Edelweiss Arbitrage Fund vs Zerodha Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Edelweiss Arbitrage Fund and Zerodha Arbitrage Fund are both Arbitrage funds. Edelweiss Arbitrage Fund charges 1.53% a year and Zerodha Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 29.5%: they hold 47 of the same securities.
Which is better, Edelweiss Arbitrage or Zerodha Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Edelweiss Arbitrage costs less: 1.53% a year against 2.31% (Direct plans).
- Edelweiss Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −0.3%.
- Edelweiss Arbitrage is the larger fund: ₹14,250 Cr against ₹47 Cr.
- Their portfolios overlap 29.5%: 47 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 | Edelweiss Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | Edelweiss Mutual Fund | Zerodha Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹14,250 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹22.63 (Direct) | ₹10.12 (Direct) |
| Expense ratio (Direct) | 1.53% | 2.31% |
| Expense ratio (Regular) | 2.20% | Not available |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 27-06-2014 | 18-08-2026 |
| Minimum investment | ₹100 | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | None | None |
| Fund managers | Bhavesh Jain, Amit Vora, Rahul Dedhia, Hetul Raval | Kedarnath Mirajkar |
| Exit load | "Exit Load: • 0.25% if units are redeemed/switched out on or before 15 days from the date of allotment • Nil if units are redeemed/switched out after 15 days" | Nil |
Edelweiss Arbitrage vs Zerodha 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 |
|---|---|---|---|---|---|---|---|
| Edelweiss Arbitrage Fund (Direct) | +0.53% | +1.49% | +3.25% | +6.66% | +7.37% | +6.92% | +6.52% |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Edelweiss Arbitrage vs Zerodha Arbitrage: Year-wise Returns
| Year | EdelweissEdelweiss Arbitrage | ZerodhaZerodha Arbitrage |
|---|---|---|
| 2026to date | +5.42% | -- |
| 2025 | +7.07% | -- |
| 2024 | +8.44% | -- |
| 2023 | +7.89% | -- |
| 2022 | +5.11% | -- |
| 2021 | +4.58% | -- |
Edelweiss Arbitrage vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds
Edelweiss Arbitrage vs Zerodha Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Edelweiss Arbitrage Fund (Direct) | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +6.28% |
| Standard deviation | 0.99% | 1.82% |
| Sharpe ratio | 1.08 | 0.56 |
| Sortino ratio | 1.63 | 0.82 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.3% (04-09-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-06-2014 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.
Edelweiss Arbitrage Fund (Direct)
Zerodha Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Edelweiss Arbitrage Fund (Direct) | −0.3% | 24-08-2026 | 26-08-2026 | 01-09-2026 | 6 days | −0.0% |
| Zerodha Arbitrage Fund (Direct) | −0.3% | 31-08-2026 | 04-09-2026 | 18-09-2026 | 14 days | −0.0% |
From daily values since 20-08-2026, the first day every fund has.
Edelweiss Arbitrage vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Edelweiss Arbitrage Fund, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 29.5%
- Held by both
- 47
- Only in Edelweiss Arbitrage
- 144
- Only in Zerodha Arbitrage
- 4
| Security | % of Edelweiss Arbitrage | % of Zerodha Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 5.01% | 8.18% |
| ICICI Bank Ltd. | 5.42% | 4.36% |
| Reliance Industries Ltd. | 2.66% | 2.16% |
| Indus Towers Ltd. | 1.71% | 2.31% |
| Axis Bank Ltd. | 1.53% | 2.30% |
| Bharti Airtel Ltd. | 1.50% | 2.50% |
| Infosys Ltd. | 1.01% | 1.96% |
| State Bank of India | 1.16% | 0.92% |
| Bajaj Finance Ltd. | 0.77% | 1.08% |
| Bank of Baroda | 0.73% | 2.45% |
| Coal India Ltd. | 0.73% | 2.21% |
| ITC Ltd. | 0.72% | 2.04% |
| IDFC First Bank Ltd. | 0.65% | 2.59% |
| TVS Motor Company Ltd. | 1.10% | 0.62% |
| Tata Steel Ltd. | 0.56% | 2.06% |
| Coforge Ltd. | 0.55% | 1.07% |
| Crompton Greaves Cons Electrical Ltd. | 0.48% | 2.78% |
| Life Insurance Corporation of India | 0.42% | 1.89% |
| Divi's Laboratories Ltd. | 0.58% | 0.40% |
| AU Small Finance Bank Ltd. | 0.37% | 1.95% |
| IndusInd Bank Ltd. | 0.36% | 1.08% |
