Invesco India Arbitrage Fund vs JM Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Arbitrage Fund and JM 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 JM Arbitrage Fund (Direct) returned 6.9% a year. Invesco India Arbitrage Fund charges 2.20% a year and JM Arbitrage Fund 1.42% (Direct plans). Their portfolios overlap 43.8%: they hold 105 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 JM 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 6.4%.
- Invesco India Arbitrage returned more over 3 years: 7.5% a year against 6.9%.
- JM Arbitrage costs less: 1.42% a year against 2.20% (Direct plans).
- Invesco India Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Invesco India Arbitrage fell less in its worst fall since 03-01-2013: −0.5% against −0.5%.
- Invesco India Arbitrage is the larger fund: ₹30,396 Cr against ₹341 Cr.
- Their portfolios overlap 43.8%: 105 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 | JM Arbitrage Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | JM Financial Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹30,396 Cr (30-09-2026) | ₹341 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹37.71 (Direct) |
| Expense ratio (Direct) | 2.20% | 1.42% |
| Expense ratio (Regular) | 2.87% | 2.07% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 30-04-2007 | 18-07-2006 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Pradeep Sukte | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar |
| Exit load | Exit load of 0.50% if redeemed within 15 days | 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions. |
Invesco India Arbitrage vs JM 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% |
| JM Arbitrage Fund (Direct) | +0.52% | +1.53% | +3.14% | +6.43% | +6.94% | +6.44% | +5.63% |
| 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.
Invesco India Arbitrage vs JM Arbitrage: Year-wise Returns
| Year | Invesco IndiaInvesco India Arbitrage | JMJM Arbitrage |
|---|---|---|
| 2026to date | +5.60% | +5.21% |
| 2025 | +7.17% | +6.61% |
| 2024 | +8.32% | +7.96% |
| 2023 | +8.07% | +7.39% |
| 2022 | +5.85% | +4.62% |
| 2021 | +4.15% | +3.16% |
Invesco India Arbitrage vs JM Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,666 of them, one for each trading day from 04-01-2016 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)
JM Arbitrage Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 | 5.2 | 94.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.6% | 4.8% | 8.6% |
| JM Arbitrage | 0.0 | 28.7 | 71.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.2% | 3.4% | 8.8% |
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 03-01-2013. Past returns do not promise future returns.
Invesco India Arbitrage vs JM 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 02-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India ArbitrageInvesco India Arbitrage Fund (Direct) | ₹16,60,000 | ₹26,92,668 | ₹10,32,668 | 6.7% |
| JM ArbitrageJM Arbitrage Fund (Direct) | ₹16,60,000 | ₹25,49,864 | ₹8,89,864 | 6.0% |
Invesco India ArbitrageInvesco India Arbitrage Fund (Direct)
JM ArbitrageJM 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 JM 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) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.43% |
| Standard deviation | 1.35% | 1.45% |
| Sharpe ratio | 1.21 | 0.82 |
| Sortino ratio | 1.82 | 1.24 |
| Maximum drawdown | −0.4% (06-08-2026) | −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 | Invesco India Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.46% | +6.94% |
| Standard deviation | 1.09% | 1.14% |
| Sharpe ratio | 1.32 | 0.81 |
| Sortino ratio | 2.01 | 1.22 |
| Maximum drawdown | −0.4% (06-08-2026) | −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 | Invesco India Arbitrage Fund (Direct) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.14% | +6.44% |
| Standard deviation | 1.00% | 1.06% |
| Sharpe ratio | 1.34 | 0.60 |
| Sortino ratio | 2.05 | 0.90 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| 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) | JM Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +6.41% |
| Standard deviation | 1.04% | 1.05% |
| Sharpe ratio | 0.87 | 0.34 |
| Sortino ratio | 1.29 | 0.50 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.5% (09-07-2020) |
| 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)
JM 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% |
