Axis Nifty 500 Index Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Nifty 500 Index Fund is an Index fund and Union Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, Axis Nifty 500 Index Fund (Direct) returned −7.6% and Union Arbitrage Fund (Direct) returned 6.6%. Axis Nifty 500 Index Fund charges 0.17% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 41.1%: they hold 77 of the same securities.
Axis Nifty 500 Index Fund
Index
- 1 year return
- −7.6%
- Expense ratio
- 0.17%
- NAV
- ₹9.63
Which is better, Axis Nifty 500 Index 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 returned more over 1 year: 6.6% against −7.6%.
- Axis Nifty 500 Index costs less: 0.17% a year against 1.61% (Direct plans).
- Union Arbitrage fell less in its worst fall since 16-07-2024: −0.6% against −18.6%.
- Axis Nifty 500 Index holds more in large companies: 67.2% of the fund in large caps against 50.9%.
- Axis Nifty 500 Index is the larger fund: ₹314 Cr against ₹220 Cr.
- Their portfolios overlap 41.1%: 77 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 | Axis Nifty 500 Index Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Union Mutual Fund |
| Category | Index | Arbitrage |
| AUM | ₹314 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹9.63 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 0.17% | 1.61% |
| Expense ratio (Regular) | 1.11% | 2.23% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 500 TRI | Nifty 50 Arbitrage Index |
| Launch date | 12-07-2024 | 20-02-2019 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nandik Malik, Rohit Gautam | Vishal Thakker, Devesh Thacker |
| Exit load | Exit load of 0.25%, if redeemed within 15 days. | Exit load of 0.25% if redeemed within 1 months. |
Axis Nifty 500 Index 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 |
|---|---|---|---|---|---|---|---|
| Axis Nifty 500 Index Fund (Direct) | −0.76% | −6.09% | −2.91% | −7.64% | -- | -- | -- |
| 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.
Axis Nifty 500 Index vs Union Arbitrage: Year-wise Returns
| Year | Axis Nifty 500 IndexAxis Nifty 500 Index | Union ArbitrageUnion Arbitrage |
|---|---|---|
| 2026to date | −7.79% | +5.45% |
| 2025 | +7.73% | +6.64% |
| 2024 | -- | +8.23% |
| 2023 | -- | +7.62% |
| 2022 | -- | +4.30% |
| 2021 | -- | +4.12% |
Axis Nifty 500 Index vs Union Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Axis Nifty 500 Index Fund
Rolling returns
Every 1-year holding period, 322 of them, one for each trading day from 16-07-2025 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.
Axis Nifty 500 Index Fund (Direct)
Union Arbitrage Fund (Direct)
Nifty 500 TRI
to
Aug 2025Nov 2024
to
Nov 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Nifty 500 Index | 35.4 | 30.4 | 24.8 | 7.5 | 1.9 | 0.0 | 0.0 | 2.8% | 2.0% | −9.3% | 17.5% | 0% |
| Union Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.6% | 5.9% | 7.3% | 75% |
| Nifty 500 TRI | 32.6 | 31.7 | 26.4 | 7.1 | 2.2 | 0.0 | 0.0 | 2.9% | 2.1% | −9.0% | 17.6% | -- |
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. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 16-07-2024. Past returns do not promise future returns.
Axis Nifty 500 Index 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 16-07-2024 to 30-10-2026: 28 instalments, ₹2,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Nifty 500 IndexAxis Nifty 500 Index Fund (Direct) | ₹2,80,000 | ₹2,72,316 | −₹7,684 | −2.3% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹2,80,000 | ₹3,02,644 | ₹22,644 | 6.6% |
Axis Nifty 500 IndexAxis Nifty 500 Index 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.
Axis Nifty 500 Index vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Nifty 500 Index Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.64% | +6.59% |
| Standard deviation | 14.37% | 1.43% |
| Sharpe ratio | -0.90 | 0.94 |
| Sortino ratio | -1.19 | 1.50 |
| Maximum drawdown | −14.9% (30-03-2026) | −0.6% (06-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.31% | -- |
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 | Axis Nifty 500 Index Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.76% | +6.10% |
| Standard deviation | 14.00% | 1.06% |
| Sharpe ratio | -0.54 | 0.86 |
| Sortino ratio | -0.72 | 1.29 |
| Maximum drawdown | −18.6% (28-02-2025) | −0.6% (25-03-2020) |
| Beta | 1.00 | -- |
| Alpha | −0.20% | -- |
From daily NAVs, 16-07-2024 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.
