HDFC Arbitrage Fund vs Old Bridge Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Arbitrage Fund and Old Bridge Arbitrage Fund are both Arbitrage funds. HDFC Arbitrage Fund charges 1.48% a year and Old Bridge Arbitrage Fund 1.09% (Direct plans). Their portfolios overlap 45.6%: they hold 88 of the same securities.
Which is better, HDFC Arbitrage or Old Bridge Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Old Bridge Arbitrage costs less: 1.09% a year against 1.48% (Direct plans).
- HDFC Arbitrage fell less in its worst fall since 14-11-2025: −0.5% against −0.7%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹254 Cr.
- Their portfolios overlap 45.6%: 88 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 | HDFC Arbitrage Fund | Old Bridge Arbitrage Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Old Bridge Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹25,407 Cr (30-09-2026) | ₹254 Cr (30-09-2026) |
| NAV | ₹21.93 (Direct) | ₹10.62 (Direct) |
| Expense ratio (Direct) | 1.48% | 1.09% |
| Expense ratio (Regular) | 2.02% | 1.94% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage TRI |
| Launch date | 23-10-2007 | 13-11-2025 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal | Kenneth Joseph Andrade |
| Exit load | • 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. | Exit load of 0.25%, if redeemed within 7 Days. |
HDFC Arbitrage vs Old Bridge 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 |
|---|---|---|---|---|---|---|---|
| HDFC Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.25% | +6.66% | +7.26% | +6.73% | +6.13% |
| Old Bridge Arbitrage Fund (Direct) | +0.55% | +1.49% | +3.19% | -- | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
HDFC Arbitrage vs Old Bridge Arbitrage: Year-wise Returns
| Year | HDFCHDFC Arbitrage | Old BridgeOld Bridge Arbitrage |
|---|---|---|
| 2026to date | +5.43% | +5.31% |
| 2025 | +6.93% | -- |
| 2024 | +8.22% | -- |
| 2023 | +7.78% | -- |
| 2022 | +4.73% | -- |
| 2021 | +4.17% | -- |
HDFC Arbitrage vs Old Bridge Arbitrage: Rolling Returns
Every holding period of both funds
HDFC Arbitrage vs Old Bridge Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Arbitrage Fund (Direct) | Old Bridge Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.43% |
| Standard deviation | 1.02% | 1.68% |
| Sharpe ratio | 0.60 | 0.71 |
| Sortino ratio | 0.87 | 1.06 |
| Maximum drawdown | −0.7% (25-03-2020) | −0.7% (29-05-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 27-03-2014 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.
HDFC Arbitrage Fund (Direct)
Old Bridge Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | −0.1% |
| Old Bridge Arbitrage Fund (Direct) | −0.7% | 18-05-2026 | 29-05-2026 | 04-06-2026 | 6 days | −0.1% |
From daily values since 14-11-2025, the first day every fund has.
