HSBC Equity Savings Fund vs SBI Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Equity Savings Fund is an Equity Savings fund and SBI Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, HSBC Equity Savings Fund (Direct) returned 12.8% a year and SBI Arbitrage Fund (Direct) returned 7.2% a year. HSBC Equity Savings Fund charges 1.41% a year and SBI Arbitrage Fund 1.47% (Direct plans). Their portfolios overlap 37.7%: they hold 72 of the same securities.
HSBC Equity Savings Fund
Equity Savings
- 3 year return
- 12.8%
- Expense ratio
- 1.41%
- NAV
- ₹40.76
Which is better, HSBC Equity Savings or SBI Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HSBC Equity Savings returned more over 3 years: 12.8% a year against 7.2%.
- SBI Arbitrage returned more over 1 year: 6.6% against 6.0%.
- HSBC Equity Savings costs less: 1.41% a year against 1.47% (Direct plans).
- SBI Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 7.2%.
- SBI Arbitrage fell less in its worst fall since 28-11-2022: −0.5% against −11.5%.
- SBI Arbitrage holds more in large companies: 61.8% of the fund in large caps against 49.2%.
- SBI Arbitrage is the larger fund: ₹46,309 Cr against ₹1,558 Cr.
- Their portfolios overlap 37.7%: 72 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 Equity Savings Fund | SBI Arbitrage Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | SBI Mutual Fund |
| Category | Equity Savings | Arbitrage |
| AUM | ₹1,558 Cr (30-09-2026) | ₹46,309 Cr (30-09-2026) |
| NAV | ₹40.76 (Direct) | ₹39.08 (Direct) |
| Expense ratio (Direct) | 1.41% | 1.47% |
| Expense ratio (Regular) | 2.40% | 1.99% |
| Riskometer | Low to Moderate | Low |
| Benchmark | Nifty Equity Savings Index | Nifty 50 Arbitrage Index |
| Launch date | 18-10-2011 | 03-11-2006 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Cheenu Gupta, Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi, Mayank Chaturvedi, Dipan S. Parikh | Neeraj Kumar - Equity, Ardhendu Bhattacharya |
| Exit load | Exit load for units in excess of 0.50% of the investment,1% will be charged for redemption within 1 month. | Exit load of 0.25%, if redeemed within 15 Days. |
HSBC Equity Savings vs SBI 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 Equity Savings Fund (Direct) | +0.23% | −0.42% | +2.72% | +6.04% | +12.81% | -- | -- |
| SBI Arbitrage Fund (Direct) | +0.56% | +1.53% | +3.22% | +6.59% | +7.24% | +6.83% | +6.24% |
| Equity Savings average | −0.02% | −0.68% | +1.71% | +2.12% | +8.55% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 23 Equity Savings funds and the 39 Arbitrage funds, same plan type.
HSBC Equity Savings vs SBI Arbitrage: Year-wise Returns
| Year | HSBC Equity SavingsHSBC Equity Savings | SBI ArbitrageSBI Arbitrage |
|---|---|---|
| 2026to date | +6.60% | +5.39% |
| 2025 | +1.76% | +7.05% |
| 2024 | +25.17% | +8.11% |
| 2023 | +18.09% | +7.98% |
| 2022 | -- | +5.09% |
| 2021 | -- | +4.43% |
HSBC Equity Savings vs SBI 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 Equity Savings Fund (Direct)
SBI 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 Equity Savings | 0.0 | 0.0 | 0.0 | 96.5 | 3.5 | 0.0 | 0.0 | 14.0% | 14.1% | 12.0% | 15.1% |
| SBI 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 Equity Savings vs SBI 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 Equity SavingsHSBC Equity Savings Fund (Direct) | ₹4,80,000 | ₹5,95,515 | ₹1,15,515 | 10.8% |
| SBI ArbitrageSBI Arbitrage Fund (Direct) | ₹4,80,000 | ₹5,53,922 | ₹73,922 | 7.1% |
HSBC Equity SavingsHSBC Equity Savings Fund (Direct)
SBI ArbitrageSBI 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 Equity Savings vs SBI Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Equity Savings Fund (Direct) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.04% | +6.59% |
| Standard deviation | 5.81% | 1.46% |
| Sharpe ratio | 0.14 | 0.92 |
| Sortino ratio | 0.19 | 1.41 |
| Maximum drawdown | −3.4% (21-01-2026) | −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 Equity Savings Fund (Direct) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.81% | +7.24% |
| Standard deviation | 7.16% | 1.12% |
| Sharpe ratio | 0.95 | 1.09 |
