Capitalmind Arbitrage Fund vs JM Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Capitalmind Arbitrage Fund and JM Arbitrage Fund are both Arbitrage funds. Capitalmind Arbitrage Fund charges 1.18% a year and JM Arbitrage Fund 1.42% (Direct plans). Their portfolios overlap 33.4%: they hold 43 of the same securities.
Which is better, Capitalmind 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.
- Capitalmind Arbitrage costs less: 1.18% a year against 1.42% (Direct plans).
- JM Arbitrage fell less in its worst fall since 20-03-2026: −0.5% against −0.6%.
- JM Arbitrage is the larger fund: ₹341 Cr against ₹23 Cr.
- Their portfolios overlap 33.4%: 43 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 | JM Arbitrage Fund |
|---|---|---|
| Fund house | Capitalmind Mutual Fund | JM Financial Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹23 Cr (30-09-2026) | ₹341 Cr (30-09-2026) |
| NAV | ₹10.39 (Direct) | ₹37.71 (Direct) |
| Expense ratio (Direct) | 1.18% | 1.42% |
| Expense ratio (Regular) | 1.96% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 16-03-2026 | 18-07-2006 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Prateek Jain, Anoop Vijaykumar | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar |
| Exit load | Exit load of 0.25%, if redeemed within 15 days | 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. |
Capitalmind 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 |
|---|---|---|---|---|---|---|---|
| Capitalmind Arbitrage Fund (Direct) | +0.66% | +1.51% | +3.07% | -- | -- | -- | -- |
| 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.
Capitalmind Arbitrage vs JM Arbitrage: Year-wise Returns
| Year | CapitalmindCapitalmind Arbitrage | JMJM Arbitrage |
|---|---|---|
| 2026to date | -- | +5.21% |
| 2025 | -- | +6.61% |
| 2024 | -- | +7.96% |
| 2023 | -- | +7.39% |
| 2022 | -- | +4.62% |
| 2021 | -- | +3.16% |
Capitalmind Arbitrage vs JM Arbitrage: Rolling Returns
Every holding period of both funds
Capitalmind Arbitrage vs JM 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) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.19% | +6.41% |
| Standard deviation | 1.94% | 1.05% |
| Sharpe ratio | 0.47 | 0.34 |
| Sortino ratio | 0.70 | 0.50 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.5% (09-07-2020) |
| 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)
JM 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% |
| JM Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
From daily values since 20-03-2026, the first day every fund has.
Capitalmind Arbitrage vs JM Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Capitalmind Arbitrage Fund, September 2026; JM Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 33.4%
- Held by both
- 43
- Only in Capitalmind Arbitrage
- 7
- Only in JM Arbitrage
- 70
| Security | % of Capitalmind Arbitrage | % of JM Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.45% | 4.54% |
| Reliance Industries Limited | 5.45% | 4.13% |
| Axis Bank Limited | 3.35% | 3.89% |
| Eicher Motors Limited | 1.88% | 1.76% |
| NMDC Limited | 4.74% | 1.37% |
| Bank of Baroda | 1.18% | 1.29% |
| Steel Authority of India Limited | 3.36% | 1.18% |
| Indus Towers Limited | 1.11% | 1.97% |
| Adani Energy Solutions Limited | 1.16% | 1.09% |
| Life Insurance Corporation Of India | 0.97% | 1.02% |
| Bajaj Finance Limited | 0.94% | 1.33% |
| State Bank of India | 0.94% | 2.60% |
| NBCC (India) Limited | 1.78% | 0.93% |
| Canara Bank | 5.64% | 0.88% |
| Vodafone Idea Limited | 0.81% | 3.40% |
| Bharti Airtel Limited | 2.92% | 0.81% |
| Larsen & Toubro Limited | 1.73% | 0.77% |
| HDFC Bank Limited | 2.42% | 0.70% |
| LIC Housing Finance Limited | 0.70% | 0.95% |
| Bandhan Bank Limited | 0.56% | 1.90% |
| Sun Pharmaceutical Industries Limited | 0.56% | 0.63% |
| Manappuram Finance Limited | 2.90% | 0.56% |
