Union Arbitrage Fund vs UTI Nifty 500 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Arbitrage Fund is an Arbitrage fund and UTI Nifty 500 Index Fund is an Index fund. Union Arbitrage Fund charges 1.61% a year and UTI Nifty 500 Index Fund 1.85% (Direct plans). Their portfolios overlap 41.1%: they hold 77 of the same securities.
Which is better, Union Arbitrage or UTI Nifty 500 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Arbitrage costs less: 1.61% a year against 1.85% (Direct plans).
- Union Arbitrage fell less in its worst fall since 31-08-2026: −0.3% against −8.6%.
- UTI Nifty 500 Index holds more in large companies: 67.3% of the fund in large caps against 50.9%.
- Union Arbitrage is the larger fund: ₹220 Cr against ₹102 Cr.
- Their portfolios overlap 41.1%: 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 | Union Arbitrage Fund | UTI Nifty 500 Index Fund |
|---|---|---|
| Fund house | Union Mutual Fund | UTI Mutual Fund |
| Category | Arbitrage | Index |
| AUM | ₹220 Cr (30-09-2026) | ₹102 Cr (30-09-2026) |
| NAV | ₹15.78 (Direct) | ₹9.31 (Direct) |
| Expense ratio (Direct) | 1.61% | 1.85% |
| Expense ratio (Regular) | 2.23% | 2.56% |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 500 TRI |
| Launch date | 20-02-2019 | 27-08-2026 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Vishal Thakker, Devesh Thacker | Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3 |
| Exit load | Exit load of 0.25% if redeemed within 1 months. | Nil |
Union Arbitrage vs UTI Nifty 500 Index: 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 |
|---|---|---|---|---|---|---|---|
| Union Arbitrage Fund (Direct) | +0.49% | +1.61% | +3.34% | +6.59% | +7.14% | +6.58% | -- |
| UTI Nifty 500 Index Fund (Direct) | −0.77% | -- | -- | -- | -- | -- | -- |
| 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.
Union Arbitrage vs UTI Nifty 500 Index: Year-wise Returns
| Year | Union ArbitrageUnion Arbitrage | UTI Nifty 500 IndexUTI Nifty 500 Index |
|---|---|---|
| 2026to date | +5.45% | -- |
| 2025 | +6.64% | -- |
| 2024 | +8.23% | -- |
| 2023 | +7.62% | -- |
| 2022 | +4.30% | -- |
| 2021 | +4.12% | -- |
Union Arbitrage vs UTI Nifty 500 Index: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of UTI Nifty 500 Index Fund
Union Arbitrage vs UTI Nifty 500 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Arbitrage Fund (Direct) | UTI Nifty 500 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.10% | −33.99% |
| Standard deviation | 1.06% | 13.15% |
| Sharpe ratio | 0.86 | -2.99 |
| Sortino ratio | 1.29 | -3.45 |
| Maximum drawdown | −0.6% (25-03-2020) | −8.6% (23-10-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.23% |
From daily NAVs, 27-02-2019 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.
Union Arbitrage Fund (Direct)
UTI Nifty 500 Index Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Union Arbitrage Fund (Direct) | −0.3% | 01-09-2026 | 04-09-2026 | 10-09-2026 | 6 days | −0.1% |
| UTI Nifty 500 Index Fund (Direct) | −8.6% | 31-08-2026 | 23-10-2026 | Not yet | -- | −6.6% |
| Nifty 500 TRI | −8.6% | 31-08-2026 | 23-10-2026 | Not yet | -- | −6.6% |
From daily values since 31-08-2026, the first day every fund has.
