Capitalmind Arbitrage Fund vs HDFC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Capitalmind Arbitrage Fund and HDFC Arbitrage Fund are both Arbitrage funds. Capitalmind Arbitrage Fund charges 1.18% a year and HDFC Arbitrage Fund 1.48% (Direct plans). Their portfolios overlap 33.1%: they hold 48 of the same securities.
Which is better, Capitalmind 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.
- Capitalmind Arbitrage costs less: 1.18% a year against 1.48% (Direct plans).
- HDFC Arbitrage fell less in its worst fall since 20-03-2026: −0.5% against −0.6%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹23 Cr.
- Their portfolios overlap 33.1%: 48 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 | Capitalmind Arbitrage Fund | HDFC Arbitrage Fund |
|---|---|---|
| Fund house | Capitalmind Mutual Fund | HDFC Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹23 Cr (30-09-2026) | ₹25,407 Cr (30-09-2026) |
| NAV | ₹10.39 (Direct) | ₹21.93 (Direct) |
| Expense ratio (Direct) | 1.18% | 1.48% |
| Expense ratio (Regular) | 1.96% | 2.02% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage TRI |
| Launch date | 16-03-2026 | 23-10-2007 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Prateek Jain, Anoop Vijaykumar | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal |
| Exit load | Exit load of 0.25%, if redeemed within 15 days | • 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. |
Capitalmind 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 |
|---|---|---|---|---|---|---|---|
| Capitalmind Arbitrage Fund (Direct) | +0.66% | +1.51% | +3.07% | -- | -- | -- | -- |
| 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.
Capitalmind Arbitrage vs HDFC Arbitrage: Year-wise Returns
| Year | CapitalmindCapitalmind Arbitrage | HDFCHDFC Arbitrage |
|---|---|---|
| 2026to date | -- | +5.43% |
| 2025 | -- | +6.93% |
| 2024 | -- | +8.22% |
| 2023 | -- | +7.78% |
| 2022 | -- | +4.73% |
| 2021 | -- | +4.17% |
Capitalmind Arbitrage vs HDFC Arbitrage: Rolling Returns
Every holding period of both funds
Capitalmind Arbitrage vs HDFC Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Capitalmind Arbitrage Fund (Direct) | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.19% | +6.43% |
| Standard deviation | 1.94% | 1.02% |
| Sharpe ratio | 0.47 | 0.60 |
| Sortino ratio | 0.70 | 0.87 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.7% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 20-03-2026 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.
Capitalmind 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 |
|---|---|---|---|---|---|---|
| Capitalmind Arbitrage Fund (Direct) | −0.6% | 18-09-2026 | 29-09-2026 | 05-10-2026 | 6 days | 0.0% |
| HDFC Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | −0.1% |
From daily values since 20-03-2026, the first day every fund has.
Capitalmind Arbitrage vs HDFC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Capitalmind Arbitrage Fund, September 2026; HDFC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 33.1%
- Held by both
- 48
- Only in Capitalmind Arbitrage
- 2
- Only in HDFC Arbitrage
- 121
| Security | % of Capitalmind Arbitrage | % of HDFC Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.45% | 5.04% |
| Reliance Industries Limited | 5.45% | 3.39% |
| Bharti Airtel Limited | 2.92% | 3.31% |
| Axis Bank Limited | 3.35% | 2.87% |
| HDFC Bank Limited | 2.42% | 5.04% |
| Canara Bank | 5.64% | 1.52% |
| Bajaj Finance Limited | 0.94% | 1.80% |
| State Bank of India | 0.94% | 2.30% |
| Indus Towers Limited | 1.11% | 0.81% |
| Vodafone Idea Limited | 0.81% | 1.03% |
| Punjab National Bank | 0.79% | 1.27% |
| Bank of Baroda | 1.18% | 0.74% |
| NMDC Limited | 4.74% | 0.67% |
| InterGlobe Aviation Limited | 2.29% | 0.62% |
| Cholamandalam Investment and Finance Company Ltd | 0.89% | 0.62% |
| Steel Authority of India Limited | 3.36% | 0.60% |
| Eicher Motors Limited | 1.88% | 0.58% |
| Larsen & Toubro Limited | 1.73% | 0.54% |
| Tata Consumer Products Limited | 0.69% | 0.49% |
| Indian Oil Corporation Limited | 1.44% | 0.48% |
| LIC Housing Finance Limited | 0.70% | 0.48% |
| Bharat Electronics Limited | 0.97% | 0.46% |
| Apollo Hospitals Enterprise Limited | 0.45% | 0.59% |
