Tata Arbitrage Fund vs Union Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Tata Arbitrage Fund (Direct) returned 7.4% a year and Union Arbitrage Fund (Direct) returned 7.1% a year. Tata Arbitrage Fund charges 1.57% a year and Union Arbitrage Fund 1.61% (Direct plans). Their portfolios overlap 31.0%: they hold 68 of the same securities.
Which is better, Tata 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.
- Tata Arbitrage returned more over 5 years: 6.9% a year against 6.6%.
- Tata Arbitrage returned more over 3 years: 7.4% a year against 7.1%.
- Tata Arbitrage costs less: 1.57% a year against 1.61% (Direct plans).
- Tata Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.1%.
- Tata Arbitrage fell less in its worst fall since 27-02-2019: −0.6% against −0.6%.
- Tata Arbitrage is the larger fund: ₹24,539 Cr against ₹220 Cr.
- Their portfolios overlap 31.0%: 68 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 | Tata Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | Union Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹24,539 Cr (30-09-2026) | ₹220 Cr (30-09-2026) |
| NAV | ₹16.46 (Direct) | ₹15.78 (Direct) |
| Expense ratio (Direct) | 1.57% | 1.61% |
| Expense ratio (Regular) | 2.25% | 2.23% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 18-12-2018 | 20-02-2019 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Sailesh Jain | Vishal Thakker, Devesh Thacker |
| Exit load | Exit load of 0.25%, if redeemed within 15 days. | Exit load of 0.25% if redeemed within 1 months. |
Tata 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 |
|---|---|---|---|---|---|---|---|
| Tata Arbitrage Fund (Direct) | +0.50% | +1.52% | +3.24% | +6.77% | +7.43% | +6.90% | -- |
| 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.
Tata Arbitrage vs Union Arbitrage: Year-wise Returns
| Year | TataTata Arbitrage | UnionUnion Arbitrage |
|---|---|---|
| 2026to date | +5.46% | +5.45% |
| 2025 | +7.26% | +6.64% |
| 2024 | +8.36% | +8.23% |
| 2023 | +7.93% | +7.62% |
| 2022 | +4.86% | +4.30% |
| 2021 | +4.54% | +4.12% |
Tata 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.
Tata 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata Arbitrage | 0.0 | 5.7 | 94.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.4% | 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.
Tata 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 |
|---|---|---|---|---|
| Tata ArbitrageTata Arbitrage Fund (Direct) | ₹9,30,000 | ₹12,15,582 | ₹2,85,582 | 6.8% |
| Union ArbitrageUnion Arbitrage Fund (Direct) | ₹9,30,000 | ₹11,98,938 | ₹2,68,938 | 6.4% |
Tata ArbitrageTata 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.
Tata Arbitrage vs Union Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.77% | +6.59% |
| Standard deviation | 1.26% | 1.43% |
| Sharpe ratio | 1.21 | 0.94 |
| Sortino ratio | 1.89 | 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 | Tata Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.43% | +7.14% |
| Standard deviation | 1.02% | 1.14% |
| Sharpe ratio | 1.39 | 0.98 |
| Sortino ratio | 2.16 | 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 | Tata Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.90% | +6.58% |
| Standard deviation | 0.94% | 1.03% |
| Sharpe ratio | 1.17 | 0.76 |
| Sortino ratio | 1.80 | 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 | Tata Arbitrage Fund (Direct) | Union Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.55% | +6.10% |
| Standard deviation | 1.01% | 1.06% |
| Sharpe ratio | 1.32 | 0.86 |
| Sortino ratio | 2.01 | 1.29 |
| Maximum drawdown | −0.6% (03-06-2020) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 19-12-2018 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.
Tata 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 |
|---|---|---|---|---|---|---|
| Tata Arbitrage Fund (Direct) | −0.6% | 29-05-2020 | 03-06-2020 | 24-07-2020 | 51 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.
Tata 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.
Tata 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.
