HSBC Arbitrage Fund vs JM Arbitrage Fund
HSBC Arbitrage Fund and JM Arbitrage Fund are both Arbitrage funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.19% vs +6.99%, 5-year CAGR — vs +6.48%, volatility 0.58% vs 0.53%, maximum drawdown −0.32% vs −0.54%. Their portfolios overlap by 42.1% (100 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
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Fund house | HSBC Mutual Fund | JM Financial Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹22.1234 | ₹37.7964 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 28 Nov 2022 | 3 Jan 2013 |
| Track record | 3.9 yrs | 13.8 yrs |
| Fund size (AUM) | ₹3,633 Cr | ₹341 Cr |
| Securities held | 157 | 113 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| 1 month | +0.50% | +0.56% |
| 3 months | +1.53% | +1.62% |
| 6 months | +3.21% | +3.21% |
| 1 year | +6.61% | +6.53% |
| 3 years (CAGR) | +7.19% | +6.99% |
| 5 years (CAGR) | — | +6.48% |
| 7 years (CAGR) | — | +5.53% |
| 10 years (CAGR) | — | +5.64% |
| Since launch (CAGR) | +7.39% | +6.42% |
| SIP return (XIRR, 5 years) ⓘ | — | +6.83% |
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
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.54% | +5.45% |
| 2025 | +6.93% | +6.61% |
| 2024 | +8.05% | +7.96% |
| 2023 | +7.79% | +7.39% |
| 2022 | — | +4.62% |
| 2021 | — | +3.16% |
Risk
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.58% | 0.53% |
| Downside volatility ⓘ | 0.36% | 0.36% |
| Sharpe ratio ⓘ | 1.20 | 0.92 |
| Sortino ratio ⓘ | 1.89 | 1.36 |
| Maximum drawdown ⓘ | −0.32% | −0.54% |
| Recovery from that fall | 0 months | 2 months |
| Current fall from peak | −0.04% | −0.02% |
| Rolling 1-year return: worst | +6.04% | +1.96% |
| Rolling 1-year return: median | +7.56% | +6.44% |
| Rolling 1-year return: best | +8.59% | +10.40% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Equity | 69.02% | 77.15% |
| Mutual Fund Units | 16.10% | 7.82% |
| Debt | 12.71% | 7.25% |
| Cash & equivalents | 2.17% | 7.79% |
Market-cap split (share of fund assets)
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Large Cap | 43.92% | 57.73% |
| Mid Cap | 16.12% | 13.00% |
| Small Cap | 8.98% | 6.40% |
| Unclassified | 0.00% | 0.00% |
Concentration
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Top 10 holdings | 44.48% | 36.49% |
| Effective number of stocks ⓘ | 26.8 | 45.8 |
| Securities held | 157 | 113 |
Portfolio overlap: 42.1%
100 companies are held by both funds; by weight, 42.1% of the two portfolios is the same. That is a moderate overlap.
| Held by both | HSBC Arbitrage | JM Arbitrage |
|---|---|---|
| ICICI Bank Limited | 5.32% | 4.54% |
| Reliance Industries Limited | 4.84% | 4.13% |
| Bandhan Bank Limited | 2.36% | 1.90% |
| Varun Beverages Limited | 1.74% | 1.65% |
| Yes Bank Limited | 1.83% | 1.55% |
| IDFC First Bank Limited | 1.47% | 1.73% |
| Axis Bank Limited | 1.26% | 3.89% |
| Steel Authority of India Limited | 3.24% | 1.18% |
| NMDC Limited | 1.17% | 1.37% |
| Crompton Greaves Consumer Electricals Limited | 2.00% | 1.12% |
| Adani Energy Solutions Limited | 1.24% | 1.09% |
| Bajaj Finance Limited | 0.98% | 1.33% |
| Godrej Properties Limited | 1.28% | 0.98% |
| Tata Steel Ltd. | 0.88% | 3.27% |
| Canara Bank | 3.04% | 0.88% |
Top 10 holdings
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%
JM Arbitrage
- JM Financial Mutual Fund7.82%
- ICICI Bank Limited4.54%
- Reliance Industries Limited4.13%
- Axis Bank Limited3.89%
- Vodafone Idea Limited3.40%
- Tata Steel Ltd.3.27%
- Kotak Mahindra Bank Limited2.94%
- State Bank of India2.60%
- Indus Towers Limited1.97%
- Adani Enterprises Limited1.92%
Sector exposure
| HSBC Arbitrage | JM Arbitrage | |
|---|---|---|
| Banks | 24.96% | 23.66% |
| Internal - Mutual Fund Units | 16.10% | 0.00% |
| CRISIL A1+ | 8.69% | 0.00% |
| Unclassified | 0.00% | 7.82% |
| Finance | 4.79% | 6.33% |
| Telecom - Services | 1.51% | 6.18% |
| Sovereign | 0.00% | 5.80% |
| Ferrous Metals | 5.51% | 5.12% |
| Petroleum Products | 5.02% | 4.41% |
| Automobiles | 0.28% | 4.08% |
| Power | 3.98% | 2.62% |
| Pharmaceuticals & Biotechnology | 3.41% | 3.38% |
| Consumer Durables | 2.89% | 2.28% |
| IND A1+ | 2.68% | 0.00% |
Questions people ask
What is the difference between HSBC Arbitrage and JM Arbitrage returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +6.61% vs +6.53%; 3-year CAGR +7.19% vs +6.99%; 5-year CAGR — vs +6.48%; 10-year CAGR — vs +5.64%. Past returns do not indicate future returns.
How do HSBC Arbitrage and JM Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.58% vs 0.53%; Sharpe ratio 1.20 vs 0.92; Sortino ratio 1.89 vs 1.36; maximum drawdown −0.32% vs −0.54%; beta — vs —.
How much do HSBC Arbitrage and JM Arbitrage overlap?
By weight, 42.1% of the two portfolios is invested in the same companies; 100 stocks are held by both, the largest shared positions being ICICI Bank Limited, Reliance Industries Limited, Bandhan Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of HSBC Arbitrage and JM Arbitrage?
HSBC Arbitrage: large cap 43.9%, mid cap 16.1%, small cap 9.0%. JM Arbitrage: large cap 57.7%, mid cap 13.0%, small cap 6.4% (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 6 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.