HDFC Arbitrage Fund vs TRUSTMF Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Arbitrage Fund and TRUSTMF Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, HDFC Arbitrage Fund (Direct) returned 6.7% and TRUSTMF Arbitrage Fund (Direct) returned 6.5%. HDFC Arbitrage Fund charges 1.48% a year and TRUSTMF Arbitrage Fund 1.42% (Direct plans). Their portfolios overlap 40.0%: they hold 53 of the same securities.
TRUSTMF Arbitrage Fund
Arbitrage
- 1 year return
- 6.5%
- Expense ratio
- 1.42%
- NAV
- ₹10.76
Which is better, HDFC Arbitrage or TRUSTMF Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Arbitrage returned more over 1 year: 6.7% against 6.5%.
- TRUSTMF Arbitrage costs less: 1.42% a year against 1.48% (Direct plans).
- TRUSTMF Arbitrage fell less in its worst fall since 01-09-2025: −0.4% against −0.5%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹138 Cr.
- Their portfolios overlap 40.0%: 53 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 | TRUSTMF Arbitrage Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Trust Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹25,407 Cr (30-09-2026) | ₹138 Cr (30-09-2026) |
| NAV | ₹21.93 (Direct) | ₹10.76 (Direct) |
| Expense ratio (Direct) | 1.48% | 1.42% |
| Expense ratio (Regular) | 2.02% | 2.19% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 23-10-2007 | 28-08-2025 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal | Mihir Vora, Sachin Parekh |
| 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. | 0.25% If redeemed / switched out within 7 days from the date of allotment. Nil - if redeemed/switched out after 7 days from the date of allotment. |
HDFC Arbitrage vs TRUSTMF 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% |
| TRUSTMF Arbitrage Fund (Direct) | +0.56% | +1.52% | +3.18% | +6.53% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
HDFC Arbitrage vs TRUSTMF Arbitrage: Year-wise Returns
| Year | HDFCHDFC Arbitrage | TRUSTMFTRUSTMF Arbitrage |
|---|---|---|
| 2026to date | +5.43% | +5.30% |
| 2025 | +6.93% | -- |
| 2024 | +8.22% | -- |
| 2023 | +7.78% | -- |
| 2022 | +4.73% | -- |
| 2021 | +4.17% | -- |
HDFC Arbitrage vs TRUSTMF Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 39 of them, one for each trading day from 01-09-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
HDFC Arbitrage Fund (Direct)
TRUSTMF Arbitrage Fund (Direct)
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.6% | 6.3% | 6.9% |
| TRUSTMF Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.5% | 6.2% | 6.7% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 01-09-2025. Past returns do not promise future returns.
HDFC Arbitrage vs TRUSTMF Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-09-2025 to 30-10-2026: 14 instalments, ₹1,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC ArbitrageHDFC Arbitrage Fund (Direct) | ₹1,40,000 | ₹1,45,600 | ₹5,600 | 6.5% |
| TRUSTMF ArbitrageTRUSTMF Arbitrage Fund (Direct) | ₹1,40,000 | ₹1,45,491 | ₹5,491 | 6.4% |
HDFC ArbitrageHDFC Arbitrage Fund (Direct)
TRUSTMF ArbitrageTRUSTMF Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
HDFC Arbitrage vs TRUSTMF 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) | TRUSTMF Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.66% | +6.53% |
| Standard deviation | 1.39% | 1.41% |
| Sharpe ratio | 1.01 | 0.91 |
| Sortino ratio | 1.55 | 1.37 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.4% (17-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 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.
| Measure | HDFC Arbitrage Fund (Direct) | TRUSTMF Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.47% |
| Standard deviation | 1.02% | 1.33% |
| Sharpe ratio | 0.60 | 0.89 |
| Sortino ratio | 0.87 | 1.34 |
| Maximum drawdown | −0.7% (25-03-2020) | −0.4% (17-08-2026) |
| 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)
TRUSTMF 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% |
| TRUSTMF Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 17-08-2026 | 24-08-2026 | 7 days | −0.1% |
From daily values since 01-09-2025, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Arbitrage Fund (Direct)
TRUSTMF Arbitrage Fund (Direct)
HDFC Arbitrage vs TRUSTMF Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Arbitrage Fund, September 2026; TRUSTMF Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 40.0%
- Held by both
- 53
- Only in HDFC Arbitrage
- 116
- Only in TRUSTMF Arbitrage
- 4
| Security | % of HDFC Arbitrage | % of TRUSTMF Arbitrage |
|---|---|---|
| ICICI Bank Ltd. | 5.04% | 4.09% |
| HDFC Bank Ltd. | 5.04% | 4.08% |
| Reliance Industries Ltd. | 3.39% | 3.83% |
| Bharti Airtel Ltd. | 3.31% | 3.15% |
| Axis Bank Ltd. | 2.87% | 5.61% |
| Bajaj Finance Ltd. | 1.80% | 2.61% |
| Tata Steel Ltd. | 1.55% | 2.28% |
| Canara Bank | 1.52% | 6.38% |
