Aditya Birla Sun Life Arbitrage Fund vs NJ Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Aditya Birla Sun Life Arbitrage Fund and NJ Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Aditya Birla Sun Life Arbitrage Fund (Direct) returned 7.4% a year and NJ Arbitrage Fund (Direct) returned 6.8% a year. Aditya Birla Sun Life Arbitrage Fund charges 1.23% a year and NJ Arbitrage Fund 1.05% (Direct plans). Their portfolios overlap 34.4%: they hold 60 of the same securities.
Aditya Birla Sun Life Arbitrage Fund
Arbitrage
- 3 year return
- 7.4%
- Expense ratio
- 1.23%
- NAV
- ₹31.18
Which is better, Aditya Birla Sun Life Arbitrage or NJ Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Aditya Birla Sun Life Arbitrage returned more over 3 years: 7.4% a year against 6.8%.
- Aditya Birla Sun Life Arbitrage returned more over 1 year: 6.8% against 6.5%.
- NJ Arbitrage costs less: 1.05% a year against 1.23% (Direct plans).
- Aditya Birla Sun Life Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.3%.
- Aditya Birla Sun Life Arbitrage fell less in its worst fall since 02-08-2022: −0.5% against −0.7%.
- NJ Arbitrage holds more in large companies: 71.5% of the fund in large caps against 50.4%.
- Their portfolios overlap 34.4%: 60 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Aditya Birla Sun Life Arbitrage Fund | NJ Arbitrage Fund |
|---|---|---|
| Fund house | Aditya Birla Sun Life Mutual Fund | NJ Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹26,933 Cr (30-09-2026) | Not available |
| NAV | ₹31.18 (Direct) | ₹13.25 (Direct) |
| Expense ratio (Direct) | 1.23% | 1.05% |
| Expense ratio (Regular) | 1.94% | 1.64% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 24-07-2009 | 01-08-2022 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Lovelish Solanki, Mohit Sharma, Krina Mehta | Dhaval Patel, Viral Shah, Jaimin Ilavia |
| Exit load | Nil | Nil |
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Arbitrage Fund (Direct) | +0.50% | +1.55% | +3.30% | +6.75% | +7.40% | +6.85% | +6.38% |
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: Year-wise Returns
| Year | Aditya Birla Sun LifeAditya Birla Sun Life Arbitrage | NJNJ Arbitrage |
|---|---|---|
| 2026to date | +5.49% | +5.24% |
| 2025 | +7.20% | +6.37% |
| 2024 | +8.30% | +7.68% |
| 2023 | +7.86% | +7.41% |
| 2022 | +4.80% | -- |
| 2021 | +4.52% | -- |
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 305 of them, one for each trading day from 04-08-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Aditya Birla Sun Life Arbitrage Fund (Direct)
NJ Arbitrage Fund (Direct)
to
Sept 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.7% | 7.7% | 7.3% | 7.9% |
| NJ Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.1% | 6.7% | 7.3% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 02-08-2022. Past returns do not promise future returns.
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Aditya Birla Sun Life ArbitrageAditya Birla Sun Life Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,95,728 | ₹85,728 | 7.3% |
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,88,823 | ₹78,823 | 6.7% |
Aditya Birla Sun Life ArbitrageAditya Birla Sun Life Arbitrage Fund (Direct)
NJ ArbitrageNJ Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.46% |
| Standard deviation | 1.34% | 1.83% |
| Sharpe ratio | 1.13 | 0.66 |
| Sortino ratio | 1.77 | 1.02 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.7% (31-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.40% | +6.82% |
| Standard deviation | 1.07% | 1.34% |
| Sharpe ratio | 1.29 | 0.59 |
| Sortino ratio | 2.00 | 0.90 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.7% (31-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Aditya Birla Sun Life Arbitrage Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.97% | +6.84% |
