Aditya Birla Sun Life Arbitrage Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Aditya Birla Sun Life Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Aditya Birla Sun Life Arbitrage Fund (Direct) returned 7.4% a year and Union Arbitrage Fund (Direct) returned 7.1% a year. Aditya Birla Sun Life Arbitrage Fund charges 1.23% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 39.3%: they hold 75 of the same securities.
Aditya Birla Sun Life Arbitrage Fund
Arbitrage
- 3 year return
- 7.4%
- Expense ratio
- 1.23%
- NAV
- ₹31.18
Which is better, Aditya Birla Sun Life Arbitrage 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.
- Aditya Birla Sun Life Arbitrage returned more over 5 years: 6.8% a year against 6.6%.
- Aditya Birla Sun Life Arbitrage returned more over 3 years: 7.4% a year against 7.1%.
- Aditya Birla Sun Life Arbitrage costs less: 1.23% a year against 1.61% (Direct plans).
- Aditya Birla Sun Life Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Aditya Birla Sun Life Arbitrage fell less in its worst fall since 27-02-2019: −0.5% against −0.6%.
- Aditya Birla Sun Life Arbitrage is the larger fund: ₹26,933 Cr against ₹220 Cr.
- Their portfolios overlap 39.3%: 75 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 | Aditya Birla Sun Life Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Aditya Birla Sun Life Mutual Fund | Union Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹26,933 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹31.18 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 1.23% | 1.61% |
| Expense ratio (Regular) | 1.94% | 2.23% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 24-07-2009 | 20-02-2019 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Lovelish Solanki, Mohit Sharma, Krina Mehta | Vishal Thakker, Devesh Thacker |
| Exit load | Nil | Exit load of 0.25% if redeemed within 1 months. |
Aditya Birla Sun Life Arbitrage 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 |
|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Arbitrage Fund (Direct) | +0.50% | +1.55% | +3.30% | +6.75% | +7.40% | +6.85% | +6.38% |
| 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.
Aditya Birla Sun Life Arbitrage vs Union Arbitrage: Year-wise Returns
| Year | Aditya Birla Sun LifeAditya Birla Sun Life Arbitrage | UnionUnion Arbitrage |
|---|---|---|
| 2026to date | +5.49% | +5.45% |
| 2025 | +7.20% | +6.64% |
| 2024 | +8.30% | +8.23% |
| 2023 | +7.86% | +7.62% |
| 2022 | +4.80% | +4.30% |
| 2021 | +4.52% | +4.12% |
Aditya Birla Sun Life Arbitrage vs Union Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,150 of them, one for each trading day from 28-02-2022 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Aditya Birla Sun Life Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
to
Jul 2022Apr 2020
to
Apr 2023Feb 2021
to
Feb 2024Nov 2021
to
Nov 2024Sept 2022
to
Sept 2025Jun 2023
to
Jun 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Arbitrage | 0.0 | 24.2 | 75.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3% | 6.4% | 4.5% | 7.9% |
| Union Arbitrage | 0.0 | 31.4 | 68.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.2% | 4.2% | 7.6% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 27-02-2019. Past returns do not promise future returns.
Aditya Birla Sun Life Arbitrage vs Union Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-02-2019 to 30-10-2026: 93 instalments, ₹9,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Aditya Birla Sun Life ArbitrageAditya Birla Sun Life Arbitrage Fund (Direct) | ₹9,30,000 | ₹12,11,090 | ₹2,81,090 | 6.7% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹9,30,000 | ₹11,98,938 | ₹2,68,938 | 6.4% |
Aditya Birla Sun Life ArbitrageAditya Birla Sun Life Arbitrage Fund (Direct)
Union ArbitrageUnion Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Aditya Birla Sun Life Arbitrage vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.59% |
| Standard deviation | 1.34% | 1.43% |
| Sharpe ratio | 1.13 | 0.94 |
| Sortino ratio | 1.77 | 1.50 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.6% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 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.
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.40% | +7.14% |
| Standard deviation | 1.07% | 1.14% |
| Sharpe ratio | 1.29 | 0.98 |
| Sortino ratio | 2.00 | 1.53 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.6% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 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.
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.85% | +6.58% |
| Standard deviation | 0.99% | 1.03% |
| Sharpe ratio | 1.07 | 0.76 |
| Sortino ratio | 1.64 | 1.15 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.6% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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.
