Axis Arbitrage Fund vs HSBC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis Arbitrage Fund and HSBC Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Axis Arbitrage Fund (Direct) returned 7.3% a year and HSBC Arbitrage Fund (Direct) returned 7.2% a year. Axis Arbitrage Fund charges 1.40% a year and HSBC Arbitrage Fund 1.45% (Direct plans). Their portfolios overlap 43.4%: they hold 111 of the same securities.
Which is better, Axis Arbitrage or HSBC 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 3 years: 7.3% a year against 7.2%.
- Axis Arbitrage returned more over 1 year: 6.7% against 6.5%.
- Axis Arbitrage costs less: 1.40% a year against 1.45% (Direct plans).
- Axis Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.1%.
- HSBC Arbitrage fell less in its worst fall since 28-11-2022: −0.3% against −0.4%.
- Axis Arbitrage holds more in large companies: 54.4% of the fund in large caps against 43.9%.
- Axis Arbitrage is the larger fund: ₹10,168 Cr against ₹3,633 Cr.
- Their portfolios overlap 43.4%: 111 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 | HSBC Arbitrage Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | HSBC Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹10,168 Cr (30-09-2026) | ₹3,633 Cr (30-09-2026) |
| NAV | ₹22.09 (Direct) | ₹22.08 (Direct) |
| Expense ratio (Direct) | 1.40% | 1.45% |
| Expense ratio (Regular) | 2.09% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 14-08-2014 | 30-06-2014 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Devang Shah, Sachin Jain | Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi |
| Exit load | Exit load of 0.25% if redeemed within 15 days. | Exit load of 0.25% if redeemed within 1 month |
Axis Arbitrage vs HSBC 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% |
| HSBC Arbitrage Fund (Direct) | +0.45% | +1.44% | +3.16% | +6.54% | +7.17% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Axis Arbitrage vs HSBC Arbitrage: Year-wise Returns
| Year | AxisAxis Arbitrage | HSBCHSBC Arbitrage |
|---|---|---|
| 2026to date | +5.44% | +5.31% |
| 2025 | +7.06% | +6.93% |
| 2024 | +8.26% | +8.05% |
| 2023 | +7.68% | +7.79% |
| 2022 | +4.95% | -- |
| 2021 | +4.61% | -- |
Axis Arbitrage vs HSBC Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 230 of them, one for each trading day from 28-11-2025 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.
Axis Arbitrage Fund (Direct)
HSBC Arbitrage Fund (Direct)
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 7.3% | 7.8% |
| HSBC Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.4% | 7.1% | 7.7% |
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 28-11-2022. Past returns do not promise future returns.
Axis Arbitrage vs HSBC 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 01-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis ArbitrageAxis Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,54,244 | ₹74,244 | 7.2% |
| HSBC ArbitrageHSBC Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,52,835 | ₹72,835 | 7.0% |
Axis ArbitrageAxis Arbitrage Fund (Direct)
HSBC ArbitrageHSBC 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 HSBC 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) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.68% | +6.54% |
| Standard deviation | 1.33% | 1.35% |
| Sharpe ratio | 1.08 | 0.96 |
| Sortino ratio | 1.66 | 1.45 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.3% (26-08-2026) |
| 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 | Axis Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.31% | +7.17% |
| Standard deviation | 1.05% | 1.10% |
| Sharpe ratio | 1.23 | 1.04 |
| Sortino ratio | 1.88 | 1.56 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.3% (26-08-2026) |
| 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 | Axis Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.70% | +7.37% |
| Standard deviation | 1.02% | 1.04% |
| Sharpe ratio | 0.95 | 1.15 |
| Sortino ratio | 1.41 | 1.72 |
| Maximum drawdown | −0.6% (25-03-2020) | −0.3% (26-08-2026) |
| 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)
HSBC 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) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
| HSBC Arbitrage Fund (Direct) | −0.3% | 24-08-2026 | 26-08-2026 | 01-09-2026 | 6 days | −0.1% |
From daily values since 28-11-2022, 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.