| State Bank of India | 2.30% | 1.51% |
| Punjab National Bank | 1.27% | 1.31% |
| VODAFONE IDEA LIMITED | 1.03% | 2.55% |
| Kotak Mahindra Bank Limited | 1.44% | 0.85% |
| IDFC First Bank Limited | 0.95% | 0.82% |
| Indus Towers Limited | 0.81% | 2.53% |
| Bank of Baroda | 0.74% | 0.64% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.62% | 0.66% |
| ITC LIMITED | 0.59% | 1.25% |
| Apollo Hospitals Enterprise Ltd. | 0.59% | 1.33% |
| Eicher Motors Ltd. | 0.58% | 0.62% |
| Varun Beverages Ltd | 0.56% | 0.60% |
| Larsen and Toubro Ltd. | 0.54% | 2.20% |
| LIC Housing Finance Ltd. | 0.48% | 0.46% |
| Glenmark Pharmaceuticals Ltd. | 0.46% | 0.64% |
| Ambuja Cements Ltd. | 0.44% | 0.91% |
| Mahindra & Mahindra Ltd. | 0.43% | 1.07% |
| Maruti Suzuki India Limited | 0.42% | 3.95% |
| Kalyan Jewellers India Ltd | 0.39% | 2.93% |
| Hindalco Industries Ltd. | 0.73% | 0.38% |
| InterGlobe Aviation Ltd. | 0.62% | 0.38% |
| HDFC Life Insurance Company Limited | 0.38% | 0.46% |
| INFO EDGE (INDIA) LIMITED | 0.37% | 0.44% |
| Cummins India Ltd. | 0.29% | 0.48% |
| Yes Bank Ltd. | 0.29% | 1.75% |
| Asian Paints Limited | 0.28% | 0.35% |
| Indian Hotels Company Ltd. | 0.27% | 0.95% |
| Indian Energy Exchange Limited | 0.26% | 1.49% |
| Titan Company Ltd. | 0.24% | 0.47% |
| Power Finance Corporation Ltd. | 0.41% | 0.21% |
| UltraTech Cement Limited | 0.21% | 0.83% |
| Adani Energy Solutions Limited | 0.19% | 0.97% |
| INOX Wind Limited | 0.16% | 0.13% |
| Bandhan Bank Ltd. | 0.13% | 1.91% |
| Patanjali Foods Limited | 0.13% | 0.79% |
| Eternal Limited | 0.17% | 0.11% |
| Indusind Bank Ltd. | 0.10% | 0.55% |
| Sun Pharmaceutical Industries Ltd. | 0.07% | 0.23% |
| Indian Oil Corporation Ltd. | 0.48% | 0.05% |
| Nestle India Ltd. | 0.03% | 1.57% |
| Crompton Greaves Consumer Elec. Ltd. | 0.02% | 0.52% |
| Manappuram Finance Ltd. | 0.02% | 0.48% |
| Astral Limited | 0.01% | 1.73% |
| Adani Ports & Special Economic Zone | 0.01% | 0.12% |
| Power Grid Corporation of India Ltd. | 0.01% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.0% means 40.0% 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 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 TRUSTMF Arbitrage Fund
| Security | % of fund |
|---|---|
| TRUSTMF Liquid Fund-Direct Plan-Growth | 18.59% |
| HDFC Asset Management Company Limited | 0.65% |
| SBI Cards and Payment Services Limited | 0.07% |
| The Phoenix Mills Limited | 0.05% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Arbitrage | TRUSTMF Arbitrage |
|---|---|---|
| Equity | 67.5% | 77.0% |
| Debt | 9.0% | 0.0% |
| Cash and others | 23.4% | 23.0% |
Market cap of stocks
| Market cap | HDFC Arbitrage | TRUSTMF Arbitrage |
|---|---|---|
| Large Cap | 55.6% | 61.3% |
| Mid Cap | 10.3% | 10.7% |
| Small Cap | 1.7% | 5.0% |
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 | HDFC Arbitrage | TRUSTMF Arbitrage |
|---|---|---|
| Banks | 22.2% | 29.5% |
| Telecom - Services | 5.2% | 8.2% |
| Automobiles | 3.1% | 5.6% |
| Ferrous Metals | 4.5% | 2.3% |
| Finance | 4.3% | 4.5% |
| Petroleum Products | 4.4% | 3.9% |
| Consumer Durables | 1.3% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Arbitrage vs TRUSTMF Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Arbitrage Fund | TRUSTMF Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.48% | 1.42% |
| Base expense ratio (Direct) | 0.34% | 0.17% |
| Total expense ratio (Regular) | 2.02% | 2.19% |
| Base expense ratio (Regular) | 0.80% | 0.85% |
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 TRUSTMF Arbitrage Fund: Frequently Asked Questions
What is the difference between HDFC Arbitrage Fund and TRUSTMF Arbitrage Fund?
Both are Arbitrage funds, run by HDFC Mutual Fund and Trust Mutual Fund. Their portfolios overlap 40.0%. HDFC Arbitrage Fund charges 1.48% a year and TRUSTMF Arbitrage Fund 1.42%.
Which has given higher returns, HDFC Arbitrage Fund or TRUSTMF Arbitrage Fund?
Over 1 year: HDFC Arbitrage Fund +6.66%, TRUSTMF Arbitrage Fund +6.53%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Arbitrage Fund or TRUSTMF Arbitrage Fund?
TRUSTMF Arbitrage Fund charges less: 1.42% a year against 1.48%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Arbitrage Fund and TRUSTMF Arbitrage Fund overlap?
40.0%. They hold 53 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 TRUSTMF Arbitrage Fund?
On SEBI's riskometer, HDFC Arbitrage Fund is rated Low and TRUSTMF Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.39% and 1.41% a year.
Can I invest in both HDFC Arbitrage Fund and TRUSTMF Arbitrage Fund?
Yes. 40.0% 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 TRUSTMF Arbitrage Fund?
HDFC Arbitrage Fund: Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal. TRUSTMF Arbitrage Fund: Mihir Vora, Sachin Parekh.
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.