Edelweiss Arbitrage Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Edelweiss Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Edelweiss Arbitrage Fund (Direct) returned 7.4% a year and Union Arbitrage Fund (Direct) returned 7.1% a year. Edelweiss Arbitrage Fund charges 1.53% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 35.5%: they hold 73 of the same securities.
Edelweiss Arbitrage Fund
Arbitrage
- 3 year return
- 7.4%
- Expense ratio
- 1.53%
- NAV
- ₹22.63
Which is better, Edelweiss 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.
- Edelweiss Arbitrage returned more over 5 years: 6.9% a year against 6.6%.
- Edelweiss Arbitrage returned more over 3 years: 7.4% a year against 7.1%.
- Edelweiss Arbitrage costs less: 1.53% a year against 1.61% (Direct plans).
- Edelweiss Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Edelweiss Arbitrage fell less in its worst fall since 27-02-2019: −0.5% against −0.6%.
- Edelweiss Arbitrage is the larger fund: ₹14,250 Cr against ₹220 Cr.
- Their portfolios overlap 35.5%: 73 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 | Edelweiss Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Edelweiss Mutual Fund | Union Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹14,250 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹22.63 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 1.53% | 1.61% |
| Expense ratio (Regular) | 2.20% | 2.23% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 27-06-2014 | 20-02-2019 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Bhavesh Jain, Amit Vora, Rahul Dedhia, Hetul Raval | Vishal Thakker, Devesh Thacker |
| Exit load | "Exit Load: • 0.25% if units are redeemed/switched out on or before 15 days from the date of allotment • Nil if units are redeemed/switched out after 15 days" | Exit load of 0.25% if redeemed within 1 months. |
Edelweiss 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 |
|---|---|---|---|---|---|---|---|
| Edelweiss Arbitrage Fund (Direct) | +0.53% | +1.49% | +3.25% | +6.66% | +7.37% | +6.92% | +6.52% |
| 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.
Edelweiss Arbitrage vs Union Arbitrage: Year-wise Returns
| Year | EdelweissEdelweiss Arbitrage | UnionUnion Arbitrage |
|---|---|---|
| 2026to date | +5.42% | +5.45% |
| 2025 | +7.07% | +6.64% |
| 2024 | +8.44% | +8.23% |
| 2023 | +7.89% | +7.62% |
| 2022 | +5.11% | +4.30% |
| 2021 | +4.58% | +4.12% |
Edelweiss 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.
Edelweiss 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Edelweiss Arbitrage | 0.0 | 16.4 | 83.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.6% | 4.8% | 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.
Edelweiss 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 |
|---|---|---|---|---|
| Edelweiss ArbitrageEdelweiss Arbitrage Fund (Direct) | ₹9,30,000 | ₹12,13,781 | ₹2,83,781 | 6.8% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹9,30,000 | ₹11,98,938 | ₹2,68,938 | 6.4% |
Edelweiss ArbitrageEdelweiss 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.
Edelweiss Arbitrage vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Edelweiss Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.66% | +6.59% |
| Standard deviation | 1.28% | 1.43% |
| Sharpe ratio | 1.11 | 0.94 |
| Sortino ratio | 1.73 | 1.50 |
| Maximum drawdown | −0.4% (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 | Edelweiss Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.37% | +7.14% |
| Standard deviation | 1.05% | 1.14% |
| Sharpe ratio | 1.27 | 0.98 |
| Sortino ratio | 1.98 | 1.53 |
| Maximum drawdown | −0.4% (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 | Edelweiss Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.92% | +6.58% |
| Standard deviation | 0.98% | 1.03% |
| Sharpe ratio | 1.15 | 0.76 |
| Sortino ratio | 1.77 | 1.15 |
| Maximum drawdown | −0.4% (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 | Edelweiss Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +6.10% |
| Standard deviation | 0.99% | 1.06% |
| Sharpe ratio | 1.08 | 0.86 |
| Sortino ratio | 1.63 | 1.29 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-06-2014 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.
Edelweiss 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 |
|---|---|---|---|---|---|---|
| Edelweiss Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 03-06-2020 | 14-08-2020 | 2 months | −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.
Edelweiss 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.
Edelweiss 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.
