Invesco India Arbitrage Fund vs Parag Parikh Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Arbitrage Fund and Parag Parikh Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, Invesco India Arbitrage Fund (Direct) returned 6.9% and Parag Parikh Arbitrage Fund (Direct) returned 6.5%. Invesco India Arbitrage Fund charges 2.20% a year and Parag Parikh Arbitrage Fund 0.99% (Direct plans). Their portfolios overlap 37.4%: they hold 72 of the same securities.
Invesco India Arbitrage Fund
Arbitrage
- 1 year return
- 6.9%
- Expense ratio
- 2.20%
- NAV
- ₹37.63
Parag Parikh Arbitrage Fund
Arbitrage
- 1 year return
- 6.5%
- Expense ratio
- 0.99%
- NAV
- ₹12.24
Which is better, Invesco India Arbitrage or Parag Parikh 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 1 year: 6.9% against 6.5%.
- Parag Parikh Arbitrage costs less: 0.99% a year against 2.20% (Direct plans).
- Invesco India Arbitrage fell less in its worst fall since 03-11-2023: −0.4% against −0.6%.
- Invesco India Arbitrage is the larger fund: ₹30,396 Cr against ₹2,750 Cr.
- Their portfolios overlap 37.4%: 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 | Invesco India Arbitrage Fund | Parag Parikh Arbitrage Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | PPFAS Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹30,396 Cr (30-09-2026) | ₹2,750 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹12.24 (Direct) |
| Expense ratio (Direct) | 2.20% | 0.99% |
| Expense ratio (Regular) | 2.87% | 1.39% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 30-04-2007 | 02-11-2023 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Pradeep Sukte | Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Raj Mehta, Tejas Soman, Aishwarya Dhar |
| Exit load | Exit load of 0.50% if redeemed within 15 days | In respect of each purchase / switch-in of units, an Exit Load of 0.25% is payable if Units are redeemed/ switched-out within 30 days from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 30 days from the date of allotment. Any exit load charged (net off GST, if any) shall be credited back to the Scheme. |
Invesco India Arbitrage vs Parag Parikh 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% |
| Parag Parikh Arbitrage Fund (Direct) | +0.57% | +1.50% | +3.18% | +6.52% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Invesco India Arbitrage vs Parag Parikh Arbitrage: Year-wise Returns
| Year | Invesco IndiaInvesco India Arbitrage | Parag ParikhParag Parikh Arbitrage |
|---|---|---|
| 2026to date | +5.60% | +5.31% |
| 2025 | +7.17% | +6.62% |
| 2024 | +8.32% | +7.77% |
| 2023 | +8.07% | -- |
| 2022 | +5.85% | -- |
| 2021 | +4.15% | -- |
Invesco India Arbitrage vs Parag Parikh Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 490 of them, one for each trading day from 04-11-2024 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)
Parag Parikh Arbitrage Fund (Direct)
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 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 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4% | 7.2% | 6.3% | 8.5% |
| Parag Parikh Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.9% | 6.7% | 6.0% | 7.9% |
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. Every fund is measured over the days all of them have, from 03-11-2023. Past returns do not promise future returns.
Invesco India Arbitrage vs Parag Parikh 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 01-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India ArbitrageInvesco India Arbitrage Fund (Direct) | ₹3,60,000 | ₹4,00,690 | ₹40,690 | 7.1% |
| Parag Parikh ArbitrageParag Parikh Arbitrage Fund (Direct) | ₹3,60,000 | ₹3,97,973 | ₹37,973 | 6.6% |
Invesco India ArbitrageInvesco India Arbitrage Fund (Direct)
Parag Parikh ArbitrageParag Parikh 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 Parag Parikh 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) | Parag Parikh Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +6.52% |
| Standard deviation | 1.35% | 1.43% |
| Sharpe ratio | 1.21 | 0.89 |
| Sortino ratio | 1.82 | 1.37 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.6% (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) | Parag Parikh Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +6.94% |
| Standard deviation | 1.04% | 1.11% |
| Sharpe ratio | 0.87 | 0.83 |
| Sortino ratio | 1.29 | 1.25 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.6% (06-08-2026) |
| 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)
Parag Parikh 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) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 days | −0.0% |