Axis Nifty 500 Index Fund (Direct)
Union Arbitrage Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Nifty 500 Index Fund (Direct) | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.2% |
| Union Arbitrage Fund (Direct) | −0.6% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 16-07-2024, 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.
Axis Nifty 500 Index Fund (Direct)
Union Arbitrage Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Nifty 500 Index Fund (Direct) | 99% | 100% | 0.12% |
| Union Arbitrage Fund (Direct) | 19% | -15% | 15.86% |
From month-end values since 16-07-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Axis Nifty 500 Index vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Nifty 500 Index Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 41.1%
- Held by both
- 77
- Only in Axis Nifty 500 Index
- 423
- Only in Union Arbitrage
- 4
| Security | % of Axis Nifty 500 Index | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.14% | 3.03% |
| ICICI Bank Limited | 4.94% | 2.19% |
| HDFC Bank Limited | 5.67% | 1.80% |
| Kotak Mahindra Bank Limited | 1.60% | 1.78% |
| State Bank of India | 2.07% | 1.44% |
| Axis Bank Limited | 1.84% | 1.36% |
| Bajaj Finance Limited | 1.37% | 1.31% |
| Infosys Limited | 1.83% | 1.09% |
| Sun Pharmaceutical Industries Limited | 1.00% | 1.10% |
| Mahindra & Mahindra Limited | 1.37% | 0.94% |
| Titan Company Limited | 0.99% | 0.88% |
| Bharti Airtel Limited | 2.79% | 0.87% |
| ITC Limited | 1.32% | 0.83% |
| Tata Steel Limited | 0.80% | 1.85% |
| NTPC Limited | 0.80% | 0.99% |
| Larsen & Toubro Limited | 2.30% | 0.78% |
| Hindustan Unilever Limited | 0.87% | 0.74% |
| Adani Ports and Special Economic Zone Limited | 0.74% | 1.21% |
| Shriram Finance Limited | 0.72% | 0.77% |
| Maruti Suzuki India Limited | 0.81% | 0.71% |
| Hindalco Industries Limited | 0.71% | 1.05% |
| BSE Limited | 0.66% | 1.29% |
| JSW Steel Limited | 0.63% | 1.81% |
| Divi's Laboratories Limited | 0.62% | 0.68% |
| Bajaj Auto Limited | 0.62% | 0.59% |
| InterGlobe Aviation Limited | 0.59% | 0.95% |
| UltraTech Cement Limited | 0.68% | 0.57% |
| Coal India Limited | 0.53% | 0.63% |
| Bajaj Finserv Limited | 0.52% | 0.57% |
| Eicher Motors Limited | 0.51% | 1.33% |
| TVS Motor Company Limited | 0.50% | 1.05% |
| Apollo Hospitals Enterprise Limited | 0.44% | 0.98% |
| Multi Commodity Exchange of India Limited | 0.44% | 0.44% |
| Bharat Electronics Limited | 0.73% | 0.43% |
| The Federal Bank Limited | 0.41% | 1.01% |
| SBI Life Insurance Company Limited | 0.40% | 0.75% |
| Cipla Limited | 0.40% | 0.39% |
| One 97 Communications Limited | 0.38% | 1.33% |
| Cholamandalam Investment and Finance Company Ltd | 0.37% | 0.92% |
| Jio Financial Services Limited | 0.37% | 0.95% |
| Power Grid Corporation of India Limited | 0.62% | 0.36% |
| Torrent Pharmaceuticals Limited | 0.37% | 0.36% |
| Hero MotoCorp Limited | 0.35% | 0.68% |
| Tata Consumer Products Limited | 0.32% | 1.05% |
| Bharat Heavy Electricals Limited | 0.32% | 0.89% |
| Coforge Limited | 0.32% | 0.42% |
| IndusInd Bank Limited | 0.31% | 0.37% |
| Nestle India Limited | 0.49% | 0.30% |
| Tech Mahindra Limited | 0.50% | 0.29% |
| HDFC Life Insurance Company Limited | 0.29% | 0.52% |
| Bharat Forge Limited | 0.28% | 0.66% |
| Life Insurance Corporation Of India | 0.26% | 0.63% |
| Bank of Baroda | 0.22% | 0.40% |
| Polycab India Limited | 0.22% | 0.82% |
| Jindal Steel Limited | 0.22% | 0.65% |
| Adani Energy Solutions Limited | 0.22% | 0.36% |
| PB Fintech Limited | 0.20% | 2.10% |
| Max Financial Services Limited | 0.19% | 0.65% |
| Yes Bank Limited | 0.19% | 0.53% |
| Vodafone Idea Limited | 0.19% | 2.36% |
| Hindustan Aeronautics Limited | 0.46% | 0.16% |
| JSW Energy Limited | 0.16% | 0.17% |