Axis Arbitrage Fund (Direct)
HSBC 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)
HSBC Arbitrage Fund (Direct)
Axis Arbitrage vs HSBC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Arbitrage Fund, September 2026; HSBC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 43.4%
- Held by both
- 111
- Only in Axis Arbitrage
- 43
- Only in HSBC Arbitrage
- 24
| Security | % of Axis Arbitrage | % of HSBC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 4.06% | 4.78% |
| ICICI Bank Limited | 3.83% | 5.32% |
| Reliance Industries Limited | 3.77% | 4.84% |
| Axis Bank Limited | 1.38% | 1.26% |
| Canara Bank | 1.19% | 3.04% |
| JSW Steel Limited | 1.04% | 1.11% |
| Adani Power Limited | 1.01% | 2.55% |
| Bajaj Finance Limited | 1.43% | 0.98% |
| Union Bank of India (02/03/2027) | 0.96% | 1.34% |
| Jio Financial Services Limited | 1.07% | 0.94% |
| Glenmark Pharmaceuticals Limited | 0.93% | 0.97% |
| Tata Steel Limited | 1.83% | 0.88% |
| Manappuram Finance Limited | 0.87% | 1.05% |
| Divi's Laboratories Limited | 1.25% | 0.83% |
| State Bank of India | 2.63% | 0.82% |
| Infosys Limited | 1.15% | 0.80% |
| Steel Authority of India Limited | 0.80% | 3.24% |
| Punjab National Bank | 0.79% | 1.45% |
| ITC Limited | 0.76% | 0.78% |
| Varun Beverages Limited | 0.72% | 1.74% |
| LIC Housing Finance Limited | 0.70% | 0.75% |
| HDFC Life Insurance Company Limited | 0.68% | 1.26% |
| The Federal Bank Limited | 0.78% | 0.66% |
| Yes Bank Limited | 0.66% | 1.83% |
| Indus Towers Limited | 1.12% | 0.64% |
| Crompton Greaves Consumer Electricals Limited | 0.61% | 2.00% |
| NMDC Limited | 0.60% | 1.17% |
| Vodafone Idea Limited | 1.14% | 0.57% |
| Container Corporation of India Limited | 0.58% | 0.56% |
| Bharat Heavy Electricals Limited | 2.64% | 0.52% |
| Adani Enterprises Limited | 1.31% | 0.49% |
| Life Insurance Corporation Of India | 0.69% | 0.46% |
| Adani Energy Solutions Limited | 0.43% | 1.24% |
| Cummins India Limited | 1.40% | 0.42% |
| Godrej Properties Limited | 0.42% | 1.28% |
| Coal India Limited | 1.19% | 0.41% |
| Ambuja Cements Limited | 0.41% | 0.79% |
| Biocon Limited | 0.78% | 0.39% |
| Bandhan Bank Limited | 0.31% | 2.36% |
| Bharti Airtel Limited | 2.22% | 0.30% |
| Hindustan Unilever Limited | 1.18% | 0.29% |
| Bank of India | 0.31% | 0.29% |
| Power Finance Corporation Limited | 0.27% | 0.51% |
| Kotak Mahindra Bank Limited | 1.58% | 0.26% |
| Indian Energy Exchange Limited | 0.26% | 1.04% |
| The Indian Hotels Company Limited | 0.41% | 0.25% |
| HDFC Asset Management Company Limited | 0.23% | 0.43% |
| Muthoot Finance Limited | 0.30% | 0.21% |
| Tata Motors Passenger Vehicles Limited | 0.24% | 0.21% |
| Bank of Baroda | 0.47% | 0.19% |
| APL Apollo Tubes Limited | 0.70% | 0.17% |
| Tata Consumer Products Limited | 0.21% | 0.17% |
| GE Vernova T&D India Limited | 0.47% | 0.16% |
| IndusInd Bank Limited | 0.16% | 0.30% |
| Jindal Steel Limited | 0.16% | 0.28% |
| Indian Oil Corporation Limited | 0.35% | 0.14% |
| National Bank For Agriculture and Rural Development (18/03/2027) | 0.14% | 2.00% |
| Adani Green Energy Limited | 0.38% | 0.13% |
| Apollo Hospitals Enterprise Limited | 0.68% | 0.12% |
| RBL Bank Limited | 0.11% | 0.18% |
| PNB Housing Finance Limited | 0.11% | 0.10% |
| PB Fintech Limited | 0.10% | 0.13% |
| Laurus Labs Limited | 0.10% | 0.38% |
| AU Small Finance Bank Limited | 0.10% | 0.73% |
| Bharat Forge Limited | 0.41% | 0.09% |
| Fortis Healthcare Limited | 0.18% | 0.09% |
| Inox Wind Limited | 0.09% | 0.65% |
| Mphasis Limited | 0.09% | 0.41% |
| Hindalco Industries Limited | 1.16% | 0.07% |
| Hindustan Aeronautics Limited | 0.47% | 0.06% |
| Maruti Suzuki India Limited | 0.33% | 0.06% |
| IDFC First Bank Limited | 0.06% | 1.47% |
| Ashok Leyland Limited | 0.33% | 0.05% |
| Suzlon Energy Limited | 0.05% | 0.07% |
| Tube Investments of India Limited | 0.05% | 0.05% |
| Coforge Limited | 0.24% | 0.04% |
| Marico Limited | 0.18% | 0.04% |
| Hindustan Petroleum Corporation Limited | 0.14% | 0.04% |
| Tata Power Company Limited | 0.09% | 0.04% |
| Larsen & Toubro Limited | 0.06% | 0.04% |
| NBCC (India) Limited | 0.04% | 0.62% |
| GAIL (India) Limited | 0.04% | 0.13% |
| Vedanta Limited | 0.04% | 0.07% |
| Kalyan Jewellers India Limited | 0.04% | 0.78% |
| Bharat Electronics Limited | 1.30% | 0.03% |
| Cholamandalam Investment and Finance Company Ltd | 1.13% | 0.03% |
| Lupin Limited | 0.28% | 0.03% |
| Hitachi Energy India Limited | 0.16% | 0.03% |