| InterGlobe Aviation Limited | 2.29% | 0.55% |
| ITC Limited | 0.40% | 0.79% |
| Indian Energy Exchange Limited | 1.42% | 0.34% |
| Tata Consumer Products Limited | 0.69% | 0.31% |
| Punjab National Bank | 0.79% | 0.27% |
| Varun Beverages Limited | 0.24% | 1.65% |
| Shriram Finance Limited | 0.35% | 0.24% |
| Godrej Properties Limited | 0.23% | 0.98% |
| Crompton Greaves Consumer Electricals Limited | 0.20% | 1.12% |
| HDFC Life Insurance Company Limited | 0.50% | 0.19% |
| Cummins India Limited | 0.42% | 0.14% |
| Torrent Pharmaceuticals Limited | 2.10% | 0.12% |
| Hindustan Aeronautics Limited | 2.14% | 0.10% |
| Bharat Electronics Limited | 0.97% | 0.10% |
| Cholamandalam Investment and Finance Company Ltd | 0.89% | 0.06% |
| Indian Oil Corporation Limited | 1.44% | 0.06% |
| GE Vernova T&D India Limited | 1.84% | 0.05% |
| Hindustan Zinc Limited | 1.21% | 0.04% |
| Apollo Hospitals Enterprise Limited | 0.45% | 0.03% |
| Fortis Healthcare Limited | 0.78% | 0.02% |
| Suzlon Energy Limited | 0.22% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.4% means 33.4% 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% |
| Coforge Limited | 5.45% |
| Pidilite Industries Limited | 1.92% |
| PB Fintech Limited | 0.81% |
| 364 Days Tbill (MD 25/12/2026) | 0.65% |
Largest holdings only in JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| Tata Steel Limited | 3.27% |
| Kotak Mahindra Bank Limited | 2.94% |
| Adani Enterprises Limited | 1.92% |
| Bharat Heavy Electricals Limited | 1.76% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Capitalmind Arbitrage | JM Arbitrage |
|---|---|---|
| Equity | 77.9% | 77.1% |
| Debt | 0.7% | 7.3% |
| Cash and others | 21.4% | 15.6% |
Market cap of stocks
| Market cap | Capitalmind Arbitrage | JM Arbitrage |
|---|---|---|
| Large Cap | 52.5% | 57.7% |
| Mid Cap | 17.8% | 13.0% |
| Small Cap | 7.6% | 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 | Capitalmind Arbitrage | JM Arbitrage |
|---|---|---|
| Banks | 19.3% | 23.7% |
| Petroleum Products | 6.9% | 4.4% |
| Finance | 5.8% | 6.3% |
| Telecom - Services | 4.8% | 6.2% |
| IT - Software | 5.7% | 0.0% |
| Ferrous Metals | 3.4% | 5.1% |
| Minerals & Mining | 4.7% | 1.4% |
| Automobiles | 1.9% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Capitalmind Arbitrage vs JM Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Capitalmind Arbitrage Fund | JM Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.18% | 1.42% |
| Base expense ratio (Direct) | 0.18% | 0.35% |
| Total expense ratio (Regular) | 1.96% | 2.07% |
| Base expense ratio (Regular) | 0.86% | 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 Capitalmind Arbitrage with
Capitalmind Arbitrage Fund vs JM Arbitrage Fund: Frequently Asked Questions
What is the difference between Capitalmind Arbitrage Fund and JM Arbitrage Fund?
Both are Arbitrage funds, run by Capitalmind Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 33.4%. Capitalmind Arbitrage Fund charges 1.18% a year and JM Arbitrage Fund 1.42%.
Which has the lower expense ratio, Capitalmind Arbitrage Fund or JM Arbitrage Fund?
Capitalmind Arbitrage Fund charges less: 1.18% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Capitalmind Arbitrage Fund and JM Arbitrage Fund overlap?
33.4%. They hold 43 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Capitalmind Arbitrage Fund or JM Arbitrage Fund?
On SEBI's riskometer, Capitalmind Arbitrage Fund is rated Low and JM Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.94% and 1.05% a year.
Can I invest in both Capitalmind Arbitrage Fund and JM Arbitrage Fund?
Yes. 33.4% 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 JM Arbitrage Fund?
Capitalmind Arbitrage Fund: Prateek Jain, Anoop Vijaykumar. JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar.
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.