HSBC Arbitrage Fund vs Nippon India Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Arbitrage Fund and Nippon India Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, HSBC Arbitrage Fund (Direct) returned 7.2% a year and Nippon India Arbitrage Fund (Direct) returned 7.3% a year. HSBC Arbitrage Fund charges 1.45% a year and Nippon India Arbitrage Fund 1.35% (Direct plans). Their portfolios overlap 43.7%: they hold 118 of the same securities.
Nippon India Arbitrage Fund
Arbitrage
- 3 year return
- 7.3%
- Expense ratio
- 1.35%
- NAV
- ₹31.21
Which is better, HSBC Arbitrage or Nippon India Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Arbitrage returned more over 3 years: 7.3% a year against 7.2%.
- Nippon India Arbitrage returned more over 1 year: 6.7% against 6.5%.
- Nippon India Arbitrage costs less: 1.35% a year against 1.45% (Direct plans).
- Nippon India Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- HSBC Arbitrage fell less in its worst fall since 28-11-2022: −0.3% against −0.5%.
- Nippon India Arbitrage is the larger fund: ₹17,216 Cr against ₹3,633 Cr.
- Their portfolios overlap 43.7%: 118 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 | HSBC Arbitrage Fund | Nippon India Arbitrage Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Nippon India Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹3,633 Cr (30-09-2026) | ₹17,216 Cr (30-09-2026) |
| NAV | ₹22.08 (Direct) | ₹31.21 (Direct) |
| Expense ratio (Direct) | 1.45% | 1.35% |
| Expense ratio (Regular) | 2.07% | 2.04% |
| Riskometer | Low | Not available |
| Benchmark | Nifty 50 Arbitrage Index | Not available |
| Launch date | 30-06-2014 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi | Not available |
| Exit load | Exit load of 0.25% if redeemed within 1 month | Not available |
HSBC Arbitrage vs Nippon India 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 |
|---|---|---|---|---|---|---|---|
| HSBC Arbitrage Fund (Direct) | +0.45% | +1.44% | +3.16% | +6.54% | +7.17% | -- | -- |
| Nippon India Arbitrage Fund (Direct) | +0.52% | +1.54% | +3.29% | +6.71% | +7.28% | +6.83% | +6.47% |
| 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.
HSBC Arbitrage vs Nippon India Arbitrage: Year-wise Returns
| Year | HSBCHSBC Arbitrage | Nippon IndiaNippon India Arbitrage |
|---|---|---|
| 2026to date | +5.31% | +5.47% |
| 2025 | +6.93% | +6.94% |
| 2024 | +8.05% | +8.23% |
| 2023 | +7.79% | +7.85% |
| 2022 | -- | +4.94% |
| 2021 | -- | +4.54% |
HSBC Arbitrage vs Nippon India Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 226 of them, one for each trading day from 28-11-2025 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.
HSBC Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.4% | 7.1% | 7.7% |
| Nippon India Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 7.2% | 7.8% |
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 28-11-2022. Past returns do not promise future returns.
HSBC Arbitrage vs Nippon India 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC ArbitrageHSBC Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,52,835 | ₹72,835 | 7.0% |
| Nippon India ArbitrageNippon India Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,54,141 | ₹74,141 | 7.1% |
HSBC ArbitrageHSBC Arbitrage Fund (Direct)
Nippon India ArbitrageNippon India 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.
HSBC Arbitrage vs Nippon India Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.54% | +6.71% |
| Standard deviation | 1.35% | 1.33% |
| Sharpe ratio | 0.96 | 1.10 |
| Sortino ratio | 1.45 | 1.71 |
| Maximum drawdown | −0.3% (26-08-2026) | −0.5% (06-08-2026) |
| 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 | HSBC Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.17% | +7.28% |
| Standard deviation | 1.10% | 1.06% |
| Sharpe ratio | 1.04 | 1.18 |
| Sortino ratio | 1.56 | 1.81 |
| Maximum drawdown | −0.3% (26-08-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 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 | HSBC Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.37% | +7.06% |
| Standard deviation | 1.04% | 1.07% |
| Sharpe ratio | 1.15 | 0.95 |
| Sortino ratio | 1.72 | 1.44 |
| Maximum drawdown | −0.3% (26-08-2026) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 28-11-2022 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.