| Sortino ratio | 1.28 | 1.66 |
| Maximum drawdown | −11.5% (28-02-2025) | −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 Equity Savings Fund (Direct) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.70% | +6.84% |
| Standard deviation | 6.51% | 1.07% |
| Sharpe ratio | 1.00 | 0.74 |
| Sortino ratio | 1.36 | 1.11 |
| Maximum drawdown | −11.5% (28-02-2025) | −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 Equity Savings Fund (Direct)
SBI Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Equity Savings Fund (Direct) | −11.5% | 02-01-2025 | 28-02-2025 | 10-09-2025 | 6 months | −1.9% |
| SBI Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
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 Equity Savings Fund (Direct)
SBI 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 Equity Savings Fund (Direct)
SBI Arbitrage Fund (Direct)
HSBC Equity Savings vs SBI Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Equity Savings Fund, September 2026; SBI Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 37.7%
- Held by both
- 72
- Only in HSBC Equity Savings
- 40
- Only in SBI Arbitrage
- 124
| Security | % of HSBC Equity Savings | % of SBI Arbitrage |
|---|---|---|
| HDFC Bank Limited | 4.78% | 4.92% |
| State Bank of India | 3.14% | 3.68% |
| Reliance Industries Limited | 2.88% | 5.58% |
| ICICI Bank Limited | 3.64% | 2.75% |
| Axis Bank Limited | 3.45% | 2.31% |
| Bajaj Finance Limited | 1.41% | 1.57% |
| Bharti Airtel Limited | 1.23% | 2.39% |
| Divi''s Laboratories Limited | 1.05% | 1.09% |
| Tata Steel Limited | 1.03% | 1.59% |
| Adani Enterprises Limited | 0.98% | 1.41% |
| Canara Bank | 1.70% | 0.89% |
| Kotak Mahindra Bank Limited | 1.72% | 0.85% |
| Jio Financial Services Limited | 1.02% | 0.77% |
| Varun Beverages Limited | 1.24% | 0.76% |
| The Federal Bank Limited | 2.55% | 0.74% |
| IDFC First Bank Limited | 0.76% | 0.73% |
| Punjab National Bank | 0.69% | 0.78% |
| JSW Steel Limited | 0.66% | 1.58% |
| Bharat Electronics Limited | 0.58% | 1.36% |
| Tata Motors Passenger Vehicles Limited | 0.68% | 0.52% |
| Ambuja Cements Limited | 0.52% | 0.59% |
| Cholamandalam Invest & Finance Co Ltd | 0.70% | 0.49% |
| Steel Authority of India Limited | 1.20% | 0.46% |
| Mahindra & Mahindra Limited | 1.80% | 0.44% |
| IndusInd Bank Limited | 0.66% | 0.43% |
| Bharat Heavy Electricals Limited | 0.42% | 0.72% |
| Life Insurance Corporation Of India | 2.05% | 0.38% |
| HDFC Asset Management Company Limited | 1.31% | 0.36% |
| Adani Port & Special Economic Zone Ltd | 0.35% | 0.46% |
| KALYAN JEWELLERS INDIA LIMITED | 0.34% | 0.46% |
| Coforge Limited | 1.12% | 0.32% |
| Indus Towers Limited | 0.31% | 0.61% |
| Aditya Birla Capital Limited | 0.30% | 0.31% |
| Larsen & Toubro Limited | 0.29% | 0.87% |
| Hitachi Energy India Limited | 1.32% | 0.27% |
| Tata Consumer Products Limited | 0.26% | 0.62% |
| Sun Pharmaceutical Industries Limited | 1.68% | 0.22% |
| Bandhan Bank Limited | 0.77% | 0.19% |
| HDFC Life Insurance Company Limited | 0.46% | 0.19% |
| Bank of Baroda | 0.19% | 0.78% |
| GE Vernova T&D India Limited | 1.52% | 0.17% |
| Hindustan Unilever Limited | 0.16% | 0.56% |
| Container Corporation of India Limited | 0.45% | 0.15% |
| Eicher Motors Limited | 0.15% | 0.35% |
| RBL Bank Limited | 0.21% | 0.14% |
| TVS Motor Company Limited | 0.13% | 0.17% |
| LIC Housing Finance Limited | 0.71% | 0.12% |
| Godrej Consumer Products Limited | 0.11% | 0.14% |
| InterGlobe Aviation Limited | 0.96% | 0.10% |
| Polycab India Limited | 1.64% | 0.09% |
| Max Financial Services Limited | 0.18% | 0.09% |
| Bank of India | 0.09% | 0.22% |
| PB Fintech Limited | 0.33% | 0.07% |
| Godrej Properties Limited | 0.07% | 0.24% |
| Hindustan Aeronautics Limited | 0.06% | 1.16% |
| KEI Industries Limited | 0.06% | 0.20% |
| Indian Energy Exchange Limited | 0.49% | 0.05% |
| DLF Limited | 0.11% | 0.05% |
| FSN E-Commerce Ventures Limited | 0.82% | 0.04% |
| Radico Khaitan Limited | 0.71% | 0.04% |
| ABB India Limited | 0.13% | 0.04% |
| Hero MotoCorp Limited | 0.04% | 0.06% |
| Hindustan Zinc Limited | 0.04% | 0.17% |
| CG Power And Industrial Solutions Ltd | 0.66% | 0.03% |
