Baroda BNP Paribas Arbitrage Fund vs HSBC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Baroda BNP Paribas Arbitrage Fund and HSBC Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Baroda BNP Paribas Arbitrage Fund (Direct) returned 7.2% a year and HSBC Arbitrage Fund (Direct) returned 7.2% a year. Baroda BNP Paribas Arbitrage Fund charges 1.47% a year and HSBC Arbitrage Fund 1.45% (Direct plans). Their portfolios overlap 38.1%: they hold 74 of the same securities.
Baroda BNP Paribas Arbitrage Fund
Arbitrage
- 3 year return
- 7.2%
- Expense ratio
- 1.47%
- NAV
- ₹18.40
Which is better, Baroda BNP Paribas 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.
- Baroda BNP Paribas Arbitrage returned more over 3 years: 7.2% a year against 7.2%.
- HSBC Arbitrage returned more over 1 year: 6.5% against 6.3%.
- HSBC Arbitrage costs less: 1.45% a year against 1.47% (Direct plans).
- Baroda BNP Paribas Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Baroda BNP Paribas Arbitrage fell less in its worst fall since 28-11-2022: −0.3% against −0.3%.
- HSBC Arbitrage is the larger fund: ₹3,633 Cr against ₹1,015 Cr.
- Their portfolios overlap 38.1%: 74 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 | Baroda BNP Paribas Arbitrage Fund | HSBC Arbitrage Fund |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | HSBC Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹1,015 Cr (30-09-2026) | ₹3,633 Cr (30-09-2026) |
| NAV | ₹18.40 (Direct) | ₹22.08 (Direct) |
| Expense ratio (Direct) | 1.47% | 1.45% |
| Expense ratio (Regular) | 2.24% | 2.07% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 30-06-2014 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi |
| Exit load | Not available | Exit load of 0.25% if redeemed within 1 month |
Baroda BNP Paribas 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 |
|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Arbitrage Fund (Direct) | +0.51% | +1.41% | +3.03% | +6.29% | +7.22% | -- | -- |
| 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.
Baroda BNP Paribas Arbitrage vs HSBC Arbitrage: Year-wise Returns
| Year | Baroda BNP ParibasBaroda BNP Paribas Arbitrage | HSBCHSBC Arbitrage |
|---|---|---|
| 2026to date | +5.07% | +5.31% |
| 2025 | +7.02% | +6.93% |
| 2024 | +8.26% | +8.05% |
| 2023 | +7.87% | +7.79% |
Baroda BNP Paribas Arbitrage vs HSBC Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 226 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.
Baroda BNP Paribas 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 7.2% | 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.
Baroda BNP Paribas 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 |
|---|---|---|---|---|
| Baroda BNP Paribas ArbitrageBaroda BNP Paribas Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,52,616 | ₹72,616 | 7.0% |
| HSBC ArbitrageHSBC Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,52,835 | ₹72,835 | 7.0% |
Baroda BNP Paribas ArbitrageBaroda BNP Paribas 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.
Baroda BNP Paribas Arbitrage vs HSBC Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Baroda BNP Paribas Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.29% | +6.54% |
| Standard deviation | 1.30% | 1.35% |
| Sharpe ratio | 0.81 | 0.96 |
| Sortino ratio | 1.23 | 1.45 |
| Maximum drawdown | −0.3% (04-09-2026) | −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 | Baroda BNP Paribas Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.22% | +7.17% |
| Standard deviation | 1.08% | 1.10% |
| Sharpe ratio | 1.11 | 1.04 |
| Sortino ratio | 1.71 | 1.56 |
| Maximum drawdown | −0.3% (04-09-2026) | −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 | Baroda BNP Paribas Arbitrage Fund (Direct) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.87% | +7.37% |
| Standard deviation | 1.01% | 1.04% |
| Sharpe ratio | 0.88 | 1.15 |
| Sortino ratio | 1.32 | 1.72 |
| Maximum drawdown | −0.3% (04-09-2026) | −0.3% (26-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 14-03-2022 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.
Baroda BNP Paribas 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 |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Arbitrage Fund (Direct) | −0.3% | 01-09-2026 | 04-09-2026 | 10-09-2026 | 6 days | −0.1% |
| 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.
Baroda BNP Paribas 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.
