Baroda BNP Paribas Arbitrage Fund vs JM Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Baroda BNP Paribas Arbitrage Fund and JM 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 JM Arbitrage Fund (Direct) returned 6.9% a year. Baroda BNP Paribas Arbitrage Fund charges 1.47% a year and JM Arbitrage Fund 1.42% (Direct plans). Their portfolios overlap 38.8%: 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 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.
- Baroda BNP Paribas Arbitrage returned more over 3 years: 7.2% a year against 6.9%.
- JM Arbitrage returned more over 1 year: 6.4% against 6.3%.
- JM Arbitrage costs less: 1.42% 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 14-03-2022: −0.3% against −0.5%.
- Baroda BNP Paribas Arbitrage is the larger fund: ₹1,015 Cr against ₹341 Cr.
- Their portfolios overlap 38.8%: 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 | JM Arbitrage Fund |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | JM Financial Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹1,015 Cr (30-09-2026) | ₹341 Cr (30-09-2026) |
| NAV | ₹18.40 (Direct) | ₹37.71 (Direct) |
| Expense ratio (Direct) | 1.47% | 1.42% |
| Expense ratio (Regular) | 2.24% | 2.07% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 18-07-2006 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar |
| Exit load | Not available | 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. |
Baroda BNP Paribas 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 |
|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Arbitrage Fund (Direct) | +0.51% | +1.41% | +3.03% | +6.29% | +7.22% | -- | -- |
| 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.
Baroda BNP Paribas Arbitrage vs JM Arbitrage: Year-wise Returns
| Year | Baroda BNP ParibasBaroda BNP Paribas Arbitrage | JMJM Arbitrage |
|---|---|---|
| 2026to date | +5.07% | +5.21% |
| 2025 | +7.02% | +6.61% |
| 2024 | +8.26% | +7.96% |
| 2023 | +7.87% | +7.39% |
| 2022 | -- | +4.62% |
| 2021 | -- | +3.16% |
Baroda BNP Paribas Arbitrage vs JM Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 400 of them, one for each trading day from 17-03-2025 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)
JM Arbitrage Fund (Direct)
to
May 2025Aug 2022
to
Aug 2025Nov 2022
to
Nov 2025Mar 2023
to
Mar 2026Jun 2023
to
Jun 2026Sept 2023
to
Sept 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% | 7.0% | 7.8% |
| JM Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 6.8% | 7.4% |
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 14-03-2022. Past returns do not promise future returns.
Baroda BNP Paribas 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 14-03-2022 to 30-10-2026: 56 instalments, ₹5,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Baroda BNP Paribas ArbitrageBaroda BNP Paribas Arbitrage Fund (Direct) | ₹5,60,000 | ₹6,60,412 | ₹1,00,412 | 7.0% |
| JM ArbitrageJM Arbitrage Fund (Direct) | ₹5,60,000 | ₹6,57,438 | ₹97,438 | 6.8% |
Baroda BNP Paribas ArbitrageBaroda BNP Paribas 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.
Baroda BNP Paribas Arbitrage vs JM 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) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.29% | +6.43% |
| Standard deviation | 1.30% | 1.45% |
| Sharpe ratio | 0.81 | 0.82 |
| Sortino ratio | 1.23 | 1.24 |
| Maximum drawdown | −0.3% (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 | Baroda BNP Paribas Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.22% | +6.94% |
| Standard deviation | 1.08% | 1.14% |
| Sharpe ratio | 1.11 | 0.81 |
| Sortino ratio | 1.71 | 1.22 |
| Maximum drawdown | −0.3% (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 | Baroda BNP Paribas Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.87% | +6.41% |
| Standard deviation | 1.01% | 1.05% |
| Sharpe ratio | 0.88 | 0.34 |
| Sortino ratio | 1.32 | 0.50 |
| Maximum drawdown | −0.3% (04-09-2026) | −0.5% (09-07-2020) |
| 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)
JM 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% |
| JM Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
From daily values since 14-03-2022, 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)
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.