HDFC Arbitrage vs Old Bridge Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Arbitrage Fund, September 2026; Old Bridge Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 45.6%
- Held by both
- 88
- Only in HDFC Arbitrage
- 81
- Only in Old Bridge Arbitrage
- 9
| Security | % of HDFC Arbitrage | % of Old Bridge Arbitrage |
|---|---|---|
| ICICI Bank Ltd. | 5.04% | 5.25% |
| HDFC Bank Ltd. | 5.04% | 4.76% |
| Reliance Industries Ltd. | 3.39% | 5.43% |
| Bharti Airtel Ltd. | 3.31% | 3.72% |
| Axis Bank Ltd. | 2.87% | 2.36% |
| Tata Steel Ltd. | 1.55% | 2.44% |
| JSW Steel Ltd. | 2.32% | 1.47% |
| State Bank of India | 2.30% | 1.33% |
| Punjab National Bank | 1.27% | 1.46% |
| Divis Laboratories Ltd. | 1.26% | 1.28% |
| Canara Bank | 1.52% | 1.18% |
| IDFC First Bank Limited | 0.95% | 2.23% |
| Indus Towers Limited | 0.81% | 3.73% |
| Coal India Ltd. | 0.87% | 0.79% |
| Bank of Baroda | 0.74% | 0.90% |
| Hindalco Industries Ltd. | 0.73% | 1.22% |
| Kotak Mahindra Bank Limited | 1.44% | 0.59% |
| Apollo Hospitals Enterprise Ltd. | 0.59% | 1.05% |
| Hindustan Unilever Ltd. | 1.43% | 0.56% |
| Varun Beverages Ltd | 0.56% | 0.96% |
| Larsen and Toubro Ltd. | 0.54% | 0.80% |
| Tata Consumer Products Limited | 0.49% | 1.30% |
| Bajaj Finance Ltd. | 1.80% | 0.48% |
| LIC Housing Finance Ltd. | 0.48% | 1.11% |
| Bharat Heavy Electricals Ltd. | 0.46% | 1.93% |
| Glenmark Pharmaceuticals Ltd. | 0.46% | 1.76% |
| Ambuja Cements Ltd. | 0.44% | 0.44% |
| Multi Commodity Exchange of India L | 0.44% | 0.82% |
| NTPC Limited | 0.74% | 0.42% |
| Power Finance Corporation Ltd. | 0.41% | 0.88% |
| ITC LIMITED | 0.59% | 0.38% |
| HDFC Life Insurance Company Limited | 0.38% | 0.84% |
| Biocon Ltd. | 0.37% | 0.55% |
| Bharat Forge Ltd. | 0.35% | 0.49% |
| Jio Financial Services Limited | 0.31% | 1.23% |
| The Tata Power Company Ltd. | 0.30% | 1.52% |
| NMDC Limited | 0.67% | 0.29% |
| Hindustan Aeronautics Limited | 0.29% | 1.21% |
| Yes Bank Ltd. | 0.29% | 0.39% |
| Asian Paints Limited | 0.28% | 0.43% |
| Indian Hotels Company Ltd. | 0.27% | 0.83% |
| Bank of India | 0.26% | 0.51% |
| Godrej Properties Ltd. | 0.26% | 0.25% |
| Bharat Electronics Ltd. | 0.46% | 0.24% |
| APL Apollo Tubes Ltd. | 0.23% | 0.88% |
| UltraTech Cement Limited | 0.21% | 1.36% |
| Pidilite Industries Ltd. | 0.23% | 0.20% |
| Marico Ltd. | 0.57% | 0.19% |
| Grasim Industries Ltd. | 0.19% | 0.21% |
| Eternal Limited | 0.17% | 0.18% |
| UPL Ltd. | 0.16% | 0.20% |
| Ashok Leyland Ltd | 0.29% | 0.15% |
| Bajaj Finserv Ltd. | 0.15% | 0.80% |
| Infosys Limited | 0.57% | 0.14% |
| INFO EDGE (INDIA) LIMITED | 0.37% | 0.11% |
| The Federal Bank Ltd. | 0.11% | 0.72% |
| Indusind Bank Ltd. | 0.10% | 0.25% |
| Delhivery Limited | 0.09% | 0.13% |
| Shriram Finance Ltd. | 0.08% | 2.97% |
| Mahindra & Mahindra Ltd. | 0.43% | 0.07% |
| Maruti Suzuki India Limited | 0.42% | 0.07% |
| Sun Pharmaceutical Industries Ltd. | 0.07% | 0.58% |
| Fortis Healthcare Limited | 0.07% | 0.42% |
| GAIL (India) Ltd. | 0.07% | 0.48% |
| Oil & Natural Gas Corporation Ltd. | 0.07% | 0.14% |
| DLF LIMITED | 0.07% | 0.33% |
| Union Bank of India | 0.07% | 0.27% |
| INOX Wind Limited | 0.16% | 0.05% |
| SBI Life Insurance Company Ltd. | 0.06% | 0.05% |
| CG Power and Industrial Solutions Ltd. | 0.05% | 0.29% |
| Jindal Steel Limited. | 0.05% | 0.48% |
| United Spirits Limited | 0.05% | 0.09% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.62% | 0.04% |
| Aurobindo Pharma Ltd. | 0.17% | 0.04% |
