SBI Arbitrage Fund vs Unifi Dynamic Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
SBI Arbitrage Fund is an Arbitrage fund and Unifi Dynamic Asset Allocation Fund is a Balanced Advantage fund. In the year to 30-10-2026, SBI Arbitrage Fund (Direct) returned 6.6% and Unifi Dynamic Asset Allocation Fund (Direct) returned 8.4%. SBI Arbitrage Fund charges 1.47% a year and Unifi Dynamic Asset Allocation Fund 1.40% (Direct plans). Their portfolios overlap 28.3%: they hold 100 of the same securities.
Unifi Dynamic Asset Allocation Fund
Balanced Advantage
- 1 year return
- 8.4%
- Expense ratio
- 1.40%
- NAV
- ₹11.39
Which is better, SBI Arbitrage or Unifi Dynamic Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Unifi Dynamic Asset Allocation returned more over 1 year: 8.4% against 6.6%.
- Unifi Dynamic Asset Allocation costs less: 1.40% a year against 1.47% (Direct plans).
- Unifi Dynamic Asset Allocation fell less in its worst fall since 17-03-2025: −0.2% against −0.5%.
- SBI Arbitrage holds more in large companies: 61.8% of the fund in large caps against 28.6%.
- SBI Arbitrage is the larger fund: ₹46,309 Cr against ₹1,478 Cr.
- Their portfolios overlap 28.3%: 100 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 | SBI Arbitrage Fund | Unifi Dynamic Asset Allocation Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | Unifi Mutual Fund |
| Category | Arbitrage | Balanced Advantage |
| AUM | ₹46,309 Cr (30-09-2026) | ₹1,478 Cr (30-09-2026) |
| NAV | ₹39.08 (Direct) | ₹11.39 (Direct) |
| Expense ratio (Direct) | 1.47% | 1.40% |
| Expense ratio (Regular) | 1.99% | 1.99% |
| Riskometer | Low | Moderately High |
| Benchmark | Nifty 50 Arbitrage Index | CRISIL Hybrid 50+50 - Moderate Index |
| Launch date | 03-11-2006 | 11-07-2025 |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | None |
| Fund managers | Neeraj Kumar - Equity, Ardhendu Bhattacharya | Saravanan VN, Ramanathan P, Karthik Srinivas |
| Exit load | Exit load of 0.25%, if redeemed within 15 Days. | Exit Load for units in excess of 20% of the investment,1.5% will be charged for redemption within 12 months. |
SBI Arbitrage vs Unifi Dynamic Asset Allocation: 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 |
|---|---|---|---|---|---|---|---|
| SBI Arbitrage Fund (Direct) | +0.56% | +1.53% | +3.22% | +6.59% | +7.24% | +6.83% | +6.24% |
| Unifi Dynamic Asset Allocation Fund (Direct) | +0.51% | +1.98% | +4.46% | +8.40% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
| Balanced Advantage average | −0.55% | −2.88% | +0.08% | −2.08% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds and the 38 Balanced Advantage funds, same plan type.
SBI Arbitrage vs Unifi Dynamic Asset Allocation: Year-wise Returns
| Year | SBI ArbitrageSBI Arbitrage | Unifi Dynamic Asset AllocationUnifi Dynamic Asset Allocation |
|---|---|---|
| 2026to date | +5.39% | +6.90% |
| 2025 | +7.05% | -- |
| 2024 | +8.11% | -- |
| 2023 | +7.98% | -- |
| 2022 | +5.09% | -- |
| 2021 | +4.43% | -- |
SBI Arbitrage vs Unifi Dynamic Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 154 of them, one for each trading day from 17-03-2026 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.
SBI Arbitrage Fund (Direct)
Unifi Dynamic Asset Allocation Fund (Direct)
to
Apr 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.5% | 6.1% | 7.0% |
| Unifi Dynamic Asset Allocation | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0% | 8.0% | 7.1% | 8.8% |
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 17-03-2025. Past returns do not promise future returns.
SBI Arbitrage vs Unifi Dynamic Asset Allocation: 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 03-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI ArbitrageSBI Arbitrage Fund (Direct) | ₹2,00,000 | ₹2,11,361 | ₹11,361 | 6.5% |
| Unifi Dynamic Asset AllocationUnifi Dynamic Asset Allocation Fund (Direct) | ₹2,00,000 | ₹2,14,464 | ₹14,464 | 8.3% |
SBI ArbitrageSBI Arbitrage Fund (Direct)
Unifi Dynamic Asset AllocationUnifi Dynamic Asset Allocation 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.
