Invesco India Arbitrage Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Invesco India Arbitrage Fund (Direct) returned 7.5% a year and Union Arbitrage Fund (Direct) returned 7.1% a year. Invesco India Arbitrage Fund charges 2.20% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 34.0%: they hold 77 of the same securities.
Invesco India Arbitrage Fund
Arbitrage
- 3 year return
- 7.5%
- Expense ratio
- 2.20%
- NAV
- ₹37.63
Which is better, Invesco India 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.
- Invesco India Arbitrage returned more over 5 years: 7.1% a year against 6.6%.
- Invesco India Arbitrage returned more over 3 years: 7.5% a year against 7.1%.
- Union Arbitrage costs less: 1.61% a year against 2.20% (Direct plans).
- Invesco India Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Invesco India Arbitrage fell less in its worst fall since 27-02-2019: −0.5% against −0.6%.
- Invesco India Arbitrage is the larger fund: ₹30,396 Cr against ₹220 Cr.
- Their portfolios overlap 34.0%: 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 | Invesco India Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | Union Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹30,396 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 2.20% | 1.61% |
| Expense ratio (Regular) | 2.87% | 2.23% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 30-04-2007 | 20-02-2019 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Pradeep Sukte | Vishal Thakker, Devesh Thacker |
| Exit load | Exit load of 0.50% if redeemed within 15 days | Exit load of 0.25% if redeemed within 1 months. |
Invesco India 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 |
|---|---|---|---|---|---|---|---|
| Invesco India Arbitrage Fund (Direct) | +0.63% | +1.62% | +3.40% | +6.88% | +7.46% | +7.14% | +6.46% |
| 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.
Invesco India Arbitrage vs Union Arbitrage: Year-wise Returns
| Year | Invesco IndiaInvesco India Arbitrage | UnionUnion Arbitrage |
|---|---|---|
| 2026to date | +5.60% | +5.45% |
| 2025 | +7.17% | +6.64% |
| 2024 | +8.32% | +8.23% |
| 2023 | +8.07% | +7.62% |
| 2022 | +5.85% | +4.30% |
| 2021 | +4.15% | +4.12% |
Invesco India Arbitrage vs Union Arbitrage: Rolling Returns
Every holding period of both funds
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.
Invesco India 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Arbitrage | 0.0 | 12.1 | 87.9 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.8% | 4.8% | 8.0% |
| 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.
Invesco India 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 |
|---|---|---|---|---|
| Invesco India ArbitrageInvesco India Arbitrage Fund (Direct) | ₹9,30,000 | ₹12,18,924 | ₹2,88,924 | 6.9% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹9,30,000 | ₹11,98,938 | ₹2,68,938 | 6.4% |
Invesco India ArbitrageInvesco India 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.
Invesco India Arbitrage vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.59% |
| Standard deviation | 1.35% | 1.43% |
| Sharpe ratio | 1.21 | 0.94 |
| Sortino ratio | 1.82 | 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 | Invesco India Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.46% | +7.14% |
| Standard deviation | 1.09% | 1.14% |
| Sharpe ratio | 1.32 | 0.98 |
| Sortino ratio | 2.01 | 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 | Invesco India Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.14% | +6.58% |
| Standard deviation | 1.00% | 1.03% |
| Sharpe ratio | 1.34 | 0.76 |
| Sortino ratio | 2.05 | 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 | Invesco India Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +6.10% |
| Standard deviation | 1.04% | 1.06% |
| Sharpe ratio | 0.87 | 0.86 |
| Sortino ratio | 1.29 | 1.29 |
| Maximum drawdown | −0.5% (03-06-2020) | −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.
Invesco India 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 |
|---|---|---|---|---|---|---|
| Invesco India Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 03-06-2020 | 30-06-2020 | 27 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.
Invesco India 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.
Invesco India 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.
