Axis Arbitrage Fund vs Bank of India Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Arbitrage Fund and Bank of India Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Axis Arbitrage Fund (Direct) returned 7.3% a year and Bank of India Arbitrage Fund (Direct) returned 6.8% a year. Axis Arbitrage Fund charges 1.40% a year and Bank of India Arbitrage Fund 2.13% (Direct plans). Their portfolios overlap 26.9%: they hold 27 of the same securities.
Bank of India Arbitrage Fund
Arbitrage
- 3 year return
- 6.8%
- Expense ratio
- 2.13%
- NAV
- ₹15.60
Which is better, Axis Arbitrage or Bank of India Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Arbitrage returned more over 5 years: 6.8% a year against 6.0%.
- Axis Arbitrage returned more over 3 years: 7.3% a year against 6.8%.
- Axis Arbitrage costs less: 1.40% a year against 2.13% (Direct plans).
- Axis Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.2%.
- Bank of India Arbitrage fell less in its worst fall since 20-06-2018: −0.6% against −0.6%.
- Axis Arbitrage is the larger fund: ₹10,168 Cr against ₹111 Cr.
- Their portfolios overlap 26.9%: 27 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 | Axis Arbitrage Fund | Bank of India Arbitrage Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Bank of India Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹10,168 Cr (30-09-2026) | ₹111 Cr (30-09-2026) |
| NAV | ₹22.09 (Direct) | ₹15.60 (Direct) |
| Expense ratio (Direct) | 1.40% | 2.13% |
| Expense ratio (Regular) | 2.09% | 2.82% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 14-08-2014 | 18-06-2018 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Devang Shah, Sachin Jain | Firdaus Ragina |
| Exit load | Exit load of 0.25% if redeemed within 15 days. | • Any Redemption/Switch out - would be subject to an exit load of 0.50%, if the units are redeemed/switched out within 15 days from the date of allotment of units. • If the units are redeemed/switched out after 15 days from the date of allotment of units - "NIL" |
Axis Arbitrage vs Bank of India 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 |
|---|---|---|---|---|---|---|---|
| Axis Arbitrage Fund (Direct) | +0.52% | +1.52% | +3.22% | +6.68% | +7.31% | +6.84% | +6.44% |
| Bank of India Arbitrage Fund (Direct) | +0.73% | +1.71% | +3.16% | +6.46% | +6.84% | +6.02% | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Axis Arbitrage vs Bank of India Arbitrage: Year-wise Returns
| Year | AxisAxis Arbitrage | Bank of IndiaBank of India Arbitrage |
|---|---|---|
| 2026to date | +5.44% | +5.29% |
| 2025 | +7.06% | +6.45% |
| 2024 | +8.26% | +7.71% |
| 2023 | +7.68% | +6.85% |
| 2022 | +4.95% | +3.43% |
| 2021 | +4.61% | +2.79% |
Axis Arbitrage vs Bank of India Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,329 of them, one for each trading day from 21-06-2021 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.
Axis Arbitrage Fund (Direct)
Bank of India Arbitrage Fund (Direct)
to
Nov 2021Oct 2019
to
Oct 2022Sept 2020
to
Sept 2023Aug 2021
to
Aug 2024Jul 2022
to
Jul 2025May 2023
to
May 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Arbitrage | 0.0 | 18.3 | 81.7 | 0.0 | 0.0 | 0.0 | 0.0 | 6.2% | 6.1% | 4.6% | 7.8% |
| Bank of India Arbitrage | 0.0 | 54.7 | 45.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.1% | 4.8% | 3.2% | 7.1% |
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 20-06-2018. Past returns do not promise future returns.
Axis Arbitrage vs Bank of India 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 01-06-2018 to 30-10-2026: 101 instalments, ₹10,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis ArbitrageAxis Arbitrage Fund (Direct) | ₹10,10,000 | ₹13,40,833 | ₹3,30,833 | 6.6% |
| Bank of India ArbitrageBank of India Arbitrage Fund (Direct) | ₹10,10,000 | ₹12,95,469 | ₹2,85,469 | 5.8% |
Axis ArbitrageAxis Arbitrage Fund (Direct)
Bank of India ArbitrageBank of India 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.