| Grasim Industries Limited | 0.63% | 0.03% |
| ITC Limited | 0.03% | 0.93% |
| The Indian Hotels Company Limited | 0.02% | 0.70% |
| PERSISTENT SYSTEMS LTD | 0.02% | 0.08% |
| Shriram Finance Limited | 0.02% | 0.45% |
| Max Healthcare Institute Limited | 0.11% | 0.01% |
| Hindalco Industries Limited | 0.01% | 0.54% |
| Eternal Limited | 0.01% | 0.16% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.7% means 37.7% 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 Equity Savings Fund
| Security | % of fund |
|---|---|
| 7.06% GOI - 10-Apr-2028 | 2.94% |
| 6.36% GOI 16-Feb-2031 | 2.54% |
| Lenskart Solutions Limited | 1.89% |
| 364 Days Treasury Bill 28-Jan-2027 | 1.58% |
| Aditya Infotech Limited | 1.58% |
Largest holdings only in SBI Arbitrage Fund
| Security | % of fund |
|---|---|
| SBI Liquid Fund - DIRECT PLAN -Growth Option | 7.25% |
| SBI Money Market Fund - Direct Plan - Growth Option | 7.06% |
| HDFC Bank Ltd. | 2.54% |
| Vodafone Idea Ltd. | 1.10% |
| Bank of Baroda | 1.06% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Equity Savings | SBI Arbitrage |
|---|---|---|
| Equity | 73.3% | 77.2% |
| Debt | 21.1% | 6.5% |
| Cash and others | 5.6% | 16.4% |
Market cap of stocks
| Market cap | HSBC Equity Savings | SBI Arbitrage |
|---|---|---|
| Large Cap | 49.2% | 61.8% |
| Mid Cap | 15.9% | 13.2% |
| Small Cap | 7.2% | 2.1% |
| Not on AMFI's list | 1.1% | 0.0% |
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 | HSBC Equity Savings | SBI Arbitrage |
|---|---|---|
| Banks | 24.6% | 20.0% |
| Petroleum Products | 2.9% | 6.3% |
| Finance | 4.2% | 5.7% |
| Electrical Equipment | 4.5% | 1.5% |
| Power | 0.0% | 4.3% |
| Retailing | 4.2% | 1.2% |
| Telecom - Services | 1.5% | 4.1% |
| Capital Markets | 3.8% | 1.1% |
| Ferrous Metals | 2.9% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Equity Savings vs SBI Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Equity Savings Fund | SBI Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.41% | 1.47% |
| Base expense ratio (Direct) | 0.51% | 0.34% |
| Total expense ratio (Regular) | 2.40% | 1.99% |
| Base expense ratio (Regular) | 1.35% | 0.78% |
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 Equity Savings with
HSBC Equity Savings Fund vs SBI Arbitrage Fund: Frequently Asked Questions
What is the difference between HSBC Equity Savings Fund and SBI Arbitrage Fund?
HSBC Equity Savings Fund is an Equity Savings fund, SBI Arbitrage Fund is an Arbitrage fund, run by HSBC Mutual Fund and SBI Mutual Fund. Their portfolios overlap 37.7%. HSBC Equity Savings Fund charges 1.41% a year and SBI Arbitrage Fund 1.47%.
Which has given higher returns, HSBC Equity Savings Fund or SBI Arbitrage Fund?
Over 1 year: HSBC Equity Savings Fund +6.04%, SBI Arbitrage Fund +6.59%. Over 3 years: HSBC Equity Savings Fund +12.81% a year, SBI Arbitrage Fund +7.24% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Equity Savings Fund or SBI Arbitrage Fund?
HSBC Equity Savings Fund charges less: 1.41% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Equity Savings Fund and SBI Arbitrage Fund overlap?
37.7%. They hold 72 of the same securities, the largest shared ones being HDFCBANK, SBIN, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HSBC Equity Savings Fund or SBI Arbitrage Fund?
On SEBI's riskometer, HSBC Equity Savings Fund is rated Low to Moderate and SBI Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 7.16% and 1.12% a year.
Which is better for SIP, HSBC Equity Savings Fund or SBI Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,25,484 in HSBC Equity Savings Fund (XIRR 9.1% a year) and ₹4,11,800 in SBI Arbitrage Fund (XIRR 6.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Equity Savings Fund and SBI Arbitrage Fund?
Yes. 37.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Equity Savings Fund and SBI Arbitrage Fund?
HSBC Equity Savings Fund: Cheenu Gupta, Praveen Ayathan, Mahesh Chhabria, Mohd. Asif Rizwi, Mayank Chaturvedi, Dipan S. Parikh. SBI Arbitrage Fund: Neeraj Kumar - Equity, Ardhendu Bhattacharya.
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.