Baroda BNP Paribas Arbitrage Fund (Direct)
JM Arbitrage Fund (Direct)
Baroda BNP Paribas Arbitrage vs JM Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Baroda BNP Paribas Arbitrage Fund, September 2026; JM Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 38.8%
- Held by both
- 74
- Only in Baroda BNP Paribas Arbitrage
- 17
- Only in JM Arbitrage
- 39
| Security | % of Baroda BNP Paribas Arbitrage | % of JM Arbitrage |
|---|---|---|
| Axis Bank Limited | 3.86% | 3.89% |
| Vodafone Idea Limited | 4.55% | 3.40% |
| ICICI Bank Limited | 2.92% | 4.54% |
| Reliance Industries Limited | 2.31% | 4.13% |
| State Bank of India | 1.90% | 2.60% |
| Indus Towers Limited | 1.46% | 1.97% |
| 182 Days Tbill (MD 19/11/2026) | 2.45% | 1.46% |
| NMDC Limited | 2.82% | 1.37% |
| Steel Authority of India Limited | 1.58% | 1.18% |
| Kotak Mahindra Bank Limited | 1.13% | 2.94% |
| Crompton Greaves Consumer Electricals Limited | 1.33% | 1.12% |
| Adani Energy Solutions Limited | 2.81% | 1.09% |
| Tata Steel Limited | 0.94% | 3.27% |
| Life Insurance Corporation Of India | 0.88% | 1.02% |
| Canara Bank | 3.75% | 0.88% |
| Jio Financial Services Limited | 1.09% | 0.87% |
| Bharat Heavy Electricals Limited | 0.81% | 1.76% |
| Adani Power Limited | 2.69% | 0.77% |
| HDFC Bank Limited | 3.69% | 0.70% |
| JSW Steel Limited | 1.18% | 0.67% |
| Adani Enterprises Limited | 0.60% | 1.92% |
| Manappuram Finance Limited | 2.79% | 0.56% |
| Yes Bank Limited | 0.49% | 1.55% |
| Bandhan Bank Limited | 0.44% | 1.90% |
| Glenmark Pharmaceuticals Limited | 3.21% | 0.41% |
| Hindustan Unilever Limited | 0.94% | 0.38% |
| Bajaj Finance Limited | 0.38% | 1.33% |
| Ambuja Cements Limited | 0.38% | 0.47% |
| Bharti Airtel Limited | 0.38% | 0.81% |
| Indian Energy Exchange Limited | 0.40% | 0.34% |
| Godrej Properties Limited | 0.32% | 0.98% |
| Info Edge (India) Limited | 0.74% | 0.32% |
| Tata Consumer Products Limited | 0.76% | 0.31% |
| Punjab National Bank | 0.97% | 0.27% |
| Mahindra & Mahindra Limited | 0.23% | 0.80% |
| NTPC Limited | 0.22% | 0.27% |
| Grasim Industries Limited | 0.44% | 0.20% |
| Maruti Suzuki India Limited | 0.19% | 1.28% |
| Adani Green Energy Limited | 2.69% | 0.18% |
| RBL Bank Limited | 0.18% | 0.41% |
| Biocon Limited | 0.17% | 0.54% |
| The Indian Hotels Company Limited | 0.14% | 0.94% |
| LIC Housing Finance Limited | 0.14% | 0.95% |
| Lupin Limited | 0.13% | 0.46% |
| PNB Housing Finance Limited | 2.50% | 0.13% |
| HDFC Life Insurance Company Limited | 0.11% | 0.19% |
| The Federal Bank Limited | 0.11% | 0.79% |
| Bajaj Finserv Limited | 0.11% | 0.81% |
| Tata Power Company Limited | 0.57% | 0.11% |
| Hindustan Aeronautics Limited | 0.12% | 0.10% |
| ITC Limited | 0.10% | 0.79% |
| Bharat Electronics Limited | 1.16% | 0.10% |
| Hindalco Industries Limited | 0.86% | 0.10% |
| Divi's Laboratories Limited | 0.07% | 0.41% |
| Union Bank of India | 0.33% | 0.07% |
| Larsen & Toubro Limited | 0.06% | 0.77% |
| GMR Airports Limited | 0.20% | 0.06% |
| Cipla Limited | 0.75% | 0.05% |
| NBCC (India) Limited | 0.05% | 0.93% |
| Cummins India Limited | 0.05% | 0.14% |
| APL Apollo Tubes Limited | 0.05% | 0.18% |
| GE Vernova T&D India Limited | 0.17% | 0.05% |
| JSW Energy Limited | 0.04% | 0.20% |
| Container Corporation of India Limited | 1.07% | 0.03% |
| UltraTech Cement Limited | 0.03% | 0.05% |
