Kotak Arbitrage Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Kotak Arbitrage Fund (Direct) returned 7.4% a year and Union Arbitrage Fund (Direct) returned 7.1% a year. Kotak Arbitrage Fund charges 2.31% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 38.2%: they hold 71 of the same securities.
Which is better, Kotak 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.
- Kotak Arbitrage returned more over 5 years: 7.0% a year against 6.6%.
- Kotak Arbitrage returned more over 3 years: 7.4% a year against 7.1%.
- Union Arbitrage costs less: 1.61% a year against 2.31% (Direct plans).
- Kotak Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Kotak Arbitrage fell less in its worst fall since 27-02-2019: −0.6% against −0.6%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹220 Cr.
- Their portfolios overlap 38.2%: 71 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 | Kotak Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Union Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹75,275 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹43.60 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 2.31% | 1.61% |
| Expense ratio (Regular) | 2.89% | 2.23% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 29-09-2005 | 20-02-2019 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Hiten Shah | Vishal Thakker, Devesh Thacker |
| Exit load | Exit load of 0.25% if redeemed within 30 days | Exit load of 0.25% if redeemed within 1 months. |
Kotak 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 |
|---|---|---|---|---|---|---|---|
| Kotak Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.29% | +6.75% | +7.43% | +6.98% | +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.
Kotak Arbitrage vs Union Arbitrage: Year-wise Returns
| Year | KotakKotak Arbitrage | UnionUnion Arbitrage |
|---|---|---|
| 2026to date | +5.53% | +5.45% |
| 2025 | +7.06% | +6.64% |
| 2024 | +8.47% | +8.23% |
| 2023 | +8.01% | +7.62% |
| 2022 | +5.14% | +4.30% |
| 2021 | +4.56% | +4.12% |
Kotak 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.
Kotak 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Arbitrage | 0.0 | 20.1 | 79.9 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.6% | 4.7% | 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.
Kotak 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 |
|---|---|---|---|---|
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹9,30,000 | ₹12,15,118 | ₹2,85,118 | 6.8% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹9,30,000 | ₹11,98,938 | ₹2,68,938 | 6.4% |
Kotak ArbitrageKotak 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.
Kotak Arbitrage vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.59% |
| Standard deviation | 1.38% | 1.43% |
| Sharpe ratio | 1.09 | 0.94 |
| Sortino ratio | 1.65 | 1.50 |
| Maximum drawdown | −0.5% (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 | Kotak Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.43% | +7.14% |
| Standard deviation | 1.10% | 1.14% |
| Sharpe ratio | 1.28 | 0.98 |
| Sortino ratio | 1.96 | 1.53 |
| Maximum drawdown | −0.5% (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 | Kotak Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.98% | +6.58% |
| Standard deviation | 1.01% | 1.03% |
| Sharpe ratio | 1.16 | 0.76 |
| Sortino ratio | 1.78 | 1.15 |
| Maximum drawdown | −0.5% (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 | Kotak Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.07% | +6.10% |
| Standard deviation | 1.02% | 1.06% |
| Sharpe ratio | 1.00 | 0.86 |
| Sortino ratio | 1.52 | 1.29 |
| Maximum drawdown | −0.6% (03-06-2020) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 07-01-2013 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.
Kotak 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 |
|---|---|---|---|---|---|---|
| Kotak Arbitrage Fund (Direct) | −0.6% | 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.
Kotak 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.
Kotak 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.
