SBI Arbitrage Fund vs Union Arbitrage Fund
SBI Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.21% vs +7.14%, 5-year CAGR +6.83% vs +6.57%, volatility 0.58% vs 0.61%, maximum drawdown −0.65% vs −0.59%. Their portfolios overlap by 38.1% (76 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
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Fund house | SBI Mutual Fund | Union Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹39.1011 | ₹15.7939 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 14 Jan 2013 | 27 Feb 2019 |
| Track record | 13.8 yrs | 7.7 yrs |
| Fund size (AUM) | ₹46,309 Cr | ₹64 Cr |
| Securities held | 200 | 81 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| 1 month | +0.42% | +0.41% |
| 3 months | +1.56% | +1.67% |
| 6 months | +3.16% | +3.32% |
| 1 year | +6.49% | +6.56% |
| 3 years (CAGR) | +7.21% | +7.14% |
| 5 years (CAGR) | +6.83% | +6.57% |
| 7 years (CAGR) | +6.09% | +6.02% |
| 10 years (CAGR) | +6.23% | — |
| Since launch (CAGR) | +6.83% | +6.09% |
| SIP return (XIRR, 5 years) ⓘ | +7.10% | +6.96% |
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
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.44% | +5.54% |
| 2025 | +7.05% | +6.64% |
| 2024 | +8.11% | +8.23% |
| 2023 | +7.98% | +7.62% |
| 2022 | +5.09% | +4.30% |
| 2021 | +4.43% | +4.12% |
Risk
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.58% | 0.61% |
| Downside volatility ⓘ | 0.39% | 0.40% |
| Sharpe ratio ⓘ | 1.26 | 1.07 |
| Sortino ratio ⓘ | 1.86 | 1.64 |
| Maximum drawdown ⓘ | −0.65% | −0.59% |
| Recovery from that fall | 1 months | 1 months |
| Current fall from peak | −0.15% | −0.15% |
| Rolling 1-year return: worst | +2.67% | +3.18% |
| Rolling 1-year return: median | +6.77% | +6.37% |
| Rolling 1-year return: best | +9.89% | +8.63% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Equity | 77.15% | 70.55% |
| ETF Units | 14.31% | 13.38% |
| Debt | 6.46% | 6.88% |
| Cash & equivalents | 2.08% | -61.63% |
Market-cap split (share of fund assets)
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Large Cap | 61.80% | 50.89% |
| Mid Cap | 13.20% | 18.23% |
| Small Cap | 2.15% | 1.43% |
| Unclassified | 0.00% | 0.00% |
Concentration
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Top 10 holdings | 40.07% | 39.36% |
| Effective number of stocks ⓘ | 42.2 | 31.1 |
| Securities held | 200 | 81 |
Portfolio overlap: 38.1%
76 companies are held by both funds; by weight, 38.1% of the two portfolios is the same. That is a moderate overlap.
| Held by both | SBI Arbitrage | Union Arbitrage |
|---|---|---|
| Reliance Industries Limited | 5.58% | 3.03% |
| ICICI Bank Limited | 2.75% | 2.19% |
| HDFC Bank Limited | 4.92% | 1.80% |
| Tata Steel Ltd. | 1.59% | 1.85% |
| JSW Steel Limited | 1.58% | 1.81% |
| State Bank of India | 3.68% | 1.44% |
| Axis Bank Limited | 2.31% | 1.36% |
| Bajaj Finance Limited | 1.57% | 1.31% |
| Vodafone Idea Limited | 1.10% | 2.36% |
| Bharti Airtel Limited | 2.39% | 0.87% |
| Kotak Mahindra Bank Limited | 0.85% | 1.78% |
| ITC Limited | 0.93% | 0.83% |
| Larsen & Toubro Limited | 0.87% | 0.78% |
| Jio Financial Services Limited | 0.77% | 0.95% |
| The Federal Bank Limited | 0.74% | 1.01% |
Top 10 holdings
SBI Arbitrage
- SBI Liquid Fund - Direct Plan - Growth Option7.25%
- SBI Money Market Fund - Direct Plan - Growth Option7.06%
- Reliance Industries Limited5.58%
- HDFC Bank Limited4.92%
- State Bank of India3.68%
- ICICI Bank Limited2.75%
- HDFC Bank Ltd (18-Jan-2027)2.54%
- Bharti Airtel Limited2.39%
- Axis Bank Limited2.31%
- Tata Steel Ltd.1.59%
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
| SBI Arbitrage | Union Arbitrage | |
|---|---|---|
| Banks | 20.04% | 11.35% |
| Mutual Fund/ETF | 14.31% | 0.00% |
| Mutual Fund | 0.00% | 13.38% |
| IND A1+ | 0.22% | 6.63% |
| Petroleum Products | 6.35% | 3.06% |
| Finance | 5.68% | 6.30% |
| Automobiles | 2.43% | 5.30% |
| Ferrous Metals | 3.79% | 5.24% |
| Agricultural Food & other Products | 0.92% | 4.96% |
| Power | 4.34% | 1.88% |
| Telecom - Services | 4.10% | 3.23% |
| CARE A1+ | 3.60% | 0.00% |
| Pharmaceuticals & Biotechnology | 3.37% | 3.60% |
| Financial Technology (Fintech) | 0.28% | 3.43% |
Questions people ask
What is the difference between SBI Arbitrage and Union Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.49% vs +6.56%; 3-year CAGR +7.21% vs +7.14%; 5-year CAGR +6.83% vs +6.57%; 10-year CAGR +6.23% vs —. Past returns do not indicate future returns.
How do SBI Arbitrage and Union Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.58% vs 0.61%; Sharpe ratio 1.26 vs 1.07; Sortino ratio 1.86 vs 1.64; maximum drawdown −0.65% vs −0.59%; beta — vs —.
How much do SBI Arbitrage and Union Arbitrage overlap?
By weight, 38.1% of the two portfolios is invested in the same companies; 76 stocks are held by both, the largest shared positions being Reliance Industries Limited, ICICI Bank Limited, HDFC Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of SBI Arbitrage and Union Arbitrage?
SBI Arbitrage: large cap 61.8%, mid cap 13.2%, small cap 2.2%. 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 5 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.