DSP Arbitrage fund vs Zerodha CASE Arbitrage Fund
DSP Arbitrage fund and Zerodha CASE Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.15% vs —, 5-year CAGR +6.68% vs —, volatility 0.61% vs —, maximum drawdown −0.60% vs −0.34%. Their portfolios overlap by 0.7% (45 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
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Fund house | DSP Mutual Fund | Zerodha CASE Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹16.9990 | ₹10.1286 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 29 Jan 2018 | 20 Aug 2026 |
| Track record | 8.8 yrs | 0.2 yrs |
| Fund size (AUM) | ₹2,170 Cr | ₹15 Cr |
| Securities held | 188 | 51 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| 1 month | +0.40% | +0.41% |
| 3 months | +1.52% | — |
| 6 months | +3.12% | — |
| 1 year | +6.42% | — |
| 3 years (CAGR) | +7.15% | — |
| 5 years (CAGR) | +6.68% | — |
| 7 years (CAGR) | +6.04% | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +6.22% | — |
| SIP return (XIRR, 5 years) ⓘ | +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
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.38% | — |
| 2025 | +6.88% | — |
| 2024 | +8.18% | — |
| 2023 | +7.80% | — |
| 2022 | +4.68% | — |
| 2021 | +4.02% | — |
Risk
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.61% | — |
| Downside volatility ⓘ | 0.41% | — |
| Sharpe ratio ⓘ | 1.10 | — |
| Sortino ratio ⓘ | 1.62 | — |
| Maximum drawdown ⓘ | −0.60% | −0.34% |
| Recovery from that fall | 0 months | 0 months |
| Current fall from peak | −0.14% | −0.13% |
| Rolling 1-year return: worst | +3.32% | — |
| Rolling 1-year return: median | +6.60% | — |
| Rolling 1-year return: best | +8.55% | — |
| Share of 1-year periods with a loss | 0.00% | — |
Against each fund's benchmark
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Equity | 78.33% | 0.65% |
| Debt | 19.25% | 0.10% |
| Cash & equivalents | -65.27% | -0.57% |
| Mutual Fund Units | 0.00% | 0.13% |
Market-cap split (share of fund assets)
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Large Cap | 50.46% | 0.47% |
| Mid Cap | 12.76% | 0.16% |
| Small Cap | 4.15% | 0.05% |
| Unclassified | 10.96% | 0.00% |
Concentration
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Top 10 holdings | 37.32% | 0.52% |
| Effective number of stocks ⓘ | 39.9 | 213762 |
| Securities held | 188 | 51 |
Portfolio overlap: 0.7%
45 companies are held by both funds; by weight, 0.7% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | DSP Arbitrage | Zerodha CASE Arbitrage |
|---|---|---|
| HDFC Bank Limited | 4.76% | 0.08% |
| ICICI Bank Limited | 2.73% | 0.04% |
| The Federal Bank Limited | 0.06% | 0.04% |
| Crompton Greaves Consumer Electricals Limited | 0.46% | 0.03% |
| IDFC First Bank Limited | 0.78% | 0.03% |
| Bharti Airtel Limited | 1.62% | 0.03% |
| Bank of Baroda | 0.71% | 0.03% |
| Axis Bank Limited | 2.16% | 0.02% |
| Indus Towers Limited | 0.97% | 0.02% |
| PNB Housing Finance Limited | 0.23% | 0.02% |
| Reliance Industries Limited | 4.63% | 0.02% |
| Coal India Limited | 0.42% | 0.02% |
| Tata Steel Ltd. | 0.78% | 0.02% |
| ITC Limited | 1.69% | 0.02% |
| Infosys Limited | 0.32% | 0.02% |
Top 10 holdings
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%
Zerodha CASE Arbitrage
- HSBC Liquid Fund - Direct Growth0.13%
- 364 Days Treasury Bill 12-Aug-20270.10%
- HDFC Bank Limited0.08%
- ICICI Bank Limited0.04%
- The Federal Bank Limited0.04%
- Crompton Greaves Consumer Electricals Limited0.03%
- IDFC First Bank Limited0.03%
- Bharti Airtel Limited0.03%
- Bank of Baroda0.02%
- PNB Housing Finance Limited0.02%
Sector exposure
| DSP Arbitrage | Zerodha CASE Arbitrage | |
|---|---|---|
| Banks | 19.94% | 0.28% |
| CRISIL A1+ | 14.63% | 0.00% |
| Mutual Funds | 10.96% | 0.00% |
| Telecom - Services | 5.64% | 0.05% |
| Finance | 5.00% | 0.04% |
| Petroleum Products | 4.74% | 0.02% |
| Ferrous Metals | 3.43% | 0.02% |
| Pharmaceuticals & Biotechnology | 3.37% | 0.00% |
| IND A1+ | 3.32% | 0.00% |
| Power | 3.28% | 0.01% |
| Diversified FMCG | 2.23% | 0.02% |
| Automobiles | 1.85% | 0.03% |
| Aerospace & Defense | 1.76% | 0.00% |
| Electrical Equipment | 1.44% | 0.00% |
Questions people ask
What is the difference between DSP Arbitrage and Zerodha CASE Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.42% vs —; 3-year CAGR +7.15% vs —; 5-year CAGR +6.68% vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do DSP Arbitrage and Zerodha CASE Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.61% vs —; Sharpe ratio 1.10 vs —; Sortino ratio 1.62 vs —; maximum drawdown −0.60% vs −0.34%; beta — vs —.
How much do DSP Arbitrage and Zerodha CASE Arbitrage overlap?
By weight, 0.7% of the two portfolios is invested in the same companies; 45 stocks are held by both, the largest shared positions being HDFC Bank Limited, ICICI Bank Limited, The Federal Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of DSP Arbitrage and Zerodha CASE Arbitrage?
DSP Arbitrage: large cap 50.5%, mid cap 12.8%, small cap 4.2%. Zerodha CASE Arbitrage: large cap 0.5%, mid cap 0.2%, small cap 0.1% (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
DSP Arbitrage vs
Zerodha CASE 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.