HDFC Arbitrage Fund vs SBI Arbitrage Fund
HDFC Arbitrage Fund and SBI Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.23% vs +7.21%, 5-year CAGR +6.73% vs +6.83%, volatility 0.60% vs 0.58%, maximum drawdown −0.73% vs −0.65%. Their portfolios overlap by 52.7% (159 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
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Fund house | HDFC Mutual Fund | SBI Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹21.9470 | ₹39.1011 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 27 Mar 2014 | 14 Jan 2013 |
| Track record | 12.6 yrs | 13.8 yrs |
| Fund size (AUM) | ₹25,407 Cr | ₹46,309 Cr |
| Securities held | 179 | 200 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| 1 month | +0.39% | +0.42% |
| 3 months | +1.57% | +1.56% |
| 6 months | +3.20% | +3.16% |
| 1 year | +6.58% | +6.49% |
| 3 years (CAGR) | +7.23% | +7.21% |
| 5 years (CAGR) | +6.73% | +6.83% |
| 7 years (CAGR) | +6.04% | +6.09% |
| 10 years (CAGR) | +6.12% | +6.23% |
| Since launch (CAGR) | +6.43% | +6.83% |
| SIP return (XIRR, 5 years) ⓘ | +7.06% | +7.10% |
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
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.49% | +5.44% |
| 2025 | +6.93% | +7.05% |
| 2024 | +8.22% | +8.11% |
| 2023 | +7.78% | +7.98% |
| 2022 | +4.73% | +5.09% |
| 2021 | +4.17% | +4.43% |
Risk
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.60% | 0.58% |
| Downside volatility ⓘ | 0.40% | 0.39% |
| Sharpe ratio ⓘ | 1.24 | 1.26 |
| Sortino ratio ⓘ | 1.88 | 1.86 |
| Maximum drawdown ⓘ | −0.73% | −0.65% |
| Recovery from that fall | 0 months | 1 months |
| Current fall from peak | −0.14% | −0.15% |
| Rolling 1-year return: worst | +3.31% | +2.67% |
| Rolling 1-year return: median | +6.60% | +6.77% |
| Rolling 1-year return: best | +8.63% | +9.89% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Equity | 67.53% | 77.15% |
| Mutual Fund Units | 18.38% | 0.00% |
| Debt | 9.04% | 6.46% |
| Cash & equivalents | 5.05% | 2.08% |
| ETF Units | 0.00% | 14.31% |
Market-cap split (share of fund assets)
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Large Cap | 55.58% | 61.80% |
| Mid Cap | 10.25% | 13.20% |
| Small Cap | 1.70% | 2.15% |
| Unclassified | 0.00% | 0.00% |
Concentration
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Top 10 holdings | 41.87% | 40.07% |
| Effective number of stocks ⓘ | 39.3 | 42.2 |
| Securities held | 179 | 200 |
Portfolio overlap: 52.7%
159 companies are held by both funds; by weight, 52.7% of the two portfolios is the same. That is a high overlap: holding both adds little diversification beyond holding one.
| Held by both | HDFC Arbitrage | SBI Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.04% | 4.92% |
| Reliance Industries Limited | 3.39% | 5.58% |
| ICICI Bank Limited | 5.04% | 2.75% |
| Bharti Airtel Limited | 3.31% | 2.39% |
| Axis Bank Limited | 2.87% | 2.31% |
| State Bank of India | 2.30% | 3.68% |
| JSW Steel Limited | 2.32% | 1.58% |
| Bajaj Finance Limited | 1.80% | 1.57% |
| Tata Steel Ltd. | 1.55% | 1.59% |
| Divi's Laboratories Limited | 1.26% | 1.09% |
| Vodafone Idea Limited | 1.03% | 1.10% |
| Canara Bank | 1.52% | 0.89% |
| Coal India Limited | 0.87% | 0.90% |
| Kotak Mahindra Bank Limited | 1.44% | 0.85% |
| Punjab National Bank | 1.27% | 0.78% |
Top 10 holdings
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%
SBI Arbitrage
- SBI Liquid Fund - Direct Plan - Growth Option7.25%
- SBI Money Market Fund - Direct Plan - Growth Option7.06%
- Reliance Industries Limited5.58%
- HDFC Bank Limited4.92%
- State Bank of India3.68%
- ICICI Bank Limited2.75%
- HDFC Bank Ltd (18-Jan-2027)2.54%
- Bharti Airtel Limited2.39%
- Axis Bank Limited2.31%
- Tata Steel Ltd.1.59%
Sector exposure
| HDFC Arbitrage | SBI Arbitrage | |
|---|---|---|
| Banks | 22.20% | 20.04% |
| Unclassified | 18.38% | 0.00% |
| Mutual Fund/ETF | 0.00% | 14.31% |
| Petroleum Products | 4.42% | 6.35% |
| Finance | 4.33% | 5.68% |
| Telecom - Services | 5.15% | 4.10% |
| ICRA A1+ | 5.00% | 0.63% |
| Ferrous Metals | 4.52% | 3.79% |
| Power | 1.72% | 4.34% |
| CARE A1+ | 0.00% | 3.60% |
| Pharmaceuticals & Biotechnology | 2.97% | 3.37% |
| Automobiles | 3.07% | 2.43% |
| Aerospace & Defense | 0.75% | 2.52% |
| CRISIL A1+ | 2.51% | 0.90% |
Questions people ask
What is the difference between HDFC Arbitrage and SBI Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.58% vs +6.49%; 3-year CAGR +7.23% vs +7.21%; 5-year CAGR +6.73% vs +6.83%; 10-year CAGR +6.12% vs +6.23%. Past returns do not indicate future returns.
How do HDFC Arbitrage and SBI Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.60% vs 0.58%; Sharpe ratio 1.24 vs 1.26; Sortino ratio 1.88 vs 1.86; maximum drawdown −0.73% vs −0.65%; beta — vs —.
How much do HDFC Arbitrage and SBI Arbitrage overlap?
By weight, 52.7% of the two portfolios is invested in the same companies; 159 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 HDFC Arbitrage and SBI Arbitrage?
HDFC Arbitrage: large cap 55.6%, mid cap 10.3%, small cap 1.7%. SBI Arbitrage: large cap 61.8%, mid cap 13.2%, small cap 2.2% (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.
More comparisons
HDFC 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.