DSP MSCI India ETF vs Union Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
DSP MSCI India ETF is a mutual fund and Union Arbitrage Fund is an Arbitrage fund. DSP MSCI India ETF charges 0.16% a year and Union Arbitrage Fund 1.61%. Their portfolios overlap 43.2%: they hold 66 of the same securities.
Which is better, DSP 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.
- DSP MSCI India ETF costs less: 0.16% a year against 1.61%.
- Union Arbitrage fell less in its worst fall since 25-11-2025: −0.6% against −14.6%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 50.9%.
- Union Arbitrage is the larger fund: ₹220 Cr against ₹3 Cr.
- Their portfolios overlap 43.2%: 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 | DSP MSCI India ETF | Union Arbitrage Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Union Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹3 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹15.78 (Direct) |
| Expense ratio (Direct) | Not available | 1.61% |
| Expense ratio (Regular) | Not available | 2.23% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 20-02-2019 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Vishal Thakker, Devesh Thacker |
| Exit load | Not available | Exit load of 0.25% if redeemed within 1 months. |
DSP 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 |
|---|---|---|---|---|---|---|---|
| DSP MSCI India ETF | +0.34% | −5.94% | −3.51% | -- | -- | -- | -- |
| 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.
DSP MSCI India ETF vs Union Arbitrage: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Union ArbitrageUnion Arbitrage |
|---|---|---|
| 2026to date | −8.97% | +5.45% |
| 2025 | -- | +6.64% |
| 2024 | -- | +8.23% |
| 2023 | -- | +7.62% |
| 2022 | -- | +4.30% |
| 2021 | -- | +4.12% |
DSP MSCI India ETF vs Union Arbitrage: Rolling Returns
Every holding period of both funds
DSP 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 | DSP MSCI India ETF | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +6.10% |
| Standard deviation | 14.60% | 1.06% |
| Sharpe ratio | -0.94 | 0.86 |
| Sortino ratio | -1.24 | 1.29 |
| Maximum drawdown | −14.6% (31-03-2026) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-11-2025 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.
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.
DSP MSCI India ETF
Union Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Union Arbitrage Fund (Direct) | −0.6% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 43.2%
- Held by both
- 66
- Only in DSP MSCI India ETF
- 98
- Only in Union Arbitrage
- 15
| Security | % of DSP MSCI India ETF | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 5.44% | 3.03% |
| ICICI Bank Limited | 5.59% | 2.19% |
| HDFC Bank Limited | 6.44% | 1.80% |
| Kotak Mahindra Bank Limited | 1.82% | 1.78% |
| State Bank of India | 1.41% | 1.44% |
| Axis Bank Limited | 2.25% | 1.36% |
| Bajaj Finance Limited | 1.90% | 1.31% |
| Sun Pharmaceutical Industries Limited | 1.30% | 1.10% |
| Tata Steel Limited | 1.10% | 1.85% |
| Infosys Limited | 2.41% | 1.09% |
| NTPC Limited | 1.12% | 0.99% |
| Hindalco Industries Limited | 0.97% | 1.05% |
| Mahindra & Mahindra Limited | 2.05% | 0.94% |
| Titan Co Limited | 1.29% | 0.88% |
| Bharti Airtel Limited | 3.93% | 0.87% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 1.21% |
| Larsen & Toubro Limited | 2.02% | 0.78% |
| TVS Motor Co Limited | 0.78% | 1.05% |
| Shriram Finance Limited | 1.10% | 0.77% |
| Eicher Motors Limited | 0.77% | 1.33% |
| Interglobe Aviation Limited | 0.75% | 0.95% |
| Hindustan Unilever Limited | 1.05% | 0.74% |
| Maruti Suzuki India Limited | 1.11% | 0.71% |
| Divi's Laboratories Limited | 0.90% | 0.68% |
| Apollo Hospitals Enterprise Limited | 0.66% | 0.98% |
| ITC Limited | 0.63% | 0.83% |
