Invesco India Arbitrage Fund vs ITI Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Arbitrage Fund and ITI Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Invesco India Arbitrage Fund (Direct) returned 7.5% a year and ITI Arbitrage Fund (Direct) returned 7.3% a year. Invesco India Arbitrage Fund charges 2.20% a year and ITI Arbitrage Fund 1.10% (Direct plans). Their portfolios overlap 17.9%: they hold 28 of the same securities.
Invesco India Arbitrage Fund
Arbitrage
- 3 year return
- 7.5%
- Expense ratio
- 2.20%
- NAV
- ₹37.63
Which is better, Invesco India Arbitrage or ITI Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Invesco India Arbitrage returned more over 5 years: 7.1% a year against 6.3%.
- Invesco India Arbitrage returned more over 3 years: 7.5% a year against 7.3%.
- ITI Arbitrage costs less: 1.10% a year against 2.20% (Direct plans).
- Invesco India Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.2%.
- Invesco India Arbitrage fell less in its worst fall since 12-09-2019: −0.5% against −0.6%.
- Invesco India Arbitrage holds more in large companies: 53.9% of the fund in large caps against 35.4%.
- Invesco India Arbitrage is the larger fund: ₹30,396 Cr against ₹65 Cr.
- Their portfolios overlap 17.9%: 28 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 | Invesco India Arbitrage Fund | ITI Arbitrage Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | ITI Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹30,396 Cr (30-09-2026) | ₹65 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹14.70 (Direct) |
| Expense ratio (Direct) | 2.20% | 1.10% |
| Expense ratio (Regular) | 2.87% | 1.80% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 30-04-2007 | 09-09-2019 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Pradeep Sukte | Vikas Nathani, Animesh Singh, Laukik Bagwe |
| Exit load | Exit load of 0.50% if redeemed within 15 days | Exit Load for units in excess of 10% of the investment,0.25% will be charged for redemption within 15 days. |
Invesco India Arbitrage vs ITI 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 |
|---|---|---|---|---|---|---|---|
| Invesco India Arbitrage Fund (Direct) | +0.63% | +1.62% | +3.40% | +6.88% | +7.46% | +7.14% | +6.46% |
| ITI Arbitrage Fund (Direct) | +0.57% | +1.46% | +2.92% | +6.38% | +7.25% | +6.26% | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Invesco India Arbitrage vs ITI Arbitrage: Year-wise Returns
| Year | Invesco IndiaInvesco India Arbitrage | ITIITI Arbitrage |
|---|---|---|
| 2026to date | +5.60% | +5.21% |
| 2025 | +7.17% | +7.32% |
| 2024 | +8.32% | +8.03% |
| 2023 | +8.07% | +7.15% |
| 2022 | +5.85% | +3.23% |
| 2021 | +4.15% | +3.15% |
Invesco India Arbitrage vs ITI Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,017 of them, one for each trading day from 12-09-2022 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.
Invesco India Arbitrage Fund (Direct)
ITI Arbitrage Fund (Direct)
to
Jan 2023Sept 2020
to
Sept 2023Jun 2021
to
Jun 2024Feb 2022
to
Feb 2025Nov 2022
to
Nov 2025Jul 2023
to
Jul 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Arbitrage | 0.0 | 9.0 | 91.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 7.1% | 4.8% | 8.0% |
| ITI Arbitrage | 0.0 | 37.1 | 62.9 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6% | 5.8% | 3.2% | 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 12-09-2019. Past returns do not promise future returns.
Invesco India Arbitrage vs ITI 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 03-09-2019 to 30-10-2026: 86 instalments, ₹8,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India ArbitrageInvesco India Arbitrage Fund (Direct) | ₹8,60,000 | ₹11,06,970 | ₹2,46,970 | 6.9% |
| ITI ArbitrageITI Arbitrage Fund (Direct) | ₹8,60,000 | ₹10,79,521 | ₹2,19,521 | 6.3% |
Invesco India ArbitrageInvesco India Arbitrage Fund (Direct)
ITI ArbitrageITI 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.
