Groww ELSS Tax Saver Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Groww ELSS Tax Saver Fund is an ELSS fund and Union Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, Groww ELSS Tax Saver Fund (Direct) returned 9.0% a year and Union Arbitrage Fund (Direct) returned 7.1% a year. Groww ELSS Tax Saver Fund charges 1.52% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 41.7%: they hold 49 of the same securities.
Groww ELSS Tax Saver Fund
ELSS
- 3 year return
- 9.0%
- Expense ratio
- 1.52%
- NAV
- ₹20.99
Which is better, Groww ELSS Tax Saver 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.
- Groww ELSS Tax Saver returned more over 5 years: 7.7% a year against 6.6%.
- Groww ELSS Tax Saver returned more over 3 years: 9.0% a year against 7.1%.
- Groww ELSS Tax Saver costs less: 1.52% a year against 1.61% (Direct plans).
- Union Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 14.3%.
- Union Arbitrage fell less in its worst fall since 27-02-2019: −0.6% against −34.0%.
- Groww ELSS Tax Saver holds more in large companies: 73.0% of the fund in large caps against 50.9%.
- Union Arbitrage is the larger fund: ₹220 Cr against ₹48 Cr.
- Their portfolios overlap 41.7%: 49 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 | Groww ELSS Tax Saver Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | Union Mutual Fund |
| Category | ELSS | Arbitrage |
| AUM | ₹48 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹20.99 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 1.52% | 1.61% |
| Expense ratio (Regular) | 2.92% | 2.23% |
| Riskometer | Very High | Low |
| Benchmark | BSE 500 TRI | Nifty 50 Arbitrage Index |
| Launch date | 28-12-2017 | 20-02-2019 |
| Minimum investment | ₹500 | ₹1,000 |
| Lock in | 3 years | None |
| Fund managers | Paras Matalia, Nikhil Satam | Vishal Thakker, Devesh Thacker |
| Exit load | Nil | Exit load of 0.25% if redeemed within 1 months. |
Groww ELSS Tax Saver 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 |
|---|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | +0.77% | −4.29% | −1.55% | −9.41% | +9.02% | +7.69% | -- |
| Union Arbitrage Fund (Direct) | +0.49% | +1.61% | +3.34% | +6.59% | +7.14% | +6.58% | -- |
| ELSS average | −2.34% | −5.61% | −1.63% | −5.75% | +10.92% | +10.29% | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 50 ELSS funds and the 39 Arbitrage funds, same plan type.
Groww ELSS Tax Saver vs Union Arbitrage: Year-wise Returns
| Year | Groww ELSS Tax SaverGroww ELSS Tax Saver | Union ArbitrageUnion Arbitrage |
|---|---|---|
| 2026to date | −8.58% | +5.45% |
| 2025 | +0.70% | +6.64% |
| 2024 | +20.19% | +8.23% |
| 2023 | +27.49% | +7.62% |
| 2022 | +4.57% | +4.30% |
| 2021 | +23.63% | +4.12% |
Groww ELSS Tax Saver vs Union Arbitrage: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Groww ELSS Tax Saver Fund
Rolling returns
Every 3-year holding period, 1,149 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.
Groww ELSS Tax Saver Fund (Direct)
Union Arbitrage Fund (Direct)
BSE 500 TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver | 0.0 | 0.0 | 4.8 | 37.6 | 46.4 | 10.8 | 0.4 | 15.8% | 15.9% | 7.2% | 26.7% | 14% |
| Union Arbitrage | 0.0 | 31.4 | 68.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.2% | 4.2% | 7.6% | 0% |
| BSE 500 TRI | 0.0 | 0.0 | 2.1 | 21.1 | 50.6 | 18.5 | 7.7 | 17.9% | 17.4% | 8.4% | 33.9% | -- |
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 BSE 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 27-02-2019. Past returns do not promise future returns.
Groww ELSS Tax Saver 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 |
|---|---|---|---|---|
| Groww ELSS Tax SaverGroww ELSS Tax Saver Fund (Direct) | ₹9,30,000 | ₹13,78,115 | ₹4,48,115 | 9.9% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹9,30,000 | ₹11,98,938 | ₹2,68,938 | 6.4% |
Groww ELSS Tax SaverGroww ELSS Tax Saver 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.