Union Arbitrage vs UTI Nifty 500 Index: Portfolio Overlap
From each fund's latest monthly portfolio: Union Arbitrage Fund, September 2026; UTI Nifty 500 Index Fund, September 2026
Holdings in common
- Overlap
- 41.1%
- Held by both
- 77
- Only in Union Arbitrage
- 4
- Only in UTI Nifty 500 Index
- 419
| Security | % of Union Arbitrage | % of UTI Nifty 500 Index |
|---|---|---|
| Reliance Industries Ltd. | 3.03% | 4.14% |
| ICICI Bank Ltd. | 2.19% | 4.94% |
| HDFC Bank Ltd. | 1.80% | 5.67% |
| Kotak Mahindra Bank Ltd. | 1.78% | 1.60% |
| State Bank of India | 1.44% | 2.07% |
| Axis Bank Ltd. | 1.36% | 1.84% |
| Bajaj Finance Ltd. | 1.31% | 1.37% |
| Infosys Ltd. | 1.09% | 1.83% |
| Sun Pharmaceutical Industries Ltd. | 1.10% | 1.00% |
| Mahindra & Mahindra Ltd. | 0.94% | 1.38% |
| Titan Company Ltd. | 0.88% | 0.99% |
| Bharti Airtel Ltd. | 0.87% | 2.79% |
| ITC Ltd. | 0.83% | 1.32% |
| Tata Steel Ltd. | 1.85% | 0.80% |
| NTPC Ltd. | 0.99% | 0.80% |
| Larsen & Toubro Ltd. | 0.78% | 2.30% |
| Adani Ports and Special Economic Zone Ltd. | 1.21% | 0.74% |
| Hindustan Unilever Ltd. | 0.74% | 0.87% |
| Shriram Finance Ltd. | 0.77% | 0.72% |
| Hindalco Industries Ltd. | 1.05% | 0.71% |
| Maruti Suzuki India Ltd. | 0.71% | 0.81% |
| BSE Ltd. | 1.29% | 0.66% |
| JSW Steel Ltd. | 1.81% | 0.63% |
| Divi's Laboratories Ltd. | 0.68% | 0.62% |
| Interglobe Aviation Ltd. | 0.95% | 0.59% |
| Bajaj Auto Ltd. | 0.59% | 0.62% |
| Ultratech Cement Ltd. | 0.57% | 0.68% |
| Coal India Ltd. | 0.63% | 0.53% |
| Bajaj Finserv Ltd. | 0.57% | 0.53% |
| Eicher Motors Ltd. | 1.33% | 0.51% |
| TVS Motor Company Ltd. | 1.05% | 0.50% |
| Apollo Hospitals Enterprise Ltd. | 0.98% | 0.44% |
| Multi Commodity Exchange of India Ltd. | 0.44% | 0.44% |
| Bharat Electronics Ltd. | 0.43% | 0.73% |
| The Federal Bank Ltd. | 1.01% | 0.41% |
| SBI Life Insurance Co. Ltd. | 0.75% | 0.40% |
| Cipla Ltd. | 0.39% | 0.40% |
| One 97 Communications Ltd. | 1.33% | 0.38% |
| Jio Financial Services Ltd. | 0.95% | 0.37% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.92% | 0.37% |
| Torrent Pharmaceuticals Ltd. | 0.36% | 0.37% |
| Power Grid Corporation of India Ltd. | 0.36% | 0.62% |
| Hero MotoCorp Ltd. | 0.68% | 0.35% |
| Tata Consumer Products Ltd. | 1.05% | 0.32% |
| Bharat Heavy Electricals Ltd. | 0.89% | 0.32% |
| Coforge Ltd. | 0.42% | 0.32% |
| IndusInd Bank Ltd. | 0.37% | 0.31% |
| Nestle India Ltd. | 0.30% | 0.49% |
| HDFC Life Insurance Company Ltd. | 0.52% | 0.29% |
| Tech Mahindra Ltd. | 0.29% | 0.51% |
| Bharat Forge Ltd. | 0.66% | 0.28% |
| Life Insurance Corporation of India | 0.63% | 0.26% |
| Polycab India Ltd. | 0.82% | 0.22% |
| Jindal Steel Ltd. | 0.65% | 0.22% |
| Bank of Baroda | 0.40% | 0.22% |
| Adani Energy Solutions Ltd. | 0.36% | 0.22% |
| PB Fintech Ltd. | 2.10% | 0.20% |
| Vodafone Idea Ltd. | 2.36% | 0.19% |
| Max Financial Services Ltd. | 0.65% | 0.19% |
| Yes Bank Ltd. | 0.53% | 0.19% |
| UPL Ltd. | 2.10% | 0.16% |
| JSW Energy Ltd. | 0.17% | 0.16% |
| Hindustan Aeronautics Ltd. | 0.16% | 0.46% |
| Zydus Lifesciences Ltd. | 0.48% | 0.15% |
| Muthoot Finance Ltd. | 0.41% | 0.15% |
| Steel Authority of India Ltd. | 0.93% | 0.14% |
| NMDC Ltd. | 0.24% | 0.14% |
| Delhivery Ltd. | 0.70% | 0.13% |
| Biocon Ltd. | 0.59% | 0.13% |
| RBL Bank Ltd. | 0.47% | 0.13% |
| L&T Finance Ltd. | 1.11% | 0.12% |
