Tata Arbitrage Fund vs Union Arbitrage Fund
Tata Arbitrage Fund and Union Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.40% vs +7.14%, 5-year CAGR +6.89% vs +6.57%, volatility 0.59% vs 0.61%, maximum drawdown −0.57% vs −0.59%. Their portfolios overlap by -37.1% (72 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
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Fund house | Tata Mutual Fund | Union Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹16.4716 | ₹15.7939 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 19 Dec 2018 | 27 Feb 2019 |
| Track record | 7.9 yrs | 7.7 yrs |
| Fund size (AUM) | ₹8,570 Cr | ₹64 Cr |
| Securities held | 195 | 81 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| 1 month | +0.38% | +0.41% |
| 3 months | +1.54% | +1.67% |
| 6 months | +3.19% | +3.32% |
| 1 year | +6.68% | +6.56% |
| 3 years (CAGR) | +7.40% | +7.14% |
| 5 years (CAGR) | +6.89% | +6.57% |
| 7 years (CAGR) | +6.42% | +6.02% |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +6.54% | +6.09% |
| SIP return (XIRR, 5 years) ⓘ | +7.22% | +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
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.52% | +5.54% |
| 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% |
Risk
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.59% | 0.61% |
| Downside volatility ⓘ | 0.38% | 0.40% |
| Sharpe ratio ⓘ | 1.54 | 1.07 |
| Sortino ratio ⓘ | 2.42 | 1.64 |
| Maximum drawdown ⓘ | −0.57% | −0.59% |
| Recovery from that fall | 2 months | 1 months |
| Current fall from peak | −0.13% | −0.15% |
| Rolling 1-year return: worst | +3.80% | +3.18% |
| Rolling 1-year return: median | +6.79% | +6.37% |
| Rolling 1-year return: best | +8.75% | +8.63% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Debt | 21.71% | 6.88% |
| Mutual Fund Units | 13.02% | 0.00% |
| Cash & equivalents | 0.52% | -61.63% |
| Equity | -54.15% | 70.55% |
| ETF Units | 0.00% | 13.38% |
Market-cap split (share of fund assets)
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Large Cap | -40.21% | 50.89% |
| Mid Cap | -11.22% | 18.23% |
| Small Cap | -2.72% | 1.43% |
| Unclassified | 0.00% | 0.00% |
Concentration
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Top 10 holdings | 23.50% | 39.36% |
| Effective number of stocks ⓘ | 41.1 | 31.1 |
| Securities held | 195 | 81 |
Portfolio overlap: -37.1%
72 companies are held by both funds; by weight, -37.1% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Tata Arbitrage | Union Arbitrage |
|---|---|---|
| Bank of Baroda | 0.20% | 6.63% |
| BSE Limited | 0.00% | 1.29% |
| SBI Life Insurance Company Limited | 0.00% | 0.75% |
| Hero MotoCorp Limited | 0.00% | 0.68% |
| UPL Ltd. | 0.00% | 2.10% |
| Sun Pharmaceutical Industries Limited | -0.01% | 1.10% |
| Nestle India Limited | -0.01% | 0.30% |
| One 97 Communications Limited | -0.01% | 1.33% |
| Eicher Motors Ltd. | -0.02% | 1.33% |
| Titan Company Limited | -0.02% | 0.88% |
| Cipla Limited | -0.04% | 0.39% |
| Cholamandalam Investment and Finance Company Ltd | -0.05% | 0.92% |
| Larsen & Toubro Limited | -0.05% | 0.78% |
| Delhivery Limited | -0.05% | 0.70% |
| RBL Bank Limited | -0.05% | 0.47% |
Top 10 holdings
Tata Arbitrage
- TATA MONEY MARKET FUND12.05%
- ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 23/10/20262.03%
- National Bank For Agriculture and Rural Development (28/01/2027)1.49%
- National Bank for Financing Infrastructure and Development1.38%
- Small Industries Development Bank of India1.38%
- Small Industries Development Bank Of India.1.20%
- Canara Bank1.10%
- National Bank For Agriculture and Rural Development (17/03/2027)1.09%
- TATA ULTRA SHORT TERM FUND0.97%
- Power Finance Corporation Ltd.0.81%
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
| Tata Arbitrage | Union Arbitrage | |
|---|---|---|
| Mutual Fund | 0.00% | 13.38% |
| CAPITAL MARKETS | 13.02% | 0.00% |
| CRISIL A1+ | 11.86% | 0.00% |
| Banks | -16.17% | 11.35% |
| IND A1+ | 0.20% | 6.63% |
| Finance | -3.21% | 6.30% |
| Automobiles | -1.08% | 5.30% |
| Ferrous Metals | -2.96% | 5.24% |
| Agricultural Food & other Products | -0.56% | 4.96% |
| Pharmaceuticals & Biotechnology | -2.16% | 3.60% |
| Financial Technology (Fintech) | -0.12% | 3.43% |
| Telecom - Services | -3.60% | 3.23% |
| Petroleum Products | -3.82% | 3.06% |
| Insurance | -1.23% | 2.55% |
Questions people ask
What is the difference between Tata Arbitrage and Union Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.68% vs +6.56%; 3-year CAGR +7.40% vs +7.14%; 5-year CAGR +6.89% vs +6.57%; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Tata Arbitrage and Union Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.59% vs 0.61%; Sharpe ratio 1.54 vs 1.07; Sortino ratio 2.42 vs 1.64; maximum drawdown −0.57% vs −0.59%; beta — vs —.
How much do Tata Arbitrage and Union Arbitrage overlap?
By weight, -37.1% of the two portfolios is invested in the same companies; 72 stocks are held by both, the largest shared positions being Bank of Baroda, BSE Limited, SBI Life Insurance Company Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Tata Arbitrage and Union Arbitrage?
Tata Arbitrage: large cap -40.2%, mid cap -11.2%, small cap -2.7%. 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.