Baroda BNP Paribas Arbitrage Fund (Direct)
HSBC Arbitrage Fund (Direct)
Baroda BNP Paribas Arbitrage vs HSBC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Baroda BNP Paribas Arbitrage Fund, September 2026; HSBC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 38.1%
- Held by both
- 74
- Only in Baroda BNP Paribas Arbitrage
- 17
- Only in HSBC Arbitrage
- 61
| Security | % of Baroda BNP Paribas Arbitrage | % of HSBC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 3.69% | 4.78% |
| Canara Bank | 3.75% | 3.04% |
| ICICI Bank Limited | 2.92% | 5.32% |
| Adani Power Limited | 2.69% | 2.55% |
| Reliance Industries Limited | 2.31% | 4.84% |
| Steel Authority of India Limited | 1.58% | 3.24% |
| Crompton Greaves Consumer Electricals Limited | 1.33% | 2.00% |
| Axis Bank Limited | 3.86% | 1.26% |
| Adani Energy Solutions Limited | 2.81% | 1.24% |
| NMDC Limited | 2.82% | 1.17% |
| JSW Steel Limited | 1.18% | 1.11% |
| Manappuram Finance Limited | 2.79% | 1.05% |
| Glenmark Pharmaceuticals Limited | 3.21% | 0.97% |
| Punjab National Bank | 0.97% | 1.45% |
| Jio Financial Services Limited | 1.09% | 0.94% |
| Tata Steel Limited | 0.94% | 0.88% |
| State Bank of India | 1.90% | 0.82% |
| Inox Wind Limited | 1.14% | 0.65% |
| Indus Towers Limited | 1.46% | 0.64% |
| Vodafone Idea Limited | 4.55% | 0.57% |
| Container Corporation of India Limited | 1.07% | 0.56% |
| Bharat Heavy Electricals Limited | 0.81% | 0.52% |
| Adani Enterprises Limited | 0.60% | 0.49% |
| Yes Bank Limited | 0.49% | 1.83% |
| Life Insurance Corporation Of India | 0.88% | 0.46% |
| Bandhan Bank Limited | 0.44% | 2.36% |
| Coal India Limited | 1.34% | 0.41% |
| Indian Energy Exchange Limited | 0.40% | 1.04% |
| Bajaj Finance Limited | 0.38% | 0.98% |
| Ambuja Cements Limited | 0.38% | 0.79% |
| Godrej Properties Limited | 0.32% | 1.28% |
| Bharti Airtel Limited | 0.38% | 0.30% |
| Hindustan Unilever Limited | 0.94% | 0.29% |
| Kotak Mahindra Bank Limited | 1.13% | 0.26% |
| RBL Bank Limited | 0.18% | 0.18% |
| Tata Consumer Products Limited | 0.76% | 0.17% |
| Biocon Limited | 0.17% | 0.39% |
| GE Vernova T&D India Limited | 0.17% | 0.16% |
| The Indian Hotels Company Limited | 0.14% | 0.25% |
| LIC Housing Finance Limited | 0.14% | 0.75% |
| Adani Green Energy Limited | 2.69% | 0.13% |
| HDFC Life Insurance Company Limited | 0.11% | 1.26% |
| The Federal Bank Limited | 0.11% | 0.66% |
| Colgate Palmolive (India) Limited | 0.11% | 0.13% |
| PNB Housing Finance Limited | 2.50% | 0.10% |
| ITC Limited | 0.10% | 0.78% |
| Infosys Limited | 0.08% | 0.80% |
| Hindalco Industries Limited | 0.86% | 0.07% |
| Aditya Birla Capital Limited | 0.21% | 0.07% |
| Divi's Laboratories Limited | 0.07% | 0.83% |
| Bank of India | 0.07% | 0.29% |
| Maruti Suzuki India Limited | 0.19% | 0.06% |
| Hindustan Aeronautics Limited | 0.12% | 0.06% |
| NBCC (India) Limited | 0.05% | 0.62% |
| Cummins India Limited | 0.05% | 0.42% |
| APL Apollo Tubes Limited | 0.05% | 0.17% |
| Jindal Steel Limited | 0.05% | 0.28% |
| Tata Power Company Limited | 0.57% | 0.04% |
| PG Electroplast Limited | 0.15% | 0.04% |
| Bajaj Finserv Limited | 0.11% | 0.04% |
| Larsen & Toubro Limited | 0.06% | 0.04% |
| Bharat Electronics Limited | 1.16% | 0.03% |
| Lupin Limited | 0.13% | 0.03% |
| Cipla Limited | 0.75% | 0.02% |
| Union Bank of India | 0.33% | 0.02% |
| One 97 Communications Limited | 0.11% | 0.02% |