HSBC Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Arbitrage Fund (Direct) | −0.3% | 24-08-2026 | 26-08-2026 | 01-09-2026 | 6 days | −0.1% |
| Nippon India Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
From daily values since 28-11-2022, 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.
HSBC Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HSBC Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
HSBC Arbitrage vs Nippon India Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Arbitrage Fund, September 2026; Nippon India Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 43.7%
- Held by both
- 118
- Only in HSBC Arbitrage
- 17
- Only in Nippon India Arbitrage
- 51
| Security | % of HSBC Arbitrage | % of Nippon India Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.84% | 4.83% |
| HDFC Bank Limited | 4.78% | 4.62% |
| ICICI Bank Limited | 5.32% | 4.21% |
| Axis Bank Limited | 1.26% | 2.45% |
| Canara Bank | 3.04% | 1.17% |
| Steel Authority of India Limited | 3.24% | 1.11% |
| JSW Steel Limited | 1.11% | 1.81% |
| Adani Energy Solutions Limited | 1.24% | 1.04% |
| Bajaj Finance Limited | 0.98% | 1.71% |
| Glenmark Pharmaceuticals Limited | 0.97% | 0.95% |
| Jio Financial Services Limited | 0.94% | 1.03% |
| Tata Steel Limited | 0.88% | 1.35% |
| Manappuram Finance Limited | 1.05% | 0.86% |
| NABARD | 2.00% | 0.84% |
| State Bank of India | 0.82% | 2.02% |
| Ambuja Cements Limited | 0.79% | 0.77% |
| AU Small Finance Bank Limited | 0.73% | 0.96% |
| Infosys Limited | 0.80% | 0.68% |
| Indus Towers Limited | 0.64% | 0.60% |
| Vodafone Idea Limited | 0.57% | 1.34% |
| NMDC Limited | 1.17% | 0.52% |
| Yes Bank Ltd | 1.83% | 0.50% |
| Adani Enterprises Limited | 0.49% | 1.32% |
| Punjab National Bank | 1.45% | 0.47% |
| ITC Limited | 0.78% | 0.46% |
| Life Insurance Corporation Of India | 0.46% | 0.47% |
| The Federal Bank Limited | 0.66% | 0.44% |
| Bharat Heavy Electricals Limited | 0.52% | 0.44% |
| Cummins India Limited | 0.42% | 0.76% |
| IDFC First Bank Limited | 1.47% | 0.41% |
| Sun Pharmaceutical Industries Limited | 0.73% | 0.41% |
| Coal India Limited | 0.41% | 0.92% |
| Godrej Properties Limited | 1.28% | 0.38% |
| Crompton Greaves Consumer Electrical Ltd | 2.00% | 0.33% |
| Varun Beverages Limited | 1.74% | 0.33% |
| Biocon Limited | 0.39% | 0.33% |
| Divi''s Laboratories Limited | 0.83% | 0.32% |
| Bandhan Bank Limited | 2.36% | 0.31% |
| Power Finance Corporation Limited | 0.51% | 0.30% |
| IndusInd Bank Limited | 0.30% | 0.60% |
| Bharti Airtel Limited | 0.30% | 0.91% |
| Adani Power Limited | 2.55% | 0.29% |
| Hindustan Unilever Limited | 0.29% | 0.36% |
| Container Corporation of India Limited | 0.56% | 0.27% |
| HDFC Life Insurance Company Limited | 1.26% | 0.26% |
| KALYAN JEWELLERS INDIA LIMITED | 0.78% | 0.26% |
| Kotak Mahindra Bank Limited | 0.26% | 1.09% |
| The Indian Hotels Company Limited | 0.25% | 0.38% |
| HDFC Asset Management Company Limited | 0.43% | 0.24% |
| Muthoot Finance Limited | 0.21% | 0.37% |
| Tata Motors Passenger Vehicles Limited | 0.21% | 0.20% |