| Marico Limited | 0.41% | 0.57% |
| Life Insurance Corporation Of India | 0.97% | 0.40% |
| ITC Limited | 0.40% | 0.59% |
| HDFC Life Insurance Company Limited | 0.50% | 0.38% |
| Hindustan Aeronautics Limited | 2.14% | 0.29% |
| Cummins India Limited | 0.42% | 0.29% |
| GE Vernova T&D India Limited | 1.84% | 0.27% |
| Indian Energy Exchange Limited | 1.42% | 0.26% |
| Varun Beverages Limited | 0.24% | 0.56% |
| Coforge Limited | 5.45% | 0.23% |
| Pidilite Industries Limited | 1.92% | 0.23% |
| Godrej Properties Limited | 0.23% | 0.26% |
| Adani Energy Solutions Limited | 1.16% | 0.19% |
| Torrent Pharmaceuticals Limited | 2.10% | 0.16% |
| Bandhan Bank Limited | 0.56% | 0.13% |
| Shriram Finance Limited | 0.35% | 0.08% |
| Fortis Healthcare Limited | 0.78% | 0.07% |
| Sun Pharmaceutical Industries Limited | 0.56% | 0.07% |
| NBCC (India) Limited | 1.78% | 0.03% |
| HCL Technologies Limited | 0.22% | 0.03% |
| Manappuram Finance Limited | 2.90% | 0.02% |
| Hindustan Zinc Limited | 1.21% | 0.02% |
| PB Fintech Limited | 0.81% | 0.02% |
| Suzlon Energy Limited | 0.22% | 0.02% |
| Crompton Greaves Consumer Electricals Limited | 0.20% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.1% means 33.1% 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 Capitalmind Arbitrage Fund
| Security | % of fund |
|---|---|
| Capitalmind Liquid Fund - Direct-Growth | 14.84% |
| 364 Days Tbill (MD 25/12/2026) | 0.65% |
Largest holdings only in HDFC Arbitrage Fund
| Security | % of fund |
|---|---|
| HDFC Money Market Fund - Direct Plan - Growth Option | 9.14% |
| Union Bank of India | 3.84% |
| HDFC Liquid Fund - Direct Plan - Growth Option | 3.75% |
| HDFC Ultra Short Term Fund - Direct Plan - Growth Option | 2.85% |
| HDFC Ultra Short to Short Term Fund - Direct Plan - Growth Option | 2.64% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Capitalmind Arbitrage | HDFC Arbitrage |
|---|---|---|
| Equity | 77.9% | 67.5% |
| Debt | 0.7% | 9.0% |
| Cash and others | 21.4% | 23.4% |
Market cap of stocks
| Market cap | Capitalmind Arbitrage | HDFC Arbitrage |
|---|---|---|
| Large Cap | 52.5% | 55.6% |
| Mid Cap | 17.8% | 10.3% |
| Small Cap | 7.6% | 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 | Capitalmind Arbitrage | HDFC Arbitrage |
|---|---|---|
| Banks | 19.3% | 22.2% |
| Petroleum Products | 6.9% | 4.4% |
| Finance | 5.8% | 4.3% |
| IT - Software | 5.7% | 0.9% |
| Telecom - Services | 4.8% | 5.2% |
| Minerals & Mining | 4.7% | 0.7% |
| Ferrous Metals | 3.4% | 4.5% |
| Automobiles | 1.9% | 3.1% |
The six largest sectors of each fund's stocks, % of the fund.
Capitalmind Arbitrage vs HDFC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Capitalmind Arbitrage Fund | HDFC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.18% | 1.48% |
| Base expense ratio (Direct) | 0.18% | 0.34% |
| Total expense ratio (Regular) | 1.96% | 2.02% |
| Base expense ratio (Regular) | 0.86% | 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 Capitalmind Arbitrage with
Capitalmind Arbitrage Fund vs HDFC Arbitrage Fund: Frequently Asked Questions
What is the difference between Capitalmind Arbitrage Fund and HDFC Arbitrage Fund?
Both are Arbitrage funds, run by Capitalmind Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 33.1%. Capitalmind Arbitrage Fund charges 1.18% a year and HDFC Arbitrage Fund 1.48%.
Which has the lower expense ratio, Capitalmind Arbitrage Fund or HDFC Arbitrage Fund?
Capitalmind Arbitrage Fund charges less: 1.18% a year against 1.48%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Capitalmind Arbitrage Fund and HDFC Arbitrage Fund overlap?
33.1%. They hold 48 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Capitalmind Arbitrage Fund or HDFC Arbitrage Fund?
On SEBI's riskometer, Capitalmind Arbitrage Fund is rated Low and HDFC Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.94% and 1.02% a year.
Can I invest in both Capitalmind Arbitrage Fund and HDFC Arbitrage Fund?
Yes. 33.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Capitalmind Arbitrage Fund and HDFC Arbitrage Fund?
Capitalmind Arbitrage Fund: Prateek Jain, Anoop Vijaykumar. 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.