Kotak Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Kotak Arbitrage vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Arbitrage Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 38.2%
- Held by both
- 71
- Only in Kotak Arbitrage
- 123
- Only in Union Arbitrage
- 10
| Security | % of Kotak Arbitrage | % of Union Arbitrage |
|---|---|---|
| RELIANCE INDUSTRIES LTD. | 3.06% | 3.03% |
| ICICI BANK LTD. | 4.17% | 2.19% |
| HDFC BANK LTD. | 2.03% | 1.80% |
| Tata Steel Ltd. | 1.53% | 1.85% |
| AXIS BANK LTD. | 2.94% | 1.36% |
| STATE BANK OF INDIA. | 1.35% | 1.44% |
| Vodafone Idea Ltd | 1.30% | 2.36% |
| BAJAJ FINANCE LTD. | 1.20% | 1.31% |
| Infosys Ltd. | 1.25% | 1.09% |
| Hindalco Industries Ltd. | 1.31% | 1.05% |
| TVS Motor Company Ltd. | 0.94% | 1.05% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.88% | 0.92% |
| BHARTI AIRTEL LTD. | 1.45% | 0.87% |
| ITC Ltd. | 0.85% | 0.83% |
| JSW Steel Ltd. | 0.74% | 1.81% |
| Divis Laboratories Ltd. | 0.96% | 0.68% |
| TATA CONSUMER PRODUCTS LTD. | 0.67% | 1.05% |
| PB Fintech Ltd. | 0.67% | 2.10% |
| Maruti Suzuki India Limited | 0.66% | 0.71% |
| NTPC LTD | 0.64% | 0.99% |
| Coal India Limited | 1.18% | 0.63% |
| SHRIRAM FINANCE LIMITED | 0.59% | 0.77% |
| Hindustan Unilever Ltd. | 0.57% | 0.74% |
| One 97 Communications Ltd | 0.57% | 1.33% |
| YES BANK LTD. | 0.56% | 0.53% |
| Bajaj Auto Ltd. | 0.52% | 0.59% |
| KOTAK MAHINDRA BANK LTD. | 0.47% | 1.78% |
| Mahindra & Mahindra Ltd. | 0.46% | 0.94% |
| AMBUJA CEMENTS LTD. | 0.44% | 0.69% |
| Coforge Limited | 0.78% | 0.42% |
| Jindal Steel & Power Ltd | 0.41% | 0.65% |
| BANK OF BARODA | 0.69% | 0.40% |
| Eicher Motors Ltd. | 0.40% | 1.33% |
| ADANI ENERGY SOLUTIONS LTD. | 0.72% | 0.36% |
| TORRENT PHARMACEUTICALS LTD. | 0.63% | 0.36% |
| DELHIVERY LTD | 0.36% | 0.70% |
| BHARAT FORGE LTD. | 0.36% | 0.66% |
| Steel Authority of India Ltd. | 0.35% | 0.93% |
| Apollo Hospitals Enterprise Ltd. | 0.35% | 0.98% |
| Inter Globe Aviation Ltd | 0.34% | 0.95% |
| JIO FINANCIAL SERVICES LTD | 0.34% | 0.95% |
| HDFC Life Insurance Company Ltd | 0.33% | 0.52% |
| BIOCON LTD. | 0.32% | 0.59% |
| TITAN COMPANY LTD. | 0.31% | 0.88% |
| Cipla Ltd. | 0.30% | 0.39% |
| MUTHOOT FINANCE LTD. | 0.30% | 0.41% |
| Tech Mahindra Ltd. | 0.69% | 0.29% |
| Larsen and Toubro Ltd. | 0.29% | 0.78% |
| UPL Ltd | 0.27% | 2.10% |
| Nestle India Ltd. | 0.25% | 0.30% |
| KALYAN JEWELLERS INDIA LTD. | 0.25% | 0.48% |
| Bajaj Finserv Ltd. | 0.25% | 0.57% |
| NMDC Ltd. | 0.41% | 0.24% |
| Manappuram Finance Ltd. | 0.21% | 0.26% |
| Ruchi Soya Industries Ltd. | 0.21% | 3.91% |
| Life Insurance Corporation Of India | 0.20% | 0.63% |
| Bharat Heavy Electricals Ltd. | 0.18% | 0.89% |
| JSW ENERGY LTD. | 0.27% | 0.17% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 0.17% | 1.10% |
| Hindustan Aeronautics Ltd. | 0.35% | 0.16% |
| Ultratech Cement Ltd. | 0.16% | 0.57% |
| SBI Life Insurance Company Ltd | 0.15% | 0.75% |
| BSE LTD | 0.12% | 1.29% |
| Bharat Electronics Ltd. | 0.12% | 0.43% |
| Max Financial Services Ltd | 0.07% | 0.65% |
| L&T FINANCE LTD | 0.05% | 1.11% |
| polycab India Limited | 0.04% | 0.82% |
| Adani Ports and Special Economic Zone Limited | 0.04% | 1.21% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.44% | 0.03% |
| Container Corporation of India Ltd. | 0.14% | 0.03% |