| Ambuja Cements Ltd. | 0.69% | 0.12% |
| Kalyan Jewellers India Ltd. | 0.48% | 0.11% |
| Manappuram Finance Ltd. | 0.26% | 0.09% |
| Patanjali Foods Ltd. | 3.91% | 0.07% |
| Container Corporation of India Ltd. | 0.03% | 0.08% |
| Bharat Petroleum Corporation Ltd. | 0.03% | 0.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.1% means 41.1% 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 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% |
Largest holdings only in UTI Nifty 500 Index Fund
| Security | % of fund |
|---|---|
| EQ - ETERNAL LIMITED | 1.21% |
| EQ - TATA CONSULTANCY SERVICES LTD. | 1.09% |
| EQ - HCL TECHNOLOGIES LTD. | 0.68% |
| EQ - GRASIM INDUSTRIES LTD. | 0.60% |
| EQ - ASIAN PAINTS (INDIA) LTD. | 0.57% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Arbitrage | UTI Nifty 500 Index |
|---|---|---|
| Equity | 70.6% | 99.6% |
| Debt | 6.9% | 0.0% |
| Cash and others | 22.6% | 0.4% |
Market cap of stocks
| Market cap | Union Arbitrage | UTI Nifty 500 Index |
|---|---|---|
| Large Cap | 50.9% | 67.3% |
| Mid Cap | 18.2% | 20.9% |
| Small Cap | 1.4% | 11.3% |
| Not on AMFI's list | 0.0% | 0.1% |
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 | Union Arbitrage | UTI Nifty 500 Index |
|---|---|---|
| Banks | 11.3% | 19.3% |
| Finance | 6.3% | 6.5% |
| Pharmaceuticals & Biotechnology | 3.6% | 5.8% |
| IT - Software | 1.8% | 5.7% |
| Automobiles | 5.3% | 4.9% |
| Ferrous Metals | 5.2% | 1.9% |
| Petroleum Products | 3.1% | 5.0% |
| Agricultural Food & other Products | 5.0% | 0.8% |
The six largest sectors of each fund's stocks, % of the fund.
Union Arbitrage vs UTI Nifty 500 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Arbitrage Fund | UTI Nifty 500 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.61% | 1.85% |
| Base expense ratio (Direct) | 0.34% | 0.13% |
| Total expense ratio (Regular) | 2.23% | 2.56% |
| Base expense ratio (Regular) | 0.87% | 0.73% |
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
Union Arbitrage Fund vs UTI Nifty 500 Index Fund: Frequently Asked Questions
What is the difference between Union Arbitrage Fund and UTI Nifty 500 Index Fund?
Union Arbitrage Fund is an Arbitrage fund, UTI Nifty 500 Index Fund is an Index fund, run by Union Mutual Fund and UTI Mutual Fund. Their portfolios overlap 41.1%. Union Arbitrage Fund charges 1.61% a year and UTI Nifty 500 Index Fund 1.85%.
Which has the lower expense ratio, Union Arbitrage Fund or UTI Nifty 500 Index Fund?
Union Arbitrage Fund charges less: 1.61% a year against 1.85%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Arbitrage Fund and UTI Nifty 500 Index Fund overlap?
41.1%. They hold 77 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Union Arbitrage Fund or UTI Nifty 500 Index Fund?
On SEBI's riskometer, Union Arbitrage Fund is rated Low and UTI Nifty 500 Index Fund Very High. Over their common history, the standard deviation of daily returns was 1.06% and 13.15% a year.
Can I invest in both Union Arbitrage Fund and UTI Nifty 500 Index Fund?
Yes. 41.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Union Arbitrage Fund and UTI Nifty 500 Index Fund?
Union Arbitrage Fund: Vishal Thakker, Devesh Thacker. UTI Nifty 500 Index Fund: Sharwan Kumar Goyal FM 1, Ayush Jain FM 2, Lokesh Kulthia FM 3.
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.