Bandhan Arbitrage Fund vs JM Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bandhan Arbitrage Fund and JM Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Bandhan Arbitrage Fund (Direct) returned 7.3% a year and JM Arbitrage Fund (Direct) returned 6.9% a year. Bandhan Arbitrage Fund charges 1.63% a year and JM Arbitrage Fund 1.42% (Direct plans). Their portfolios overlap 42.2%: they hold 102 of the same securities.
Bandhan Arbitrage Fund
Arbitrage
- 3 year return
- 7.3%
- Expense ratio
- 1.63%
- NAV
- ₹38.12
Which is better, Bandhan Arbitrage or JM Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bandhan Arbitrage returned more over 5 years: 6.8% a year against 6.4%.
- Bandhan Arbitrage returned more over 3 years: 7.3% a year against 6.9%.
- JM Arbitrage costs less: 1.42% a year against 1.63% (Direct plans).
- Bandhan Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- JM Arbitrage fell less in its worst fall since 17-01-2013: −0.5% against −0.8%.
- Bandhan Arbitrage is the larger fund: ₹7,796 Cr against ₹341 Cr.
- Their portfolios overlap 42.2%: 102 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 | Bandhan Arbitrage Fund | JM Arbitrage Fund |
|---|---|---|
| Fund house | Bandhan Mutual Fund | JM Financial Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹7,796 Cr (31-08-2026) | ₹341 Cr (30-09-2026) |
| NAV | ₹38.12 (Direct) | ₹37.71 (Direct) |
| Expense ratio (Direct) | 1.63% | 1.42% |
| Expense ratio (Regular) | 2.35% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 21-12-2006 | 18-07-2006 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Kapil Kankonkar, Harshal Joshi, Ritika Behera, Gaurav Satra, Brijesh Shah | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar |
| Exit load | W.e.f 01-Jul-2016 Entry Load: Nil - Exit Load: 0.25% if redeemed / switched out within 1 month from the date of allotment, for all investments (including SIP/STP-in registered) from the effective date. Please refer the scheme information document / addend | 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions. |
Bandhan Arbitrage vs JM 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 |
|---|---|---|---|---|---|---|---|
| Bandhan Arbitrage Fund (Direct) | +0.53% | +1.49% | +3.16% | +6.48% | +7.27% | +6.78% | +6.33% |
| JM Arbitrage Fund (Direct) | +0.52% | +1.53% | +3.14% | +6.43% | +6.94% | +6.44% | +5.63% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 39 Arbitrage funds, same plan type.
Bandhan Arbitrage vs JM Arbitrage: Year-wise Returns
| Year | BandhanBandhan Arbitrage | JMJM Arbitrage |
|---|---|---|
| 2026to date | +5.28% | +5.21% |
| 2025 | +7.02% | +6.61% |
| 2024 | +8.31% | +7.96% |
| 2023 | +7.86% | +7.39% |
| 2022 | +4.83% | +4.62% |
| 2021 | +4.24% | +3.16% |
Bandhan Arbitrage vs JM Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,665 of them, one for each trading day from 18-01-2016 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.
Bandhan Arbitrage Fund (Direct)
JM Arbitrage Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bandhan Arbitrage | 0.0 | 11.4 | 88.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.8% | 4.4% | 8.8% |
| JM Arbitrage | 0.0 | 28.8 | 71.2 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.2% | 3.4% | 8.8% |
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 17-01-2013. Past returns do not promise future returns.
Bandhan Arbitrage vs JM 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 17-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bandhan ArbitrageBandhan Arbitrage Fund (Direct) | ₹16,60,000 | ₹26,62,111 | ₹10,02,111 | 6.5% |
| JM ArbitrageJM Arbitrage Fund (Direct) | ₹16,60,000 | ₹25,49,864 | ₹8,89,864 | 6.0% |
Bandhan ArbitrageBandhan Arbitrage Fund (Direct)
JM ArbitrageJM 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.