Tata Arbitrage Fund (Direct)
Union Arbitrage Fund (Direct)
Tata Arbitrage vs Union Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Arbitrage Fund, September 2026; Union Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 31.0%
- Held by both
- 68
- Only in Tata Arbitrage
- 113
- Only in Union Arbitrage
- 13
| Security | % of Tata Arbitrage | % of Union Arbitrage |
|---|---|---|
| RELIANCE INDUSTRIES LTD | 4.28% | 3.03% |
| ICICI BANK LTD | 4.34% | 2.19% |
| HDFC BANK LTD | 7.89% | 1.80% |
| VODAFONE IDEA LTD | 1.50% | 2.36% |
| AXIS BANK LTD | 2.36% | 1.36% |
| STATE BANK OF INDIA | 1.21% | 1.44% |
| HINDALCO INDUSTRIES LTD | 1.08% | 1.05% |
| JIO FINANCIAL SERVICES LTD | 1.20% | 0.95% |
| STEEL AUTHORITY INDIA LTD | 1.31% | 0.93% |
| BHARAT HEAVY ELECTRICALS LTD | 0.90% | 0.89% |
| BHARTI AIRTEL LTD | 1.27% | 0.87% |
| JSW STEEL LTD | 0.84% | 1.81% |
| HINDUSTAN UNILEVER LTD | 0.83% | 0.74% |
| TATA STEEL LTD | 0.74% | 1.85% |
| DIVI LABORATORIES LTD | 0.92% | 0.68% |
| COAL INDIA LTD | 1.00% | 0.63% |
| TVS MOTOR COMPANY LTD | 0.63% | 1.05% |
| KOTAK MAHINDRA BANK LTD | 0.60% | 1.78% |
| AMBUJA CEMENTS LTD | 0.57% | 0.69% |
| HDFC LIFE INSURANCE CO. LTD | 0.56% | 0.52% |
| NTPC LTD | 0.50% | 0.99% |
| BIOCON LTD | 0.47% | 0.59% |
| BHARAT ELECTRONICS LTD | 0.68% | 0.43% |
| MULTI COMMODITY EXCHANGE OF IND LTD | 0.43% | 0.44% |
| COFORGE LTD | 0.58% | 0.42% |
| LIFE INSURANCE CORPORATION OF INDIA | 0.42% | 0.63% |
| BANK OF BARODA | 0.40% | 0.40% |
| YES BANK LTD | 0.40% | 0.53% |
| INDUSIND BANK LTD | 0.52% | 0.37% |
| ADANI ENERGY SOLUTIONS LTD | 0.85% | 0.36% |
| FEDERAL BANK LTD | 0.33% | 1.01% |
| KALYAN JEWELLERS INDIA LTD | 0.30% | 0.48% |
| INFOSYS LTD | 0.28% | 1.09% |
| BAJAJ FINANCE LTD | 0.27% | 1.31% |
| MANAPPURAM FINANCE LTD | 0.70% | 0.26% |
| ITC LTD | 0.26% | 0.83% |
| NMDC LTD | 0.74% | 0.24% |
| PATANJALI FOODS LTD | 0.22% | 3.91% |
| ** - BANK OF BARODA - CD - 08/03/2027 | 0.20% | 6.63% |
| APOLLO HOSPITALS ENTERPRISE LTD | 0.19% | 0.98% |
| SHRIRAM FINANCE LTD | 0.19% | 0.77% |
| MUTHOOT FINANCE LTD | 0.18% | 0.41% |
| JSW ENERGY LTD | 0.40% | 0.17% |
| TORRENT PHARMACEUTICALS LTD | 0.17% | 0.36% |
| HINDUSTAN AERONAUTICS LTD | 0.61% | 0.16% |
| MAX FINANCIAL SERVICES LTD | 0.16% | 0.65% |
| JINDAL STEEL LTD | 0.16% | 0.65% |
| MAHINDRA & MAHINDRA LTD | 0.15% | 0.94% |
| TECH MAHINDRA LTD | 0.12% | 0.29% |
| PB FINTECH LTD | 0.11% | 2.10% |
| BHARAT FORGE LTD | 0.10% | 0.66% |
| CHOLAMANDALAM INVESTMENT & FINANCE CO LTD | 0.09% | 0.92% |
| TATA CONSUMER PRODUCTS LTD | 0.09% | 1.05% |
| ULTRATECH CEMENT LTD | 0.09% | 0.57% |
| INTERGLOBE AVIATION LTD | 0.09% | 0.95% |
| MARUTI SUZUKI INDIA LTD | 0.08% | 0.71% |
| BAJAJ FINSERV LTD | 0.08% | 0.57% |
| LARSEN & TOUBRO LTD | 0.06% | 0.78% |
| CIPLA LTD | 0.05% | 0.39% |
| DELHIVERY LTD | 0.05% | 0.70% |
| RBL BANK LTD | 0.05% | 0.47% |
| CONTAINER CORPORATION OF INDIA LTD | 0.25% | 0.03% |
| BHARAT PETROLEUM CORPORATION LTD | 0.16% | 0.03% |
| EICHER MOTORS LTD | 0.02% | 1.33% |
| TITAN COMPANY LTD | 0.02% | 0.88% |
| SUN PHARMACEUTICAL INDUSTRIES LTD | 0.01% | 1.10% |
| NESTLE INDIA LTD | 0.01% | 0.30% |
| ONE 97 COMMUNICATIONS LTD | 0.01% | 1.33% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.0% means 31.0% 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 Tata Arbitrage Fund