| JM Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 09-07-2020 | 21-09-2020 | 2 months | −0.1% |
From daily values since 03-01-2013, 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)
JM 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)
JM 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)
JM Arbitrage Fund (Direct)
Invesco India Arbitrage vs JM Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Arbitrage Fund, September 2026; JM Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 43.8%
- Held by both
- 105
- Only in Invesco India Arbitrage
- 89
- Only in JM Arbitrage
- 8
| Security | % of Invesco India Arbitrage | % of JM Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.55% | 4.54% |
| Reliance Industries Limited | 3.48% | 4.13% |
| Axis Bank Limited | 2.20% | 3.89% |
| Vodafone Idea Limited | 2.20% | 3.40% |
| State Bank of India | 1.99% | 2.60% |
| IDFC First Bank Limited | 1.77% | 1.73% |
| Tata Steel Limited | 1.57% | 3.27% |
| Power Finance Corporation Limited | 1.77% | 1.39% |
| Yes Bank Limited | 1.38% | 1.55% |
| Canara Bank | 1.52% | 0.88% |
| Jio Financial Services Limited | 1.46% | 0.87% |
| Bharti Airtel Limited | 2.16% | 0.81% |
| Varun Beverages Ltd | 0.80% | 1.65% |
| The Federal Bank Limited | 0.78% | 0.79% |
| Indus Towers Limited | 0.77% | 1.97% |
| Adani Power Limited | 2.11% | 0.77% |
| NMDC Limited | 0.71% | 1.37% |
| HDFC Bank Limited | 5.58% | 0.70% |
| LIC Housing Finance Limited | 0.64% | 0.95% |
| ITC Limited | 0.61% | 0.79% |
| The Indian Hotels Company Limited | 0.60% | 0.94% |
| Crompton Greaves Consumer Electricals Limited | 0.55% | 1.12% |
| Biocon Limited | 0.64% | 0.54% |
| Manappuram Finance Limited | 0.53% | 0.56% |
| Kotak Mahindra Bank Ltd | 0.52% | 2.94% |
| Bank of Baroda | 0.50% | 1.29% |
| Ambuja Cements Limited | 1.26% | 0.47% |
| Godrej Properties Limited | 0.45% | 0.98% |
| Life Insurance Corporation Of India | 0.43% | 1.02% |
| Divi's Laboratories Limited | 1.08% | 0.41% |
| Hindustan Unilever Limited | 0.78% | 0.38% |
| RBL Bank Limited | 0.38% | 0.41% |
| Maruti Suzuki India Limited | 0.37% | 1.28% |
| Bajaj Finance Ltd | 0.32% | 1.33% |
| Adani Enterprises Limited | 0.32% | 1.92% |
| Tata Consumer Products Limited | 0.36% | 0.31% |
| Lupin Limited | 0.30% | 0.46% |
| HDFC Asset Management Company Limited | 0.32% | 0.28% |
| Indian Energy Exchange Limited | 0.28% | 0.34% |
| Punjab National Bank | 1.03% | 0.27% |
| Bandhan Bank Limited | 0.25% | 1.90% |
| Bharat Heavy Electricals Limited | 0.24% | 1.76% |
| NTPC Limited | 0.24% | 0.27% |
| UPL Limited | 0.27% | 0.24% |
| Mahindra & Mahindra Limited | 0.23% | 0.80% |
| TVS Motor Company Limited | 0.23% | 0.23% |
| Info Edge India Ltd | 0.23% | 0.32% |
| Steel Authority of India Limited | 0.22% | 1.18% |
| Shriram Finance Limited | 0.22% | 0.24% |
| Adani Energy Solutions Limited | 0.21% | 1.09% |
| Ashok Leyland Limited | 0.20% | 0.27% |
| Eicher Motors Limited | 0.19% | 1.76% |
| APL Apollo Tubes Limited | 1.77% | 0.18% |
| Asian Paints Limited | 0.18% | 1.09% |
| JSW Energy Limited | 0.18% | 0.20% |
| HDFC Life Insurance Company Limited | 0.18% | 0.19% |
| Glenmark Pharmaceuticals Limited | 0.18% | 0.41% |
| Aurobindo Pharma Limited | 0.16% | 0.32% |
| InterGlobe Aviation Limited | 0.16% | 0.55% |
| Cummins India Limited | 0.77% | 0.14% |
| PNB Housing Finance Limited | 0.39% | 0.13% |
| Torrent Pharmaceuticals Limited | 0.40% | 0.12% |
| Larsen & Toubro Limited | 0.12% | 0.77% |
| Bharat Petroleum Corporation Limited | 0.12% | 0.14% |
| Alkem Laboratories Limited | 0.19% | 0.11% |
| Adani Green Energy Limited | 0.11% | 0.18% |
| Tata Power Company Limited | 0.21% | 0.11% |
| Hindustan Aeronautics Limited | 0.28% | 0.10% |
| Hitachi Energy India Limited | 0.10% | 0.63% |
| Bharat Electronics Limited | 0.21% | 0.10% |
| Hindalco Industries Limited | 0.22% | 0.10% |
| NBCC (India) Limited | 0.09% | 0.93% |
| Hindustan Petroleum Corporation Limited | 0.21% | 0.08% |
| JSW Steel Limited | 0.08% | 0.67% |
| Union Bank of India | 0.32% | 0.07% |
| Kalyan Jewellers India Limited | 0.11% | 0.07% |
| Bajaj Finserv Limited | 0.06% | 0.81% |
| Cholamandalam Investment and Finance Company Limited | 0.13% | 0.06% |
| GMR Airports Limited | 0.06% | 0.06% |
| Indian Oil Corporation Limited | 0.60% | 0.06% |
| Bharat Forge Limited | 0.33% | 0.06% |
| SBI Life Insurance Company Limited | 0.08% | 0.06% |