| Godrej Properties Ltd. | 0.32% | 1.59% |
| The Federal Bank Ltd. | 0.31% | 3.91% |
| Container Corporation Of India Ltd. | 0.26% | 0.48% |
| Swiggy Ltd. | 0.25% | 0.98% |
| Astral Ltd. | 0.23% | 1.12% |
| HDFC Asset Management Company Ltd. | 0.23% | 0.29% |
| Trent Ltd. | 0.21% | 2.02% |
| Cummins India Ltd. | 0.37% | 0.20% |
| Canara Bank | 1.15% | 0.17% |
| Bajaj Auto Ltd. | 0.19% | 0.17% |
| Adani Power Ltd. | 0.97% | 0.16% |
| Multi Commodity Exchange Of India Ltd. | 0.25% | 0.16% |
| Tata Power Company Ltd. | 0.15% | 0.89% |
| Bank of India | 0.22% | 0.14% |
| Marico Ltd. | 0.14% | 0.20% |
| PNB Housing Finance Ltd. | 0.13% | 2.34% |
| Union Bank of India | 0.13% | 0.16% |
| Tata Motors Passenger Vehicles Ltd. | 0.11% | 1.94% |
| Power Finance Corporation Ltd. | 0.61% | 0.09% |
| Aditya Birla Capital Ltd. | 0.07% | 0.25% |
| Oberoi Realty Ltd. | 0.06% | 0.13% |
| Pidilite Industries Ltd. | 0.06% | 0.16% |
| HCL Technologies Ltd. | 0.06% | 1.05% |
| GAIL (India) Ltd. | 0.05% | 1.30% |
| Tata Consultancy Services Ltd. | 0.05% | 0.79% |
| Nestle India Ltd. | 0.01% | 0.14% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.5% means 29.5% 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 Edelweiss Arbitrage Fund
| Security | % of fund |
|---|---|
| EDELWEISS LIQUID FUND - DIRECT PL -GR | 7.91% |
| EDELWEISS MONEY MARKET FUND - DIRECT PL | 4.08% |
| Adani Energy Solutions Ltd. | 2.01% |
| SIDBI CD RED 11-06-2027 | 2.00% |
| Adani Enterprises Ltd. | 1.61% |
Largest holdings only in Zerodha Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Liquid Fund - Direct Growth | 12.88% |
| 364 Days Treasury Bill 12-Aug-2027 | 10.17% |
| PERSISTENT SYSTEMS LTD | 0.56% |
| Hero MotoCorp Limited | 0.17% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Edelweiss Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Equity | 69.1% | 68.5% |
| Debt | 16.3% | 10.2% |
| Cash and others | 14.6% | 21.4% |
Market cap of stocks
| Market cap | Edelweiss Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 51.3% | 47.0% |
| Mid Cap | 14.6% | 16.4% |
| Small Cap | 3.2% | 5.1% |
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 | Edelweiss Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Banks | 20.1% | 28.2% |
| IT - Software | 1.9% | 5.4% |
| Power | 5.2% | 1.1% |
| Telecom - Services | 4.8% | 4.8% |
| Finance | 3.5% | 3.8% |
| Pharmaceuticals & Biotechnology | 3.6% | 0.4% |
| Petroleum Products | 3.3% | 2.2% |
| Retailing | 1.6% | 3.0% |
| Automobiles | 2.0% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
Edelweiss Arbitrage vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Edelweiss Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.53% | 2.31% |
| Base expense ratio (Direct) | 0.33% | 0.20% |
| Total expense ratio (Regular) | 2.20% | Not available |
| Base expense ratio (Regular) | 0.90% | 0.00% |
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 Edelweiss Arbitrage with
Edelweiss Arbitrage Fund vs Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between Edelweiss Arbitrage Fund and Zerodha Arbitrage Fund?
Both are Arbitrage funds, run by Edelweiss Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 29.5%. Edelweiss Arbitrage Fund charges 1.53% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, Edelweiss Arbitrage Fund or Zerodha Arbitrage Fund?
Edelweiss Arbitrage Fund charges less: 1.53% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Edelweiss Arbitrage Fund and Zerodha Arbitrage Fund overlap?
29.5%. They hold 47 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Edelweiss Arbitrage Fund or Zerodha Arbitrage Fund?
On SEBI's riskometer, Edelweiss Arbitrage Fund is rated Low and Zerodha Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 0.99% and 1.82% a year.
Can I invest in both Edelweiss Arbitrage Fund and Zerodha Arbitrage Fund?
Yes. 29.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Edelweiss Arbitrage Fund and Zerodha Arbitrage Fund?
Edelweiss Arbitrage Fund: Bhavesh Jain, Amit Vora, Rahul Dedhia, Hetul Raval. Zerodha Arbitrage Fund: Kedarnath Mirajkar.
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.