Bandhan Arbitrage vs JM Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bandhan Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.48% | +6.43% |
| Standard deviation | 1.33% | 1.45% |
| Sharpe ratio | 0.93 | 0.82 |
| Sortino ratio | 1.41 | 1.24 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| 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 | Bandhan Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.27% | +6.94% |
| Standard deviation | 1.06% | 1.14% |
| Sharpe ratio | 1.17 | 0.81 |
| Sortino ratio | 1.80 | 1.22 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| 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 | Bandhan Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.78% | +6.44% |
| Standard deviation | 0.98% | 1.06% |
| Sharpe ratio | 1.01 | 0.60 |
| Sortino ratio | 1.53 | 0.90 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| 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 | Bandhan Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.91% | +6.41% |
| Standard deviation | 0.99% | 1.05% |
| Sharpe ratio | 0.88 | 0.34 |
| Sortino ratio | 1.31 | 0.50 |
| Maximum drawdown | −0.8% (25-03-2020) | −0.5% (09-07-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 17-01-2013 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.
Bandhan Arbitrage Fund (Direct)
JM Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bandhan Arbitrage Fund (Direct) | −0.8% | 16-03-2020 | 25-03-2020 | 20-04-2020 | 26 days | −0.0% |
| JM Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 09-07-2020 | 21-09-2020 | 2 months | −0.1% |
From daily values since 17-01-2013, 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.
Bandhan Arbitrage Fund (Direct)
JM 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.
Bandhan Arbitrage Fund (Direct)
JM 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.
Bandhan Arbitrage Fund (Direct)
JM Arbitrage Fund (Direct)
Bandhan Arbitrage vs JM Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Bandhan Arbitrage Fund, August 2026; JM Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 42.2%
- Held by both
- 102
- Only in Bandhan Arbitrage
- 56
- Only in JM Arbitrage
- 11
| Security | % of Bandhan Arbitrage | % of JM Arbitrage |
|---|---|---|
| Vodafone Idea Limited | 2.94% | 3.40% |
| Axis Bank Limited | 2.41% | 3.89% |
| ICICI Bank Limited | 2.30% | 4.54% |
| Reliance Industries Limited | 2.11% | 4.13% |
| Kotak Mahindra Bank Limited | 1.72% | 2.94% |
| State Bank of India | 1.66% | 2.60% |
| Adani Enterprises Limited | 1.46% | 1.92% |
| Bharat Heavy Electricals Limited | 1.09% | 1.76% |
| Steel Authority of India Limited | 1.03% | 1.18% |
| Life Insurance Corporation Of India | 1.07% | 1.02% |
| Adani Ports and Special Economic Zone Limited | 1.02% | 0.95% |
| Tata Steel Limited | 0.91% | 3.27% |
| Canara Bank | 1.31% | 0.88% |
| Jio Financial Services Limited | 1.43% | 0.87% |
| Bharti Airtel Limited | 1.63% | 0.81% |
| Larsen & Toubro Limited | 1.55% | 0.77% |
| The Indian Hotels Company Limited | 0.72% | 0.94% |
| Indus Towers Limited | 0.71% | 1.97% |
| HDFC Bank Limited | 4.76% | 0.70% |
| IDFC First Bank Limited | 0.69% | 1.73% |
| JSW Steel Limited | 1.18% | 0.67% |
| Crompton Greaves Consumer Electricals Limited | 0.66% | 1.12% |
| Adani Power Limited | 0.66% | 0.77% |
| Adani Energy Solutions Limited | 0.66% | 1.09% |
| Varun Beverages Limited | 0.62% | 1.65% |
| Bank of Baroda | 0.56% | 1.29% |
| Hitachi Energy India Limited | 0.53% | 0.63% |
| LIC Housing Finance Limited | 0.52% | 0.95% |