Axis Arbitrage vs Bank of India Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Arbitrage Fund (Direct) | Bank of India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.68% | +6.46% |
| Standard deviation | 1.33% | 1.57% |
| Sharpe ratio | 1.08 | 0.77 |
| Sortino ratio | 1.66 | 1.19 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (04-09-2026) |
| 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 | Axis Arbitrage Fund (Direct) | Bank of India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.31% | +6.84% |
| Standard deviation | 1.05% | 1.19% |
| Sharpe ratio | 1.23 | 0.68 |
| Sortino ratio | 1.88 | 1.03 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (04-09-2026) |
| 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 | Axis Arbitrage Fund (Direct) | Bank of India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +6.02% |
| Standard deviation | 0.97% | 1.09% |
| Sharpe ratio | 1.07 | 0.20 |
| Sortino ratio | 1.63 | 0.29 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (04-09-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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 | Axis Arbitrage Fund (Direct) | Bank of India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.70% | +5.45% |
| Standard deviation | 1.02% | 1.07% |
| Sharpe ratio | 0.95 | 0.16 |
| Sortino ratio | 1.41 | 0.22 |
| Maximum drawdown | −0.6% (25-03-2020) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 21-08-2014 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.
Axis Arbitrage Fund (Direct)
Bank of India Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 25-03-2020 | 30-03-2020 | 5 days | −0.0% |
| Bank of India Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 25-03-2020 | 20-04-2020 | 26 days | 0.0% |
From daily values since 20-06-2018, 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.
Axis Arbitrage Fund (Direct)
Bank of India 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.
Axis Arbitrage Fund (Direct)
Bank of India Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Arbitrage Fund (Direct)
Bank of India Arbitrage Fund (Direct)
Axis Arbitrage vs Bank of India Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Arbitrage Fund, September 2026; Bank of India Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 26.9%
- Held by both
- 27
- Only in Axis Arbitrage
- 127
- Only in Bank of India Arbitrage
- 7
| Security | % of Axis Arbitrage | % of Bank of India Arbitrage |
|---|---|---|
| HDFC Bank Limited | 4.06% | 4.87% |
| Reliance Industries Limited | 3.77% | 3.27% |
| State Bank of India | 2.63% | 2.14% |
| Tata Steel Limited | 1.83% | 5.86% |
| Kotak Mahindra Bank Limited | 1.58% | 3.69% |
| Bajaj Finance Limited | 1.43% | 2.73% |
| Axis Bank Limited | 1.38% | 2.08% |
| Divi's Laboratories Limited | 1.25% | 1.68% |
| Canara Bank | 1.19% | 5.82% |
| Hindustan Unilever Limited | 1.18% | 1.68% |
| Vodafone Idea Limited | 1.14% | 4.09% |
| JSW Steel Limited | 1.04% | 2.90% |
| Steel Authority of India Limited | 0.80% | 4.08% |
| Biocon Limited | 0.78% | 1.09% |
| Apollo Hospitals Enterprise Limited | 0.68% | 1.75% |
| Container Corporation of India Limited | 0.58% | 1.01% |
| Bank of Baroda | 0.47% | 4.02% |
| Ambuja Cements Limited | 0.41% | 1.26% |
| Bharat Forge Limited | 0.41% | 2.43% |
| Godrej Properties Limited | 0.42% | 0.38% |
| Power Finance Corporation Limited | 0.27% | 2.83% |
| UPL Limited | 0.24% | 1.12% |
| Aurobindo Pharma Limited | 0.14% | 1.74% |
| Samvardhana Motherson International Limited | 0.13% | 2.99% |
| UltraTech Cement Limited | 0.81% | 0.10% |
| Vedanta Limited | 0.04% | 4.62% |
| Computer Age Management Services Limited | 0.02% | 0.90% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.9% means 26.9% 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 Axis Arbitrage Fund