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.97% | +6.10% |
| Standard deviation | 1.10% | 1.06% |
| Sharpe ratio | 0.84 | 0.86 |
| Sortino ratio | 1.31 | 1.29 |
| Maximum drawdown | −0.5% (25-03-2020) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
Aditya Birla Sun Life Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Arbitrage Fund (Direct) | −0.5% | 16-03-2020 | 25-03-2020 | 31-03-2020 | 6 days | 0.0% |
| Union Arbitrage Fund (Direct) | −0.6% | 19-03-2020 | 25-03-2020 | 20-04-2020 | 26 days | −0.1% |
From daily values since 27-02-2019, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Aditya Birla Sun Life Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Aditya Birla Sun Life Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Aditya Birla Sun Life Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Aditya Birla Sun Life Arbitrage vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Aditya Birla Sun Life Arbitrage Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 39.3%
- Held by both
- 75
- Only in Aditya Birla Sun Life Arbitrage
- 125
- Only in Union Arbitrage
- 6
| Security | % of Aditya Birla Sun Life Arbitrage | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Ltd. | 2.87% | 3.03% |
| Vodafone Idea Ltd. | 2.35% | 2.36% |
| ICICI Bank Ltd. | 3.37% | 2.19% |
| HDFC Bank Ltd. | 3.52% | 1.80% |
| State Bank of India | 1.60% | 1.44% |
| Axis Bank Ltd. | 2.20% | 1.36% |
| Kotak Mahindra Bank Ltd. | 1.29% | 1.78% |
| Hindalco Industries Ltd. | 1.18% | 1.05% |
| JSW Steel Ltd. | 1.01% | 1.81% |
| NTPC Ltd. | 1.19% | 0.99% |
| Steel Authority of India Ltd. | 1.15% | 0.93% |
| Bharti Airtel Ltd. | 2.38% | 0.87% |
| ITC Ltd. | 0.87% | 0.83% |
| Tata Steel Ltd. | 0.83% | 1.85% |
| Larsen & Toubro Ltd. | 1.61% | 0.78% |
| Jio Financial Services Ltd. | 0.77% | 0.95% |
| TVS Motor Company Ltd. | 0.71% | 1.05% |
| Maruti Suzuki India Ltd. | 0.73% | 0.71% |
| The Federal Bank Ltd. | 0.64% | 1.01% |
| PB Fintech Ltd. | 0.64% | 2.10% |
| Coal India Ltd. | 0.71% | 0.63% |
| Eicher Motors Ltd. | 0.62% | 1.33% |
| Bajaj Finance Ltd. | 0.59% | 1.31% |
| Apollo Hospitals Enterprise Ltd. | 0.56% | 0.98% |
| Interglobe Aviation Ltd. | 0.55% | 0.95% |
| Yes Bank Ltd. | 0.54% | 0.53% |
| Ultratech Cement Ltd. | 0.52% | 0.57% |
| Kalyan Jewellers India Ltd. | 0.49% | 0.48% |
| Adani Ports and Special Economic Zone Ltd. | 0.39% | 1.21% |
| Coforge Ltd. | 0.39% | 0.42% |
| Mahindra & Mahindra Ltd. | 0.39% | 0.94% |
| Bharat Electronics Ltd. | 0.39% | 0.43% |
| IndusInd Bank Ltd. | 0.57% | 0.37% |
| Torrent Pharmaceuticals Ltd. | 0.39% | 0.36% |
| Adani Energy Solutions Ltd. | 0.35% | 0.36% |
| Sun Pharmaceutical Industries Ltd. | 0.35% | 1.10% |
| HDFC Life Insurance Company Ltd. | 0.35% | 0.52% |
| Infosys Ltd. | 0.35% | 1.09% |
| Bajaj Finserv Ltd. | 0.34% | 0.57% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.34% | 0.92% |
| Muthoot Finance Ltd. | 0.32% | 0.41% |
| Cipla Ltd. | 0.31% | 0.39% |
| Multi Commodity Exchange of India Ltd. | 0.30% | 0.44% |
| Biocon Ltd. | 0.30% | 0.59% |
| Ambuja Cements Ltd. | 0.30% | 0.69% |
| Bank of Baroda | 0.29% | 0.40% |
| Shriram Finance Ltd. | 0.29% | 0.77% |
| RBL Bank Ltd. | 0.28% | 0.47% |
| Manappuram Finance Ltd. | 0.41% | 0.26% |
| Titan Company Ltd. | 0.24% | 0.88% |
| NMDC Ltd. | 0.79% | 0.24% |
| Tata Consumer Products Ltd. | 0.23% | 1.05% |
| SBI Life Insurance Co. Ltd. | 0.22% | 0.75% |
| Bharat Heavy Electricals Ltd. | 0.21% | 0.89% |
| Divi's Laboratories Ltd. | 0.21% | 0.68% |
| UPL Ltd. | 0.21% | 2.10% |
| Jindal Steel Ltd. | 0.20% | 0.65% |
| One 97 Communications Ltd. | 0.18% | 1.33% |
| Nestle India Ltd. | 0.18% | 0.30% |
| Patanjali Foods Ltd. | 0.17% | 3.91% |
| JSW Energy Ltd. | 0.27% | 0.17% |
| Hindustan Aeronautics Ltd. | 0.52% | 0.16% |
| Life Insurance Corporation of India | 0.15% | 0.63% |
| BSE Ltd. | 0.15% | 1.29% |
| Hindustan Unilever Ltd. | 0.14% | 0.74% |
| Power Grid Corporation of India Ltd. | 0.13% | 0.36% |
| Max Financial Services Ltd. | 0.11% | 0.65% |
| Delhivery Ltd. | 0.11% | 0.70% |
| Bajaj Auto Ltd. | 0.10% | 0.59% |
| Bharat Forge Ltd. | 0.10% | 0.66% |
| Tech Mahindra Ltd. | 0.08% | 0.29% |
