HSBC Arbitrage Fund vs UTI - Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Arbitrage Fund and UTI - Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, HSBC Arbitrage Fund (Direct) returned 7.2% a year and UTI - Arbitrage Fund (Direct) returned 7.3% a year. HSBC Arbitrage Fund charges 1.45% a year and UTI - Arbitrage Fund 1.26% (Direct plans). Their portfolios overlap 46.4%: they hold 108 of the same securities.
Which is better, HSBC Arbitrage or UTI - Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- UTI - Arbitrage returned more over 3 years: 7.3% a year against 7.2%.
- UTI - Arbitrage returned more over 1 year: 6.6% against 6.5%.
- UTI - Arbitrage costs less: 1.26% a year against 1.45% (Direct plans).
- UTI - Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.1%.
- HSBC Arbitrage fell less in its worst fall since 28-11-2022: −0.3% against −0.4%.
- UTI - Arbitrage is the larger fund: ₹10,900 Cr against ₹3,633 Cr.
- Their portfolios overlap 46.4%: 108 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 | UTI - Arbitrage Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | UTI Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹3,633 Cr (30-09-2026) | ₹10,900 Cr (30-09-2026) |
| NAV | ₹22.08 (Direct) | ₹40.54 (Direct) |
| Expense ratio (Direct) | 1.45% | 1.26% |
| Expense ratio (Regular) | 2.07% | 1.81% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 30-06-2014 | 22-06-2006 |
| Minimum investment | ₹5,000 | Regular Plan-Growth- Rs.5000, Regular Plan - Growth-CanServe- Rs.5000, Regular Plan-Reinvestment of IDCW- Rs.5000, Regular Plan-Payout of IDCW- Rs.5000, Regular Plan-Payout of IDCW (Canserve)- Rs.5000, Direct Plan-Growth- Rs.5000, Direct Plan - Growth-Can |
| Lock in | None | None |
| Fund managers | Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi | Sharwan Kumar Goyal FM 1, Monish Lotia FM 2, Amit Sharma FM 3, Not Applicable FM 4 |
| Exit load | Exit load of 0.25% if redeemed within 1 month | Exit load of 0.25%, if redeemed within 15 days. |
HSBC Arbitrage vs UTI - 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% | -- | -- |
| UTI - Arbitrage Fund (Direct) | +0.52% | +1.50% | +3.20% | +6.59% | +7.29% | +6.74% | +6.32% |
| 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 UTI - Arbitrage: Year-wise Returns
| Year | HSBCHSBC Arbitrage | UTI -UTI - Arbitrage |
|---|---|---|
| 2026to date | +5.31% | +5.35% |
| 2025 | +6.93% | +7.05% |
| 2024 | +8.05% | +8.28% |
| 2023 | +7.79% | +7.77% |
| 2022 | -- | +4.64% |
| 2021 | -- | +4.46% |
HSBC Arbitrage vs UTI - 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)
UTI - 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% |
| UTI - Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.6% | 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 UTI - 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% |
| UTI - ArbitrageUTI - Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,53,984 | ₹73,984 | 7.1% |
HSBC ArbitrageHSBC Arbitrage Fund (Direct)
UTI - ArbitrageUTI - 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 UTI - 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) | UTI - Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.54% | +6.59% |
| Standard deviation | 1.35% | 1.25% |
| Sharpe ratio | 0.96 | 1.08 |
| Sortino ratio | 1.45 | 1.64 |
| Maximum drawdown | −0.3% (26-08-2026) | −0.4% (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) | UTI - Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.17% | +7.29% |
| Standard deviation | 1.10% | 1.03% |
| Sharpe ratio | 1.04 | 1.23 |
| Sortino ratio | 1.56 | 1.88 |
| Maximum drawdown | −0.3% (26-08-2026) | −0.4% (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) | UTI - Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.37% | +6.76% |
| Standard deviation | 1.04% | 1.00% |
| Sharpe ratio | 1.15 | 0.72 |
| Sortino ratio | 1.72 | 1.06 |
| Maximum drawdown | −0.3% (26-08-2026) | −0.7% (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)
UTI - 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% |
| UTI - Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 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)
UTI - 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)