| InterGlobe Aviation Limited | 0.04% | 0.03% |
| Sagility Limited | 0.03% | 0.07% |
| Union Bank of India | 0.17% | 0.02% |
| Aurobindo Pharma Limited | 0.14% | 0.02% |
| Torrent Pharmaceuticals Limited | 0.12% | 0.02% |
| Shriram Finance Limited | 0.09% | 0.02% |
| One 97 Communications Limited | 0.04% | 0.02% |
| Dabur India Limited | 0.02% | 0.05% |
| Sun Pharmaceutical Industries Limited | 0.02% | 0.73% |
| Cipla Limited | 0.02% | 0.02% |
| Delhivery Limited | 0.02% | 0.07% |
| PG Electroplast Limited | 0.02% | 0.04% |
| Computer Age Management Services Limited | 0.02% | 0.03% |
| Eternal Limited | 0.02% | 0.08% |
| Bajaj Finserv Limited | 0.02% | 0.04% |
| NTPC Limited | 0.47% | 0.01% |
| SBI Cards and Payment Services Limited | 0.25% | 0.01% |
| SRF Limited | 0.11% | 0.01% |
| TVS Motor Company Limited | 0.06% | 0.01% |
| Supreme Industries Limited | 0.05% | 0.01% |
| National Aluminium Company Limited | 0.04% | 0.01% |
| Avenue Supermarts Limited | 0.01% | 0.03% |
| Aditya Birla Capital Limited | 0.01% | 0.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.4% means 43.4% 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 Axis Arbitrage Fund
| Security | % of fund |
|---|---|
| Axis Money Market Fund - Direct Plan - Growth Option | 13.06% |
| Canara Bank (10/02/2027) | 1.92% |
| National Bank For Agriculture and Rural Development (10/03/2027) | 1.91% |
| Small Industries Dev Bank of India (04/02/2027) | 1.87% |
| Canara Bank (02/02/2027) | 1.68% |
Largest holdings only in HSBC Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Money Market Fund - Direct Growth | 14.34% |
| HDFC Bank Limited | 2.01% |
| HSBC Ultra Short Term Fund - Direct Growth | 1.76% |
| Axis Bank Limited | 1.35% |
| Bank of Baroda | 1.34% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Arbitrage | HSBC Arbitrage |
|---|---|---|
| Equity | 69.7% | 69.0% |
| Debt | 17.2% | 12.7% |
| Cash and others | 13.1% | 18.3% |
Market cap of stocks
| Market cap | Axis Arbitrage | HSBC Arbitrage |
|---|---|---|
| Large Cap | 54.4% | 43.9% |
| Mid Cap | 12.1% | 16.1% |
| Small Cap | 3.2% | 9.0% |
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 | HSBC Arbitrage |
|---|---|---|
| Banks | 18.6% | 25.0% |
| Finance | 6.3% | 4.8% |
| Ferrous Metals | 3.8% | 5.5% |
| Petroleum Products | 4.3% | 5.0% |
| Telecom - Services | 4.5% | 1.5% |
| Power | 2.5% | 4.0% |
| Pharmaceuticals & Biotechnology | 3.6% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Arbitrage vs HSBC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Arbitrage Fund | HSBC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.40% | 1.45% |
| Base expense ratio (Direct) | 0.27% | 0.22% |
| Total expense ratio (Regular) | 2.09% | 2.07% |
| Base expense ratio (Regular) | 0.86% | 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 Axis Arbitrage with
Axis Arbitrage Fund vs HSBC Arbitrage Fund: Frequently Asked Questions
What is the difference between Axis Arbitrage Fund and HSBC Arbitrage Fund?
Both are Arbitrage funds, run by Axis Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 43.4%. Axis Arbitrage Fund charges 1.40% a year and HSBC Arbitrage Fund 1.45%.
Which has given higher returns, Axis Arbitrage Fund or HSBC Arbitrage Fund?
Over 1 year: Axis Arbitrage Fund +6.68%, HSBC Arbitrage Fund +6.54%. Over 3 years: Axis Arbitrage Fund +7.31% a year, HSBC Arbitrage Fund +7.17% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Arbitrage Fund or HSBC Arbitrage Fund?
Axis Arbitrage Fund charges less: 1.40% a year against 1.45%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Arbitrage Fund and HSBC Arbitrage Fund overlap?
43.4%. They hold 111 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Axis Arbitrage Fund or HSBC Arbitrage Fund?
On SEBI's riskometer, Axis Arbitrage Fund is rated Low and HSBC Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.05% and 1.10% a year.
Which is better for SIP, Axis Arbitrage Fund or HSBC Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,12,132 in Axis Arbitrage Fund (XIRR 7.0% a year) and ₹4,11,253 in HSBC Arbitrage Fund (XIRR 6.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Arbitrage Fund and HSBC Arbitrage Fund?
Yes. 43.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Axis Arbitrage Fund and HSBC Arbitrage Fund?
Axis Arbitrage Fund: Devang Shah, Sachin Jain. HSBC Arbitrage Fund: Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi.
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.