SBI Arbitrage vs Unifi Dynamic Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI Arbitrage Fund (Direct) | Unifi Dynamic Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.59% | +8.40% |
| Standard deviation | 1.46% | 0.91% |
| Sharpe ratio | 0.92 | 3.45 |
| Sortino ratio | 1.41 | 6.05 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.2% (15-09-2026) |
| 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 | SBI Arbitrage Fund (Direct) | Unifi Dynamic Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +8.36% |
| Standard deviation | 1.07% | 0.83% |
| Sharpe ratio | 0.74 | 3.53 |
| Sortino ratio | 1.11 | 6.35 |
| Maximum drawdown | −0.7% (25-03-2020) | −0.2% (15-09-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 14-01-2013 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.
SBI Arbitrage Fund (Direct)
Unifi Dynamic Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
| Unifi Dynamic Asset Allocation Fund (Direct) | −0.2% | 10-09-2026 | 15-09-2026 | 18-09-2026 | 3 days | 0.0% |
From daily values since 17-03-2025, 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.
SBI Arbitrage Fund (Direct)
Unifi Dynamic Asset Allocation Fund (Direct)
SBI Arbitrage vs Unifi Dynamic Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: SBI Arbitrage Fund, September 2026; Unifi Dynamic Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 28.3%
- Held by both
- 100
- Only in SBI Arbitrage
- 96
- Only in Unifi Dynamic Asset Allocation
- 43
| Security | % of SBI Arbitrage | % of Unifi Dynamic Asset Allocation |
|---|---|---|
| HDFC Bank Ltd. | 4.92% | 3.22% |
| State Bank of India | 3.68% | 1.85% |
| Axis Bank Ltd. | 2.31% | 1.73% |
| Bajaj Finance Ltd. | 1.57% | 1.22% |
| Bharti Airtel Ltd. | 2.39% | 1.19% |
| Reliance Industries Ltd. | 5.58% | 1.05% |
| Adani Enterprises Ltd. | 1.41% | 1.04% |
| Tata Steel Ltd. | 1.59% | 1.02% |
| ICICI Bank Ltd. | 2.75% | 0.96% |
| ITC Ltd. | 0.93% | 1.14% |
| Jio Financial Services Ltd. | 0.77% | 1.04% |
| Hindustan Unilever Ltd. | 0.56% | 0.78% |
| Indus Towers Ltd. | 0.61% | 0.55% |
| Hindalco Industries Ltd. | 0.54% | 0.97% |
| Kotak Mahindra Bank Ltd. | 0.85% | 0.51% |
| Tata Consumer Products Ltd. | 0.62% | 0.45% |
| Mahindra & Mahindra Ltd. | 0.44% | 0.64% |
| JSW Steel Ltd. | 1.58% | 0.42% |
| Cummins India Ltd. | 0.41% | 0.52% |
| Tata Motors Passenger Vehicles Ltd. | 0.52% | 0.39% |
| Bank of Baroda | 0.78% | 0.37% |
| Glenmark Pharmaceuticals Ltd. | 0.48% | 0.37% |
| Maruti Suzuki India Ltd. | 0.60% | 0.36% |
| HDFC Asset Management Co. Ltd. | 0.36% | 0.51% |
| Titan Company Ltd. | 0.32% | 0.36% |
| Crompton Greaves Consumer Electricals Ltd. | 0.32% | 0.32% |
| Torrent Pharmaceuticals Ltd. | 0.32% | 0.30% |
| Steel Authority of India Ltd. | 0.46% | 0.28% |
| Tata Power Company Ltd. | 0.64% | 0.25% |
| Coal India Ltd. | 0.90% | 0.24% |
| Power Finance Corporation Ltd. | 0.88% | 0.23% |
| The Federal Bank Ltd. | 0.74% | 0.23% |
| Aurobindo Pharma Ltd. | 0.34% | 0.22% |
| Divi's Laboratories Ltd. | 1.09% | 0.22% |
| Tata Consultancy Services Ltd. | 0.20% | 1.24% |
| Bandhan Bank Ltd. | 0.19% | 0.22% |
| HDFC Life Insurance Company Ltd. | 0.19% | 0.70% |
| Ambuja Cements Ltd. | 0.59% | 0.19% |
