Bajaj Finserv Arbitrage Fund vs HSBC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bajaj Finserv Arbitrage Fund and HSBC Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Bajaj Finserv Arbitrage Fund (Direct) returned 7.0% a year and HSBC Arbitrage Fund (Direct) returned 7.2% a year. Bajaj Finserv Arbitrage Fund charges 1.29% a year and HSBC Arbitrage Fund 1.45% (Direct plans). Their portfolios overlap 43.2%: they hold 94 of the same securities.
Bajaj Finserv Arbitrage Fund
Arbitrage
- 3 year return
- 7.0%
- Expense ratio
- 1.29%
- NAV
- ₹12.36
Which is better, Bajaj Finserv 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.
- HSBC Arbitrage returned more over 3 years: 7.2% a year against 7.0%.
- Bajaj Finserv Arbitrage returned more over 1 year: 6.6% against 6.5%.
- Bajaj Finserv Arbitrage costs less: 1.29% a year against 1.45% (Direct plans).
- Bajaj Finserv Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- HSBC Arbitrage fell less in its worst fall since 18-09-2023: −0.3% against −0.4%.
- HSBC Arbitrage is the larger fund: ₹3,633 Cr against ₹1,375 Cr.
- Their portfolios overlap 43.2%: 94 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 | Bajaj Finserv Arbitrage Fund | HSBC Arbitrage Fund |
|---|---|---|
| Fund house | Bajaj Finserv Mutual Fund | HSBC Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹1,375 Cr (30-09-2026) | ₹3,633 Cr (30-09-2026) |
| NAV | ₹12.36 (Direct) | ₹22.08 (Direct) |
| Expense ratio (Direct) | 1.29% | 1.45% |
| Expense ratio (Regular) | 1.99% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 15-09-2023 | 30-06-2014 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Ilesh Savla, Siddharth Chaudhary | Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi |
| Exit load | Entry load – not applicable Exit load – 0.25% of applicable NAV if redeemed/switched out within 15 days from the date of allotment. Nil if redeemed/switched out after 15 days from the date of allotment. | Exit load of 0.25% if redeemed within 1 month |
Bajaj Finserv 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 |
|---|---|---|---|---|---|---|---|
| Bajaj Finserv Arbitrage Fund (Direct) | +0.50% | +1.50% | +3.18% | +6.61% | +6.98% | -- | -- |
| 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.
Bajaj Finserv Arbitrage vs HSBC Arbitrage: Year-wise Returns
| Year | Bajaj FinservBajaj Finserv Arbitrage | HSBCHSBC Arbitrage |
|---|---|---|
| 2026to date | +5.41% | +5.31% |
| 2025 | +6.75% | +6.93% |
| 2024 | +7.61% | +8.05% |
| 2023 | -- | +7.79% |
Bajaj Finserv Arbitrage vs HSBC Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 27 of them, one for each trading day from 18-09-2026 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.
Bajaj Finserv Arbitrage Fund (Direct)
HSBC Arbitrage Fund (Direct)
to
Sept 2026Sept 2023
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Sept 2026Oct 2023
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Oct 2026Oct 2023
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Oct 2026Oct 2023
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Oct 2026Oct 2023
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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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bajaj Finserv Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.9% | 7.0% |
| HSBC Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 7.1% | 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 18-09-2023. Past returns do not promise future returns.
Bajaj Finserv 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 18-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bajaj Finserv ArbitrageBajaj Finserv Arbitrage Fund (Direct) | ₹3,80,000 | ₹4,23,141 | ₹43,141 | 6.8% |
| HSBC ArbitrageHSBC Arbitrage Fund (Direct) | ₹3,80,000 | ₹4,23,723 | ₹43,723 | 6.8% |
Bajaj Finserv ArbitrageBajaj Finserv 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.
Bajaj Finserv Arbitrage vs HSBC Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bajaj Finserv Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.61% | +6.54% |
| Standard deviation | 1.39% | 1.35% |
| Sharpe ratio | 0.98 | 0.96 |
| Sortino ratio | 1.51 | 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 | Bajaj Finserv Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.98% | +7.17% |
| Standard deviation | 1.10% | 1.10% |
| Sharpe ratio | 0.87 | 1.04 |
| Sortino ratio | 1.32 | 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 | Bajaj Finserv Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.00% | +7.37% |
| Standard deviation | 1.08% | 1.04% |
| Sharpe ratio | 0.87 | 1.15 |
| Sortino ratio | 1.33 | 1.72 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.3% (26-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 18-09-2023 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.
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.
Bajaj Finserv 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 |
|---|---|---|---|---|---|---|
| Bajaj Finserv 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 18-09-2023, 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.
Bajaj Finserv 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.