Groww ELSS Tax Saver vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww ELSS Tax Saver Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.41% | +6.59% |
| Standard deviation | 14.31% | 1.43% |
| Sharpe ratio | -1.02 | 0.94 |
| Sortino ratio | -1.37 | 1.50 |
| Maximum drawdown | −15.3% (30-03-2026) | −0.6% (06-08-2026) |
| Beta | 0.99 | -- |
| Alpha | −1.89% | -- |
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 | Groww ELSS Tax Saver Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.02% | +7.14% |
| Standard deviation | 14.34% | 1.14% |
| Sharpe ratio | 0.21 | 0.98 |
| Sortino ratio | 0.28 | 1.53 |
| Maximum drawdown | −20.8% (07-04-2025) | −0.6% (06-08-2026) |
| Beta | 0.98 | -- |
| Alpha | −0.79% | -- |
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 | Groww ELSS Tax Saver Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.69% | +6.58% |
| Standard deviation | 13.96% | 1.03% |
| Sharpe ratio | 0.14 | 0.76 |
| Sortino ratio | 0.18 | 1.15 |
| Maximum drawdown | −20.8% (07-04-2025) | −0.6% (06-08-2026) |
| Beta | 0.94 | -- |
| Alpha | −0.79% | -- |
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 | Groww ELSS Tax Saver Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.71% | +6.10% |
| Standard deviation | 15.45% | 1.06% |
| Sharpe ratio | 0.22 | 0.86 |
| Sortino ratio | 0.29 | 1.29 |
| Maximum drawdown | −34.6% (23-03-2020) | −0.6% (25-03-2020) |
| Beta | 0.90 | -- |
| Alpha | −1.85% | -- |
From daily NAVs, 29-12-2017 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.
Groww ELSS Tax Saver Fund (Direct)
Union Arbitrage Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | −34.0% | 17-01-2020 | 23-03-2020 | 10-11-2020 | 8 months | −13.5% |
| Union Arbitrage Fund (Direct) | −0.6% | 19-03-2020 | 25-03-2020 | 20-04-2020 | 26 days | −0.1% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
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.
Groww ELSS Tax Saver Fund (Direct)
Union Arbitrage Fund (Direct)
BSE 500 TRI
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.
Groww ELSS Tax Saver Fund (Direct)
Union Arbitrage Fund (Direct)
BSE 500 TRI
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.
Groww ELSS Tax Saver Fund (Direct)
Union Arbitrage Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Groww ELSS Tax Saver Fund (Direct) | 92% | 97% | 4.11% |
| Union Arbitrage Fund (Direct) | 12% | -15% | 18.15% |
From month-end values since 27-02-2019. 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.
Groww ELSS Tax Saver vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Groww ELSS Tax Saver Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 41.7%
- Held by both
- 49
- Only in Groww ELSS Tax Saver
- 50
- Only in Union Arbitrage
- 32
| Security | % of Groww ELSS Tax Saver | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.92% | 3.03% |
| ICICI Bank Limited | 5.98% | 2.19% |
| HDFC Bank Limited | 6.77% | 1.80% |
| Kotak Mahindra Bank Limited | 1.98% | 1.78% |
| State Bank of India | 2.29% | 1.44% |
| Axis Bank Limited | 1.86% | 1.36% |
| Bajaj Finance Limited | 1.78% | 1.31% |
| BSE Ltd | 1.24% | 1.29% |
| Adani Port & Special Economic Zone Ltd | 1.22% | 1.21% |
| One 97 Communications Limited | 1.17% | 1.33% |
| Sun Pharmaceutical Industries Limited | 1.30% | 1.10% |
| Infosys Limited | 2.08% | 1.09% |
| TVS Motor Company Limited | 1.03% | 1.05% |
| InterGlobe Aviation Limited | 1.03% | 0.95% |
| Mahindra & Mahindra Limited | 1.75% | 0.94% |
| Tata Steel Limited | 0.91% | 1.85% |
| The Federal Bank Limited | 0.90% | 1.01% |
| Titan Company Limited | 1.57% | 0.88% |
| Tata Consumer Products Limited | 0.88% | 1.05% |
| NTPC Limited | 0.88% | 0.99% |
| Bharti Airtel Limited | 3.52% | 0.87% |
| ITC Limited | 1.36% | 0.83% |
| Larsen & Toubro Limited | 2.72% | 0.78% |
| Shriram Finance Limited | 1.23% | 0.77% |
| Hindustan Unilever Limited | 0.93% | 0.74% |
| Maruti Suzuki India Limited | 0.76% | 0.71% |
| Divi's Laboratories Limited | 0.87% | 0.68% |
| Hindalco Industries Limited | 0.68% | 1.05% |
| Eicher Motors Limited | 0.67% | 1.33% |
| Bharat Forge Limited | 0.96% | 0.66% |
| Hero MotoCorp Limited | 0.62% | 0.68% |
| JSW Steel Limited | 0.62% | 1.81% |
