries Limited | 1.30% | 1.10% |
| Infosys Limited | 2.41% | 1.09% |
| Tata Steel Limited | 1.09% | 1.85% |
| NTPC Limited | 1.11% | 0.99% |
| Hindalco Industries Limited | 0.97% | 1.05% |
| Mahindra & Mahindra Limited | 2.04% | 0.94% |
| Titan Company Limited | 1.27% | 0.88% |
| Bharti Airtel Limited | 3.71% | 0.87% |
| Larsen & Toubro Limited | 1.99% | 0.78% |
| Shriram Finance Limited | 1.09% | 0.77% |
| TVS Motor Company Limited | 0.77% | 1.05% |
| Eicher Motors Limited | 0.76% | 1.33% |
| Adani Ports and Special Economic Zone Limited | 0.74% | 1.21% |
| Hindustan Unilever Limited | 1.06% | 0.74% |
| InterGlobe Aviation Limited | 0.74% | 0.95% |
| Maruti Suzuki India Limited | 1.11% | 0.71% |
| Divi's Laboratories Limited | 0.86% | 0.68% |
| Apollo Hospitals Enterprise Limited | 0.63% | 0.98% |
| ITC Limited | 0.62% | 0.83% |
| SBI Life Insurance Company Limited | 0.60% | 0.75% |
| JSW Steel Limited | 0.60% | 1.81% |
| UltraTech Cement Limited | 0.90% | 0.57% |
| Bajaj Auto Limited | 0.55% | 0.59% |
| Cholamandalam Investment and Finance Company Ltd | 0.54% | 0.92% |
| Bajaj Finserv Limited | 0.52% | 0.57% |
| Coal India Limited | 0.52% | 0.63% |
| One 97 Communications Limited | 0.51% | 1.33% |
| Hero MotoCorp Limited | 0.49% | 0.68% |
| BSE Limited | 0.48% | 1.29% |
| Jio Financial Services Limited | 0.46% | 0.95% |
| The Federal Bank Limited | 0.45% | 1.01% |
| Bharat Electronics Limited | 1.07% | 0.43% |
| Tata Consumer Products Limited | 0.41% | 1.05% |
| HDFC Life Insurance Company Limited | 0.40% | 0.52% |
| Bharat Heavy Electricals Limited | 0.40% | 0.89% |
| Cipla Limited | 0.54% | 0.39% |
| IndusInd Bank Limited | 0.41% | 0.37% |
| Bharat Forge Limited | 0.36% | 0.66% |
| Power Grid Corporation of India Limited | 0.87% | 0.36% |
| Torrent Pharmaceuticals Limited | 0.39% | 0.36% |
| Polycab India Limited | 0.32% | 0.82% |
| Jindal Steel Limited | 0.32% | 0.65% |
| Multi Commodity Exchange of India Limited | 0.32% | 0.44% |
| Nestle India Limited | 0.60% | 0.30% |
| Tech Mahindra Limited | 0.64% | 0.29% |
| PB Fintech Limited | 0.29% | 2.10% |
| Vodafone Idea Limited | 0.27% | 2.36% |
| Yes Bank Limited | 0.25% | 0.53% |
| Muthoot Finance Limited | 0.24% | 0.41% |
| UPL Limited | 0.21% | 2.10% |
| Adani Energy Solutions Limited | 0.20% | 0.36% |
| Bank of Baroda | 0.19% | 0.40% |
| NMDC Limited | 0.19% | 0.24% |
| Ambuja Cements Limited | 0.18% | 0.69% |
| L&T Finance Limited | 0.17% | 1.11% |
| Zydus Lifesciences Limited | 0.17% | 0.48% |
| Hindustan Aeronautics Limited | 0.62% | 0.16% |
| JSW Energy Limited | 0.15% | 0.17% |
| Bharat Petroleum Corporation Limited | 0.38% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.7% means 42.7% 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 360 ONE MSCI India ETF
| Security | % of fund |
|---|---|
| Tata Consultancy Services Limited | 1.33% |
| HCL Technologies Limited | 0.86% |
| Asian Paints Limited | 0.73% |
| Grasim Industries Limited | 0.65% |
| Tata Motors Ltd | 0.62% |
Largest holdings only in Union Arbitrage Fund
| Security | % of fund |
|---|---|
| Union Money Market Fund - Direct Plan - | 13.38% |
| Bank of Baroda | 6.63% |
| Patanjali Foods Ltd. | 3.91% |
| Steel Authority of India Ltd. | 0.93% |
| Delhivery Ltd. | 0.70% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | 360 ONE MSCI India ETF | Union Arbitrage |
|---|---|---|
| Equity | 96.9% | 70.6% |
| Debt | 0.0% | 6.9% |
| Cash and others | 3.1% | 22.6% |
Market cap of stocks
| Market cap | 360 ONE MSCI India ETF | Union Arbitrage |
|---|---|---|
| Large Cap | 78.3% | 50.9% |
| Mid Cap | 18.6% | 18.2% |
| Small Cap | 0.0% | 1.4% |
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 | 360 ONE MSCI India ETF | Union Arbitrage |
|---|---|---|
| Banks | 20.0% | 11.3% |
| IT - Software | 6.5% | 1.8% |
| Petroleum Products | 6.4% | 3.1% |
| Finance | 6.2% | 6.3% |
| Automobiles | 6.1% | 5.3% |
| Pharmaceuticals & Biotechnology | 5.3% | 3.6% |
| Ferrous Metals | 2.2% | 5.2% |
| Agricultural Food & other Products | 0.7% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
360 ONE MSCI India ETF vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | 360 ONE MSCI India ETF | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.00% | 1.61% |
| Base expense ratio (Direct) | 0.00% | 0.34% |
| Total expense ratio (Regular) | Not available | 2.23% |
| Base expense ratio (Regular) | 0.39% | 0.87% |
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
360 ONE MSCI India ETF vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between 360 ONE MSCI India ETF and Union Arbitrage Fund?
360 ONE MSCI India ETF is an ETF fund, Union Arbitrage Fund is an Arbitrage fund, run by 360 ONE Mutual Fund and Union Mutual Fund. Their portfolios overlap 42.7%.
How much do 360 ONE MSCI India ETF and Union Arbitrage Fund overlap?
42.7%. They hold 66 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, 360 ONE MSCI India ETF or Union Arbitrage Fund?
On SEBI's riskometer, 360 ONE MSCI India ETF is rated Very High and Union Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 11.22% and 1.06% a year.
Can I invest in both 360 ONE MSCI India ETF and Union Arbitrage Fund?
Yes. 42.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages 360 ONE MSCI India ETF and Union Arbitrage Fund?
360 ONE MSCI India ETF: Viral Mehta, Pranav Mise. Union Arbitrage Fund: Vishal Thakker, Devesh Thacker.
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.