JM Arbitrage Fund vs SBI Arbitrage Fund
JM Arbitrage Fund and SBI Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +6.94% vs +7.21%, 5-year CAGR +6.45% vs +6.83%, volatility 0.57% vs 0.58%, maximum drawdown −0.54% vs −0.65%. Their portfolios overlap by 44% (106 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 | SBI Arbitrage | |
|---|---|---|
| Fund house | JM Financial Mutual Fund | SBI Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹37.7421 | ₹39.1011 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 3 Jan 2013 | 14 Jan 2013 |
| Track record | 13.8 yrs | 13.8 yrs |
| Fund size (AUM) | ₹341 Cr | ₹46,309 Cr |
| Securities held | 113 | 200 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| 1 month | +0.45% | +0.42% |
| 3 months | +1.61% | +1.56% |
| 6 months | +3.12% | +3.16% |
| 1 year | +6.39% | +6.49% |
| 3 years (CAGR) | +6.94% | +7.21% |
| 5 years (CAGR) | +6.45% | +6.83% |
| 7 years (CAGR) | +5.50% | +6.09% |
| 10 years (CAGR) | +5.63% | +6.23% |
| Since launch (CAGR) | +6.41% | +6.83% |
| SIP return (XIRR, 5 years) ⓘ | +6.78% | +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
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.30% | +5.44% |
| 2025 | +6.61% | +7.05% |
| 2024 | +7.96% | +8.11% |
| 2023 | +7.39% | +7.98% |
| 2022 | +4.62% | +5.09% |
| 2021 | +3.16% | +4.43% |
Risk
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.57% | 0.58% |
| Downside volatility ⓘ | 0.41% | 0.39% |
| Sharpe ratio ⓘ | 0.80 | 1.26 |
| Sortino ratio ⓘ | 1.12 | 1.86 |
| Maximum drawdown ⓘ | −0.54% | −0.65% |
| Recovery from that fall | 2 months | 1 months |
| Current fall from peak | −0.16% | −0.15% |
| Rolling 1-year return: worst | +1.96% | +2.67% |
| Rolling 1-year return: median | +6.44% | +6.77% |
| Rolling 1-year return: best | +10.40% | +9.89% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| Equity | 77.15% | 77.15% |
| Mutual Fund Units | 7.82% | 0.00% |
| Cash & equivalents | 7.79% | 2.08% |
| Debt | 7.25% | 6.46% |
| ETF Units | 0.00% | 14.31% |
Market-cap split (share of fund assets)
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| Large Cap | 57.73% | 61.80% |
| Mid Cap | 13.00% | 13.20% |
| Small Cap | 6.40% | 2.15% |
| Unclassified | 0.00% | 0.00% |
Concentration
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| Top 10 holdings | 36.49% | 40.07% |
| Effective number of stocks ⓘ | 45.8 | 42.2 |
| Securities held | 113 | 200 |
Portfolio overlap: 44%
106 companies are held by both funds; by weight, 44% of the two portfolios is the same. That is a moderate overlap.
| Held by both | JM Arbitrage | SBI Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.13% | 5.58% |
| ICICI Bank Limited | 4.54% | 2.75% |
| State Bank of India | 2.60% | 3.68% |
| Axis Bank Limited | 3.89% | 2.31% |
| Tata Steel Ltd. | 3.27% | 1.59% |
| Adani Enterprises Limited | 1.92% | 1.41% |
| Bajaj Finance Limited | 1.33% | 1.57% |
| Vodafone Idea Limited | 3.40% | 1.10% |
| Power Finance Corporation Limited | 1.39% | 0.88% |
| Canara Bank | 0.88% | 0.89% |
| Kotak Mahindra Bank Limited | 2.94% | 0.85% |
| Adani Energy Solutions Limited | 1.09% | 0.81% |
| Bharti Airtel Limited | 0.81% | 2.39% |
| ITC Limited | 0.79% | 0.93% |
| Bank of Baroda | 1.29% | 0.78% |
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%
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
| JM Arbitrage | SBI Arbitrage | |
|---|---|---|
| Banks | 23.66% | 20.04% |
| Mutual Fund/ETF | 0.00% | 14.31% |
| Unclassified | 7.82% | 0.00% |
| Petroleum Products | 4.41% | 6.35% |
| Finance | 6.33% | 5.68% |
| Telecom - Services | 6.18% | 4.10% |
| Sovereign | 5.80% | 0.05% |
| Ferrous Metals | 5.12% | 3.79% |
| Power | 2.62% | 4.34% |
| Automobiles | 4.08% | 2.43% |
| CARE A1+ | 0.00% | 3.60% |
| Pharmaceuticals & Biotechnology | 3.38% | 3.37% |
| Aerospace & Defense | 0.20% | 2.52% |
| Electrical Equipment | 2.48% | 1.52% |
Questions people ask
What is the difference between JM Arbitrage and SBI Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.39% vs +6.49%; 3-year CAGR +6.94% vs +7.21%; 5-year CAGR +6.45% vs +6.83%; 10-year CAGR +5.63% vs +6.23%. Past returns do not indicate future returns.
How do JM Arbitrage and SBI Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.57% vs 0.58%; Sharpe ratio 0.80 vs 1.26; Sortino ratio 1.12 vs 1.86; maximum drawdown −0.54% vs −0.65%; beta — vs —.
How much do JM Arbitrage and SBI Arbitrage overlap?
By weight, 44% of the two portfolios is invested in the same companies; 106 stocks are held by both, the largest shared positions being Reliance Industries Limited, ICICI Bank Limited, State Bank of India. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of JM Arbitrage and SBI Arbitrage?
JM Arbitrage: large cap 57.7%, mid cap 13.0%, small cap 6.4%. 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.
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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.