BANDHAN Arbitrage Fund vs DSP Arbitrage fund
BANDHAN Arbitrage Fund and DSP Arbitrage fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.24% vs +7.15%, 5-year CAGR +6.78% vs +6.68%, volatility 0.61% vs 0.61%, maximum drawdown −0.75% vs −0.60%. Their portfolios overlap by 51.8% (149 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
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Fund house | Bandhan Mutual Fund | DSP Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹38.1527 | ₹16.9990 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 17 Jan 2013 | 29 Jan 2018 |
| Track record | 13.8 yrs | 8.8 yrs |
| Fund size (AUM) | ₹7,745 Cr | ₹2,170 Cr |
| Securities held | 169 | 188 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| 1 month | +0.41% | +0.40% |
| 3 months | +1.54% | +1.52% |
| 6 months | +3.15% | +3.12% |
| 1 year | +6.40% | +6.42% |
| 3 years (CAGR) | +7.24% | +7.15% |
| 5 years (CAGR) | +6.78% | +6.68% |
| 7 years (CAGR) | +6.12% | +6.04% |
| 10 years (CAGR) | +6.32% | — |
| Since launch (CAGR) | +6.91% | +6.22% |
| SIP return (XIRR, 5 years) ⓘ | +7.07% | +7.00% |
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
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.36% | +5.38% |
| 2025 | +7.02% | +6.88% |
| 2024 | +8.31% | +8.18% |
| 2023 | +7.86% | +7.80% |
| 2022 | +4.83% | +4.68% |
| 2021 | +4.24% | +4.02% |
Risk
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.61% | 0.61% |
| Downside volatility ⓘ | 0.40% | 0.41% |
| Sharpe ratio ⓘ | 1.25 | 1.10 |
| Sortino ratio ⓘ | 1.92 | 1.62 |
| Maximum drawdown ⓘ | −0.75% | −0.60% |
| Recovery from that fall | 1 months | 0 months |
| Current fall from peak | −0.10% | −0.14% |
| Rolling 1-year return: worst | +3.47% | +3.32% |
| Rolling 1-year return: median | +6.90% | +6.60% |
| Rolling 1-year return: best | +10.28% | +8.55% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Equity | 70.17% | 78.33% |
| Mutual Fund Units | 27.40% | 0.00% |
| Debt | 1.39% | 19.25% |
| Cash & equivalents | 1.04% | -65.27% |
Market-cap split (share of fund assets)
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Large Cap | 51.11% | 50.46% |
| Mid Cap | 15.59% | 12.76% |
| Small Cap | 3.47% | 4.15% |
| Unclassified | 0.00% | 10.96% |
Concentration
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Top 10 holdings | 48.95% | 37.32% |
| Effective number of stocks ⓘ | 25.1 | 39.9 |
| Securities held | 169 | 188 |
Portfolio overlap: 51.8%
149 companies are held by both funds; by weight, 51.8% of the two portfolios is the same. That is a high overlap: holding both adds little diversification beyond holding one.
| Held by both | BANDHAN Arbitrage | DSP Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.22% | 4.76% |
| Reliance Industries Limited | 4.47% | 4.63% |
| ICICI Bank Limited | 4.31% | 2.73% |
| Vodafone Idea Limited | 2.34% | 3.05% |
| Axis Bank Limited | 1.97% | 2.16% |
| State Bank of India | 1.80% | 1.55% |
| Bharti Airtel Limited | 1.44% | 1.62% |
| Kotak Mahindra Bank Limited | 1.36% | 1.38% |
| Canara Bank | 1.22% | 1.21% |
| JSW Steel Limited | 1.09% | 1.31% |
| Steel Authority of India Limited | 0.96% | 1.32% |
| Jio Financial Services Limited | 1.19% | 0.92% |
| Punjab National Bank | 0.90% | 1.62% |
| Tata Steel Ltd. | 1.00% | 0.78% |
| Glenmark Pharmaceuticals Limited | 0.88% | 0.74% |
Top 10 holdings
BANDHAN Arbitrage
- Bandhan Money Market Fund -Direct Plan-Growth13.52%
- Bandhan Ultra Short to Short Term Fund-DR GR8.95%
- HDFC Bank Limited5.22%
- Bandhan Ultra Short Term Fund - DR Plan GR4.93%
- Reliance Industries Limited4.47%
- ICICI Bank Limited4.31%
- Vodafone Idea Limited2.34%
- Axis Bank Limited1.97%
- State Bank of India1.80%
- Bharti Airtel Limited1.44%
DSP Arbitrage
- DSP Money Market Fund10.96%
- HDFC Bank Limited4.76%
- Reliance Industries Limited4.63%
- Vodafone Idea Limited3.05%
- Bank of Baroda2.89%
- Indian Bank2.83%
- ICICI Bank Limited2.73%
- Axis Bank Limited2.16%
- ITC Limited1.69%
- Punjab National Bank1.62%
Sector exposure
| BANDHAN Arbitrage | DSP Arbitrage | |
|---|---|---|
| Banks | 21.09% | 19.94% |
| CRISIL A1+ | 0.63% | 14.63% |
| Unclassified | 13.88% | 0.00% |
| Other | 13.52% | 0.00% |
| Mutual Funds | 0.00% | 10.96% |
| Telecom - Services | 4.35% | 5.64% |
| Petroleum Products | 5.26% | 4.74% |
| Finance | 4.51% | 5.00% |
| Ferrous Metals | 3.67% | 3.43% |
| Pharmaceuticals & Biotechnology | 3.49% | 3.37% |
| IND A1+ | 0.00% | 3.32% |
| Power | 2.57% | 3.28% |
| Diversified FMCG | 0.88% | 2.23% |
| Insurance | 2.05% | 0.94% |
Questions people ask
What is the difference between BANDHAN Arbitrage and DSP Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.40% vs +6.42%; 3-year CAGR +7.24% vs +7.15%; 5-year CAGR +6.78% vs +6.68%; 10-year CAGR +6.32% vs —. Past returns do not indicate future returns.
How do BANDHAN Arbitrage and DSP Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.61% vs 0.61%; Sharpe ratio 1.25 vs 1.10; Sortino ratio 1.92 vs 1.62; maximum drawdown −0.75% vs −0.60%; beta — vs —.
How much do BANDHAN Arbitrage and DSP Arbitrage overlap?
By weight, 51.8% of the two portfolios is invested in the same companies; 149 stocks are held by both, the largest shared positions being HDFC Bank Limited, Reliance Industries 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 BANDHAN Arbitrage and DSP Arbitrage?
BANDHAN Arbitrage: large cap 51.1%, mid cap 15.6%, small cap 3.5%. DSP Arbitrage: large cap 50.5%, mid cap 12.8%, small cap 4.2% (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.