| Standard deviation | 1.10% | 1.20% |
| Sharpe ratio | 0.84 | 0.58 |
| Sortino ratio | 1.31 | 0.88 |
| Maximum drawdown | −0.5% (25-03-2020) | −0.7% (31-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Aditya Birla Sun Life Arbitrage Fund (Direct)
NJ Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | 0.0% |
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
From daily values since 02-08-2022, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Aditya Birla Sun Life Arbitrage Fund (Direct)
NJ Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Aditya Birla Sun Life Arbitrage Fund (Direct)
NJ Arbitrage Fund (Direct)
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Aditya Birla Sun Life Arbitrage Fund, September 2026; NJ Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.4%
- Held by both
- 60
- Only in Aditya Birla Sun Life Arbitrage
- 140
- Only in NJ Arbitrage
- 11
| Security | % of Aditya Birla Sun Life Arbitrage | % of NJ Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 3.52% | 5.56% |
| ICICI Bank Ltd. | 3.37% | 3.43% |
| Reliance Industries Ltd. | 2.87% | 6.48% |
| Bharti Airtel Ltd. | 2.38% | 5.73% |
| Vodafone Idea Ltd. | 2.35% | 6.08% |
| Axis Bank Ltd. | 2.20% | 1.47% |
| State Bank of India | 1.60% | 1.41% |
| Kotak Mahindra Bank Ltd. | 1.29% | 7.11% |
| Steel Authority of India Ltd. | 1.15% | 1.20% |
| ITC Ltd. | 0.87% | 2.03% |
| Larsen & Toubro Ltd. | 1.61% | 0.84% |
| Tata Steel Ltd. | 0.83% | 1.30% |
| Adani Enterprises Ltd. | 0.69% | 4.06% |
| NTPC Ltd. | 1.19% | 0.68% |
| Eicher Motors Ltd. | 0.62% | 1.19% |
| Bajaj Finance Ltd. | 0.59% | 1.60% |
| Yes Bank Ltd. | 0.54% | 1.25% |
| Ultratech Cement Ltd. | 0.52% | 2.08% |
| Coforge Ltd. | 0.39% | 0.85% |
| Mahindra & Mahindra Ltd. | 0.39% | 1.86% |
| Canara Bank | 0.38% | 3.16% |
| LIC Housing Finance Ltd. | 0.36% | 0.43% |
| Sun Pharmaceutical Industries Ltd. | 0.35% | 4.20% |
| HDFC Life Insurance Company Ltd. | 0.35% | 0.37% |
| Jio Financial Services Ltd. | 0.77% | 0.35% |
| Infosys Ltd. | 0.35% | 0.70% |
| Bandhan Bank Ltd. | 0.32% | 0.77% |
| Biocon Ltd. | 0.30% | 2.01% |
| Ambuja Cements Ltd. | 0.30% | 0.77% |
| Bank of Baroda | 0.29% | 1.61% |
| Indus Towers Ltd. | 1.10% | 0.27% |
| Hindustan Aeronautics Ltd. | 0.52% | 0.27% |
| Asian Paints Ltd. | 0.27% | 0.77% |
| Punjab National Bank | 0.26% | 0.42% |
| Grasim Industries Ltd. | 0.51% | 0.26% |
| Crompton Greaves Consumer Electricals Ltd. | 0.35% | 0.25% |
| SBI Life Insurance Co. Ltd. | 0.22% | 1.38% |
| Divi's Laboratories Ltd. | 0.21% | 0.28% |
| United Spirits Ltd. | 0.44% | 0.21% |
| Adani Power Ltd. | 0.18% | 1.64% |
| Tata Power Company Ltd. | 0.17% | 0.49% |
| IDFC First Bank Ltd. | 0.17% | 0.58% |
| Indian Energy Exchange Ltd. | 0.14% | 0.48% |
| Hindalco Industries Ltd. | 1.18% | 0.14% |
| Tata Consumer Products Ltd. | 0.23% | 0.13% |
| Power Grid Corporation of India Ltd. | 0.13% | 0.17% |
| Solar Industries India Ltd. | 0.29% | 0.13% |
| Godrej Properties Ltd. | 0.26% | 0.11% |
| Pidilite Industries Ltd. | 0.11% | 0.47% |
| One 97 Communications Ltd. | 0.18% | 0.10% |
| GMR Airports Ltd. | 0.10% | 0.11% |
| Interglobe Aviation Ltd. | 0.55% | 0.10% |
| Torrent Pharmaceuticals Ltd. | 0.39% | 0.08% |
| Tata Motors Passenger Vehicles Ltd. | 0.07% | 0.33% |
| Titan Company Ltd. | 0.24% | 0.07% |
| JSW Steel Ltd. | 1.01% | 0.04% |
| Shriram Finance Ltd. | 0.29% | 0.03% |
| SBI Cards & Payment Services Ltd. | 0.03% | 0.04% |
| UPL Ltd. | 0.21% | 0.03% |
| Dabur India Ltd. | 0.02% | 0.43% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.4% means 34.4% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Aditya Birla Sun Life Arbitrage Fund
| Security | % of fund |
|---|---|
