Bank of India Arbitrage Fund vs HDFC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bank of India Arbitrage Fund and HDFC Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Bank of India Arbitrage Fund (Direct) returned 6.8% a year and HDFC Arbitrage Fund (Direct) returned 7.3% a year. Bank of India Arbitrage Fund charges 2.13% a year and HDFC Arbitrage Fund 1.48% (Direct plans). Their portfolios overlap 29.1%: they hold 26 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, Bank of India Arbitrage or HDFC Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Arbitrage returned more over 5 years: 6.7% a year against 6.0%.
- HDFC Arbitrage returned more over 3 years: 7.3% a year against 6.8%.
- HDFC Arbitrage costs less: 1.48% a year against 2.13% (Direct plans).
- HDFC Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.2%.
- Bank of India Arbitrage fell less in its worst fall since 20-06-2018: −0.6% against −0.7%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹111 Cr.
- Their portfolios overlap 29.1%: 26 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 | Bank of India Arbitrage Fund | HDFC Arbitrage Fund |
|---|---|---|
| Fund house | Bank of India Mutual Fund | HDFC Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹111 Cr (30-09-2026) | ₹25,407 Cr (30-09-2026) |
| NAV | ₹15.60 (Direct) | ₹21.93 (Direct) |
| Expense ratio (Direct) | 2.13% | 1.48% |
| Expense ratio (Regular) | 2.82% | 2.02% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 18-06-2018 | 23-10-2007 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Firdaus Ragina | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal |
| Exit load | • 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" | • In respect of each purchase / switch-in of Units, an Exit load of 0.25% is payable if Units are redeemed / switched-out within 15 days from the date of allotment of units. • No Exit Load is payable if Units are redeemed/switched-out after 15 days from the date of allotment. |
Bank of India Arbitrage vs HDFC 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 |
|---|---|---|---|---|---|---|---|
| Bank of India Arbitrage Fund (Direct) | +0.73% | +1.71% | +3.16% | +6.46% | +6.84% | +6.02% | -- |
| HDFC Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.25% | +6.66% | +7.26% | +6.73% | +6.13% |
| 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.
Bank of India Arbitrage vs HDFC Arbitrage: Year-wise Returns
| Year | Bank of IndiaBank of India Arbitrage | HDFCHDFC Arbitrage |
|---|---|---|
| 2026to date | +5.29% | +5.43% |
| 2025 | +6.45% | +6.93% |
| 2024 | +7.71% | +8.22% |
| 2023 | +6.85% | +7.78% |
| 2022 | +3.43% | +4.73% |
| 2021 | +2.79% | +4.17% |
Bank of India Arbitrage vs HDFC Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,321 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.
Bank of India Arbitrage Fund (Direct)
HDFC 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| HDFC Arbitrage | 0.0 | 29.7 | 70.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 5.9% | 4.2% | 7.8% |
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 20-06-2018. Past returns do not promise future returns.
Bank of India Arbitrage vs HDFC 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 20-06-2018 to 30-10-2026: 101 instalments, ₹10,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bank of India ArbitrageBank of India Arbitrage Fund (Direct) | ₹10,10,000 | ₹12,95,469 | ₹2,85,469 | 5.8% |
| HDFC ArbitrageHDFC Arbitrage Fund (Direct) | ₹10,10,000 | ₹13,33,354 | ₹3,23,354 | 6.5% |
Bank of India ArbitrageBank of India Arbitrage Fund (Direct)
HDFC ArbitrageHDFC 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.
Bank of India Arbitrage vs HDFC Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bank of India Arbitrage Fund (Direct) | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.46% | +6.66% |
| Standard deviation | 1.57% | 1.39% |
| Sharpe ratio | 0.77 | 1.01 |
| Sortino ratio | 1.19 | 1.55 |
| Maximum drawdown | −0.4% (04-09-2026) | −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 | Bank of India Arbitrage Fund (Direct) | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +7.26% |
| Standard deviation | 1.19% | 1.10% |
| Sharpe ratio | 0.68 | 1.12 |
| Sortino ratio | 1.03 | 1.71 |
| Maximum drawdown | −0.4% (04-09-2026) | −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 | Bank of India Arbitrage Fund (Direct) | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.02% | +6.73% |
| Standard deviation | 1.09% | 1.01% |
| Sharpe ratio | 0.20 | 0.92 |
| Sortino ratio | 0.29 | 1.39 |
| Maximum drawdown | −0.4% (04-09-2026) | −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 | Bank of India Arbitrage Fund (Direct) | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.45% | +6.43% |
| Standard deviation | 1.07% | 1.02% |
| Sharpe ratio | 0.16 | 0.60 |
| Sortino ratio | 0.22 | 0.87 |
| Maximum drawdown | −0.6% (25-03-2020) | −0.7% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 20-06-2018 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.
Bank of India Arbitrage Fund (Direct)
HDFC Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bank of India Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 25-03-2020 | 20-04-2020 | 26 days | 0.0% |
| HDFC Arbitrage Fund (Direct) | −0.7% | 16-03-2020 | 25-03-2020 | 03-04-2020 | 9 days | −0.1% |
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.
Bank of India Arbitrage Fund (Direct)
HDFC 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.
Bank of India Arbitrage Fund (Direct)
HDFC 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.