| Security | % of fund |
|---|---|
| TATA MONEY MARKET FUND | 12.05% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 23/10/2026 | 2.03% |
| ** - NABARD - CD - 28/01/2027 | 1.49% |
| ** - NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT - CD - 12/03/2027 | 1.38% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 25/03/2027 | 1.38% |
Largest holdings only in Union Arbitrage Fund
| Security | % of fund |
|---|---|
| Union Money Market Fund - Direct Plan - | 13.38% |
| UPL Ltd. | 2.10% |
| BSE Ltd. | 1.29% |
| Adani Ports and Special Economic Zone Ltd. | 1.21% |
| L&T Finance Ltd. | 1.11% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Arbitrage | Union Arbitrage |
|---|---|---|
| Equity | 64.8% | 70.6% |
| Debt | 21.7% | 6.9% |
| Cash and others | 13.5% | 22.6% |
Market cap of stocks
| Market cap | Tata Arbitrage | Union Arbitrage |
|---|---|---|
| Large Cap | 50.0% | 50.9% |
| Mid Cap | 12.1% | 18.2% |
| Small Cap | 2.7% | 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 | Tata Arbitrage | Union Arbitrage |
|---|---|---|
| Banks | 21.6% | 11.3% |
| Finance | 3.7% | 6.3% |
| Automobiles | 1.6% | 5.3% |
| Ferrous Metals | 3.0% | 5.2% |
| Petroleum Products | 5.2% | 3.1% |
| Agricultural Food & other Products | 0.6% | 5.0% |
| Power | 4.1% | 1.9% |
| Telecom - Services | 4.0% | 3.2% |
| Pharmaceuticals & Biotechnology | 2.5% | 3.6% |
The six largest sectors of each fund's stocks, % of the fund.
Tata Arbitrage vs Union Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Arbitrage Fund | Union Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.57% | 1.61% |
| Base expense ratio (Direct) | 0.26% | 0.34% |
| Total expense ratio (Regular) | 2.25% | 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 Tata Arbitrage with
Tata Arbitrage Fund vs Union Arbitrage Fund: Frequently Asked Questions
What is the difference between Tata Arbitrage Fund and Union Arbitrage Fund?
Both are Arbitrage funds, run by Tata Mutual Fund and Union Mutual Fund. Their portfolios overlap 31.0%. Tata Arbitrage Fund charges 1.57% a year and Union Arbitrage Fund 1.61%.
Which has given higher returns, Tata Arbitrage Fund or Union Arbitrage Fund?
Over 1 year: Tata Arbitrage Fund +6.77%, Union Arbitrage Fund +6.59%. Over 3 years: Tata Arbitrage Fund +7.43% a year, Union Arbitrage Fund +7.14% a year. Over 5 years: Tata Arbitrage Fund +6.90% 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, Tata Arbitrage Fund or Union Arbitrage Fund?
Tata Arbitrage Fund charges less: 1.57% a year against 1.61%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Arbitrage Fund and Union Arbitrage Fund overlap?
31.0%. They hold 68 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Tata Arbitrage Fund or Union Arbitrage Fund?
On SEBI's riskometer, Tata Arbitrage Fund is rated Low and Union Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.02% and 1.14% a year.
Which is better for SIP, Tata 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 ₹7,34,060 in Tata 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 Tata Arbitrage Fund and Union Arbitrage Fund?
Yes. 31.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Tata Arbitrage Fund and Union Arbitrage Fund?
Tata Arbitrage Fund: Sailesh Jain. 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.