| Biocon Limited | 0.52% | 0.54% |
| NMDC Limited | 0.50% | 1.37% |
| Ambuja Cements Limited | 0.59% | 0.47% |
| Yes Bank Limited | 0.47% | 1.55% |
| Manappuram Finance Limited | 0.46% | 0.56% |
| The Federal Bank Limited | 0.45% | 0.79% |
| Glenmark Pharmaceuticals Limited | 1.11% | 0.41% |
| Divi's Laboratories Limited | 0.53% | 0.41% |
| Hindustan Unilever Limited | 0.79% | 0.38% |
| ITC Limited | 0.38% | 0.79% |
| Indian Energy Exchange Limited | 0.43% | 0.34% |
| Eicher Motors Limited | 0.34% | 1.76% |
| Lupin Limited | 0.33% | 0.46% |
| Bajaj Finance Limited | 0.30% | 1.33% |
| HDFC Asset Management Company Limited | 0.77% | 0.28% |
| Sun Pharmaceutical Industries Limited | 0.28% | 0.63% |
| Ashok Leyland Limited | 0.54% | 0.27% |
| NTPC Limited | 0.38% | 0.27% |
| Godrej Properties Limited | 0.27% | 0.98% |
| Punjab National Bank | 1.10% | 0.27% |
| UPL Limited | 0.36% | 0.24% |
| Maruti Suzuki India Limited | 0.23% | 1.28% |
| Tata Consumer Products Limited | 0.22% | 0.31% |
| Grasim Industries Limited | 0.37% | 0.20% |
| Power Finance Corporation Limited | 0.20% | 1.39% |
| HDFC Life Insurance Company Limited | 0.83% | 0.19% |
| APL Apollo Tubes Limited | 0.56% | 0.18% |
| Adani Green Energy Limited | 0.34% | 0.18% |
| Bharat Petroleum Corporation Limited | 0.38% | 0.14% |
| Cummins India Limited | 0.68% | 0.14% |
| Torrent Pharmaceuticals Limited | 0.58% | 0.12% |
| Tata Power Company Limited | 0.37% | 0.11% |
| Hindustan Aeronautics Limited | 0.49% | 0.10% |
| Alkem Laboratories Limited | 0.10% | 0.11% |
| RBL Bank Limited | 0.10% | 0.41% |
| Bharat Electronics Limited | 0.60% | 0.10% |
| Hindalco Industries Limited | 0.53% | 0.10% |
| JSW Energy Limited | 0.08% | 0.20% |
| Union Bank of India | 0.59% | 0.07% |
| Kalyan Jewellers India Limited | 0.43% | 0.07% |
| Mahindra & Mahindra Limited | 0.06% | 0.80% |
| Aurobindo Pharma Limited | 0.06% | 0.32% |
| Bajaj Finserv Limited | 0.06% | 0.81% |
| Cholamandalam Investment and Finance Company Ltd | 0.33% | 0.06% |
| GMR Airports Limited | 0.13% | 0.06% |
| Indian Oil Corporation Limited | 0.49% | 0.06% |
| Bharat Forge Limited | 0.33% | 0.06% |
| SBI Life Insurance Company Limited | 0.06% | 0.06% |
| Asian Paints Limited | 0.05% | 1.09% |
| Cipla Limited | 0.05% | 0.05% |
| Mankind Pharma Limited | 0.05% | 0.31% |
| UltraTech Cement Limited | 0.18% | 0.05% |
| GE Vernova T&D India Limited | 0.39% | 0.05% |
| Tube Investments of India Limited | 0.09% | 0.04% |
| Hindustan Zinc Limited | 0.28% | 0.04% |
| TVS Motor Company Limited | 0.04% | 0.23% |
| United Spirits Limited | 0.04% | 0.48% |
| DLF Limited | 0.55% | 0.04% |
| Container Corporation of India Limited | 0.43% | 0.03% |
| Computer Age Management Services Limited | 0.07% | 0.03% |
| ICICI Lombard General Insurance Company Limited | 0.25% | 0.03% |
| Apollo Hospitals Enterprise Limited | 0.23% | 0.03% |
| Hindustan Petroleum Corporation Limited | 0.03% | 0.08% |
| PNB Housing Finance Limited | 0.03% | 0.13% |
| Shriram Finance Limited | 0.03% | 0.24% |
| AU Small Finance Bank Limited | 0.53% | 0.03% |
| Dabur India Limited | 0.33% | 0.03% |
| Inox Wind Limited | 0.23% | 0.03% |
| Info Edge (India) Limited | 0.02% | 0.32% |
| Bank of India | 0.46% | 0.02% |
| Fortis Healthcare Limited | 0.51% | 0.02% |
| Coal India Limited | 0.91% | 0.02% |
| Suzlon Energy Limited | 0.26% | 0.01% |
| NBCC (India) Limited | 0.01% | 0.93% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.2% means 42.2% 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 Bandhan Arbitrage Fund