UTI - Arbitrage Fund (Direct)
HSBC Arbitrage vs UTI - Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Arbitrage Fund, September 2026; UTI - Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 46.4%
- Held by both
- 108
- Only in HSBC Arbitrage
- 27
- Only in UTI - Arbitrage
- 48
| Security | % of HSBC Arbitrage | % of UTI - Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.84% | 4.78% |
| HDFC Bank Limited | 4.78% | 5.02% |
| ICICI Bank Limited | 5.32% | 4.39% |
| Canara Bank | 3.04% | 1.95% |
| Steel Authority of India Limited | 3.24% | 1.81% |
| Yes Bank Ltd | 1.83% | 1.71% |
| Punjab National Bank | 1.45% | 1.57% |
| Axis Bank Limited | 1.35% | 1.35% |
| NMDC Limited | 1.17% | 1.34% |
| JSW Steel Limited | 1.11% | 1.35% |
| Manappuram Finance Limited | 1.05% | 1.15% |
| Glenmark Pharmaceuticals Limited | 0.97% | 1.50% |
| Bandhan Bank Limited | 2.36% | 0.93% |
| Axis Bank Limited | 1.26% | 0.92% |
| Jio Financial Services Limited | 0.94% | 0.84% |
| State Bank of India | 0.82% | 3.25% |
| Infosys Limited | 0.80% | 1.11% |
| ITC Limited | 0.78% | 1.30% |
| Crompton Greaves Consumer Electrical Ltd | 2.00% | 0.75% |
| IDFC First Bank Limited | 1.47% | 0.75% |
| Tata Steel Limited | 0.88% | 0.71% |
| LIC Housing Finance Limited | 0.75% | 0.71% |
| Indus Towers Limited | 0.64% | 1.55% |
| Vodafone Idea Limited | 0.57% | 1.52% |
| Bharat Heavy Electricals Limited | 0.52% | 1.28% |
| AU Small Finance Bank Limited | 0.73% | 0.51% |
| Divi''s Laboratories Limited | 0.83% | 0.46% |
| Life Insurance Corporation Of India | 0.46% | 1.03% |
| Cummins India Limited | 0.42% | 0.41% |
| Coal India Limited | 0.41% | 1.02% |
| Biocon Limited | 0.39% | 0.38% |
| The Federal Bank Limited | 0.66% | 0.36% |
| Bajaj Finance Limited | 0.98% | 0.33% |
| Ambuja Cements Limited | 0.79% | 0.32% |
| HDFC Life Insurance Company Limited | 1.26% | 0.31% |
| IndusInd Bank Limited | 0.30% | 0.32% |
| Bharti Airtel Limited | 0.30% | 1.94% |
| HDFC Asset Management Company Limited | 0.43% | 0.29% |
| Hindustan Unilever Limited | 0.29% | 0.44% |
| Kotak Mahindra Bank Limited | 0.26% | 1.54% |
| The Indian Hotels Company Limited | 0.25% | 0.61% |
| Varun Beverages Limited | 1.74% | 0.24% |
| Container Corporation of India Limited | 0.56% | 0.23% |
| NABARD | 2.00% | 0.22% |
| Muthoot Finance Limited | 0.21% | 0.21% |
| Laurus Labs Limited | 0.38% | 0.19% |
| Bank of Baroda | 0.19% | 0.69% |
| KALYAN JEWELLERS INDIA LIMITED | 0.78% | 0.18% |
| APL Apollo Tubes Limited | 0.17% | 0.32% |
| Power Finance Corporation Limited | 0.51% | 0.16% |
| GE Vernova T&D India Limited | 0.16% | 0.31% |
| Tata Consumer Products Limited | 0.17% | 0.15% |
| Indian Oil Corporation Limited | 0.14% | 0.19% |
| RBL Bank Limited | 0.18% | 0.13% |
| Jindal Steel Limited | 0.28% | 0.11% |
| PNB Housing Finance Limited | 0.10% | 0.18% |
| MphasiS Limited | 0.41% | 0.09% |
| Bank of India | 0.29% | 0.09% |
| Apollo Hospitals Enterprise Limited | 0.12% | 0.09% |
| Bharat Forge Limited | 0.09% | 0.13% |
| Inox Wind Limited | 0.65% | 0.08% |
| Eternal Limited | 0.08% | 0.38% |
| Fortis Healthcare Limited | 0.09% | 0.07% |
| Hindalco Industries Limited | 0.07% | 0.59% |
| Suzlon Energy Limited | 0.07% | 0.75% |
| Aditya Birla Capital Limited | 0.07% | 0.54% |
| PB Fintech Limited | 0.13% | 0.06% |
| Hindustan Aeronautics Limited | 0.06% | 0.35% |
| Maruti Suzuki India Limited | 0.06% | 0.17% |
| NBCC (India) Limited | 0.62% | 0.05% |
| Tata Motors Passenger Vehicles Limited | 0.21% | 0.05% |
| Delhivery Limited | 0.07% | 0.05% |
| Ashok Leyland Limited | 0.05% | 0.35% |
| Larsen & Toubro Limited | 0.04% | 0.05% |
| Hindustan Petroleum Corporation Limited | 0.04% | 0.05% |
| Marico Limited | 0.04% | 0.18% |
| The Tata Power Company Limited | 0.04% | 0.31% |
| Coforge Limited | 0.04% | 0.21% |
| Sun Pharmaceutical Industries Limited | 0.73% | 0.03% |
| Sagility Limited | 0.07% | 0.03% |
| Hitachi Energy India Limited | 0.03% | 0.04% |
| Cholamandalam Invest & Finance Co Ltd | 0.03% | 0.79% |
| Avenue Supermarts Limited | 0.03% | 0.03% |
| Bharat Electronics Limited | 0.03% | 0.04% |
| Lupin Limited | 0.03% | 0.18% |
| Computer Age Management Services Limited | 0.03% | 0.09% |