Invesco India Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Invesco India Arbitrage vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Arbitrage Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.0%
- Held by both
- 77
- Only in Invesco India Arbitrage
- 117
- Only in Union Arbitrage
- 4
| Security | % of Invesco India Arbitrage | % of Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 3.48% | 3.03% |
| Vodafone Idea Limited | 2.20% | 2.36% |
| ICICI Bank Limited | 4.55% | 2.19% |
| HDFC Bank Limited | 5.58% | 1.80% |
| Tata Steel Limited | 1.57% | 1.85% |
| State Bank of India | 1.99% | 1.44% |
| Axis Bank Limited | 2.20% | 1.36% |
| Infosys Limited | 1.01% | 1.09% |
| Jio Financial Services Limited | 1.46% | 0.95% |
| Bharti Airtel Limited | 2.16% | 0.87% |
| The Federal Bank Limited | 0.78% | 1.01% |
| Hindustan Unilever Limited | 0.78% | 0.74% |
| Ambuja Cements Limited | 1.26% | 0.69% |
| Divi's Laboratories Limited | 1.08% | 0.68% |
| Coal India Limited | 1.47% | 0.63% |
| ITC Limited | 0.61% | 0.83% |
| Biocon Limited | 0.64% | 0.59% |
| Yes Bank Limited | 1.38% | 0.53% |
| Kotak Mahindra Bank Ltd | 0.52% | 1.78% |
| PB Fintech Limited | 0.52% | 2.10% |
| Patanjali Foods Limited | 0.48% | 3.91% |
| Multi Commodity Exchange of India Limited | 1.55% | 0.44% |
| Life Insurance Corporation Of India | 0.43% | 0.63% |
| Coforge Limited | 0.46% | 0.42% |
| Bank of Baroda | 0.50% | 0.40% |
| Jindal Steel Limited | 0.39% | 0.65% |
| RBL Bank Limited | 0.38% | 0.47% |
| Maruti Suzuki India Limited | 0.37% | 0.71% |
| Torrent Pharmaceuticals Limited | 0.40% | 0.36% |
| Tata Consumer Products Limited | 0.36% | 1.05% |
| Bharat Forge Limited | 0.33% | 0.66% |
| Bajaj Finance Ltd | 0.32% | 1.31% |
| Delhivery Limited | 0.31% | 0.70% |
| Bajaj Auto Limited | 0.31% | 0.59% |
| Tech Mahindra Limited | 0.34% | 0.29% |
| BSE Limited | 0.29% | 1.29% |
| UPL Limited | 0.27% | 2.10% |
| Manappuram Finance Limited | 0.53% | 0.26% |
| NMDC Limited | 0.71% | 0.24% |
| Bharat Heavy Electricals Limited | 0.24% | 0.89% |
| NTPC Limited | 0.24% | 0.99% |
| Mahindra & Mahindra Limited | 0.23% | 0.94% |
| TVS Motor Company Limited | 0.23% | 1.05% |
| Hindalco Industries Limited | 0.22% | 1.05% |
| Steel Authority of India Limited | 0.22% | 0.93% |
| Shriram Finance Limited | 0.22% | 0.77% |
| Bharat Electronics Limited | 0.21% | 0.43% |
| Muthoot Finance Limited | 0.21% | 0.41% |
| Adani Energy Solutions Limited | 0.21% | 0.36% |
| One 97 Communications Limited | 0.20% | 1.33% |
| Eicher Motors Limited | 0.19% | 1.33% |
| HDFC Life Insurance Company Limited | 0.18% | 0.52% |
| JSW Energy Limited | 0.18% | 0.17% |
| Hindustan Aeronautics Limited | 0.28% | 0.16% |
| InterGlobe Aviation Limited | 0.16% | 0.95% |
| Titan Company Limited | 0.14% | 0.88% |
| Cholamandalam Investment and Finance Company Limited | 0.13% | 0.92% |
| Nestle India Limited | 0.13% | 0.30% |
| Larsen & Toubro Limited | 0.12% | 0.78% |
| Kalyan Jewellers India Limited | 0.11% | 0.48% |
| JSW Steel Limited | 0.08% | 1.81% |
| SBI Life Insurance Company Limited | 0.08% | 0.75% |
| UltraTech Cement Limited | 0.08% | 0.57% |
| Power Grid Corporation of India Limited | 0.06% | 0.36% |
| Bajaj Finserv Limited | 0.06% | 0.57% |
| Sun Pharmaceutical Industries Limited | 0.04% | 1.10% |
| Apollo Hospitals Enterprise Limited | 0.04% | 0.98% |
| Adani Ports and Special Economic Zone Limited | 0.04% | 1.21% |
| Container Corporation of India Limited | 0.58% | 0.03% |
| Bharat Petroleum Corporation Limited | 0.12% | 0.03% |
| Cipla Limited | 0.03% | 0.39% |
