BANDHAN Arbitrage Fund vs HSBC Arbitrage Fund
BANDHAN Arbitrage Fund and HSBC 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 —, volatility 0.61% vs 0.60%, maximum drawdown −0.75% vs −0.32%. Their portfolios overlap by 44.3% (135 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 | HSBC Arbitrage | |
|---|---|---|
| Fund house | Bandhan Mutual Fund | HSBC Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹38.1527 | ₹22.1047 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 17 Jan 2013 | 28 Nov 2022 |
| Track record | 13.8 yrs | 3.9 yrs |
| Fund size (AUM) | ₹7,745 Cr | ₹3,633 Cr |
| Securities held | 169 | 157 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| 1 month | +0.41% | +0.43% |
| 3 months | +1.54% | +1.54% |
| 6 months | +3.15% | +3.20% |
| 1 year | +6.40% | +6.53% |
| 3 years (CAGR) | +7.24% | +7.15% |
| 5 years (CAGR) | +6.78% | — |
| 7 years (CAGR) | +6.12% | — |
| 10 years (CAGR) | +6.32% | — |
| Since launch (CAGR) | +6.91% | +7.37% |
| SIP return (XIRR, 5 years) ⓘ | +7.07% | — |
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 | HSBC Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.36% | +5.45% |
| 2025 | +7.02% | +6.93% |
| 2024 | +8.31% | +8.05% |
| 2023 | +7.86% | +7.79% |
| 2022 | +4.83% | — |
| 2021 | +4.24% | — |
Risk
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.61% | 0.60% |
| Downside volatility ⓘ | 0.40% | 0.39% |
| Sharpe ratio ⓘ | 1.25 | 1.12 |
| Sortino ratio ⓘ | 1.92 | 1.70 |
| Maximum drawdown ⓘ | −0.75% | −0.32% |
| Recovery from that fall | 1 months | 0 months |
| Current fall from peak | −0.10% | −0.12% |
| Rolling 1-year return: worst | +3.47% | +6.04% |
| Rolling 1-year return: median | +6.90% | +7.56% |
| Rolling 1-year return: best | +10.28% | +8.59% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| Equity | 70.17% | 69.02% |
| Mutual Fund Units | 27.40% | 16.10% |
| Debt | 1.39% | 12.71% |
| Cash & equivalents | 1.04% | 2.17% |
Market-cap split (share of fund assets)
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| Large Cap | 51.11% | 43.92% |
| Mid Cap | 15.59% | 16.12% |
| Small Cap | 3.47% | 8.98% |
| Unclassified | 0.00% | 0.00% |
Concentration
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| Top 10 holdings | 48.95% | 44.48% |
| Effective number of stocks ⓘ | 25.1 | 26.8 |
| Securities held | 169 | 157 |
Portfolio overlap: 44.3%
135 companies are held by both funds; by weight, 44.3% of the two portfolios is the same. That is a moderate overlap.
| Held by both | BANDHAN Arbitrage | HSBC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.22% | 4.78% |
| Reliance Industries Limited | 4.47% | 4.84% |
| ICICI Bank Limited | 4.31% | 5.32% |
| Axis Bank Limited | 1.97% | 1.26% |
| Canara Bank | 1.22% | 3.04% |
| JSW Steel Limited | 1.09% | 1.11% |
| Steel Authority of India Limited | 0.96% | 3.24% |
| Jio Financial Services Limited | 1.19% | 0.94% |
| Punjab National Bank | 0.90% | 1.45% |
| Tata Steel Ltd. | 1.00% | 0.88% |
| Glenmark Pharmaceuticals Limited | 0.88% | 0.97% |
| State Bank of India | 1.80% | 0.82% |
| Adani Power Limited | 0.81% | 2.55% |
| Varun Beverages Limited | 0.72% | 1.74% |
| IDFC First Bank Limited | 0.69% | 1.47% |
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%
HSBC Arbitrage
- HSBC Money Market Fund - Direct Growth14.34%
- ICICI Bank Limited5.32%
- Reliance Industries Limited4.84%
- HDFC Bank Limited4.78%
- Steel Authority of India Limited3.24%
- Canara Bank3.04%
- Adani Power Limited2.55%
- Bandhan Bank Limited2.36%
- HDFC Bank Ltd.2.01%
- National Bank for Agriculture and Rural Development2.00%
Sector exposure
| BANDHAN Arbitrage | HSBC Arbitrage | |
|---|---|---|
| Banks | 21.09% | 24.96% |
| Internal - Mutual Fund Units | 0.00% | 16.10% |
| Unclassified | 13.88% | 0.00% |
| Other | 13.52% | 0.00% |
| CRISIL A1+ | 0.63% | 8.69% |
| Ferrous Metals | 3.67% | 5.51% |
| Petroleum Products | 5.26% | 5.02% |
| Finance | 4.51% | 4.79% |
| Telecom - Services | 4.35% | 1.51% |
| Power | 2.57% | 3.98% |
| Pharmaceuticals & Biotechnology | 3.49% | 3.41% |
| Consumer Durables | 1.10% | 2.89% |
| IND A1+ | 0.00% | 2.68% |
| Insurance | 2.05% | 1.79% |
Questions people ask
What is the difference between BANDHAN Arbitrage and HSBC Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.40% vs +6.53%; 3-year CAGR +7.24% vs +7.15%; 5-year CAGR +6.78% vs —; 10-year CAGR +6.32% vs —. Past returns do not indicate future returns.
How do BANDHAN Arbitrage and HSBC Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.61% vs 0.60%; Sharpe ratio 1.25 vs 1.12; Sortino ratio 1.92 vs 1.70; maximum drawdown −0.75% vs −0.32%; beta — vs —.
How much do BANDHAN Arbitrage and HSBC Arbitrage overlap?
By weight, 44.3% of the two portfolios is invested in the same companies; 135 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 HSBC Arbitrage?
BANDHAN Arbitrage: large cap 51.1%, mid cap 15.6%, small cap 3.5%. HSBC Arbitrage: large cap 43.9%, mid cap 16.1%, small cap 9.0% (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.
More comparisons
BANDHAN Arbitrage vs
All Arbitrage comparisons → · Compare up to six funds yourself → · Every fund in this category → · All comparisons →
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.