Invesco India Arbitrage vs ITI Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Invesco India Arbitrage Fund (Direct) | ITI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.38% |
| Standard deviation | 1.35% | 1.57% |
| Sharpe ratio | 1.21 | 0.73 |
| Sortino ratio | 1.82 | 1.06 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.6% (29-09-2026) |
| 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 | Invesco India Arbitrage Fund (Direct) | ITI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.46% | +7.25% |
| Standard deviation | 1.09% | 1.23% |
| Sharpe ratio | 1.32 | 1.00 |
| Sortino ratio | 2.01 | 1.48 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.6% (29-09-2026) |
| 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 | Invesco India Arbitrage Fund (Direct) | ITI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.14% | +6.26% |
| Standard deviation | 1.00% | 1.10% |
| Sharpe ratio | 1.34 | 0.42 |
| Sortino ratio | 2.05 | 0.61 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.6% (29-09-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | Invesco India Arbitrage Fund (Direct) | ITI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +5.53% |
| Standard deviation | 1.04% | 1.12% |
| Sharpe ratio | 0.87 | 0.36 |
| Sortino ratio | 1.29 | 0.51 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.6% (07-04-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-01-2013 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.
Invesco India Arbitrage Fund (Direct)
ITI Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Invesco India Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 03-06-2020 | 30-06-2020 | 27 days | −0.0% |
| ITI Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 07-04-2020 | 30-04-2020 | 23 days | 0.0% |
From daily values since 12-09-2019, 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.
Invesco India Arbitrage Fund (Direct)
ITI 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.
Invesco India Arbitrage Fund (Direct)
ITI Arbitrage Fund (Direct)
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.
Invesco India Arbitrage Fund (Direct)
ITI Arbitrage Fund (Direct)
Invesco India Arbitrage vs ITI Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Arbitrage Fund, September 2026; ITI Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 17.9%
- Held by both
- 28
- Only in Invesco India Arbitrage
- 166
- Only in ITI Arbitrage
- 2
| Security | % of Invesco India Arbitrage | % of ITI Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.58% | 5.69% |
| Bharti Airtel Limited | 2.16% | 3.22% |
| Power Finance Corporation Limited | 1.77% | 4.44% |
| Canara Bank | 1.52% | 1.37% |
| Ambuja Cements Limited | 1.26% | 1.46% |
| Varun Beverages Ltd | 0.80% | 3.06% |
| Cummins India Limited | 0.77% | 4.56% |
| ITC Limited | 0.61% | 0.70% |
| Punjab National Bank | 1.03% | 0.56% |
| RBL Bank Limited | 0.38% | 1.98% |
| Hindustan Zinc Limited | 0.35% | 1.50% |
| Bank of India | 0.26% | 1.25% |
| Shriram Finance Limited | 0.22% | 2.25% |
| Hindustan Petroleum Corporation Limited | 0.21% | 1.64% |
| Adani Energy Solutions Limited | 0.21% | 0.69% |
| One 97 Communications Limited | 0.20% | 8.83% |
| AU Small Finance Bank Limited | 0.19% | 2.34% |
| ICICI Lombard General Insurance Company Limited | 0.18% | 1.92% |
| HDFC Life Insurance Company Limited | 0.18% | 1.51% |
| Aditya Birla Capital Limited | 0.17% | 1.64% |
| Larsen & Toubro Limited | 0.12% | 0.81% |
| Kalyan Jewellers India Limited | 0.11% | 1.04% |
| National Aluminium Company Limited | 0.09% | 1.78% |
| Adani Ports and Special Economic Zone Limited | 0.04% | 3.56% |
| IndusInd Bank Limited | 0.03% | 2.14% |
| Persistent Systems Ltd | 0.03% | 1.53% |
| Max Financial Services Limited | 0.02% | 1.02% |