| Security | % of fund |
|---|---|
| Axis Money Market Fund - Direct Plan - Growth Option | 13.06% |
| ICICI Bank Limited | 3.83% |
| Bharat Heavy Electricals Limited | 2.64% |
| Bharti Airtel Limited | 2.22% |
| Canara Bank (10/02/2027) | 1.92% |
Largest holdings only in Bank of India Arbitrage Fund
| Security | % of fund |
|---|---|
| Bank of India Liquid Fund Direct Plan - Growth | 12.10% |
| 91 Days Tbill (MD 01/10/2026) | 1.35% |
| 364 Days Tbill (MD 08/10/2026) | 0.90% |
| 364 Days Tbill (MD 04/03/2027) | 0.79% |
| 182 Days Tbill (MD 19/11/2026) | 0.45% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Arbitrage | Bank of India Arbitrage |
|---|---|---|
| Equity | 69.7% | 71.1% |
| Debt | 17.2% | 4.0% |
| Cash and others | 13.1% | 24.9% |
Market cap of stocks
| Market cap | Axis Arbitrage | Bank of India Arbitrage |
|---|---|---|
| Large Cap | 54.4% | 58.4% |
| Mid Cap | 12.1% | 11.8% |
| Small Cap | 3.2% | 0.9% |
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 | Axis Arbitrage | Bank of India Arbitrage |
|---|---|---|
| Banks | 18.6% | 22.6% |
| Ferrous Metals | 3.8% | 12.8% |
| Finance | 6.3% | 5.6% |
| Auto Components | 0.6% | 5.4% |
| Diversified Metals | 0.0% | 4.6% |
| Pharmaceuticals & Biotechnology | 3.6% | 4.5% |
| Telecom - Services | 4.5% | 4.1% |
| Petroleum Products | 4.3% | 3.3% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Arbitrage vs Bank of India Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Arbitrage Fund | Bank of India Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.40% | 2.13% |
| Base expense ratio (Direct) | 0.27% | 0.29% |
| Total expense ratio (Regular) | 2.09% | 2.82% |
| Base expense ratio (Regular) | 0.86% | 0.88% |
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 Axis Arbitrage with
Axis Arbitrage Fund vs Bank of India Arbitrage Fund: Frequently Asked Questions
What is the difference between Axis Arbitrage Fund and Bank of India Arbitrage Fund?
Both are Arbitrage funds, run by Axis Mutual Fund and Bank of India Mutual Fund. Their portfolios overlap 26.9%. Axis Arbitrage Fund charges 1.40% a year and Bank of India Arbitrage Fund 2.13%.
Which has given higher returns, Axis Arbitrage Fund or Bank of India Arbitrage Fund?
Over 1 year: Axis Arbitrage Fund +6.68%, Bank of India Arbitrage Fund +6.46%. Over 3 years: Axis Arbitrage Fund +7.31% a year, Bank of India Arbitrage Fund +6.84% a year. Over 5 years: Axis Arbitrage Fund +6.84% a year, Bank of India Arbitrage Fund +6.02% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Arbitrage Fund or Bank of India Arbitrage Fund?
Axis Arbitrage Fund charges less: 1.40% a year against 2.13%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Arbitrage Fund and Bank of India Arbitrage Fund overlap?
26.9%. They hold 27 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, SBIN. From each fund's latest monthly portfolio.
Which is riskier, Axis Arbitrage Fund or Bank of India Arbitrage Fund?
On SEBI's riskometer, Axis Arbitrage Fund is rated Low and Bank of India Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.05% and 1.19% a year.
Which is better for SIP, Axis Arbitrage Fund or Bank of India Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,31,700 in Axis Arbitrage Fund (XIRR 7.1% a year) and ₹7,21,740 in Bank of India Arbitrage Fund (XIRR 6.6% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Axis Arbitrage Fund and Bank of India Arbitrage Fund?
Yes. 26.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Arbitrage Fund and Bank of India Arbitrage Fund?
Axis Arbitrage Fund: Devang Shah, Sachin Jain. Bank of India Arbitrage Fund: Firdaus Ragina.
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.