ICICI Prudential Focused Fund vs PGIM India Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
ICICI Prudential Focused Fund is a Focused fund and PGIM India Arbitrage Fund is a mutual fund. ICICI Prudential Focused Fund charges 1.12% a year and PGIM India Arbitrage Fund 1.23% (Direct plans). Their portfolios overlap 34.4%: they hold 10 of the same securities.
Which is better, ICICI Prudential Focused or PGIM 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.
- ICICI Prudential Focused costs less: 1.12% a year against 1.23% (Direct plans).
- PGIM India Arbitrage swung less over 3 years: a standard deviation of 1.2% a year against 13.5%.
- PGIM India Arbitrage fell less in its worst fall since 08-03-2016: −0.7% against −34.1%.
- ICICI Prudential Focused is the larger fund: ₹17,168 Cr against ₹98 Cr.
- Their portfolios overlap 34.4%: 10 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 | ICICI Prudential Focused Fund | PGIM India Arbitrage Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | PGIM India Mutual Fund |
| Category | Focused | Not available |
| AUM | ₹17,168 Cr (30-09-2026) | ₹98 Cr (30-09-2026) |
| NAV | ₹104.58 (Direct) | ₹21.31 (Direct) |
| Expense ratio (Direct) | 1.12% | 1.23% |
| Expense ratio (Regular) | 2.13% | 1.90% |
| Riskometer | Not available | Not available |
| Benchmark | BSE 500 TRI | Not available |
| Launch date | 28-05-2009 | Not available |
| Minimum investment | ₹500 | Not available |
| Lock in | None | Not available |
| Fund managers | Vaibhav Dusad, Sharmila D’silva | Not available |
| Exit load | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 1 Year from allotment. Nil If the amount sought to be redeemed or switched out more than 1 Year. | Not available |
ICICI Prudential Focused vs PGIM 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Focused Fund (Direct) | −0.21% | −5.47% | +0.19% | −4.91% | +16.41% | +13.76% | +14.87% |
| PGIM India Arbitrage Fund (Direct) | -- | -- | -- | -- | -- | -- | -- |
| Focused average | −1.00% | −4.12% | +1.39% | −3.09% | +12.30% | +10.21% | +13.15% |
Category average: the average of the 28 Focused funds, same plan type.
ICICI Prudential Focused vs PGIM India Arbitrage: Year-wise Returns
| Year | ICICI Prudential FocusedICICI Prudential Focused | PGIM India ArbitragePGIM India Arbitrage |
|---|---|---|
| 2026to date | −7.23% | -- |
| 2025 | +16.75% | -- |
| 2024 | +27.98% | -- |
| 2023 | +29.88% | -- |
| 2022 | +7.40% | -- |
| 2021 | +37.81% | -- |
ICICI Prudential Focused vs PGIM India Arbitrage: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of ICICI Prudential Focused Fund
Rolling returns
Every 3-year holding period, 1,882 of them, one for each trading day from 08-03-2019 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.
ICICI Prudential Focused Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE 500 TRI
to
Oct 2019Feb 2018
to
Feb 2021May 2019
to
May 2022Sept 2020
to
Sept 2023Dec 2021
to
Dec 2024Mar 2023
to
Mar 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Focused | 2.6 | 7.1 | 10.9 | 8.7 | 17.5 | 36.0 | 17.2 | 18.0% | 20.6% | −6.5% | 35.8% | 80% |
| PGIM India Arbitrage | 0.0 | 19.7 | 80.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 5.9% | 4.3% | 7.4% | 9% |
| BSE 500 TRI | 2.6 | 6.0 | 8.5 | 26.7 | 36.9 | 14.6 | 4.7 | 15.2% | 15.7% | −6.2% | 33.9% | -- |
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. The benchmark is BSE 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 08-03-2016. Past returns do not promise future returns.
ICICI Prudential Focused vs PGIM 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 01-03-2016 to 30-10-2026: 128 instalments, ₹12,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential FocusedICICI Prudential Focused Fund (Direct) | ₹12,80,000 | ₹31,63,502 | ₹18,83,502 | 16.1% |
| PGIM India ArbitragePGIM India Arbitrage Fund (Direct) | ₹12,80,000 | ₹17,99,984 | ₹5,19,984 | 6.2% |
ICICI Prudential FocusedICICI Prudential Focused Fund (Direct)
PGIM India ArbitragePGIM 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.
ICICI Prudential Focused vs PGIM India Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Focused Fund (Direct) | PGIM India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.91% | +6.71% |
| Standard deviation | 15.07% | 1.48% |
| Sharpe ratio | -0.67 | 0.99 |
| Sortino ratio | -0.91 | 1.56 |
| Maximum drawdown | −16.3% (30-03-2026) | −0.5% (06-08-2026) |
| Beta | 1.02 | -- |
| Alpha | +2.99% | -- |
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 | ICICI Prudential Focused Fund (Direct) | PGIM India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.41% | +7.07% |
| Standard deviation | 13.52% | 1.16% |
| Sharpe ratio | 0.77 | 0.90 |
| Sortino ratio | 1.09 | 1.38 |
| Maximum drawdown | −16.8% (28-02-2025) | −0.5% (06-08-2026) |
| Beta | 0.91 | -- |
| Alpha | +6.86% | -- |
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 | ICICI Prudential Focused Fund (Direct) | PGIM India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.76% | +6.52% |
| Standard deviation | 13.43% | 1.05% |
| Sharpe ratio | 0.59 | 0.69 |
| Sortino ratio | 0.83 | 1.06 |
| Maximum drawdown | −16.8% (28-02-2025) | −0.5% (06-08-2026) |
| Beta | 0.90 | -- |
| Alpha | +5.39% | -- |
From daily NAVs, 29-10-2021 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 | ICICI Prudential Focused Fund (Direct) | PGIM India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.92% | +6.12% |
| Standard deviation | 14.88% | 1.08% |
| Sharpe ratio | 0.60 | 0.60 |
| Sortino ratio | 0.83 | 0.90 |
| Maximum drawdown | −34.1% (23-03-2020) | −0.7% (26-03-2020) |
| Beta | 0.88 | -- |
| Alpha | +2.88% | -- |
From daily NAVs, 10-01-2013 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.