| Kalyan Jewellers India Limited | 0.02% | 0.78% |
| Varun Beverages Limited | 0.02% | 1.74% |
| NTPC Limited | 0.22% | 0.01% |
| Alkem Laboratories Limited | 0.03% | 0.01% |
| National Aluminium Company Limited | 0.02% | 0.01% |
| InterGlobe Aviation Limited | 0.01% | 0.03% |
| Bank of Baroda | 0.01% | 0.19% |
| Zydus Lifesciences Limited | 0.01% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.1% means 38.1% 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 Baroda BNP Paribas Arbitrage Fund
| Security | % of fund |
|---|---|
| Baroda BNP Paribas Liquid Fund - Direct Growth | 8.00% |
| 364 Days Tbill (MD 11/03/2027) | 4.80% |
| 182 Days Tbill (MD 19/11/2026) | 2.45% |
| 364 Days Tbill (MD 26/11/2026) | 2.44% |
| 364 Days Tbill (MD 19/03/2027) | 2.40% |
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% |
| IDFC First Bank Limited | 1.47% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Baroda BNP Paribas Arbitrage | HSBC Arbitrage |
|---|---|---|
| Equity | 71.2% | 69.0% |
| Debt | 12.1% | 12.7% |
| Cash and others | 16.7% | 18.3% |
Market cap of stocks
| Market cap | Baroda BNP Paribas Arbitrage | HSBC Arbitrage |
|---|---|---|
| Large Cap | 50.1% | 43.9% |
| Mid Cap | 11.9% | 16.1% |
| Small Cap | 9.2% | 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 | Baroda BNP Paribas Arbitrage | HSBC Arbitrage |
|---|---|---|
| Banks | 19.9% | 25.0% |
| Power | 9.0% | 4.0% |
| Finance | 7.2% | 4.8% |
| Telecom - Services | 6.4% | 1.5% |
| Ferrous Metals | 3.8% | 5.5% |
| Petroleum Products | 2.3% | 5.0% |
| Pharmaceuticals & Biotechnology | 4.4% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Baroda BNP Paribas Arbitrage vs HSBC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Baroda BNP Paribas Arbitrage Fund | HSBC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.47% | 1.45% |
| Base expense ratio (Direct) | 0.31% | 0.22% |
| Total expense ratio (Regular) | 2.24% | 2.07% |
| Base expense ratio (Regular) | 0.97% | 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 Baroda BNP Paribas Arbitrage with
Baroda BNP Paribas Arbitrage Fund vs HSBC Arbitrage Fund: Frequently Asked Questions
What is the difference between Baroda BNP Paribas Arbitrage Fund and HSBC Arbitrage Fund?
Both are Arbitrage funds, run by Baroda BNP Paribas Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 38.1%. Baroda BNP Paribas Arbitrage Fund charges 1.47% a year and HSBC Arbitrage Fund 1.45%.
Which has given higher returns, Baroda BNP Paribas Arbitrage Fund or HSBC Arbitrage Fund?
Over 1 year: Baroda BNP Paribas Arbitrage Fund +6.29%, HSBC Arbitrage Fund +6.54%. Over 3 years: Baroda BNP Paribas Arbitrage Fund +7.22% 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, Baroda BNP Paribas Arbitrage Fund or HSBC Arbitrage Fund?
HSBC Arbitrage Fund charges less: 1.45% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Baroda BNP Paribas Arbitrage Fund and HSBC Arbitrage Fund overlap?
38.1%. They hold 74 of the same securities, the largest shared ones being HDFCBANK, CANBK, ICICIBANK. From each fund's latest monthly portfolio.
Which is better for SIP, Baroda BNP Paribas 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 ₹4,10,804 in Baroda BNP Paribas 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 Baroda BNP Paribas Arbitrage Fund and HSBC Arbitrage Fund?
Yes. 38.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.