| Hero MotoCorp Ltd. | 0.01% | 0.68% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.2% means 38.2% 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 Kotak Arbitrage Fund
| Security | % of fund |
|---|---|
| Kotak Money Market Fund Direct Growth | 9.78% |
| Kotak Savings Fund Direct Growth | 4.98% |
| Kotak Ultra Short to Short Term Fund | 3.86% |
| Kotak Liquid Direct Growth | 3.13% |
| HDFC BANK LTD. | 1.94% |
Largest holdings only in Union Arbitrage Fund
| Security | % of fund |
|---|---|
| Union Money Market Fund - Direct Plan - | 13.38% |
| Bank of Baroda | 6.63% |
| The Federal Bank Ltd. | 1.01% |
| Zydus Lifesciences Ltd. | 0.48% |
| RBL Bank Ltd. | 0.47% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Arbitrage | Union Arbitrage |
|---|---|---|
| Equity | 71.1% | 70.6% |
| Debt | 5.8% | 6.9% |
| Cash and others | 23.1% | 22.6% |
Market cap of stocks
| Market cap | Kotak Arbitrage | Union Arbitrage |
|---|---|---|
| Large Cap | 52.1% | 50.9% |
| Mid Cap | 16.4% | 18.2% |
| Small Cap | 2.6% | 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 | Kotak Arbitrage | Union Arbitrage |
|---|---|---|
| Banks | 14.4% | 11.3% |
| Finance | 5.7% | 6.3% |
| Automobiles | 3.4% | 5.3% |
| Ferrous Metals | 3.0% | 5.2% |
| Agricultural Food & other Products | 0.0% | 5.0% |
| Petroleum Products | 4.6% | 3.1% |
| Pharmaceuticals and Biotechnology | 4.2% | 0.0% |
| Power | 3.9% | 1.9% |
| IT - Software | 3.8% | 1.8% |
| Pharmaceuticals & Biotechnology | 0.0% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Arbitrage vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.31% | 1.61% |
| Base expense ratio (Direct) | 0.33% | 0.34% |
| Total expense ratio (Regular) | 2.89% | 2.23% |
| Base expense ratio (Regular) | 0.83% | 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 Kotak Arbitrage with
Kotak Arbitrage Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak Arbitrage Fund and Union Arbitrage Fund?
Both are Arbitrage funds, run by Kotak Mahindra Mutual Fund and Union Mutual Fund. Their portfolios overlap 38.2%. Kotak Arbitrage Fund charges 2.31% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Kotak Arbitrage Fund or Union Arbitrage Fund?
Over 1 year: Kotak Arbitrage Fund +6.75%, Union Arbitrage Fund +6.59%. Over 3 years: Kotak Arbitrage Fund +7.43% a year, Union Arbitrage Fund +7.14% a year. Over 5 years: Kotak Arbitrage Fund +6.98% 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, Kotak Arbitrage Fund or Union Arbitrage Fund?
Union Arbitrage Fund charges less: 1.61% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Arbitrage Fund and Union Arbitrage Fund overlap?
38.2%. They hold 71 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak Arbitrage Fund or Union Arbitrage Fund?
On SEBI's riskometer, Kotak Arbitrage Fund is rated Low and Union Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.10% and 1.14% a year.
Which is better for SIP, Kotak 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 ₹7,34,378 in Kotak 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 Kotak Arbitrage Fund and Union Arbitrage Fund?
Yes. 38.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Arbitrage Fund and Union Arbitrage Fund?
Kotak Arbitrage Fund: Hiten Shah. 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.