| IndusInd Bank Limited | 0.03% | 0.37% |
| Zydus Lifesciences Limited | 0.02% | 0.48% |
| Max Financial Services Limited | 0.02% | 0.65% |
| Polycab India Limited | 0.02% | 0.82% |
| L&T Finance Limited | 0.02% | 1.11% |
| Hero MotoCorp Limited | 0.01% | 0.68% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.0% means 34.0% 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 Invesco India Arbitrage Fund
| Security | % of fund |
|---|---|
| Invesco India Money Market Fund - Direct Plan - Growth | 5.52% |
| Invesco India Liquid Fund - Direct Plan - Growth | 5.22% |
| Adani Power Limited | 2.11% |
| IDFC First Bank Limited | 1.77% |
| Power Finance Corporation Limited | 1.77% |
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 | Invesco India Arbitrage | Union Arbitrage |
|---|---|---|
| Equity | 79.6% | 70.6% |
| Debt | 5.8% | 6.9% |
| Cash and others | 14.6% | 22.6% |
Market cap of stocks
| Market cap | Invesco India Arbitrage | Union Arbitrage |
|---|---|---|
| Large Cap | 53.9% | 50.9% |
| Mid Cap | 20.6% | 18.2% |
| Small Cap | 5.0% | 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 | Invesco India Arbitrage | Union Arbitrage |
|---|---|---|
| Banks | 23.3% | 11.3% |
| Finance | 6.1% | 6.3% |
| Automobiles | 1.9% | 5.3% |
| Ferrous Metals | 2.3% | 5.2% |
| Telecom - Services | 5.1% | 3.2% |
| Agricultural Food & other Products | 1.2% | 5.0% |
| Petroleum Products | 4.4% | 3.1% |
| Pharmaceuticals & Biotechnology | 3.2% | 3.6% |
| IT - Software | 3.6% | 1.8% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Arbitrage vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.20% | 1.61% |
| Base expense ratio (Direct) | 0.34% | 0.34% |
| Total expense ratio (Regular) | 2.87% | 2.23% |
| Base expense ratio (Regular) | 0.91% | 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 Invesco India Arbitrage with
Invesco India Arbitrage Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Invesco India Arbitrage Fund and Union Arbitrage Fund?
Both are Arbitrage funds, run by Invesco Mutual Fund and Union Mutual Fund. Their portfolios overlap 34.0%. Invesco India Arbitrage Fund charges 2.20% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Invesco India Arbitrage Fund or Union Arbitrage Fund?
Over 1 year: Invesco India Arbitrage Fund +6.88%, Union Arbitrage Fund +6.59%. Over 3 years: Invesco India Arbitrage Fund +7.46% a year, Union Arbitrage Fund +7.14% a year. Over 5 years: Invesco India Arbitrage Fund +7.14% 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, Invesco India Arbitrage Fund or Union Arbitrage Fund?
Union Arbitrage Fund charges less: 1.61% a year against 2.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Arbitrage Fund and Union Arbitrage Fund overlap?
34.0%. They hold 77 of the same securities, the largest shared ones being RELIANCE, IDEA, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Arbitrage Fund or Union Arbitrage Fund?
On SEBI's riskometer, Invesco India Arbitrage Fund is rated Low and Union Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.09% and 1.14% a year.
Which is better for SIP, Invesco India 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 ₹7,35,975 in Invesco India Arbitrage Fund (XIRR 7.3% 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 Invesco India Arbitrage Fund and Union Arbitrage Fund?
Yes. 34.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Invesco India Arbitrage Fund and Union Arbitrage Fund?
Invesco India Arbitrage Fund: Deepak Gupta, Pradeep Sukte. 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.