Capitalmind Arbitrage Fund vs HSBC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Capitalmind Arbitrage Fund and HSBC Arbitrage Fund are both Arbitrage funds. Capitalmind Arbitrage Fund charges 1.18% a year and HSBC Arbitrage Fund 1.45% (Direct plans). Their portfolios overlap 34.0%: they hold 44 of the same securities.
Which is better, Capitalmind 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.
- Capitalmind Arbitrage costs less: 1.18% a year against 1.45% (Direct plans).
- HSBC Arbitrage fell less in its worst fall since 20-03-2026: −0.3% against −0.6%.
- HSBC Arbitrage is the larger fund: ₹3,633 Cr against ₹23 Cr.
- Their portfolios overlap 34.0%: 44 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 | HSBC Arbitrage Fund |
|---|---|---|
| Fund house | Capitalmind Mutual Fund | HSBC Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹23 Cr (30-09-2026) | ₹3,633 Cr (30-09-2026) |
| NAV | ₹10.39 (Direct) | ₹22.08 (Direct) |
| Expense ratio (Direct) | 1.18% | 1.45% |
| Expense ratio (Regular) | 1.96% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 16-03-2026 | 30-06-2014 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Prateek Jain, Anoop Vijaykumar | Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi |
| Exit load | Exit load of 0.25%, if redeemed within 15 days | Exit load of 0.25% if redeemed within 1 month |
Capitalmind 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 |
|---|---|---|---|---|---|---|---|
| Capitalmind Arbitrage Fund (Direct) | +0.66% | +1.51% | +3.07% | -- | -- | -- | -- |
| 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.
Capitalmind Arbitrage vs HSBC Arbitrage: Year-wise Returns
| Year | CapitalmindCapitalmind Arbitrage | HSBCHSBC Arbitrage |
|---|---|---|
| 2026to date | -- | +5.31% |
| 2025 | -- | +6.93% |
| 2024 | -- | +8.05% |
| 2023 | -- | +7.79% |
Capitalmind Arbitrage vs HSBC Arbitrage: Rolling Returns
Every holding period of both funds
Capitalmind Arbitrage vs HSBC 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) | HSBC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.19% | +7.37% |
| Standard deviation | 1.94% | 1.04% |
| Sharpe ratio | 0.47 | 1.15 |
| Sortino ratio | 0.70 | 1.72 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.3% (26-08-2026) |
| 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)
HSBC 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% |
| HSBC Arbitrage Fund (Direct) | −0.3% | 24-08-2026 | 26-08-2026 | 01-09-2026 | 6 days | −0.1% |
From daily values since 20-03-2026, the first day every fund has.
Capitalmind Arbitrage vs HSBC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Capitalmind Arbitrage Fund, September 2026; HSBC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.0%
- Held by both
- 44
- Only in Capitalmind Arbitrage
- 6
- Only in HSBC Arbitrage
- 91
| Security | % of Capitalmind Arbitrage | % of HSBC Arbitrage |
|---|---|---|
| Reliance Industries Limited | 5.45% | 4.84% |
| ICICI Bank Limited | 4.45% | 5.32% |
| Steel Authority of India Limited | 3.36% | 3.24% |
| Canara Bank | 5.64% | 3.04% |
| HDFC Bank Limited | 2.42% | 4.78% |
| Axis Bank Limited | 3.35% | 1.26% |
| NMDC Limited | 4.74% | 1.17% |
| Adani Energy Solutions Limited | 1.16% | 1.24% |
| Manappuram Finance Limited | 2.90% | 1.05% |
| Indian Energy Exchange Limited | 1.42% | 1.04% |
| Bajaj Finance Limited | 0.94% | 0.98% |
| State Bank of India | 0.94% | 0.82% |
| Punjab National Bank | 0.79% | 1.45% |
| LIC Housing Finance Limited | 0.70% | 0.75% |
| Indus Towers Limited | 1.11% | 0.64% |
| NBCC (India) Limited | 1.78% | 0.62% |
| Vodafone Idea Limited | 0.81% | 0.57% |
| Bandhan Bank Limited | 0.56% | 2.36% |
| Sun Pharmaceutical Industries Limited | 0.56% | 0.73% |
| HDFC Life Insurance Company Limited | 0.50% | 1.26% |
| Life Insurance Corporation Of India | 0.97% | 0.46% |
| Cummins India Limited | 0.42% | 0.42% |
| ITC Limited | 0.40% | 0.78% |
| Bharti Airtel Limited | 2.92% | 0.30% |
