Franklin India Arbitrage Fund vs Union Arbitrage Fund
Franklin India Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR — vs +7.21%, 5-year CAGR — vs +6.61%, volatility 0.65% vs 0.57%, maximum drawdown −0.44% vs −0.59%. Their portfolios overlap by 33.3% (66 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Union Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹11.4427 | ₹15.8202 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 19 Nov 2024 | 27 Feb 2019 |
| Track record | 2.0 yrs | 7.7 yrs |
| Fund size (AUM) | ₹1,921 Cr | ₹64 Cr |
| Securities held | 144 | 81 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| 1 month | +0.59% | +0.57% |
| 3 months | +1.74% | +1.70% |
| 6 months | +3.50% | +3.44% |
| 1 year | +7.17% | +6.73% |
| 3 years (CAGR) | — | +7.21% |
| 5 years (CAGR) | — | +6.61% |
| 7 years (CAGR) | — | +6.04% |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +7.11% | +6.11% |
| SIP return (XIRR, 5 years) ⓘ | — | +7.02% |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| 2026 (year to date) | +6.01% | +5.72% |
| 2025 | +7.19% | +6.64% |
| 2024 | — | +8.23% |
| 2023 | — | +7.62% |
| 2022 | — | +4.30% |
| 2021 | — | +4.12% |
Risk
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.65% | 0.57% |
| Downside volatility ⓘ | 0.42% | 0.34% |
| Sharpe ratio ⓘ | 0.94 | 1.24 |
| Sortino ratio ⓘ | 1.45 | 2.06 |
| Maximum drawdown ⓘ | −0.44% | −0.59% |
| Recovery from that fall | 1 months | 1 months |
| Current fall from peak | 0.00% | 0.00% |
| Rolling 1-year return: worst | +6.48% | +3.18% |
| Rolling 1-year return: median | +7.04% | +6.37% |
| Rolling 1-year return: best | +7.66% | +8.63% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Equity | 71.34% | 70.55% |
| Debt | 14.51% | 6.88% |
| Mutual Fund Units | 12.22% | 0.00% |
| Cash & equivalents | 1.90% | -61.63% |
| ETF Units | 0.00% | 13.38% |
Market-cap split (share of fund assets)
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Large Cap | 51.93% | 50.89% |
| Mid Cap | 17.68% | 18.23% |
| Small Cap | 1.78% | 1.43% |
| Unclassified | 0.00% | 0.00% |
Concentration
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Top 10 holdings | 43.94% | 39.36% |
| Effective number of stocks ⓘ | 30.7 | 31.1 |
| Securities held | 144 | 81 |
Portfolio overlap: 33.3%
66 companies are held by both funds; by weight, 33.3% of the two portfolios is the same. That is a moderate overlap.
| Held by both | Franklin India Arbitrage | Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.13% | 3.03% |
| Vodafone Idea Limited | 2.41% | 2.36% |
| ICICI Bank Limited | 6.04% | 2.19% |
| HDFC Bank Limited | 5.79% | 1.80% |
| State Bank of India | 1.78% | 1.44% |
| Axis Bank Limited | 3.38% | 1.36% |
| Hindalco Industries Limited | 1.79% | 1.05% |
| Bajaj Finance Limited | 1.03% | 1.31% |
| UPL Ltd. | 1.00% | 2.10% |
| PB Fintech Limited | 0.98% | 2.10% |
| Sun Pharmaceutical Industries Limited | 0.98% | 1.10% |
| Mahindra & Mahindra Limited | 0.92% | 0.94% |
| Bharti Airtel Limited | 2.55% | 0.87% |
| Larsen & Toubro Limited | 1.88% | 0.78% |
| Eicher Motors Ltd. | 0.75% | 1.33% |
Top 10 holdings
Franklin India Arbitrage
- Franklin India Money Market Fund Direct-Growth Plan12.02%
- ICICI Bank Limited6.04%
- HDFC Bank Limited5.79%
- Reliance Industries Limited4.13%
- Axis Bank Limited3.37%
- Canara Bank (30/11/2026)2.58%
- Bharti Airtel Limited2.55%
- Union Bank of India2.52%
- National Bank For Agriculture and Rural Development (17/03/2027)2.52%
- Vodafone Idea Limited2.41%
Union Arbitrage
- Union Money Market Fund - Direct Plan -13.38%
- Bank of Baroda6.63%
- Patanjali Foods Limited3.91%
- Reliance Industries Limited3.03%
- Vodafone Idea Limited2.36%
- ICICI Bank Limited2.19%
- PB Fintech Limited2.10%
- UPL Ltd.2.10%
- Tata Steel Ltd.1.85%
- JSW Steel Limited1.81%
Sector exposure
| Franklin India Arbitrage | Union Arbitrage | |
|---|---|---|
| Banks | 23.48% | 11.35% |
| Mutual Fund | 12.22% | 13.38% |
| CRISIL A1+ | 8.91% | 0.00% |
| IND A1+ | 0.00% | 6.63% |
| Finance | 2.79% | 6.30% |
| Telecom - Services | 5.44% | 3.23% |
| Automobiles | 4.11% | 5.30% |
| Ferrous Metals | 1.09% | 5.24% |
| Agricultural Food & other Products | 1.14% | 4.96% |
| Petroleum Products | 4.20% | 3.06% |
| Pharmaceuticals & Biotechnology | 2.99% | 3.60% |
| Financial Technology (Fintech) | 1.50% | 3.43% |
| ICRA A1+ | 3.03% | 0.00% |
| CARE A1+ | 2.55% | 0.00% |
Questions people ask
What is the difference between Franklin India Arbitrage and Union Arbitrage returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +7.17% vs +6.73%; 3-year CAGR — vs +7.21%; 5-year CAGR — vs +6.61%; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Franklin India Arbitrage and Union Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.65% vs 0.57%; Sharpe ratio 0.94 vs 1.24; Sortino ratio 1.45 vs 2.06; maximum drawdown −0.44% vs −0.59%; beta — vs —.
How much do Franklin India Arbitrage and Union Arbitrage overlap?
By weight, 33.3% of the two portfolios is invested in the same companies; 66 stocks are held by both, the largest shared positions being Reliance Industries Limited, Vodafone Idea Limited, ICICI Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Franklin India Arbitrage and Union Arbitrage?
Franklin India Arbitrage: large cap 51.9%, mid cap 17.7%, small cap 1.8%. Union Arbitrage: large cap 50.9%, mid cap 18.2%, small cap 1.4% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 6 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.