| The Indian Hotels Company Ltd. | 0.70% | 0.19% |
| Hindustan Aeronautics Ltd. | 1.16% | 0.18% |
| AU Small Finance Bank Ltd. | 0.21% | 0.18% |
| Adani Energy Solutions Ltd. | 0.81% | 0.17% |
| Ultratech Cement Ltd. | 0.42% | 0.16% |
| Tech Mahindra Ltd. | 0.64% | 0.16% |
| IDFC First Bank Ltd. | 0.73% | 0.16% |
| Adani Ports and Special Economic Zone Ltd. | 0.46% | 0.16% |
| NTPC Ltd. | 0.55% | 0.14% |
| Ashok Leyland Ltd. | 0.14% | 0.42% |
| Larsen & Toubro Ltd. | 0.87% | 0.14% |
| Cipla Ltd. | 0.13% | 0.24% |
| Varun Beverages Ltd. | 0.76% | 0.12% |
| LIC Housing Finance Ltd. | 0.12% | 0.39% |
| Bharat Forge Ltd. | 0.11% | 0.12% |
| GE Vernova T&D India Ltd. | 0.17% | 0.11% |
| Multi Commodity Exchange of India Ltd. | 0.41% | 0.10% |
| Lupin Ltd. | 0.10% | 0.11% |
| Interglobe Aviation Ltd. | 0.10% | 0.22% |
| Life Insurance Corporation of India | 0.38% | 0.09% |
| Apollo Hospitals Enterprise Ltd. | 0.27% | 0.09% |
| Bharat Electronics Ltd. | 1.36% | 0.08% |
| Inox Wind Ltd. | 0.09% | 0.08% |
| National Aluminium Company Ltd. | 0.09% | 0.08% |
| Muthoot Finance Ltd. | 0.16% | 0.08% |
| SBI Life Insurance Co. Ltd. | 0.07% | 0.32% |
| Godrej Properties Ltd. | 0.24% | 0.07% |
| Jindal Steel Ltd. | 0.16% | 0.07% |
| Eicher Motors Ltd. | 0.35% | 0.06% |
| Hindustan Zinc Ltd. | 0.17% | 0.06% |
| Bharat Heavy Electricals Ltd. | 0.72% | 0.05% |
| Astral Ltd. | 0.13% | 0.05% |
| Suzlon Energy Ltd. | 0.15% | 0.05% |
| DLF Ltd. | 0.05% | 0.09% |
| Canara Bank | 0.89% | 0.05% |
| Bajaj Finserv Ltd. | 0.08% | 0.05% |
| United Spirits Ltd. | 0.06% | 0.04% |
| Colgate Palmolive (India) Ltd. | 0.04% | 0.04% |
| UPL Ltd. | 0.09% | 0.03% |
| NMDC Ltd. | 0.42% | 0.03% |
| GMR Airports Ltd. | 0.40% | 0.03% |
| Max Financial Services Ltd. | 0.09% | 0.03% |
| Indian Oil Corporation Ltd. | 0.56% | 0.03% |
| Solar Industries India Ltd. | 0.38% | 0.03% |
| Nestle India Ltd. | 0.03% | 0.02% |
| APL Apollo Tubes Ltd. | 0.38% | 0.02% |
| JSW Energy Ltd. | 0.14% | 0.02% |
| Central Depository Services (I) Ltd. | 0.14% | 0.02% |
| Tube Investments of India Ltd. | 0.06% | 0.02% |
| NBCC (India) Ltd. | 0.17% | 0.01% |
| Power Grid Corporation of India Ltd. | 0.13% | 0.01% |
| Shriram Finance Ltd. | 0.45% | 0.01% |
| Hindustan Petroleum Corporation Ltd. | 0.12% | 0.01% |
| PG Electroplast Ltd. | 0.04% | 0.01% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.49% | 0.01% |
| Punjab National Bank | 0.78% | 0.01% |
| Adani Green Energy Ltd. | 0.99% | 0.01% |
| Info Edge (India) Ltd. | 0.39% | 0.00% |
| SRF Ltd. | 0.19% | 0.00% |
| Dabur India Ltd. | 0.18% | 0.00% |
| Voltas Ltd. | 0.09% | 0.00% |
| Patanjali Foods Ltd. | 0.21% | 0.00% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 28.3% means 28.3% 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 SBI Arbitrage Fund
| Security | % of fund |
|---|---|
| SBI Liquid Fund - DIRECT PLAN -Growth Option | 7.25% |
| SBI Money Market Fund - Direct Plan - Growth Option | 7.06% |
| HDFC Bank Ltd. | 2.54% |
| Vodafone Idea Ltd. | 1.10% |
| Bank of Baroda | 1.06% |
Largest holdings only in Unifi Dynamic Asset Allocation Fund
| Security | % of fund |
|---|---|
| 9.45% Vedanta Limited 05-JUN-2028 | 4.11% |
| 9.75% Shrem Infra Invest Pvt Limited 15-MAY-2028 | 3.79% |