| Au Small Finance Bank Ltd. | 0.06% | 0.04% |
| Swiggy Limited | 0.04% | 0.65% |
| Container Corporation of India Ltd. | 0.04% | 0.07% |
| GMR Airports Limited | 0.04% | 0.39% |
| InterGlobe Aviation Ltd. | 0.62% | 0.03% |
| Dabur India Ltd. | 0.03% | 0.47% |
| SRF Ltd. | 0.03% | 0.08% |
| Indian Energy Exchange Limited | 0.26% | 0.02% |
| Bharat Petroleum Corporation Ltd. | 0.23% | 0.02% |
| Crompton Greaves Consumer Elec. Ltd. | 0.02% | 0.64% |
| PB Fintech Limited | 0.02% | 0.01% |
| Colgate-Palmolive ( I ) Ltd. | 0.01% | 0.11% |
| Adani Ports & Special Economic Zone | 0.01% | 0.07% |
| Power Grid Corporation of India Ltd. | 0.01% | 0.60% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.6% means 45.6% 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 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% |
Largest holdings only in Old Bridge Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 13/05/2027) | 5.70% |
| 182 Days Tbill (MD 19/11/2026) | 1.96% |
| 364 Days Tbill (MD 17/12/2026) | 1.95% |
| 182 Days Tbill (MD 04/02/2027) | 1.93% |
| HDFC Asset Management Company Limited | 1.89% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| Equity | 67.5% | 79.4% |
| Debt | 9.0% | 11.5% |
| Cash and others | 23.4% | 9.1% |
Market cap of stocks
| Market cap | HDFC Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| Large Cap | 55.6% | 64.1% |
| Mid Cap | 10.3% | 13.3% |
| Small Cap | 1.7% | 1.9% |
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 | HDFC Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| Banks | 22.2% | 22.2% |
| Finance | 4.3% | 7.5% |
| Telecom - Services | 5.2% | 7.5% |
| Petroleum Products | 4.4% | 5.5% |
| Ferrous Metals | 4.5% | 4.4% |
| Pharmaceuticals & Biotechnology | 3.0% | 4.2% |
| Automobiles | 3.1% | 0.2% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Arbitrage vs Old Bridge Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Arbitrage Fund | Old Bridge Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.48% | 1.09% |
| Base expense ratio (Direct) | 0.34% | 0.12% |
| Total expense ratio (Regular) | 2.02% | 1.94% |
| Base expense ratio (Regular) | 0.80% | 0.84% |
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 HDFC Arbitrage with
HDFC Arbitrage Fund vs Old Bridge Arbitrage Fund: Frequently Asked Questions
What is the difference between HDFC Arbitrage Fund and Old Bridge Arbitrage Fund?
Both are Arbitrage funds, run by HDFC Mutual Fund and Old Bridge Mutual Fund. Their portfolios overlap 45.6%. HDFC Arbitrage Fund charges 1.48% a year and Old Bridge Arbitrage Fund 1.09%.
Which has the lower expense ratio, HDFC Arbitrage Fund or Old Bridge Arbitrage Fund?
Old Bridge Arbitrage Fund charges less: 1.09% a year against 1.48%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Arbitrage Fund and Old Bridge Arbitrage Fund overlap?
45.6%. They hold 88 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HDFC Arbitrage Fund or Old Bridge Arbitrage Fund?
On SEBI's riskometer, HDFC Arbitrage Fund is rated Low and Old Bridge Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.02% and 1.68% a year.
Can I invest in both HDFC Arbitrage Fund and Old Bridge Arbitrage Fund?
Yes. 45.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Arbitrage Fund and Old Bridge Arbitrage Fund?
HDFC Arbitrage Fund: Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal. Old Bridge Arbitrage Fund: Kenneth Joseph Andrade.
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.