| Aditya Birla Sun Life Money Market Fund - Growth - Direct Plan | 10.18% |
| Aditya Birla Sun Life Floating Interest Rate Fund-Direct Plan-Growth | 3.56% |
| Aditya Birla Sun Life Liquid Fund - Growth - Direct Plan | 2.55% |
| HDFC Bank Ltd. (15/02/2027) | 1.45% |
| Small Industries Development Bank of India (28/01/2027) | 1.36% |
Largest holdings only in NJ Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 03/12/2026) | 2.61% |
| 364 Days Tbill (MD 29/10/2026) | 2.55% |
| 182 Days Tbill (MD 08/10/2026) | 2.13% |
| 364 Days Tbill (MD 02/10/2026) | 1.28% |
| 364 Days Tbill (MD 25/02/2027) | 1.25% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Aditya Birla Sun Life Arbitrage | NJ Arbitrage |
|---|---|---|
| Equity | 69.3% | 80.4% |
| Debt | 10.5% | 14.6% |
| Cash and others | 20.1% | 5.1% |
Market cap of stocks
| Market cap | Aditya Birla Sun Life Arbitrage | NJ Arbitrage |
|---|---|---|
| Large Cap | 50.4% | 71.5% |
| Mid Cap | 15.6% | 6.9% |
| Small Cap | 3.4% | 1.9% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Aditya Birla Sun Life Arbitrage | NJ Arbitrage |
|---|---|---|
| Banks | 16.4% | 26.8% |
| Telecom - Services | 5.8% | 12.1% |
| Pharmaceuticals & Biotechnology | 3.3% | 6.6% |
| Petroleum Products | 3.9% | 6.5% |
| Finance | 4.5% | 2.5% |
| Metals & Minerals Trading | 0.7% | 4.1% |
| Automobiles | 2.6% | 3.4% |
| Ferrous Metals | 3.2% | 2.5% |
The six largest sectors of each fund's stocks, % of the fund.
Aditya Birla Sun Life Arbitrage vs NJ Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Aditya Birla Sun Life Arbitrage Fund | NJ Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.23% | 1.05% |
| Base expense ratio (Direct) | 0.27% | 0.25% |
| Total expense ratio (Regular) | 1.94% | 1.64% |
| Base expense ratio (Regular) | 0.88% | 0.75% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Aditya Birla Sun Life Arbitrage with
Aditya Birla Sun Life Arbitrage Fund vs NJ Arbitrage Fund: Frequently Asked Questions
What is the difference between Aditya Birla Sun Life Arbitrage Fund and NJ Arbitrage Fund?
Both are Arbitrage funds, run by Aditya Birla Sun Life Mutual Fund and NJ Mutual Fund. Their portfolios overlap 34.4%. Aditya Birla Sun Life Arbitrage Fund charges 1.23% a year and NJ Arbitrage Fund 1.05%.
Which has given higher returns, Aditya Birla Sun Life Arbitrage Fund or NJ Arbitrage Fund?
Over 1 year: Aditya Birla Sun Life Arbitrage Fund +6.75%, NJ Arbitrage Fund +6.46%. Over 3 years: Aditya Birla Sun Life Arbitrage Fund +7.40% a year, NJ Arbitrage Fund +6.82% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Aditya Birla Sun Life Arbitrage Fund or NJ Arbitrage Fund?
NJ Arbitrage Fund charges less: 1.05% a year against 1.23%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Aditya Birla Sun Life Arbitrage Fund and NJ Arbitrage Fund overlap?
34.4%. They hold 60 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Aditya Birla Sun Life Arbitrage Fund or NJ Arbitrage Fund?
On SEBI's riskometer, Aditya Birla Sun Life Arbitrage Fund is rated Low and NJ Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.07% and 1.34% a year.
Which is better for SIP, Aditya Birla Sun Life Arbitrage Fund or NJ Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,12,735 in Aditya Birla Sun Life Arbitrage Fund (XIRR 7.1% a year) and ₹4,09,321 in NJ Arbitrage Fund (XIRR 6.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Aditya Birla Sun Life Arbitrage Fund and NJ Arbitrage Fund?
Yes. 34.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Aditya Birla Sun Life Arbitrage Fund and NJ Arbitrage Fund?
Aditya Birla Sun Life Arbitrage Fund: Lovelish Solanki, Mohit Sharma, Krina Mehta. NJ Arbitrage Fund: Dhaval Patel, Viral Shah, Jaimin Ilavia.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.