| JSW Steel Limited | 0.61% | 1.81% |
| SBI Life Insurance Co Limited | 0.61% | 0.75% |
| Bajaj Auto Limited | 0.59% | 0.59% |
| Ultratech Cement Limited | 0.89% | 0.57% |
| Cholamandalam Investment and Finance Co Limited | 0.55% | 0.92% |
| Bajaj Finserv Limited | 0.53% | 0.57% |
| Coal India Limited | 0.52% | 0.63% |
| Hero MotoCorp Limited | 0.51% | 0.68% |
| One 97 Communications Limited | 0.51% | 1.33% |
| BSE Limited | 0.49% | 1.29% |
| Federal Bank Limited | 0.46% | 1.01% |
| Jio Financial Services Limited | 0.46% | 0.95% |
| Bharat Electronics Limited | 1.07% | 0.43% |
| Tata Consumer Products Limited | 0.41% | 1.05% |
| HDFC Life Insurance Co Limited | 0.41% | 0.52% |
| Bharat Heavy Electricals Limited | 0.40% | 0.89% |
| Cipla Limited | 0.54% | 0.39% |
| IndusInd Bank Limited | 0.41% | 0.37% |
| Power Grid Corporation of India Limited | 0.87% | 0.36% |
| Torrent Pharmaceuticals Limited | 0.54% | 0.36% |
| Bharat Forge Limited | 0.36% | 0.66% |
| Polycab India Limited | 0.34% | 0.82% |
| Multi Commodity Exchange Of India Limited | 0.33% | 0.44% |
| Jindal Steel Limited | 0.32% | 0.65% |
| Nestle India Limited | 0.60% | 0.30% |
| PB Fintech Limited | 0.30% | 2.10% |
| Tech Mahindra Limited | 0.65% | 0.29% |
| Vodafone Idea Limited | 0.27% | 2.36% |
| Yes Bank Limited | 0.25% | 0.53% |
| Muthoot Finance Limited | 0.24% | 0.41% |
| UPL Limited | 0.22% | 2.10% |
| Adani Energy Solutions Limited | 0.22% | 0.36% |
| Bank of Baroda | 0.19% | 0.40% |
| NMDC Limited | 0.19% | 0.24% |
| Ambuja Cements Limited | 0.18% | 0.69% |
| JSW Energy Limited | 0.18% | 0.17% |
| Zydus Lifesciences Limited | 0.17% | 0.48% |
| L&T Finance Limited | 0.17% | 1.11% |
| Hindustan Aeronautics Limited | 0.63% | 0.16% |
| Bharat Petroleum Corporation Limited | 0.39% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.2% means 43.2% 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 DSP MSCI India ETF
| Security | % of fund |
|---|---|
| Tata Consultancy Services Limited | 1.33% |
| Eternal Limited | 1.22% |
| HCL Technologies Limited | 0.86% |
| Asian Paints Limited | 0.73% |
| Grasim Industries Limited | 0.66% |
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 | DSP MSCI India ETF | Union Arbitrage |
|---|---|---|
| Equity | 99.5% | 70.6% |
| Debt | 0.0% | 6.9% |
| Cash and others | 0.5% | 22.6% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Union Arbitrage |
|---|---|---|
| Large Cap | 80.5% | 50.9% |
| Mid Cap | 19.0% | 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 | DSP MSCI India ETF | Union Arbitrage |
|---|---|---|
| Banks | 20.3% | 11.3% |
| IT - Software | 6.5% | 1.8% |
| Petroleum Products | 6.4% | 3.1% |
| Finance | 6.3% | 6.3% |
| Automobiles | 6.2% | 5.3% |
| Pharmaceuticals & Biotechnology | 5.6% | 3.6% |
| Ferrous Metals | 2.2% | 5.2% |
| Agricultural Food & other Products | 0.0% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.61% |
| Base expense ratio (Direct) | 0.11% | 0.34% |
| Total expense ratio (Regular) | Not available | 2.23% |
| Base expense ratio (Regular) | 0.00% | 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
DSP MSCI India ETF vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Union Arbitrage Fund?
DSP MSCI India ETF is a mutual fund, Union Arbitrage Fund is an Arbitrage fund, run by DSP Mutual Fund and Union Mutual Fund. Their portfolios overlap 43.2%. DSP MSCI India ETF charges 0.16% a year and Union Arbitrage Fund 1.61%.
Which has the lower expense ratio, DSP MSCI India ETF or Union Arbitrage Fund?
DSP MSCI India ETF charges less: 0.16% a year against 1.61%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Union Arbitrage Fund overlap?
43.2%. They hold 66 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Union Arbitrage Fund?
Yes. 43.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.