Axis Arbitrage Fund vs HDFC Arbitrage Fund
Axis Arbitrage Fund and HDFC Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.27% vs +7.23%, 5-year CAGR +6.84% vs +6.73%, volatility 0.60% vs 0.60%, maximum drawdown −0.64% vs −0.73%. Their portfolios overlap by 49.4% (143 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
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Fund house | Axis Mutual Fund | HDFC Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹22.1032 | ₹21.9470 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 21 Aug 2014 | 27 Mar 2014 |
| Track record | 12.2 yrs | 12.6 yrs |
| Fund size (AUM) | ₹10,168 Cr | ₹25,407 Cr |
| Securities held | 170 | 179 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| 1 month | +0.39% | +0.39% |
| 3 months | +1.53% | +1.57% |
| 6 months | +3.17% | +3.20% |
| 1 year | +6.57% | +6.58% |
| 3 years (CAGR) | +7.27% | +7.23% |
| 5 years (CAGR) | +6.84% | +6.73% |
| 7 years (CAGR) | +6.23% | +6.04% |
| 10 years (CAGR) | +6.43% | +6.12% |
| Since launch (CAGR) | +6.70% | +6.43% |
| SIP return (XIRR, 5 years) ⓘ | +7.09% | +7.06% |
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
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.50% | +5.49% |
| 2025 | +7.06% | +6.93% |
| 2024 | +8.26% | +8.22% |
| 2023 | +7.68% | +7.78% |
| 2022 | +4.95% | +4.73% |
| 2021 | +4.61% | +4.17% |
Risk
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.60% | 0.60% |
| Downside volatility ⓘ | 0.39% | 0.40% |
| Sharpe ratio ⓘ | 1.32 | 1.24 |
| Sortino ratio ⓘ | 2.02 | 1.88 |
| Maximum drawdown ⓘ | −0.64% | −0.73% |
| Recovery from that fall | 0 months | 0 months |
| Current fall from peak | −0.14% | −0.14% |
| Rolling 1-year return: worst | +3.49% | +3.31% |
| Rolling 1-year return: median | +6.89% | +6.60% |
| Rolling 1-year return: best | +9.11% | +8.63% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Equity | 69.68% | 67.53% |
| Debt | 17.22% | 9.04% |
| Mutual Fund Units | 13.06% | 18.38% |
| Cash & equivalents | 0.07% | 5.05% |
Market-cap split (share of fund assets)
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Large Cap | 54.44% | 55.58% |
| Mid Cap | 12.05% | 10.25% |
| Small Cap | 3.19% | 1.70% |
| Unclassified | 0.00% | 0.00% |
Concentration
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Top 10 holdings | 37.91% | 41.87% |
| Effective number of stocks ⓘ | 33.1 | 39.3 |
| Securities held | 170 | 179 |
Portfolio overlap: 49.4%
143 companies are held by both funds; by weight, 49.4% of the two portfolios is the same. That is a moderate overlap.
| Held by both | Axis Arbitrage | HDFC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 4.06% | 5.04% |
| ICICI Bank Limited | 3.83% | 5.04% |
| Reliance Industries Limited | 3.77% | 3.39% |
| State Bank of India | 2.63% | 2.30% |
| Bharti Airtel Limited | 2.22% | 3.31% |
| Tata Steel Ltd. | 1.83% | 1.55% |
| Kotak Mahindra Bank Limited | 1.58% | 1.44% |
| Bajaj Finance Limited | 1.43% | 1.80% |
| Axis Bank Limited | 1.38% | 2.87% |
| Divi's Laboratories Limited | 1.25% | 1.26% |
| Canara Bank | 1.19% | 1.52% |
| Hindustan Unilever Ltd. | 1.18% | 1.43% |
| JSW Steel Limited | 1.04% | 2.32% |
| Vodafone Idea Limited | 1.14% | 1.03% |
| Coal India Limited | 1.19% | 0.87% |
Top 10 holdings
Axis Arbitrage
- Axis Money Market Fund - Direct Plan - Growth Option13.06%
- HDFC Bank Limited4.06%
- ICICI Bank Limited3.83%
- Reliance Industries Limited3.77%
- Bharat Heavy Electricals Limited2.64%
- State Bank of India2.63%
- Bharti Airtel Limited2.22%
- Canara Bank (10/02/2027)1.92%
- National Bank for Agriculture and Rural Development1.91%
- Small Industries Dev Bank of India (04/02/2027)1.87%
HDFC Arbitrage
- HDFC Money Market Fund - Direct Plan - Growth Option9.14%
- HDFC Bank Limited5.04%
- ICICI Bank Limited5.04%
- Union Bank of India3.84%
- HDFC Liquid Fund - Direct Plan - Growth Option3.75%
- Reliance Industries Limited3.39%
- Bharti Airtel Limited3.31%
- Axis Bank Limited2.87%
- HDFC Ultra Short Term Fund - Direct Plan - Growth Option2.85%
- HDFC Low Duration Fund - Direct Plan - Growth Option2.64%
Sector exposure
| Axis Arbitrage | HDFC Arbitrage | |
|---|---|---|
| Banks | 18.61% | 22.20% |
| Unclassified | 13.06% | 18.38% |
| CRISIL A1+ | 14.33% | 2.51% |
| Finance | 6.25% | 4.33% |
| Telecom - Services | 4.48% | 5.15% |
| ICRA A1+ | 0.96% | 5.00% |
| Ferrous Metals | 3.83% | 4.52% |
| Petroleum Products | 4.27% | 4.42% |
| Pharmaceuticals & Biotechnology | 3.64% | 2.97% |
| Electrical Equipment | 3.41% | 0.97% |
| Automobiles | 0.82% | 3.07% |
| Industrial Products | 2.58% | 0.61% |
| Power | 2.49% | 1.72% |
| Diversified FMCG | 1.94% | 2.02% |
Questions people ask
What is the difference between Axis Arbitrage and HDFC Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.57% vs +6.58%; 3-year CAGR +7.27% vs +7.23%; 5-year CAGR +6.84% vs +6.73%; 10-year CAGR +6.43% vs +6.12%. Past returns do not indicate future returns.
How do Axis Arbitrage and HDFC Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.60% vs 0.60%; Sharpe ratio 1.32 vs 1.24; Sortino ratio 2.02 vs 1.88; maximum drawdown −0.64% vs −0.73%; beta — vs —.
How much do Axis Arbitrage and HDFC Arbitrage overlap?
By weight, 49.4% of the two portfolios is invested in the same companies; 143 stocks are held by both, the largest shared positions being HDFC Bank Limited, ICICI Bank Limited, Reliance Industries Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Axis Arbitrage and HDFC Arbitrage?
Axis Arbitrage: large cap 54.4%, mid cap 12.1%, small cap 3.2%. HDFC Arbitrage: large cap 55.6%, mid cap 10.3%, small cap 1.7% (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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Axis Arbitrage vs
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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.