| United Spirits Limited | 0.05% | 0.48% |
| UltraTech Cement Limited | 0.08% | 0.05% |
| GE Vernova T&D India Limited | 0.58% | 0.05% |
| Tube Investments Of India Limited | 0.09% | 0.04% |
| Hindustan Zinc Limited | 0.35% | 0.04% |
| Sun Pharmaceutical Industries Limited | 0.04% | 0.63% |
| Grasim Industries Limited | 0.04% | 0.20% |
| Adani Ports and Special Economic Zone Limited | 0.04% | 0.95% |
| Container Corporation of India Limited | 0.58% | 0.03% |
| Computer Age Management Services Limited | 0.50% | 0.03% |
| ICICI Lombard General Insurance Company Limited | 0.18% | 0.03% |
| Apollo Hospitals Enterprise Limited | 0.04% | 0.03% |
| Cipla Limited | 0.03% | 0.05% |
| IndusInd Bank Limited | 0.03% | 0.06% |
| Eternal Limited | 0.03% | 0.07% |
| AU Small Finance Bank Limited | 0.19% | 0.03% |
| Dabur India Limited | 0.03% | 0.03% |
| Inox Wind Limited | 0.14% | 0.03% |
| Prestige Estates Projects Limited | 0.02% | 0.04% |
| Bank of India | 0.26% | 0.02% |
| Fortis Healthcare Limited | 0.31% | 0.02% |
| Coal India Limited | 1.47% | 0.02% |
| Suzlon Energy Limited | 0.24% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.8% means 43.8% 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% |
| Multi Commodity Exchange of India Limited | 1.55% |
| HDFC Bank Limited 2027 | 1.28% |
| Infosys Limited | 1.01% |
Largest holdings only in JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| 364 Days Treasury Bill 06-Nov-2026 | 1.46% |
| 182 Days Treasury Bill 19-Nov-2026 | 1.46% |
| 364 Days Treasury Bill 03-Dec-2026 | 1.45% |
| 364 Days Treasury Bill 15-JAN-2027 | 1.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Arbitrage | JM Arbitrage |
|---|---|---|
| Equity | 79.6% | 77.1% |
| Debt | 5.8% | 7.3% |
| Cash and others | 14.6% | 15.6% |
Market cap of stocks
| Market cap | Invesco India Arbitrage | JM Arbitrage |
|---|---|---|
| Large Cap | 53.9% | 57.7% |
| Mid Cap | 20.6% | 13.0% |
| Small Cap | 5.0% | 6.4% |
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 | JM Arbitrage |
|---|---|---|
| Banks | 23.3% | 23.7% |
| Finance | 6.1% | 6.3% |
| Telecom - Services | 5.1% | 6.2% |
| Ferrous Metals | 2.3% | 5.1% |
| Petroleum Products | 4.4% | 4.4% |
| Automobiles | 1.9% | 4.1% |
| IT - Software | 3.6% | 0.0% |
| Pharmaceuticals & Biotechnology | 3.2% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Arbitrage vs JM Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Arbitrage Fund | JM Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.20% | 1.42% |
| Base expense ratio (Direct) | 0.34% | 0.35% |
| Total expense ratio (Regular) | 2.87% | 2.07% |
| Base expense ratio (Regular) | 0.91% | 0.91% |
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 JM Arbitrage Fund: Frequently Asked Questions
What is the difference between Invesco India Arbitrage Fund and JM Arbitrage Fund?
Both are Arbitrage funds, run by Invesco Mutual Fund and JM Financial Mutual Fund. Their portfolios overlap 43.8%. Invesco India Arbitrage Fund charges 2.20% a year and JM Arbitrage Fund 1.42%.
Which has given higher returns, Invesco India Arbitrage Fund or JM Arbitrage Fund?
Over 1 year: Invesco India Arbitrage Fund +6.88%, JM Arbitrage Fund +6.43%. Over 3 years: Invesco India Arbitrage Fund +7.46% a year, JM Arbitrage Fund +6.94% a year. Over 5 years: Invesco India Arbitrage Fund +7.14% a year, JM Arbitrage Fund +6.44% 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 JM Arbitrage Fund?
JM Arbitrage Fund charges less: 1.42% a year against 2.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Arbitrage Fund and JM Arbitrage Fund overlap?
43.8%. They hold 105 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Arbitrage Fund or JM Arbitrage Fund?
On SEBI's riskometer, Invesco India Arbitrage Fund is rated Low and JM Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.09% and 1.14% a year.
Which is better for SIP, Invesco India Arbitrage Fund or JM 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 ₹7,25,615 in JM Arbitrage Fund (XIRR 6.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Arbitrage Fund and JM Arbitrage Fund?
Yes. 43.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Invesco India Arbitrage Fund and JM Arbitrage Fund?
Invesco India Arbitrage Fund: Deepak Gupta, Pradeep Sukte. JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar.
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.