Edelweiss Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Edelweiss Arbitrage vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Edelweiss Arbitrage Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 35.5%
- Held by both
- 73
- Only in Edelweiss Arbitrage
- 118
- Only in Union Arbitrage
- 8
| Security | % of Edelweiss Arbitrage | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Ltd. | 2.66% | 3.03% |
| ICICI Bank Ltd. | 5.42% | 2.19% |
| HDFC Bank Ltd. | 5.01% | 1.80% |
| Vodafone Idea Ltd. | 1.61% | 2.36% |
| Axis Bank Ltd. | 1.53% | 1.36% |
| State Bank of India | 1.16% | 1.44% |
| TVS Motor Company Ltd. | 1.10% | 1.05% |
| Hindalco Industries Ltd. | 1.08% | 1.05% |
| JSW Steel Ltd. | 1.05% | 1.81% |
| Infosys Ltd. | 1.01% | 1.09% |
| NTPC Ltd. | 1.37% | 0.99% |
| Bharat Heavy Electricals Ltd. | 0.98% | 0.89% |
| Bharti Airtel Ltd. | 1.50% | 0.87% |
| Steel Authority of India Ltd. | 0.85% | 0.93% |
| Bajaj Finance Ltd. | 0.77% | 1.31% |
| Hindustan Unilever Ltd. | 0.94% | 0.74% |
| ITC Ltd. | 0.72% | 0.83% |
| Larsen & Toubro Ltd. | 0.64% | 0.78% |
| Coal India Ltd. | 0.73% | 0.63% |
| Divi's Laboratories Ltd. | 0.58% | 0.68% |
| BSE Ltd. | 0.57% | 1.29% |
| Tata Steel Ltd. | 0.56% | 1.85% |
| Kotak Mahindra Bank Ltd. | 0.56% | 1.78% |
| Yes Bank Ltd. | 0.87% | 0.53% |
| HDFC Life Insurance Company Ltd. | 0.58% | 0.52% |
| UPL Ltd. | 0.50% | 2.10% |
| Delhivery Ltd. | 0.44% | 0.70% |
| Bharat Electronics Ltd. | 0.49% | 0.43% |
| Coforge Ltd. | 0.55% | 0.42% |
| Life Insurance Corporation of India | 0.42% | 0.63% |
| Jio Financial Services Ltd. | 0.42% | 0.95% |
| Bank of Baroda | 0.73% | 0.40% |
| Cholamandalam Investment & Finance Company Ltd. | 0.40% | 0.92% |
| Eicher Motors Ltd. | 0.38% | 1.33% |
| Adani Energy Solutions Ltd. | 2.01% | 0.36% |
| Torrent Pharmaceuticals Ltd. | 0.39% | 0.36% |
| IndusInd Bank Ltd. | 0.36% | 0.37% |
| Ultratech Cement Ltd. | 0.36% | 0.57% |
| Tata Consumer Products Ltd. | 0.32% | 1.05% |
| Biocon Ltd. | 0.32% | 0.59% |
| The Federal Bank Ltd. | 0.31% | 1.01% |
| Ambuja Cements Ltd. | 0.29% | 0.69% |
| Kalyan Jewellers India Ltd. | 0.28% | 0.48% |
| Manappuram Finance Ltd. | 0.62% | 0.26% |
| Titan Company Ltd. | 0.26% | 0.88% |
| Multi Commodity Exchange Of India Ltd. | 0.25% | 0.44% |
| NMDC Ltd. | 1.35% | 0.24% |
| Maruti Suzuki India Ltd. | 0.22% | 0.71% |
| Jindal Steel Ltd. | 0.20% | 0.65% |
| Bajaj Auto Ltd. | 0.19% | 0.59% |
| Apollo Hospitals Enterprise Ltd. | 0.17% | 0.98% |
| JSW Energy Ltd. | 0.15% | 0.17% |
| Max Financial Services Ltd. | 0.15% | 0.65% |
| RBL Bank Ltd. | 0.14% | 0.47% |
| One 97 Communications Ltd. | 0.14% | 1.33% |
| Shriram Finance Ltd. | 0.12% | 0.77% |
| InterGlobe Aviation Ltd. | 0.11% | 0.95% |
| Power Grid Corporation of India Ltd. | 0.10% | 0.36% |
| Muthoot Finance Ltd. | 0.08% | 0.41% |
| SBI Life Insurance Company Ltd. | 0.07% | 0.75% |
| Hindustan Aeronautics Ltd. | 0.06% | 0.16% |
| Tech Mahindra Ltd. | 0.06% | 0.29% |
| Bajaj Finserv Ltd. | 0.06% | 0.57% |
| Cipla Ltd. | 0.05% | 0.39% |
| Patanjali Foods Ltd. | 0.05% | 3.91% |
| Adani Ports & Special Economic Zone Ltd. | 0.05% | 1.21% |
| Polycab India Ltd. | 0.04% | 0.82% |
| Container Corporation Of India Ltd. | 0.26% | 0.03% |
| Bharat Petroleum Corporation Ltd. | 0.14% | 0.03% |
| Mahindra & Mahindra Ltd. | 0.03% | 0.94% |
| Bharat Forge Ltd. | 0.02% | 0.66% |
| Sun Pharmaceutical Industries Ltd. | 0.01% | 1.10% |