| InterGlobe Aviation Limited | 0.03% | 0.04% |
| Adani Power Limited | 2.55% | 0.02% |
| Vedanta Limited | 0.07% | 0.02% |
| Voltas Limited | 0.05% | 0.02% |
| TUBE INVESTMENTS OF INDIA LTD | 0.05% | 0.02% |
| Cipla Limited | 0.02% | 0.02% |
| Aurobindo Pharma Limited | 0.02% | 0.18% |
| Torrent Pharmaceuticals Limited | 0.02% | 0.11% |
| Union Bank of India | 0.02% | 0.17% |
| Shriram Finance Limited | 0.02% | 0.05% |
| Adani Energy Solutions Limited | 1.24% | 0.01% |
| GAIL (India) Limited | 0.13% | 0.01% |
| PG Electroplast Limited | 0.04% | 0.01% |
| Zydus Lifesciences Limited | 0.01% | 0.02% |
| SBI Cards and Payment Services Limited | 0.01% | 0.02% |
| National Aluminium Company Limited | 0.01% | 0.03% |
| Supreme Industries Limited | 0.01% | 0.07% |
| Bosch Limited | 0.01% | 0.06% |
| TVS Motor Company Limited | 0.01% | 0.11% |
| Alkem Laboratories Limited | 0.01% | 0.04% |
| SRF Limited | 0.01% | 0.02% |
| NTPC Limited | 0.01% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 46.4% means 46.4% 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 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% |
| Bank of Baroda | 1.34% |
| Bank of Baroda | 1.34% |
Largest holdings only in UTI - Arbitrage Fund
| Security | % of fund |
|---|---|
| MF UNITS UTI-MONEY MARKET FUND | 19.58% |
| MF UNITS UTI - FLOATER FUND | 2.31% |
| CD - CANARA BANK - 28/01/2027 | 2.24% |
| CD - SMALL INDST. DEV. BANK OF INDIA - 09/02/2027 | 1.79% |
| CD - UNION BANK OF INDIA - 19/01/2027 | 1.35% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Arbitrage | UTI - Arbitrage |
|---|---|---|
| Equity | 69.0% | 65.9% |
| Debt | 12.7% | 11.2% |
| Cash and others | 18.3% | 22.9% |
Market cap of stocks
| Market cap | HSBC Arbitrage | UTI - Arbitrage |
|---|---|---|
| Large Cap | 43.9% | 46.3% |
| Mid Cap | 16.1% | 15.3% |
| Small Cap | 9.0% | 4.3% |
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 | UTI - Arbitrage |
|---|---|---|
| Banks | 25.0% | 24.3% |
| Ferrous Metals | 5.5% | 4.0% |
| Petroleum Products | 5.0% | 5.1% |
| Telecom - Services | 1.5% | 5.0% |
| Finance | 4.8% | 5.0% |
| Power | 4.0% | 0.8% |
| Pharmaceuticals & Biotechnology | 3.4% | 3.1% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Arbitrage vs UTI - Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Arbitrage Fund | UTI - Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.45% | 1.26% |
| Base expense ratio (Direct) | 0.22% | 0.26% |
| Total expense ratio (Regular) | 2.07% | 1.81% |
| Base expense ratio (Regular) | 0.75% | 0.73% |
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 UTI - Arbitrage Fund: Frequently Asked Questions
What is the difference between HSBC Arbitrage Fund and UTI - Arbitrage Fund?
Both are Arbitrage funds, run by HSBC Mutual Fund and UTI Mutual Fund. Their portfolios overlap 46.4%. HSBC Arbitrage Fund charges 1.45% a year and UTI - Arbitrage Fund 1.26%.
Which has given higher returns, HSBC Arbitrage Fund or UTI - Arbitrage Fund?
Over 1 year: HSBC Arbitrage Fund +6.54%, UTI - Arbitrage Fund +6.59%. Over 3 years: HSBC Arbitrage Fund +7.17% a year, UTI - Arbitrage Fund +7.29% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Arbitrage Fund or UTI - Arbitrage Fund?
UTI - Arbitrage Fund charges less: 1.26% a year against 1.45%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Arbitrage Fund and UTI - Arbitrage Fund overlap?
46.4%. They hold 108 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, HSBC Arbitrage Fund or UTI - Arbitrage Fund?
On SEBI's riskometer, HSBC Arbitrage Fund is rated Low and UTI - Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.10% and 1.03% a year.
Which is better for SIP, HSBC Arbitrage Fund or UTI - 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 ₹4,11,872 in UTI - 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 UTI - Arbitrage Fund?
Yes. 46.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HSBC Arbitrage Fund and UTI - Arbitrage Fund?
HSBC Arbitrage Fund: Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi. UTI - Arbitrage Fund: Sharwan Kumar Goyal FM 1, Monish Lotia FM 2, Amit Sharma FM 3, Not Applicable FM 4.
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.