| Security | % of fund |
|---|---|
| Bandhan Money Market Fund -Direct Plan-Growth | 13.36% |
| Bandhan Ultra Short to Short Term Fund-DR GR | 8.85% |
| Bandhan Ultra Short Term Fund - DR Plan GR | 3.59% |
| Max Financial Services Limited | 0.89% |
| Muthoot Finance Limited | 0.74% |
Largest holdings only in JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| Bandhan Bank Limited | 1.90% |
| 364 Days Treasury Bill 06-Nov-2026 | 1.46% |
| 182 Days Treasury Bill 19-Nov-2026 | 1.46% |
| 364 Days Treasury Bill 03-Dec-2026 | 1.45% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bandhan Arbitrage | JM Arbitrage |
|---|---|---|
| Equity | 72.8% | 77.1% |
| Debt | 0.1% | 7.3% |
| Cash and others | 27.1% | 15.6% |
Market cap of stocks
| Market cap | Bandhan Arbitrage | JM Arbitrage |
|---|---|---|
| Large Cap | 53.8% | 57.7% |
| Mid Cap | 15.5% | 13.0% |
| Small Cap | 3.4% | 6.4% |
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 | Bandhan Arbitrage | JM Arbitrage |
|---|---|---|
| Banks | 19.2% | 23.7% |
| Finance | 4.3% | 6.3% |
| Telecom - Services | 5.3% | 6.2% |
| Ferrous Metals | 3.7% | 5.1% |
| Petroleum Products | 3.0% | 4.4% |
| Automobiles | 1.2% | 4.1% |
| Pharmaceuticals & Biotechnology | 3.6% | 3.4% |
| Insurance | 3.1% | 1.3% |
The six largest sectors of each fund's stocks, % of the fund.
Bandhan Arbitrage vs JM Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bandhan Arbitrage Fund | JM Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 1.42% |
| Base expense ratio (Direct) | 0.29% | 0.35% |
| Total expense ratio (Regular) | 2.35% | 2.07% |
| Base expense ratio (Regular) | 0.91% | 0.91% |
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 Bandhan Arbitrage with
Bandhan Arbitrage Fund vs JM Arbitrage Fund: Frequently Asked Questions
What is the difference between Bandhan Arbitrage Fund and JM Arbitrage Fund?
Both are Arbitrage funds, run by Bandhan Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 42.2%. Bandhan Arbitrage Fund charges 1.63% a year and JM Arbitrage Fund 1.42%.
Which has given higher returns, Bandhan Arbitrage Fund or JM Arbitrage Fund?
Over 1 year: Bandhan Arbitrage Fund +6.48%, JM Arbitrage Fund +6.43%. Over 3 years: Bandhan Arbitrage Fund +7.27% a year, JM Arbitrage Fund +6.94% a year. Over 5 years: Bandhan Arbitrage Fund +6.78% a year, JM Arbitrage Fund +6.44% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bandhan Arbitrage Fund or JM Arbitrage Fund?
JM Arbitrage Fund charges less: 1.42% a year against 1.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bandhan Arbitrage Fund and JM Arbitrage Fund overlap?
42.2%. They hold 102 of the same securities, the largest shared ones being IDEA, AXISBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Bandhan Arbitrage Fund or JM Arbitrage Fund?
On SEBI's riskometer, Bandhan Arbitrage Fund is rated Low and JM Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.06% and 1.14% a year.
Which is better for SIP, Bandhan Arbitrage Fund or JM Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,31,125 in Bandhan Arbitrage Fund (XIRR 7.1% a year) and ₹7,25,615 in JM Arbitrage Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bandhan Arbitrage Fund and JM Arbitrage Fund?
Yes. 42.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Bandhan Arbitrage Fund and JM Arbitrage Fund?
Bandhan Arbitrage Fund: Kapil Kankonkar, Harshal Joshi, Ritika Behera, Gaurav Satra, Brijesh Shah. JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar.
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.