| Nestle India Ltd. | 0.01% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 35.5% means 35.5% 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 Edelweiss Arbitrage Fund
| Security | % of fund |
|---|---|
| EDELWEISS LIQUID FUND - DIRECT PL -GR | 7.91% |
| EDELWEISS MONEY MARKET FUND - DIRECT PL | 4.08% |
| SIDBI CD RED 11-06-2027 | 2.00% |
| Indus Towers Ltd. | 1.71% |
| Adani Enterprises Ltd. | 1.61% |
Largest holdings only in Union Arbitrage Fund
| Security | % of fund |
|---|---|
| Union Money Market Fund - Direct Plan - | 13.38% |
| Bank of Baroda | 6.63% |
| PB Fintech Ltd. | 2.10% |
| L&T Finance Ltd. | 1.11% |
| Hero MotoCorp Ltd. | 0.68% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Edelweiss Arbitrage | Union Arbitrage |
|---|---|---|
| Equity | 69.1% | 70.6% |
| Debt | 16.3% | 6.9% |
| Cash and others | 14.6% | 22.6% |
Market cap of stocks
| Market cap | Edelweiss Arbitrage | Union Arbitrage |
|---|---|---|
| Large Cap | 51.3% | 50.9% |
| Mid Cap | 14.6% | 18.2% |
| Small Cap | 3.2% | 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 | Edelweiss Arbitrage | Union Arbitrage |
|---|---|---|
| Banks | 20.1% | 11.3% |
| Finance | 3.5% | 6.3% |
| Automobiles | 2.0% | 5.3% |
| Ferrous Metals | 2.7% | 5.2% |
| Power | 5.2% | 1.9% |
| Agricultural Food & other Products | 0.5% | 5.0% |
| Telecom - Services | 4.8% | 3.2% |
| Pharmaceuticals & Biotechnology | 3.6% | 3.6% |
| Petroleum Products | 3.3% | 3.1% |
The six largest sectors of each fund's stocks, % of the fund.
Edelweiss Arbitrage vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Edelweiss Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.53% | 1.61% |
| Base expense ratio (Direct) | 0.33% | 0.34% |
| Total expense ratio (Regular) | 2.20% | 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
Compare Edelweiss Arbitrage with
Edelweiss Arbitrage Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Edelweiss Arbitrage Fund and Union Arbitrage Fund?
Both are Arbitrage funds, run by Edelweiss Mutual Fund and Union Mutual Fund. Their portfolios overlap 35.5%. Edelweiss Arbitrage Fund charges 1.53% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Edelweiss Arbitrage Fund or Union Arbitrage Fund?
Over 1 year: Edelweiss Arbitrage Fund +6.66%, Union Arbitrage Fund +6.59%. Over 3 years: Edelweiss Arbitrage Fund +7.37% a year, Union Arbitrage Fund +7.14% a year. Over 5 years: Edelweiss Arbitrage Fund +6.92% 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, Edelweiss Arbitrage Fund or Union Arbitrage Fund?
Edelweiss Arbitrage Fund charges less: 1.53% a year against 1.61%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Edelweiss Arbitrage Fund and Union Arbitrage Fund overlap?
35.5%. They hold 73 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Edelweiss Arbitrage Fund or Union Arbitrage Fund?
On SEBI's riskometer, Edelweiss Arbitrage Fund is rated Low and Union Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.05% and 1.14% a year.
Which is better for SIP, Edelweiss 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 ₹7,33,242 in Edelweiss 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 Edelweiss Arbitrage Fund and Union Arbitrage Fund?
Yes. 35.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Edelweiss Arbitrage Fund and Union Arbitrage Fund?
Edelweiss Arbitrage Fund: Bhavesh Jain, Amit Vora, Rahul Dedhia, Hetul Raval. 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.