| LIC Housing Finance Limited | 0.75% | 0.19% |
| Bank of Baroda | 0.19% | 0.45% |
| Tata Consumer Products Limited | 0.17% | 0.32% |
| APL Apollo Tubes Limited | 0.17% | 0.56% |
| Laurus Labs Limited | 0.38% | 0.16% |
| GE Vernova T&D India Limited | 0.16% | 0.32% |
| RBL Bank Limited | 0.18% | 0.14% |
| Indian Oil Corporation Limited | 0.14% | 0.32% |
| Bank of India | 0.29% | 0.13% |
| Adani Green Energy Limited | 0.13% | 0.46% |
| Apollo Hospitals Enterprise Limited | 0.12% | 0.14% |
| PNB Housing Finance Limited | 0.10% | 0.14% |
| Fortis Healthcare Limited | 0.09% | 0.26% |
| NBCC (India) Limited | 0.62% | 0.08% |
| Eternal Limited | 0.08% | 0.15% |
| Hindalco Industries Limited | 0.07% | 0.76% |
| Sagility Limited | 0.07% | 0.11% |
| Delhivery Limited | 0.07% | 0.14% |
| Aditya Birla Capital Limited | 0.07% | 0.12% |
| Colgate Palmolive (India) Limited | 0.13% | 0.06% |
| Hindustan Aeronautics Limited | 0.06% | 0.12% |
| Maruti Suzuki India Limited | 0.06% | 1.42% |
| Inox Wind Limited | 0.65% | 0.05% |
| Jindal Steel Limited | 0.28% | 0.05% |
| GAIL (India) Limited | 0.13% | 0.05% |
| Bharat Forge Limited | 0.09% | 0.05% |
| Bajaj Holdings & Investment.Ltd | 0.08% | 0.05% |
| Vedanta Limited | 0.07% | 0.05% |
| Dabur India Limited | 0.05% | 0.08% |
| Ashok Leyland Limited | 0.05% | 0.18% |
| Voltas Limited | 0.05% | 0.14% |
| Tech Mahindra Limited | 0.05% | 0.05% |
| Suzlon Energy Limited | 0.07% | 0.04% |
| TUBE INVESTMENTS OF INDIA LTD | 0.05% | 0.04% |
| Larsen & Toubro Limited | 0.04% | 1.31% |
| SBI Life Insurance Company Limited | 0.04% | 0.27% |
| Marico Limited | 0.04% | 0.45% |
| The Tata Power Company Limited | 0.04% | 0.22% |
| PG Electroplast Limited | 0.04% | 0.09% |
| Coforge Limited | 0.04% | 0.36% |
| Bajaj Finserv Limited | 0.04% | 0.08% |
| PB Fintech Limited | 0.13% | 0.03% |
| Hindustan Petroleum Corporation Limited | 0.04% | 0.03% |
| Hitachi Energy India Limited | 0.03% | 0.15% |
| Cholamandalam Invest & Finance Co Ltd | 0.03% | 0.18% |
| Avenue Supermarts Limited | 0.03% | 0.03% |
| Bharat Electronics Limited | 0.03% | 0.07% |
| Lupin Limited | 0.03% | 0.08% |
| InterGlobe Aviation Limited | 0.03% | 0.10% |
| ICICI Lombard General Insurance Company | 0.03% | 0.09% |
| Cipla Limited | 0.02% | 0.29% |
| Aurobindo Pharma Limited | 0.02% | 0.13% |
| Torrent Pharmaceuticals Limited | 0.02% | 0.14% |
| Union Bank of India | 0.02% | 0.09% |
| Shriram Finance Limited | 0.02% | 0.10% |
| One 97 Communications Limited | 0.02% | 0.49% |
| MphasiS Limited | 0.41% | 0.01% |
| SBI Cards and Payment Services Limited | 0.01% | 0.08% |
| National Aluminium Company Limited | 0.01% | 0.02% |
| Supreme Industries Limited | 0.01% | 0.30% |
| Bosch Limited | 0.01% | 0.23% |
| UNO Minda Limited | 0.01% | 0.01% |
| TVS Motor Company Limited | 0.01% | 0.72% |
| Alkem Laboratories Limited | 0.01% | 0.23% |
| SRF Limited | 0.01% | 0.07% |
| NTPC Limited | 0.01% | 0.22% |
