JioBlackRock Arbitrage Fund vs Union Arbitrage Fund
JioBlackRock 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 — vs 0.57%, maximum drawdown −0.42% vs −0.59%. Their portfolios overlap by 26.8% (57 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
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Fund house | Jio BlackRock Mutual Fund | Union Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹10.6280 | ₹15.8202 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 19 Dec 2025 | 27 Feb 2019 |
| Track record | 0.9 yrs | 7.7 yrs |
| Fund size (AUM) | ₹1,117 Cr | ₹64 Cr |
| Securities held | 121 | 81 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| 1 month | +0.51% | +0.57% |
| 3 months | +1.70% | +1.70% |
| 6 months | +3.41% | +3.44% |
| 1 year | — | +6.73% |
| 3 years (CAGR) | — | +7.21% |
| 5 years (CAGR) | — | +6.61% |
| 7 years (CAGR) | — | +6.04% |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | — | +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
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.94% | +5.72% |
| 2025 | — | +6.64% |
| 2024 | — | +8.23% |
| 2023 | — | +7.62% |
| 2022 | — | +4.30% |
| 2021 | — | +4.12% |
Risk
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | — | 0.57% |
| Downside volatility ⓘ | — | 0.34% |
| Sharpe ratio ⓘ | — | 1.24 |
| Sortino ratio ⓘ | — | 2.06 |
| Maximum drawdown ⓘ | −0.42% | −0.59% |
| Recovery from that fall | 0 months | 1 months |
| Current fall from peak | −0.03% | 0.00% |
| Rolling 1-year return: worst | — | +3.18% |
| Rolling 1-year return: median | — | +6.37% |
| Rolling 1-year return: best | — | +8.63% |
| Share of 1-year periods with a loss | — | 0.00% |
Against each fund's benchmark
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Equity | 74.08% | 70.55% |
| Mutual Fund Units | 13.99% | 0.00% |
| Debt | 8.77% | 6.88% |
| Cash & equivalents | 3.15% | -61.63% |
| ETF Units | 0.00% | 13.38% |
Market-cap split (share of fund assets)
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Large Cap | 56.64% | 50.89% |
| Mid Cap | 13.54% | 18.23% |
| Small Cap | 3.90% | 1.43% |
| Unclassified | 0.00% | 0.00% |
Concentration
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Top 10 holdings | 57.17% | 39.36% |
| Effective number of stocks ⓘ | 24 | 31.1 |
| Securities held | 121 | 81 |
Portfolio overlap: 26.8%
57 companies are held by both funds; by weight, 26.8% of the two portfolios is the same. That is a moderate overlap.
| Held by both | JioBlackRock Arbitrage | Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 6.48% | 3.03% |
| Vodafone Idea Limited | 5.24% | 2.36% |
| ICICI Bank Limited | 7.14% | 2.19% |
| HDFC Bank Limited | 6.97% | 1.80% |
| Tata Steel Ltd. | 1.74% | 1.85% |
| State Bank of India | 2.14% | 1.44% |
| Axis Bank Limited | 1.22% | 1.36% |
| The Federal Bank Limited | 1.09% | 1.01% |
| Infosys Limited | 0.87% | 1.09% |
| ITC Limited | 1.62% | 0.83% |
| Life Insurance Corporation Of India | 3.72% | 0.63% |
| Bharti Airtel Limited | 0.54% | 0.87% |
| Yes Bank Limited | 2.42% | 0.53% |
| Coal India Limited | 0.51% | 0.63% |
| Delhivery Limited | 0.44% | 0.70% |
Top 10 holdings
JioBlackRock Arbitrage
- JioBlackRock Money Market Fund - Direct Plan - Growth Option11.16%
- ICICI Bank Limited7.14%
- HDFC Bank Limited6.97%
- Reliance Industries Limited6.48%
- Vodafone Idea Limited5.24%
- Canara Bank4.85%
- HDFC Bank Ltd (18-Jan-2027)4.39%
- Canara Bank4.38%
- Life Insurance Corporation Of India3.72%
- JioBlackRock Liquid Fund - Direct Plan - Growth Option2.83%
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
| JioBlackRock Arbitrage | Union Arbitrage | |
|---|---|---|
| Banks | 28.98% | 11.35% |
| Unclassified | 13.99% | 0.00% |
| Mutual Fund | 0.00% | 13.38% |
| Petroleum Products | 6.69% | 3.06% |
| IND A1+ | 0.00% | 6.63% |
| Finance | 2.45% | 6.30% |
| Telecom - Services | 5.87% | 3.23% |
| Automobiles | 0.81% | 5.30% |
| Ferrous Metals | 1.82% | 5.24% |
| Agricultural Food & other Products | 0.16% | 4.96% |
| CARE A1+ | 4.39% | 0.00% |
| CRISIL A1+ | 4.38% | 0.00% |
| Insurance | 3.79% | 2.55% |
| Pharmaceuticals & Biotechnology | 1.93% | 3.60% |
Questions people ask
What is the difference between JioBlackRock Arbitrage and Union Arbitrage returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return — 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 JioBlackRock Arbitrage and Union Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) — vs 0.57%; Sharpe ratio — vs 1.24; Sortino ratio — vs 2.06; maximum drawdown −0.42% vs −0.59%; beta — vs —.
How much do JioBlackRock Arbitrage and Union Arbitrage overlap?
By weight, 26.8% of the two portfolios is invested in the same companies; 57 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 JioBlackRock Arbitrage and Union Arbitrage?
JioBlackRock Arbitrage: large cap 56.6%, mid cap 13.5%, small cap 3.9%. 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.