Bank of India Arbitrage Fund (Direct)
HDFC Arbitrage Fund (Direct)
Bank of India Arbitrage vs HDFC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Bank of India Arbitrage Fund, September 2026; HDFC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 29.1%
- Held by both
- 26
- Only in Bank of India Arbitrage
- 8
- Only in HDFC Arbitrage
- 143
| Security | % of Bank of India Arbitrage | % of HDFC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 4.87% | 5.04% |
| Reliance Industries Limited | 3.27% | 3.39% |
| JSW Steel Limited | 2.90% | 2.32% |
| State Bank of India | 2.14% | 2.30% |
| Axis Bank Limited | 2.08% | 2.87% |
| Bajaj Finance Limited | 2.73% | 1.80% |
| Tata Steel Limited | 5.86% | 1.55% |
| Canara Bank | 5.82% | 1.52% |
| Kotak Mahindra Bank Limited | 3.69% | 1.44% |
| Hindustan Unilever Limited | 1.68% | 1.43% |
| Divi's Laboratories Limited | 1.68% | 1.26% |
| Vodafone Idea Limited | 4.09% | 1.03% |
| Bank of Baroda | 4.02% | 0.74% |
| Steel Authority of India Limited | 4.08% | 0.60% |
| Apollo Hospitals Enterprise Limited | 1.75% | 0.59% |
| Ambuja Cements Limited | 1.26% | 0.44% |
| Power Finance Corporation Limited | 2.83% | 0.41% |
| Biocon Limited | 1.09% | 0.37% |
| Bharat Forge Limited | 2.43% | 0.35% |
| Godrej Properties Limited | 0.38% | 0.26% |
| Aurobindo Pharma Limited | 1.74% | 0.17% |
| UPL Limited | 1.12% | 0.16% |
| Samvardhana Motherson International Limited | 2.99% | 0.14% |
| UltraTech Cement Limited | 0.10% | 0.21% |
| Computer Age Management Services Limited | 0.90% | 0.05% |
| Container Corporation of India Limited | 1.01% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.1% means 29.1% 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 Bank of India Arbitrage Fund
| Security | % of fund |
|---|---|
| Bank of India Liquid Fund Direct Plan - Growth | 12.10% |
| Vedanta Limited | 4.62% |
| 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% |
Largest holdings only in HDFC Arbitrage Fund
| Security | % of fund |
|---|---|
| HDFC Money Market Fund - Direct Plan - Growth Option | 9.14% |
| ICICI Bank Ltd. | 5.04% |
| Union Bank of India | 3.84% |
| HDFC Liquid Fund - Direct Plan - Growth Option | 3.75% |
| Bharti Airtel Ltd. | 3.31% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bank of India Arbitrage | HDFC Arbitrage |
|---|---|---|
| Equity | 71.1% | 67.5% |
| Debt | 4.0% | 9.0% |
| Cash and others | 24.9% | 23.4% |
Market cap of stocks
| Market cap | Bank of India Arbitrage | HDFC Arbitrage |
|---|---|---|
| Large Cap | 58.4% | 55.6% |
| Mid Cap | 11.8% | 10.3% |
| Small Cap | 0.9% | 1.7% |
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 | Bank of India Arbitrage | HDFC Arbitrage |
|---|---|---|
| Banks | 22.6% | 22.2% |
| Ferrous Metals | 12.8% | 4.5% |
| Finance | 5.6% | 4.3% |
| Auto Components | 5.4% | 0.6% |
| Telecom - Services | 4.1% | 5.2% |
| Diversified Metals | 4.6% | 0.0% |
| Pharmaceuticals & Biotechnology | 4.5% | 3.0% |
| Petroleum Products | 3.3% | 4.4% |
| Automobiles | 0.0% | 3.1% |
The six largest sectors of each fund's stocks, % of the fund.
Bank of India Arbitrage vs HDFC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bank of India Arbitrage Fund | HDFC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.13% | 1.48% |
| Base expense ratio (Direct) | 0.29% | 0.34% |
| Total expense ratio (Regular) | 2.82% | 2.02% |
| Base expense ratio (Regular) | 0.88% | 0.80% |
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 Bank of India Arbitrage with
Bank of India Arbitrage Fund vs HDFC Arbitrage Fund: Frequently Asked Questions
What is the difference between Bank of India Arbitrage Fund and HDFC Arbitrage Fund?
Both are Arbitrage funds, run by Bank of India Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 29.1%. Bank of India Arbitrage Fund charges 2.13% a year and HDFC Arbitrage Fund 1.48%.
Which has given higher returns, Bank of India Arbitrage Fund or HDFC Arbitrage Fund?
Over 1 year: Bank of India Arbitrage Fund +6.46%, HDFC Arbitrage Fund +6.66%. Over 3 years: Bank of India Arbitrage Fund +6.84% a year, HDFC Arbitrage Fund +7.26% a year. Over 5 years: Bank of India Arbitrage Fund +6.02% a year, HDFC Arbitrage Fund +6.73% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bank of India Arbitrage Fund or HDFC Arbitrage Fund?
HDFC Arbitrage Fund charges less: 1.48% a year against 2.13%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bank of India Arbitrage Fund and HDFC Arbitrage Fund overlap?
29.1%. They hold 26 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, JSWSTEEL. From each fund's latest monthly portfolio.
Which is riskier, Bank of India Arbitrage Fund or HDFC Arbitrage Fund?
On SEBI's riskometer, Bank of India Arbitrage Fund is rated Low and HDFC Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.19% and 1.10% a year.
Which is better for SIP, Bank of India Arbitrage Fund or HDFC Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,21,740 in Bank of India Arbitrage Fund (XIRR 6.6% a year) and ₹7,30,981 in HDFC Arbitrage Fund (XIRR 7.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Bank of India Arbitrage Fund and HDFC Arbitrage Fund?
Yes. 29.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bank of India Arbitrage Fund and HDFC Arbitrage Fund?
Bank of India Arbitrage Fund: Firdaus Ragina. HDFC Arbitrage Fund: Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal.
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.