JM Arbitrage Fund vs LIC MF Arbitrage Fund
JM Arbitrage Fund and LIC MF Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +6.94% vs +7.03%, 5-year CAGR +6.45% vs +6.62%, volatility 0.57% vs 0.54%, maximum drawdown −0.54% vs −0.65%. Their portfolios overlap by 26.1% (31 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
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Fund house | JM Financial Mutual Fund | LIC Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹37.7421 | ₹15.7093 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 3 Jan 2013 | 28 Jan 2019 |
| Track record | 13.8 yrs | 7.8 yrs |
| Fund size (AUM) | ₹341 Cr | ₹305 Cr |
| Securities held | 113 | 35 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| 1 month | +0.45% | +0.31% |
| 3 months | +1.61% | +1.52% |
| 6 months | +3.12% | +3.16% |
| 1 year | +6.39% | +6.56% |
| 3 years (CAGR) | +6.94% | +7.03% |
| 5 years (CAGR) | +6.45% | +6.62% |
| 7 years (CAGR) | +5.50% | +5.89% |
| 10 years (CAGR) | +5.63% | — |
| Since launch (CAGR) | +6.41% | +5.96% |
| SIP return (XIRR, 5 years) ⓘ | +6.78% | +6.91% |
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
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.30% | +5.54% |
| 2025 | +6.61% | +6.82% |
| 2024 | +7.96% | +7.81% |
| 2023 | +7.39% | +7.41% |
| 2022 | +4.62% | +4.96% |
| 2021 | +3.16% | +3.93% |
Risk
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.57% | 0.54% |
| Downside volatility ⓘ | 0.41% | 0.38% |
| Sharpe ratio ⓘ | 0.80 | 1.00 |
| Sortino ratio ⓘ | 1.12 | 1.42 |
| Maximum drawdown ⓘ | −0.54% | −0.65% |
| Recovery from that fall | 2 months | 3 months |
| Current fall from peak | −0.16% | −0.18% |
| Rolling 1-year return: worst | +1.96% | +2.68% |
| Rolling 1-year return: median | +6.44% | +6.37% |
| Rolling 1-year return: best | +10.40% | +8.23% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Equity | 77.15% | 67.44% |
| Mutual Fund Units | 7.82% | 0.00% |
| Cash & equivalents | 7.79% | 3.72% |
| Debt | 7.25% | 0.00% |
| Unclassified | 0.00% | 28.87% |
Market-cap split (share of fund assets)
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Large Cap | 57.73% | 63.96% |
| Mid Cap | 13.00% | 3.36% |
| Small Cap | 6.40% | 0.12% |
| Unclassified | 0.00% | 0.00% |
Concentration
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Top 10 holdings | 36.49% | 76.99% |
| Effective number of stocks ⓘ | 45.8 | 13.1 |
| Securities held | 113 | 35 |
Portfolio overlap: 26.1%
31 companies are held by both funds; by weight, 26.1% of the two portfolios is the same. That is a moderate overlap.
| Held by both | JM Arbitrage | LIC MF Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.54% | 7.23% |
| Reliance Industries Limited | 4.13% | 5.98% |
| Tata Steel Ltd. | 3.27% | 4.94% |
| Axis Bank Limited | 3.89% | 3.22% |
| State Bank of India | 2.60% | 6.33% |
| Kotak Mahindra Bank Limited | 2.94% | 1.59% |
| Jio Financial Services Limited | 0.87% | 2.28% |
| Bharti Airtel Limited | 0.81% | 4.96% |
| Mahindra & Mahindra Limited | 0.80% | 1.59% |
| HDFC Bank Limited | 0.70% | 8.80% |
| Bank of Baroda | 1.29% | 0.60% |
| Indus Towers Limited | 1.98% | 0.40% |
| Hindustan Unilever Ltd. | 0.38% | 1.11% |
| JSW Steel Limited | 0.67% | 0.36% |
| NTPC Limited | 0.27% | 0.72% |
Top 10 holdings
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%
LIC MF Arbitrage
- LIC MF ULTRA SHRT DUR FD -DIRECT PLAN15.63%
- LIC MF MONEY MARKET FUND-DIRECT PLAN-GR13.24%
- HDFC Bank Limited8.80%
- ICICI Bank Limited7.23%
- Hindalco Industries Limited6.66%
- State Bank of India6.33%
- Reliance Industries Limited5.98%
- Bharti Airtel Limited4.96%
- Tata Steel Ltd.4.94%
- Axis Bank Limited3.22%
Sector exposure
| JM Arbitrage | LIC MF Arbitrage | |
|---|---|---|
| Banks | 23.66% | 29.19% |
| Unclassified | 7.82% | 28.87% |
| Non - Ferrous Metals | 0.14% | 6.66% |
| Finance | 6.33% | 2.34% |
| Telecom - Services | 6.18% | 5.36% |
| Petroleum Products | 4.41% | 5.98% |
| Sovereign | 5.80% | 0.00% |
| Ferrous Metals | 5.12% | 5.30% |
| Automobiles | 4.08% | 1.59% |
| Pharmaceuticals & Biotechnology | 3.38% | 0.15% |
| Insurance | 1.30% | 2.75% |
| Power | 2.62% | 1.01% |
| Aerospace & Defense | 0.20% | 2.52% |
| Electrical Equipment | 2.48% | 0.21% |
Questions people ask
What is the difference between JM Arbitrage and LIC MF Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.39% vs +6.56%; 3-year CAGR +6.94% vs +7.03%; 5-year CAGR +6.45% vs +6.62%; 10-year CAGR +5.63% vs —. Past returns do not indicate future returns.
How do JM Arbitrage and LIC MF Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.57% vs 0.54%; Sharpe ratio 0.80 vs 1.00; Sortino ratio 1.12 vs 1.42; maximum drawdown −0.54% vs −0.65%; beta — vs —.
How much do JM Arbitrage and LIC MF Arbitrage overlap?
By weight, 26.1% of the two portfolios is invested in the same companies; 31 stocks are held by both, the largest shared positions being ICICI Bank Limited, Reliance Industries Limited, Tata Steel Ltd.. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of JM Arbitrage and LIC MF Arbitrage?
JM Arbitrage: large cap 57.7%, mid cap 13.0%, small cap 6.4%. LIC MF Arbitrage: large cap 64.0%, mid cap 3.4%, 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
JM 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.