JM Arbitrage Fund vs Motilal Oswal Arbitrage Fund
JM Arbitrage Fund and Motilal Oswal Arbitrage Fund are both Arbitrage funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR +6.99% vs —, 5-year CAGR +6.48% vs —, volatility 0.53% vs 0.63%, maximum drawdown −0.54% vs −0.38%. Their portfolios overlap by 33% (85 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 | Motilal Oswal Arbitrage | |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Motilal Oswal Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹37.7964 | ₹11.3926 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 3 Jan 2013 | 27 Dec 2024 |
| Track record | 13.8 yrs | 1.9 yrs |
| Fund size (AUM) | ₹341 Cr | ₹3,434 Cr |
| Securities held | 113 | 139 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| 1 month | +0.56% | +0.58% |
| 3 months | +1.62% | +1.63% |
| 6 months | +3.21% | +3.40% |
| 1 year | +6.53% | +7.06% |
| 3 years (CAGR) | +6.99% | — |
| 5 years (CAGR) | +6.48% | — |
| 7 years (CAGR) | +5.53% | — |
| 10 years (CAGR) | +5.64% | — |
| Since launch (CAGR) | +6.42% | +7.20% |
| 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
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.45% | +5.86% |
| 2025 | +6.61% | +7.46% |
| 2024 | +7.96% | — |
| 2023 | +7.39% | — |
| 2022 | +4.62% | — |
| 2021 | +3.16% | — |
Risk
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.53% | 0.63% |
| Downside volatility ⓘ | 0.36% | 0.39% |
| Sharpe ratio ⓘ | 0.92 | 1.11 |
| Sortino ratio ⓘ | 1.36 | 1.82 |
| Maximum drawdown ⓘ | −0.54% | −0.38% |
| Recovery from that fall | 2 months | 0 months |
| Current fall from peak | −0.02% | 0.00% |
| Rolling 1-year return: worst | +1.96% | +6.68% |
| Rolling 1-year return: median | +6.44% | +7.16% |
| Rolling 1-year return: best | +10.40% | +7.65% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| Equity | 77.15% | 71.32% |
| Mutual Fund Units | 7.82% | 9.20% |
| Cash & equivalents | 7.79% | 5.23% |
| Debt | 7.25% | 14.25% |
Market-cap split (share of fund assets)
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| Large Cap | 57.73% | 53.63% |
| Mid Cap | 13.00% | 13.54% |
| Small Cap | 6.40% | 4.15% |
| Unclassified | 0.00% | 0.00% |
Concentration
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| Top 10 holdings | 36.49% | 37.97% |
| Effective number of stocks ⓘ | 45.8 | 45.7 |
| Securities held | 113 | 139 |
Portfolio overlap: 33%
85 companies are held by both funds; by weight, 33% of the two portfolios is the same. That is a moderate overlap.
| Held by both | JM Arbitrage | Motilal Oswal Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.13% | 4.58% |
| Axis Bank Limited | 3.89% | 2.53% |
| Kotak Mahindra Bank Limited | 2.94% | 2.39% |
| ICICI Bank Limited | 4.54% | 2.28% |
| Vodafone Idea Limited | 3.40% | 1.34% |
| Bajaj Finance Limited | 1.33% | 1.72% |
| Maruti Suzuki India Limited | 1.28% | 1.73% |
| Steel Authority of India Limited | 1.18% | 1.23% |
| State Bank of India | 2.60% | 1.11% |
| Adani Enterprises Limited | 1.92% | 1.11% |
| Bharti Airtel Limited | 0.81% | 3.63% |
| Mahindra & Mahindra Limited | 0.80% | 1.53% |
| Larsen & Toubro Limited | 0.77% | 1.19% |
| HDFC Bank Limited | 0.70% | 5.41% |
| Jio Financial Services Limited | 0.87% | 0.68% |
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%
Motilal Oswal Arbitrage
- Motilal Oswal Liquid Fund - Direct Growth7.13%
- HDFC Bank Limited5.41%
- Reliance Industries Limited4.58%
- Bharti Airtel Limited3.63%
- Cholamandalam Investment and Finance Company Ltd3.49%
- TVS Motor Company Ltd.3.37%
- AU Small Finance Bank Limited3.07%
- Axis Bank Limited2.53%
- Kotak Mahindra Bank Limited2.39%
- CG Power and Industrial Solutions Limited2.37%
Sector exposure
| JM Arbitrage | Motilal Oswal Arbitrage | |
|---|---|---|
| Banks | 23.66% | 19.43% |
| Finance | 6.33% | 10.48% |
| Unclassified | 7.82% | 9.20% |
| CRISIL A1+ | 0.00% | 7.80% |
| Automobiles | 4.08% | 7.09% |
| Telecom - Services | 6.18% | 5.31% |
| Sovereign | 5.80% | 2.87% |
| Ferrous Metals | 5.12% | 2.12% |
| Petroleum Products | 4.41% | 4.63% |
| Electrical Equipment | 2.48% | 4.19% |
| Pharmaceuticals & Biotechnology | 3.38% | 1.68% |
| Power | 2.62% | 0.34% |
| Consumer Durables | 2.28% | 1.27% |
| Beverages | 2.13% | 0.09% |
Questions people ask
What is the difference between JM Arbitrage and Motilal Oswal Arbitrage returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +6.53% vs +7.06%; 3-year CAGR +6.99% vs —; 5-year CAGR +6.48% vs —; 10-year CAGR +5.64% vs —. Past returns do not indicate future returns.
How do JM Arbitrage and Motilal Oswal Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.53% vs 0.63%; Sharpe ratio 0.92 vs 1.11; Sortino ratio 1.36 vs 1.82; maximum drawdown −0.54% vs −0.38%; beta — vs —.
How much do JM Arbitrage and Motilal Oswal Arbitrage overlap?
By weight, 33% of the two portfolios is invested in the same companies; 85 stocks are held by both, the largest shared positions being Reliance Industries Limited, Axis Bank Limited, Kotak Mahindra Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of JM Arbitrage and Motilal Oswal Arbitrage?
JM Arbitrage: large cap 57.7%, mid cap 13.0%, small cap 6.4%. Motilal Oswal Arbitrage: large cap 53.6%, mid cap 13.5%, small cap 4.2% (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.
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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.