| Varun Beverages Limited | 0.24% | 1.74% |
| Godrej Properties Limited | 0.23% | 1.28% |
| Crompton Greaves Consumer Electricals Limited | 0.20% | 2.00% |
| Bank of Baroda | 1.18% | 0.19% |
| Tata Consumer Products Limited | 0.69% | 0.17% |
| GE Vernova T&D India Limited | 1.84% | 0.16% |
| Indian Oil Corporation Limited | 1.44% | 0.14% |
| PB Fintech Limited | 0.81% | 0.13% |
| Apollo Hospitals Enterprise Limited | 0.45% | 0.12% |
| Fortis Healthcare Limited | 0.78% | 0.09% |
| Suzlon Energy Limited | 0.22% | 0.07% |
| Hindustan Aeronautics Limited | 2.14% | 0.06% |
| Coforge Limited | 5.45% | 0.04% |
| Larsen & Toubro Limited | 1.73% | 0.04% |
| Marico Limited | 0.41% | 0.04% |
| InterGlobe Aviation Limited | 2.29% | 0.03% |
| Bharat Electronics Limited | 0.97% | 0.03% |
| Cholamandalam Investment and Finance Company Ltd | 0.89% | 0.03% |
| Torrent Pharmaceuticals Limited | 2.10% | 0.02% |
| Shriram Finance Limited | 0.35% | 0.02% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.0% means 34.0% 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% |
| Pidilite Industries Limited | 1.92% |
| Eicher Motors Limited | 1.88% |
| Hindustan Zinc Limited | 1.21% |
| 364 Days Tbill (MD 25/12/2026) | 0.65% |
Largest holdings only in HSBC Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Money Market Fund - Direct Growth | 14.34% |
| Adani Power Limited | 2.55% |
| HDFC Bank Limited | 2.01% |
| NABARD | 2.00% |
| Yes Bank Ltd | 1.83% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Capitalmind Arbitrage | HSBC Arbitrage |
|---|---|---|
| Equity | 77.9% | 69.0% |
| Debt | 0.7% | 12.7% |
| Cash and others | 21.4% | 18.3% |
Market cap of stocks
| Market cap | Capitalmind Arbitrage | HSBC Arbitrage |
|---|---|---|
| Large Cap | 52.5% | 43.9% |
| Mid Cap | 17.8% | 16.1% |
| Small Cap | 7.6% | 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 | Capitalmind Arbitrage | HSBC Arbitrage |
|---|---|---|
| Banks | 19.3% | 25.0% |
| Petroleum Products | 6.9% | 5.0% |
| Finance | 5.8% | 4.8% |
| IT - Software | 5.7% | 1.3% |
| Ferrous Metals | 3.4% | 5.5% |
| Telecom - Services | 4.8% | 1.5% |
| Minerals & Mining | 4.7% | 1.2% |
| Power | 1.2% | 4.0% |
| Pharmaceuticals & Biotechnology | 2.7% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Capitalmind Arbitrage vs HSBC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Capitalmind Arbitrage Fund | HSBC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.18% | 1.45% |
| Base expense ratio (Direct) | 0.18% | 0.22% |
| Total expense ratio (Regular) | 1.96% | 2.07% |
| Base expense ratio (Regular) | 0.86% | 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 Capitalmind Arbitrage with
Capitalmind Arbitrage Fund vs HSBC Arbitrage Fund: Frequently Asked Questions
What is the difference between Capitalmind Arbitrage Fund and HSBC Arbitrage Fund?
Both are Arbitrage funds, run by Capitalmind Mutual Fund and HSBC Mutual Fund. Their portfolios overlap 34.0%. Capitalmind Arbitrage Fund charges 1.18% a year and HSBC Arbitrage Fund 1.45%.
Which has the lower expense ratio, Capitalmind Arbitrage Fund or HSBC Arbitrage Fund?
Capitalmind Arbitrage Fund charges less: 1.18% a year against 1.45%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Capitalmind Arbitrage Fund and HSBC Arbitrage Fund overlap?
34.0%. They hold 44 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, SAIL. From each fund's latest monthly portfolio.
Which is riskier, Capitalmind Arbitrage Fund or HSBC Arbitrage Fund?
On SEBI's riskometer, Capitalmind Arbitrage Fund is rated Low and HSBC Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.94% and 1.04% a year.
Can I invest in both Capitalmind Arbitrage Fund and HSBC Arbitrage Fund?
Yes. 34.0% 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 HSBC Arbitrage Fund?
Capitalmind Arbitrage Fund: Prateek Jain, Anoop Vijaykumar. HSBC Arbitrage Fund: Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi.
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.