ICICI Prudential Focused Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Focused Fund (Direct) | −34.1% | 07-09-2018 | 23-03-2020 | 21-08-2020 | 5 months | −8.6% |
| PGIM India Arbitrage Fund (Direct) | −0.7% | 16-03-2020 | 26-03-2020 | 31-03-2020 | 5 days | 0.0% |
| BSE 500 TRI | −38.1% | 17-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −9.4% |
From daily values since 08-03-2016, 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.
ICICI Prudential Focused Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE 500 TRI
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.
ICICI Prudential Focused Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Focused Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Focused Fund (Direct) | 94% | 76% | 5.83% |
| PGIM India Arbitrage Fund (Direct) | 12% | -16% | 16.79% |
From month-end values since 08-03-2016. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
ICICI Prudential Focused vs PGIM India Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Focused Fund, September 2026; PGIM India Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.4%
- Held by both
- 10
- Only in ICICI Prudential Focused
- 20
- Only in PGIM India Arbitrage
- 21
| Security | % of ICICI Prudential Focused | % of PGIM India Arbitrage |
|---|---|---|
| ICICI Bank Ltd. | 8.73% | 9.63% |
| Axis Bank Ltd. | 6.78% | 5.39% |
| HDFC Bank Ltd. | 4.77% | 9.64% |
| Bharti Airtel Ltd. | 4.20% | 5.19% |
| PNB Housing Finance Ltd. | 3.13% | 3.64% |
| HDFC Asset Management Company Ltd. | 3.56% | 3.07% |
| The Phoenix Mills Ltd. | 3.21% | 2.21% |
| BSE Ltd. | 3.20% | 1.89% |
| Titan Company Ltd. | 1.68% | 0.74% |
| HDFC Life Insurance Company Ltd. | 1.32% | 0.29% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.4% means 34.4% 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 ICICI Prudential Focused Fund
| Security | % of fund |
|---|---|
| Mphasis Ltd. | 4.72% |
| TVS Motor Company Ltd. | 4.32% |
| Ashok Leyland Ltd. | 3.52% |
| Godrej Consumer Products Ltd. | 3.12% |
| Swiggy Ltd | 2.99% |
Largest holdings only in PGIM India Arbitrage Fund
| Security | % of fund |
|---|---|
| PGIM India Liquid Fund | 11.82% |
| Reliance Industries Ltd. | 9.33% |
| 182 DAYS TBILL RED 19-11-2026 | 5.07% |
| Vodafone Idea Ltd. | 5.01% |
| VARUN BEVERAGES LIMITED | 3.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Focused | PGIM India Arbitrage |
|---|---|---|
| Equity | 94.6% | 75.0% |
| Debt | 0.6% | 10.3% |
| Cash and others | 4.8% | 14.7% |
Market cap of stocks
| Market cap | ICICI Prudential Focused | PGIM India Arbitrage |
|---|---|---|
| Large Cap | 57.5% | 63.6% |
| Mid Cap | 34.0% | 6.3% |
| Small Cap | 3.1% | 5.1% |
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 | ICICI Prudential Focused | PGIM India Arbitrage |
|---|---|---|
| Banks | 20.3% | 30.4% |
| Capital Markets | 12.5% | 5.0% |
| Telecom - Services | 4.2% | 10.2% |
| Petroleum Products | 0.0% | 9.3% |
| Pharmaceuticals & Biotechnology | 9.0% | 0.0% |
| Realty | 5.9% | 2.2% |
| Finance | 5.6% | 5.1% |
| It - Software | 4.7% | 0.0% |
| Beverages | 0.0% | 3.3% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Focused vs PGIM India Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Focused Fund | PGIM India Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.12% | 1.23% |
| Base expense ratio (Direct) | 0.57% | 0.31% |
| Total expense ratio (Regular) | 2.13% | 1.90% |
| Base expense ratio (Regular) | 1.43% | 0.88% |
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
ICICI Prudential Focused Fund vs PGIM India Arbitrage Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Focused Fund and PGIM India Arbitrage Fund?
ICICI Prudential Focused Fund is a Focused fund, PGIM India Arbitrage Fund is a mutual fund, run by ICICI Prudential Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 34.4%. ICICI Prudential Focused Fund charges 1.12% a year and PGIM India Arbitrage Fund 1.23%.
Which has the lower expense ratio, ICICI Prudential Focused Fund or PGIM India Arbitrage Fund?
ICICI Prudential Focused Fund charges less: 1.12% a year against 1.23%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Focused Fund and PGIM India Arbitrage Fund overlap?
34.4%. They hold 10 of the same securities, the largest shared ones being ICICIBANK, AXISBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Focused Fund or PGIM India Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹8,52,436 in ICICI Prudential Focused Fund (XIRR 13.1% a year) and ₹7,27,542 in PGIM India Arbitrage Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Focused Fund and PGIM India Arbitrage Fund?
Yes. 34.4% of each fund's money sits in the same holdings, so some 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.