| Adani Port & Special Economic Zone Ltd | 0.01% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.7% means 43.7% 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 HSBC Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Money Market Fund - Direct Growth | 14.34% |
| HDFC Bank Limited | 2.01% |
| HSBC Ultra Short Term Fund - Direct Growth | 1.76% |
| Axis Bank Limited | 1.35% |
| Bank of Baroda | 1.34% |
Largest holdings only in Nippon India Arbitrage Fund
| Security | % of fund |
|---|---|
| Nippon India Money Market Fund Dir Pl-Growth-Gr Op | 15.46% |
| Nippon India Ultra Short Term Fund- Dr Gr Op | 8.14% |
| Small Industries Dev Bank of India | 1.14% |
| HDFC Bank Limited | 0.66% |
| Info Edge (India) Limited | 0.56% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Equity | 69.0% | 68.0% |
| Debt | 12.7% | 4.4% |
| Cash and others | 18.3% | 27.6% |
Market cap of stocks
| Market cap | HSBC Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Large Cap | 43.9% | 51.7% |
| Mid Cap | 16.1% | 13.7% |
| Small Cap | 9.0% | 2.6% |
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 | HSBC Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Banks | 25.0% | 20.1% |
| Ferrous Metals | 5.5% | 4.3% |
| Petroleum Products | 5.0% | 5.3% |
| Finance | 4.8% | 5.2% |
| Power | 4.0% | 2.4% |
| Automobiles | 0.3% | 3.7% |
| Pharmaceuticals & Biotechnology | 3.4% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Arbitrage vs Nippon India Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Arbitrage Fund | Nippon India Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.45% | 1.35% |
| Base expense ratio (Direct) | 0.22% | 0.31% |
| Total expense ratio (Regular) | 2.07% | 2.04% |
| Base expense ratio (Regular) | 0.75% | 0.90% |
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 HSBC Arbitrage with
HSBC Arbitrage Fund vs Nippon India Arbitrage Fund: Frequently Asked Questions
What is the difference between HSBC Arbitrage Fund and Nippon India Arbitrage Fund?
Both are Arbitrage funds, run by HSBC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 43.7%. HSBC Arbitrage Fund charges 1.45% a year and Nippon India Arbitrage Fund 1.35%.
Which has given higher returns, HSBC Arbitrage Fund or Nippon India Arbitrage Fund?
Over 1 year: HSBC Arbitrage Fund +6.54%, Nippon India Arbitrage Fund +6.71%. Over 3 years: HSBC Arbitrage Fund +7.17% a year, Nippon India Arbitrage Fund +7.28% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Arbitrage Fund or Nippon India Arbitrage Fund?
Nippon India Arbitrage Fund charges less: 1.35% a year against 1.45%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Arbitrage Fund and Nippon India Arbitrage Fund overlap?
43.7%. They hold 118 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is better for SIP, HSBC Arbitrage Fund or Nippon India Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,11,253 in HSBC Arbitrage Fund (XIRR 6.8% a year) and ₹4,12,012 in Nippon India Arbitrage Fund (XIRR 6.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Arbitrage Fund and Nippon India Arbitrage Fund?
Yes. 43.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.