Bajaj Finserv Arbitrage Fund (Direct)
HSBC Arbitrage Fund (Direct)
Bajaj Finserv Arbitrage vs HSBC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Bajaj Finserv Arbitrage Fund, September 2026; HSBC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 43.2%
- Held by both
- 94
- Only in Bajaj Finserv Arbitrage
- 29
- Only in HSBC Arbitrage
- 41
| Security | % of Bajaj Finserv Arbitrage | % of HSBC Arbitrage |
|---|---|---|
| ICICI Bank Limited | 6.41% | 5.32% |
| Reliance Industries Limited | 5.21% | 4.84% |
| HDFC Bank Limited | 6.18% | 4.78% |
| Steel Authority of India Limited | 2.92% | 3.24% |
| Canara Bank | 2.44% | 3.04% |
| IDFC First Bank Limited | 1.62% | 1.47% |
| Axis Bank Limited | 1.35% | 1.26% |
| Punjab National Bank | 1.10% | 1.45% |
| Bajaj Finance Limited | 2.36% | 0.98% |
| Bandhan Bank Limited | 0.97% | 2.36% |
| NMDC Limited | 0.95% | 1.17% |
| Tata Steel Limited | 0.83% | 0.88% |
| State Bank of India | 1.22% | 0.82% |
| Jio Financial Services Limited | 0.82% | 0.94% |
| Infosys Limited | 0.80% | 0.80% |
| ITC Limited | 0.84% | 0.78% |
| Indus Towers Limited | 0.60% | 0.64% |
| The Federal Bank Limited | 0.58% | 0.66% |
| Yes Bank Limited | 0.58% | 1.83% |
| Vodafone Idea Limited | 0.85% | 0.57% |
| LIC Housing Finance Limited | 0.56% | 0.75% |
| Bharat Heavy Electricals Limited | 0.55% | 0.52% |
| Power Finance Corporation Limited | 0.58% | 0.51% |
| Adani Enterprises Limited | 0.86% | 0.49% |
| Life Insurance Corporation Of India | 0.68% | 0.46% |
| HDFC Life Insurance Company Limited | 0.42% | 1.26% |
| AU Small Finance Bank Limited | 0.40% | 0.73% |
| Crompton Greaves Consumer Electricals Limited | 0.34% | 2.00% |
| Godrej Properties Limited | 0.32% | 1.28% |
| Bharti Airtel Limited | 2.08% | 0.30% |
| IndusInd Bank Limited | 0.59% | 0.30% |
| Hindustan Unilever Limited | 0.35% | 0.29% |
| Manappuram Finance Limited | 0.29% | 1.05% |
| Kotak Mahindra Bank Limited | 0.71% | 0.26% |
| The Indian Hotels Company Limited | 0.46% | 0.25% |
| Kalyan Jewellers India Limited | 0.24% | 0.78% |
| Coal India Limited | 0.21% | 0.41% |
| Ambuja Cements Limited | 0.20% | 0.79% |
| Laurus Labs Limited | 0.20% | 0.38% |
| Mphasis Limited | 0.19% | 0.41% |
| Inox Wind Limited | 0.18% | 0.65% |
| NBCC (India) Limited | 0.18% | 0.62% |
| Adani Energy Solutions Limited | 0.14% | 1.24% |
| PB Fintech Limited | 0.74% | 0.13% |
| Adani Power Limited | 0.13% | 2.55% |
| Glenmark Pharmaceuticals Limited | 0.13% | 0.97% |
| Apollo Hospitals Enterprise Limited | 0.73% | 0.12% |
| Sun Pharmaceutical Industries Limited | 0.12% | 0.73% |
| RBL Bank Limited | 0.12% | 0.18% |
| HDFC Asset Management Company Limited | 0.11% | 0.43% |
| Fortis Healthcare Limited | 0.13% | 0.09% |
| Eternal Limited | 0.28% | 0.08% |
| Hindalco Industries Limited | 1.05% | 0.07% |
| Aditya Birla Capital Limited | 0.57% | 0.07% |
| Suzlon Energy Limited | 0.29% | 0.07% |
| Bank of Baroda | 0.07% | 0.19% |
| Maruti Suzuki India Limited | 0.72% | 0.06% |
| Hindustan Aeronautics Limited | 0.19% | 0.06% |
| APL Apollo Tubes Limited | 0.06% | 0.17% |
| Ashok Leyland Limited | 0.62% | 0.05% |
| Tube Investments of India Limited | 0.14% | 0.05% |
| Voltas Limited | 0.12% | 0.05% |
| Varun Beverages Limited | 0.05% | 1.74% |
| Indian Oil Corporation Limited | 0.05% | 0.14% |
| Larsen & Toubro Limited | 0.95% | 0.04% |
| Bajaj Finserv Limited | 0.33% | 0.04% |
| Tata Power Company Limited | 0.28% | 0.04% |
| SBI Life Insurance Company Limited | 0.26% | 0.04% |
| Marico Limited | 0.20% | 0.04% |
| Coforge Limited | 0.12% | 0.04% |
| JSW Steel Limited | 0.04% | 1.11% |
| Indian Energy Exchange Limited | 0.04% | 1.04% |
| Delhivery Limited | 0.04% | 0.07% |
| Jindal Steel Limited | 0.04% | 0.28% |
| Bharat Electronics Limited | 1.31% | 0.03% |
| Avenue Supermarts Limited | 0.12% | 0.03% |
| Cholamandalam Investment and Finance Company Ltd | 0.10% | 0.03% |
| Computer Age Management Services Limited | 0.08% | 0.03% |
| Hitachi Energy India Limited | 0.06% | 0.03% |
| InterGlobe Aviation Limited | 0.04% | 0.03% |
| Cipla Limited | 0.62% | 0.02% |