| 7.06% GOI - 10-Apr-2028 | 3.76% |
| 5.00% GMR Airports Limited 13-AUG-2028 | 3.26% |
| JSW Kalinga Steel Limited 23-MAR-2029 | 2.82% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI Arbitrage | Unifi Dynamic Asset Allocation |
|---|---|---|
| Equity | 77.2% | 36.1% |
| Debt | 6.5% | 52.0% |
| Cash and others | 16.4% | 11.9% |
Market cap of stocks
| Market cap | SBI Arbitrage | Unifi Dynamic Asset Allocation |
|---|---|---|
| Large Cap | 61.8% | 28.6% |
| Mid Cap | 13.2% | 3.6% |
| Small Cap | 2.1% | 3.7% |
| Not on AMFI's list | 0.0% | 0.2% |
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 | SBI Arbitrage | Unifi Dynamic Asset Allocation |
|---|---|---|
| Banks | 20.0% | 10.1% |
| Petroleum Products | 6.3% | 1.1% |
| Finance | 5.7% | 3.0% |
| Power | 4.3% | 0.6% |
| Telecom - Services | 4.1% | 1.7% |
| Ferrous Metals | 3.8% | 1.8% |
| Diversified FMCG | 1.5% | 1.9% |
| Chemicals & Petrochemicals | 0.6% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
SBI Arbitrage vs Unifi Dynamic Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI Arbitrage Fund | Unifi Dynamic Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.47% | 1.40% |
| Base expense ratio (Direct) | 0.34% | 0.79% |
| Total expense ratio (Regular) | 1.99% | 1.99% |
| Base expense ratio (Regular) | 0.78% | 1.29% |
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 SBI Arbitrage with
Compare Unifi Dynamic Asset Allocation with
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SBI Arbitrage Fund vs Unifi Dynamic Asset Allocation Fund: Frequently Asked Questions
What is the difference between SBI Arbitrage Fund and Unifi Dynamic Asset Allocation Fund?
SBI Arbitrage Fund is an Arbitrage fund, Unifi Dynamic Asset Allocation Fund is a Balanced Advantage fund, run by SBI Mutual Fund and Unifi Mutual Fund. Their portfolios overlap 28.3%. SBI Arbitrage Fund charges 1.47% a year and Unifi Dynamic Asset Allocation Fund 1.40%.
Which has given higher returns, SBI Arbitrage Fund or Unifi Dynamic Asset Allocation Fund?
Over 1 year: SBI Arbitrage Fund +6.59%, Unifi Dynamic Asset Allocation Fund +8.40%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI Arbitrage Fund or Unifi Dynamic Asset Allocation Fund?
Unifi Dynamic Asset Allocation Fund charges less: 1.40% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do SBI Arbitrage Fund and Unifi Dynamic Asset Allocation Fund overlap?
28.3%. They hold 100 of the same securities, the largest shared ones being HDFCBANK, SBIN, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, SBI Arbitrage Fund or Unifi Dynamic Asset Allocation Fund?
On SEBI's riskometer, SBI Arbitrage Fund is rated Low and Unifi Dynamic Asset Allocation Fund Moderately High. Over 1 years, the standard deviation of daily returns was 1.46% and 0.91% a year.
Can I invest in both SBI Arbitrage Fund and Unifi Dynamic Asset Allocation Fund?
Yes. 28.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages SBI Arbitrage Fund and Unifi Dynamic Asset Allocation Fund?
SBI Arbitrage Fund: Neeraj Kumar - Equity, Ardhendu Bhattacharya. Unifi Dynamic Asset Allocation Fund: Saravanan VN, Ramanathan P, Karthik Srinivas.
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.