| Amber Enterprises India Limited | 0.01% | 0.93% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 17.9% means 17.9% 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 Invesco India Arbitrage Fund
| Security | % of fund |
|---|---|
| Invesco India Money Market Fund - Direct Plan - Growth | 5.52% |
| Invesco India Liquid Fund - Direct Plan - Growth | 5.22% |
| ICICI Bank Limited | 4.55% |
| Reliance Industries Limited | 3.48% |
| Axis Bank Limited | 2.20% |
Largest holdings only in ITI Arbitrage Fund
| Security | % of fund |
|---|---|
| ITI Liquid Fund - Direct Plan - Growth Option | 14.82% |
| Godfrey Phillips India Limited | 1.93% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Arbitrage | ITI Arbitrage |
|---|---|---|
| Equity | 79.6% | 65.4% |
| Debt | 5.8% | 0.0% |
| Cash and others | 14.6% | 34.6% |
Market cap of stocks
| Market cap | Invesco India Arbitrage | ITI Arbitrage |
|---|---|---|
| Large Cap | 53.9% | 35.4% |
| Mid Cap | 20.6% | 27.1% |
| Small Cap | 5.0% | 2.9% |
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 | Invesco India Arbitrage | ITI Arbitrage |
|---|---|---|
| Banks | 23.3% | 15.3% |
| Financial Technology (Fintech) | 0.7% | 8.8% |
| Finance | 6.1% | 8.3% |
| Telecom - Services | 5.1% | 3.2% |
| Industrial Products | 3.1% | 4.6% |
| Insurance | 0.9% | 4.5% |
| Petroleum Products | 4.4% | 1.6% |
| IT - Software | 3.6% | 1.5% |
| Transport Infrastructure | 0.1% | 3.6% |
| Pharmaceuticals & Biotechnology | 3.2% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Arbitrage vs ITI Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Arbitrage Fund | ITI Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.20% | 1.10% |
| Base expense ratio (Direct) | 0.34% | 0.21% |
| Total expense ratio (Regular) | 2.87% | 1.80% |
| Base expense ratio (Regular) | 0.91% | 0.81% |
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 Invesco India Arbitrage with
Invesco India Arbitrage Fund vs ITI Arbitrage Fund: Frequently Asked Questions
What is the difference between Invesco India Arbitrage Fund and ITI Arbitrage Fund?
Both are Arbitrage funds, run by Invesco Mutual Fund and ITI Mutual Fund. Their portfolios overlap 17.9%. Invesco India Arbitrage Fund charges 2.20% a year and ITI Arbitrage Fund 1.10%.
Which has given higher returns, Invesco India Arbitrage Fund or ITI Arbitrage Fund?
Over 1 year: Invesco India Arbitrage Fund +6.88%, ITI Arbitrage Fund +6.38%. Over 3 years: Invesco India Arbitrage Fund +7.46% a year, ITI Arbitrage Fund +7.25% a year. Over 5 years: Invesco India Arbitrage Fund +7.14% a year, ITI Arbitrage Fund +6.26% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Arbitrage Fund or ITI Arbitrage Fund?
ITI Arbitrage Fund charges less: 1.10% a year against 2.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Arbitrage Fund and ITI Arbitrage Fund overlap?
17.9%. They hold 28 of the same securities, the largest shared ones being HDFCBANK, BHARTIARTL, PFC. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Arbitrage Fund or ITI Arbitrage Fund?
On SEBI's riskometer, Invesco India Arbitrage Fund is rated Low and ITI Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.09% and 1.23% a year.
Which is better for SIP, Invesco India Arbitrage Fund or ITI Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,35,975 in Invesco India Arbitrage Fund (XIRR 7.3% a year) and ₹7,27,182 in ITI Arbitrage Fund (XIRR 6.9% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Arbitrage Fund and ITI Arbitrage Fund?
Yes. 17.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Invesco India Arbitrage Fund and ITI Arbitrage Fund?
Invesco India Arbitrage Fund: Deepak Gupta, Pradeep Sukte. ITI Arbitrage Fund: Vikas Nathani, Animesh Singh, Laukik Bagwe.
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.