| Bajaj Auto Limited | 1.23% | 0.59% |
| UltraTech Cement Limited | 1.06% | 0.57% |
| Cholamandalam Invest & Finance Co Ltd | 0.53% | 0.92% |
| Coal India Limited | 0.51% | 0.63% |
| Jio Financial Services Limited | 0.48% | 0.95% |
| Multi Commodity Exchange of India Ltd. | 1.24% | 0.44% |
| Bajaj Finserv Limited | 0.43% | 0.57% |
| Bharat Electronics Limited | 0.63% | 0.43% |
| Coforge Limited | 0.61% | 0.42% |
| Apollo Hospitals Enterprise Limited | 0.37% | 0.98% |
| IndusInd Bank Limited | 0.72% | 0.37% |
| Torrent Pharmaceuticals Limited | 0.58% | 0.36% |
| Power Grid Corporation of India Limited | 0.50% | 0.36% |
| Adani Energy Solutions Limited | 0.44% | 0.36% |
| Nestle India Limited | 0.67% | 0.30% |
| Tech Mahindra Limited | 0.37% | 0.29% |
| Hindustan Aeronautics Limited | 0.40% | 0.16% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.7% means 41.7% 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 Groww ELSS Tax Saver Fund
| Security | % of fund |
|---|---|
| Laurus Labs Limited | 1.63% |
| Eternal Limited | 1.41% |
| Tata Consultancy Services Limited | 1.28% |
| FSN E-Commerce Ventures Limited | 1.05% |
| The Indian Hotels Company Limited | 0.95% |
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% |
| Vodafone Idea Ltd. | 2.36% |
| UPL Ltd. | 2.10% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww ELSS Tax Saver | Union Arbitrage |
|---|---|---|
| Equity | 98.6% | 70.6% |
| Debt | 0.0% | 6.9% |
| Cash and others | 1.4% | 22.6% |
Market cap of stocks
| Market cap | Groww ELSS Tax Saver | Union Arbitrage |
|---|---|---|
| Large Cap | 73.0% | 50.9% |
| Mid Cap | 18.6% | 18.2% |
| Small Cap | 7.0% | 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 | Groww ELSS Tax Saver | Union Arbitrage |
|---|---|---|
| Banks | 21.2% | 11.3% |
| Pharmaceuticals & Biotechnology | 7.1% | 3.6% |
| Finance | 5.0% | 6.3% |
| IT - Software | 6.1% | 1.8% |
| Automobiles | 6.1% | 5.3% |
| Ferrous Metals | 1.5% | 5.2% |
| Agricultural Food & other Products | 1.6% | 5.0% |
| Petroleum Products | 4.9% | 3.1% |
The six largest sectors of each fund's stocks, % of the fund.
Groww ELSS Tax Saver vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww ELSS Tax Saver Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.52% | 1.61% |
| Base expense ratio (Direct) | 0.83% | 0.34% |
| Total expense ratio (Regular) | 2.92% | 2.23% |
| Base expense ratio (Regular) | 2.08% | 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 Groww ELSS Tax Saver with
Groww ELSS Tax Saver Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Groww ELSS Tax Saver Fund and Union Arbitrage Fund?
Groww ELSS Tax Saver Fund is an ELSS fund, Union Arbitrage Fund is an Arbitrage fund, run by Groww Mutual Fund and Union Mutual Fund. Their portfolios overlap 41.7%. Groww ELSS Tax Saver Fund charges 1.52% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Groww ELSS Tax Saver Fund or Union Arbitrage Fund?
Over 1 year: Groww ELSS Tax Saver Fund −9.41%, Union Arbitrage Fund +6.59%. Over 3 years: Groww ELSS Tax Saver Fund +9.02% a year, Union Arbitrage Fund +7.14% a year. Over 5 years: Groww ELSS Tax Saver Fund +7.69% 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, Groww ELSS Tax Saver Fund or Union Arbitrage Fund?
Groww ELSS Tax Saver Fund charges less: 1.52% a year against 1.61%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Groww ELSS Tax Saver Fund and Union Arbitrage Fund overlap?
41.7%. They hold 49 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Groww ELSS Tax Saver Fund or Union Arbitrage Fund?
On SEBI's riskometer, Groww ELSS Tax Saver Fund is rated Very High and Union Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 14.34% and 1.14% a year.
Which is better for SIP, Groww ELSS Tax Saver 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 ₹7,14,497 in Groww ELSS Tax Saver Fund (XIRR 6.2% 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 Groww ELSS Tax Saver Fund and Union Arbitrage Fund?
Yes. 41.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Groww ELSS Tax Saver Fund and Union Arbitrage Fund?
Groww ELSS Tax Saver Fund: Paras Matalia, Nikhil Satam. 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.