| UPL Limited | 0.16% | 2.10% |
| Zydus Lifesciences Limited | 0.15% | 0.48% |
| Muthoot Finance Limited | 0.15% | 0.41% |
| Steel Authority of India Limited | 0.14% | 0.93% |
| NMDC Limited | 0.14% | 0.24% |
| Delhivery Limited | 0.13% | 0.70% |
| Biocon Limited | 0.13% | 0.59% |
| RBL Bank Limited | 0.13% | 0.47% |
| Ambuja Cements Limited | 0.12% | 0.69% |
| L&T Finance Limited | 0.12% | 1.11% |
| Kalyan Jewellers India Limited | 0.11% | 0.48% |
| Manappuram Finance Limited | 0.09% | 0.26% |
| Patanjali Foods Limited | 0.07% | 3.91% |
| Bharat Petroleum Corporation Limited | 0.32% | 0.03% |
| Container Corporation of India Limited | 0.08% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.1% means 41.1% 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 Axis Nifty 500 Index Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 1.21% |
| Tata Consultancy Services Limited | 1.09% |
| HCL Technologies Limited | 0.68% |
| Grasim Industries Limited | 0.60% |
| Asian Paints Limited | 0.57% |
Largest holdings only in Union Arbitrage Fund
| Security | % of fund |
|---|---|
| Union Money Market Fund - Direct Plan - | 13.38% |
| Bank of Baroda | 6.63% |
| 91 Day Treasury Bills | 0.14% |
| 91 Day Treasury Bills | 0.11% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Nifty 500 Index | Union Arbitrage |
|---|---|---|
| Equity | 99.8% | 70.6% |
| Debt | 0.0% | 6.9% |
| Cash and others | 0.2% | 22.6% |
Market cap of stocks
| Market cap | Axis Nifty 500 Index | Union Arbitrage |
|---|---|---|
| Large Cap | 67.2% | 50.9% |
| Mid Cap | 20.9% | 18.2% |
| Small Cap | 11.6% | 1.4% |
| Not on AMFI's list | 0.1% | 0.0% |
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 | Axis Nifty 500 Index | Union Arbitrage |
|---|---|---|
| Banks | 19.3% | 11.3% |
| Finance | 6.5% | 6.3% |
| Pharmaceuticals & Biotechnology | 5.8% | 3.6% |
| IT - Software | 5.7% | 1.8% |
| Automobiles | 4.9% | 5.3% |
| Ferrous Metals | 2.0% | 5.2% |
| Petroleum Products | 5.0% | 3.1% |
| Agricultural Food & other Products | 0.8% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Nifty 500 Index vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Nifty 500 Index Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.17% | 1.61% |
| Base expense ratio (Direct) | 0.09% | 0.34% |
| Total expense ratio (Regular) | 1.11% | 2.23% |
| Base expense ratio (Regular) | 0.90% | 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
Axis Nifty 500 Index Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Axis Nifty 500 Index Fund and Union Arbitrage Fund?
Axis Nifty 500 Index Fund is an Index fund, Union Arbitrage Fund is an Arbitrage fund, run by Axis Mutual Fund and Union Mutual Fund. Their portfolios overlap 41.1%. Axis Nifty 500 Index Fund charges 0.17% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Axis Nifty 500 Index Fund or Union Arbitrage Fund?
Over 1 year: Axis Nifty 500 Index Fund −7.64%, Union Arbitrage Fund +6.59%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Nifty 500 Index Fund or Union Arbitrage Fund?
Axis Nifty 500 Index Fund charges less: 0.17% a year against 1.61%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Nifty 500 Index Fund and Union Arbitrage Fund overlap?
41.1%. They hold 77 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Axis Nifty 500 Index Fund or Union Arbitrage Fund?
On SEBI's riskometer, Axis Nifty 500 Index Fund is rated Very High and Union Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 14.37% and 1.43% a year.
Can I invest in both Axis Nifty 500 Index Fund and Union Arbitrage Fund?
Yes. 41.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis Nifty 500 Index Fund and Union Arbitrage Fund?
Axis Nifty 500 Index Fund: Nandik Malik, Rohit Gautam. 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.