| Bharat Petroleum Corporation Ltd. | 0.51% | 0.03% |
| Container Corporation of India Ltd. | 0.22% | 0.03% |
| Polycab India Ltd. | 0.02% | 0.82% |
| L&T Finance Ltd. | 0.02% | 1.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.3% means 39.3% 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 Aditya Birla Sun Life Arbitrage Fund
| Security | % of fund |
|---|---|
| Aditya Birla Sun Life Money Market Fund - Growth - Direct Plan | 10.18% |
| Aditya Birla Sun Life Floating Interest Rate Fund-Direct Plan-Growth | 3.56% |
| Aditya Birla Sun Life Liquid Fund - Growth - Direct Plan | 2.55% |
| HDFC Bank Ltd. (15/02/2027) | 1.45% |
| Small Industries Development Bank of India (28/01/2027) | 1.36% |
Largest holdings only in Union Arbitrage Fund
| Security | % of fund |
|---|---|
| Union Money Market Fund - Direct Plan - | 13.38% |
| Bank of Baroda | 6.63% |
| Hero MotoCorp Ltd. | 0.68% |
| Zydus Lifesciences Ltd. | 0.48% |
| 91 Day Treasury Bills | 0.14% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Aditya Birla Sun Life Arbitrage | Union Arbitrage |
|---|---|---|
| Equity | 69.3% | 70.6% |
| Debt | 10.5% | 6.9% |
| Cash and others | 20.1% | 22.6% |
Market cap of stocks
| Market cap | Aditya Birla Sun Life Arbitrage | Union Arbitrage |
|---|---|---|
| Large Cap | 50.4% | 50.9% |
| Mid Cap | 15.6% | 18.2% |
| Small Cap | 3.4% | 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 | Aditya Birla Sun Life Arbitrage | Union Arbitrage |
|---|---|---|
| Banks | 16.4% | 11.3% |
| Finance | 4.5% | 6.3% |
| Telecom - Services | 5.8% | 3.2% |
| Automobiles | 2.6% | 5.3% |
| Ferrous Metals | 3.2% | 5.2% |
| Agricultural Food & other Products | 0.6% | 5.0% |
| Petroleum Products | 3.9% | 3.1% |
| Pharmaceuticals & Biotechnology | 3.3% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
Aditya Birla Sun Life Arbitrage vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Aditya Birla Sun Life Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.23% | 1.61% |
| Base expense ratio (Direct) | 0.27% | 0.34% |
| Total expense ratio (Regular) | 1.94% | 2.23% |
| Base expense ratio (Regular) | 0.88% | 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
Compare Aditya Birla Sun Life Arbitrage with
Aditya Birla Sun Life Arbitrage Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Aditya Birla Sun Life Arbitrage Fund and Union Arbitrage Fund?
Both are Arbitrage funds, run by Aditya Birla Sun Life Mutual Fund and Union Mutual Fund. Their portfolios overlap 39.3%. Aditya Birla Sun Life Arbitrage Fund charges 1.23% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Aditya Birla Sun Life Arbitrage Fund or Union Arbitrage Fund?
Over 1 year: Aditya Birla Sun Life Arbitrage Fund +6.75%, Union Arbitrage Fund +6.59%. Over 3 years: Aditya Birla Sun Life Arbitrage Fund +7.40% a year, Union Arbitrage Fund +7.14% a year. Over 5 years: Aditya Birla Sun Life Arbitrage Fund +6.85% a year, Union Arbitrage Fund +6.58% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Aditya Birla Sun Life Arbitrage Fund or Union Arbitrage Fund?
Aditya Birla Sun Life Arbitrage Fund charges less: 1.23% a year against 1.61%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Aditya Birla Sun Life Arbitrage Fund and Union Arbitrage Fund overlap?
39.3%. They hold 75 of the same securities, the largest shared ones being RELIANCE, IDEA, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Aditya Birla Sun Life Arbitrage Fund or Union Arbitrage Fund?
On SEBI's riskometer, Aditya Birla Sun Life Arbitrage Fund is rated Low and Union Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.07% and 1.14% a year.
Which is better for SIP, Aditya Birla Sun Life Arbitrage Fund or Union Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,33,369 in Aditya Birla Sun Life Arbitrage Fund (XIRR 7.2% a year) and ₹7,28,837 in Union Arbitrage Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Aditya Birla Sun Life Arbitrage Fund and Union Arbitrage Fund?
Yes. 39.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Aditya Birla Sun Life Arbitrage Fund and Union Arbitrage Fund?
Aditya Birla Sun Life Arbitrage Fund: Lovelish Solanki, Mohit Sharma, Krina Mehta. 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.