| Alkem Laboratories Limited | 0.03% | 0.11% |
| Inox Wind Limited | 1.14% | 0.03% |
| Kalyan Jewellers India Limited | 0.02% | 0.07% |
| Varun Beverages Limited | 0.02% | 1.65% |
| Bank of India | 0.07% | 0.02% |
| Coal India Limited | 1.34% | 0.02% |
| InterGlobe Aviation Limited | 0.01% | 0.55% |
| Bank of Baroda | 0.01% | 1.29% |
| Asian Paints Limited | 0.01% | 1.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.8% means 38.8% 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% |
| 364 Days Tbill (MD 26/11/2026) | 2.44% |
| 364 Days Tbill (MD 19/03/2027) | 2.40% |
| Aditya Birla Capital Limited | 0.21% |
Largest holdings only in JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| Eicher Motors Limited | 1.76% |
| IDFC First Bank Limited | 1.73% |
| 364 Days Treasury Bill 06-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 | Baroda BNP Paribas Arbitrage | JM Arbitrage |
|---|---|---|
| Equity | 71.2% | 77.1% |
| Debt | 12.1% | 7.3% |
| Cash and others | 16.7% | 15.6% |
Market cap of stocks
| Market cap | Baroda BNP Paribas Arbitrage | JM Arbitrage |
|---|---|---|
| Large Cap | 50.1% | 57.7% |
| Mid Cap | 11.9% | 13.0% |
| Small Cap | 9.2% | 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 | Baroda BNP Paribas Arbitrage | JM Arbitrage |
|---|---|---|
| Banks | 19.9% | 23.7% |
| Power | 9.0% | 2.6% |
| Finance | 7.2% | 6.3% |
| Telecom - Services | 6.4% | 6.2% |
| Ferrous Metals | 3.8% | 5.1% |
| Petroleum Products | 2.3% | 4.4% |
| Pharmaceuticals & Biotechnology | 4.4% | 3.4% |
| Automobiles | 0.4% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Baroda BNP Paribas Arbitrage vs JM Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Baroda BNP Paribas Arbitrage Fund | JM Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.47% | 1.42% |
| Base expense ratio (Direct) | 0.31% | 0.35% |
| Total expense ratio (Regular) | 2.24% | 2.07% |
| Base expense ratio (Regular) | 0.97% | 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 Baroda BNP Paribas Arbitrage with
Baroda BNP Paribas Arbitrage Fund vs JM Arbitrage Fund: Frequently Asked Questions
What is the difference between Baroda BNP Paribas Arbitrage Fund and JM Arbitrage Fund?
Both are Arbitrage funds, run by Baroda BNP Paribas Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 38.8%. Baroda BNP Paribas Arbitrage Fund charges 1.47% a year and JM Arbitrage Fund 1.42%.
Which has given higher returns, Baroda BNP Paribas Arbitrage Fund or JM Arbitrage Fund?
Over 1 year: Baroda BNP Paribas Arbitrage Fund +6.29%, JM Arbitrage Fund +6.43%. Over 3 years: Baroda BNP Paribas Arbitrage Fund +7.22% a year, JM Arbitrage Fund +6.94% 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 JM Arbitrage Fund?
JM Arbitrage Fund charges less: 1.42% 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 JM Arbitrage Fund overlap?
38.8%. They hold 74 of the same securities, the largest shared ones being AXISBANK, IDEA, ICICIBANK. From each fund's latest monthly portfolio.
Which is better for SIP, Baroda BNP Paribas Arbitrage Fund or JM 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 ₹4,10,053 in JM Arbitrage Fund (XIRR 6.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Baroda BNP Paribas Arbitrage Fund and JM Arbitrage Fund?
Yes. 38.8% 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.