| Shriram Finance Limited | 0.27% | 0.02% |
| Amber Enterprises India Limited | 0.15% | 0.02% |
| One 97 Communications Limited | 0.09% | 0.02% |
| Union Bank of India | 0.06% | 0.02% |
| Aurobindo Pharma Limited | 0.05% | 0.02% |
| NTPC Limited | 1.39% | 0.01% |
| Adani Ports and Special Economic Zone Limited | 0.55% | 0.01% |
| TVS Motor Company Limited | 0.23% | 0.01% |
| Supreme Industries Limited | 0.13% | 0.01% |
| SBI Cards and Payment Services Limited | 0.05% | 0.01% |
| Sagility Limited | 0.01% | 0.07% |
| Divi's Laboratories Limited | 0.01% | 0.83% |
| Biocon Limited | 0.01% | 0.39% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.2% means 43.2% 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 Bajaj Finserv Arbitrage Fund
| Security | % of fund |
|---|---|
| Bajaj Finserv Liquid Fund - Direct Plan - Growth | 13.03% |
| Bajaj Finserv Money Market Fund-Direct Plan-Growth | 12.06% |
| Indian Bank (12/01/2027) | 1.78% |
| Mahindra & Mahindra Limited | 1.08% |
| Hindustan Zinc Limited | 0.99% |
Largest holdings only in HSBC Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Money Market Fund - Direct Growth | 14.34% |
| HDFC Bank Limited | 2.01% |
| NABARD | 2.00% |
| HSBC Ultra Short Term Fund - Direct Growth | 1.76% |
| Axis Bank Limited | 1.35% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bajaj Finserv Arbitrage | HSBC Arbitrage |
|---|---|---|
| Equity | 69.8% | 69.0% |
| Debt | 1.8% | 12.7% |
| Cash and others | 28.4% | 18.3% |
Market cap of stocks
| Market cap | Bajaj Finserv Arbitrage | HSBC Arbitrage |
|---|---|---|
| Large Cap | 52.9% | 43.9% |
| Mid Cap | 13.7% | 16.1% |
| Small Cap | 3.1% | 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 | Bajaj Finserv Arbitrage | HSBC Arbitrage |
|---|---|---|
| Banks | 24.4% | 25.0% |
| Finance | 5.9% | 4.8% |
| Ferrous Metals | 3.8% | 5.5% |
| Petroleum Products | 5.3% | 5.0% |
| Power | 1.9% | 4.0% |
| Telecom - Services | 3.5% | 1.5% |
| Pharmaceuticals & Biotechnology | 1.1% | 3.4% |
| Automobiles | 2.3% | 0.3% |
The six largest sectors of each fund's stocks, % of the fund.
Bajaj Finserv Arbitrage vs HSBC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bajaj Finserv Arbitrage Fund | HSBC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.29% | 1.45% |
| Base expense ratio (Direct) | 0.31% | 0.22% |
| Total expense ratio (Regular) | 1.99% | 2.07% |
| Base expense ratio (Regular) | 0.90% | 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 Bajaj Finserv Arbitrage with
Bajaj Finserv Arbitrage Fund vs HSBC Arbitrage Fund: Frequently Asked Questions
What is the difference between Bajaj Finserv Arbitrage Fund and HSBC Arbitrage Fund?
Both are Arbitrage funds, run by Bajaj Finserv Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 43.2%. Bajaj Finserv Arbitrage Fund charges 1.29% a year and HSBC Arbitrage Fund 1.45%.
Which has given higher returns, Bajaj Finserv Arbitrage Fund or HSBC Arbitrage Fund?
Over 1 year: Bajaj Finserv Arbitrage Fund +6.61%, HSBC Arbitrage Fund +6.54%. Over 3 years: Bajaj Finserv Arbitrage Fund +6.98% 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, Bajaj Finserv Arbitrage Fund or HSBC Arbitrage Fund?
Bajaj Finserv Arbitrage Fund charges less: 1.29% a year against 1.45%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bajaj Finserv Arbitrage Fund and HSBC Arbitrage Fund overlap?
43.2%. They hold 94 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Bajaj Finserv Arbitrage Fund or HSBC Arbitrage Fund?
On SEBI's riskometer, Bajaj Finserv Arbitrage Fund is rated Low and HSBC Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.10% and 1.10% a year.
Which is better for SIP, Bajaj Finserv 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 ₹4,10,793 in Bajaj Finserv Arbitrage Fund (XIRR 6.7% 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 Bajaj Finserv Arbitrage Fund and HSBC Arbitrage Fund?
Yes. 43.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Bajaj Finserv Arbitrage Fund and HSBC Arbitrage Fund?
Bajaj Finserv Arbitrage Fund: Ilesh Savla, Siddharth Chaudhary. 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.