| Parag Parikh Arbitrage Fund (Direct) | −0.6% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | 0.0% |
From daily values since 03-11-2023, 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)
Parag Parikh Arbitrage Fund (Direct)
Invesco India Arbitrage vs Parag Parikh Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Arbitrage Fund, September 2026; Parag Parikh Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 37.4%
- Held by both
- 72
- Only in Invesco India Arbitrage
- 122
- Only in Parag Parikh Arbitrage
- 12
| Security | % of Invesco India Arbitrage | % of Parag Parikh Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.58% | 6.38% |
| ICICI Bank Limited | 4.55% | 6.17% |
| Reliance Industries Limited | 3.48% | 4.80% |
| Axis Bank Limited | 2.20% | 4.51% |
| Bharti Airtel Limited | 2.16% | 4.40% |
| State Bank of India | 1.99% | 2.38% |
| IDFC First Bank Limited | 1.77% | 2.24% |
| Tata Steel Limited | 1.57% | 2.06% |
| Canara Bank | 1.52% | 5.28% |
| Punjab National Bank | 1.03% | 1.04% |
| Small Industries Dev Bank of India 2027 | 0.96% | 1.77% |
| NMDC Limited | 0.71% | 1.54% |
| The Indian Hotels Company Limited | 0.60% | 0.58% |
| Kotak Mahindra Bank Ltd | 0.52% | 3.75% |
| Bank of Baroda | 0.50% | 0.78% |
| Biocon Limited | 0.64% | 0.44% |
| Life Insurance Corporation Of India | 0.43% | 0.93% |
| Coal India Limited | 1.47% | 0.42% |
| Jio Financial Services Limited | 1.46% | 0.40% |
| Indus Towers Limited | 0.77% | 0.39% |
| Varun Beverages Ltd | 0.80% | 0.38% |
| LIC Housing Finance Limited | 0.64% | 0.35% |
| ITC Limited | 0.61% | 0.33% |
| Bajaj Finance Ltd | 0.32% | 0.66% |
| Hindustan Aeronautics Limited | 0.28% | 0.95% |
| Bandhan Bank Limited | 0.25% | 1.46% |
| Bharat Heavy Electricals Limited | 0.24% | 2.97% |
| NTPC Limited | 0.24% | 0.44% |
| Mahindra & Mahindra Limited | 0.23% | 0.54% |
| Hindalco Industries Limited | 0.22% | 0.22% |
| Steel Authority of India Limited | 0.22% | 0.41% |
| Tata Power Company Limited | 0.21% | 0.22% |
| Bharat Electronics Limited | 0.21% | 1.72% |
| Eicher Motors Limited | 0.19% | 1.16% |
| Glenmark Pharmaceuticals Limited | 0.18% | 0.47% |
| Aditya Birla Capital Limited | 0.17% | 0.32% |
| Divi's Laboratories Limited | 1.08% | 0.15% |
| Crompton Greaves Consumer Electricals Limited | 0.55% | 0.15% |
| Aurobindo Pharma Limited | 0.16% | 0.14% |
| Coforge Limited | 0.46% | 0.10% |
| PNB Housing Finance Limited | 0.39% | 0.10% |
| Multi Commodity Exchange of India Limited | 1.55% | 0.09% |
| Infosys Limited | 1.01% | 0.09% |
| Inox Wind Limited | 0.14% | 0.09% |
| NBCC (India) Limited | 0.09% | 0.57% |
| The Federal Bank Limited | 0.78% | 0.08% |
| ICICI Lombard General Insurance Company Limited | 0.18% | 0.08% |
| JSW Steel Limited | 0.08% | 0.26% |
| UltraTech Cement Limited | 0.08% | 1.69% |
| Godrej Properties Limited | 0.45% | 0.07% |
| Oil & Natural Gas Corporation Limited | 0.09% | 0.07% |
| Tata Motors Passenger Vehicles Limited | 0.55% | 0.06% |
| GMR Airports Limited | 0.06% | 0.47% |
| Bajaj Finserv Limited | 0.06% | 0.06% |
| Power Finance Corporation Limited | 1.77% | 0.05% |
| Yes Bank Limited | 1.38% | 0.05% |
| Hindustan Unilever Limited | 0.78% | 0.05% |
| Indian Oil Corporation Limited | 0.60% | 0.05% |
| Tata Consumer Products Limited | 0.36% | 0.05% |
| Oberoi Realty Limited | 0.29% | 0.05% |
| Sun Pharmaceutical Industries Limited | 0.04% | 0.99% |
| Marico Limited | 0.38% | 0.03% |
| Dabur India Limited | 0.03% | 0.17% |
| Cipla Limited | 0.03% | 0.21% |
| Solar Industries India Limited | 0.03% | 0.03% |
| AU Small Finance Bank Limited | 0.19% | 0.02% |
| Asian Paints Limited | 0.18% | 0.02% |
| Eternal Limited | 0.03% | 0.02% |
| Torrent Pharmaceuticals Limited | 0.40% | 0.01% |
| Fortis Healthcare Limited | 0.31% | 0.01% |
| SBI Life Insurance Company Limited | 0.08% | 0.01% |
| Power Grid Corporation of India Limited | 0.06% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.4% means 37.4% 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 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% |
| Vodafone Idea Limited | 2.20% |
| Adani Power Limited | 2.11% |
| APL Apollo Tubes Limited | 1.77% |
Largest holdings only in Parag Parikh Arbitrage Fund
| Security | % of fund |
|---|---|
| Parag Parikh Liquid Fund- Direct Plan- Growth | 10.70% |
| Small Industries Dev Bank of India (11/06/2027) | 3.46% |
| Canara Bank (08/12/2026) | 1.80% |
| HDFC Bank Limited (21/12/2026) | 1.79% |
| Canara Bank (08/01/2027) | 1.79% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Arbitrage | Parag Parikh Arbitrage |
|---|---|---|
| Equity | 79.6% | 67.5% |
| Debt | 5.8% | 18.0% |
| Cash and others | 14.6% | 14.5% |
Market cap of stocks
| Market cap | Invesco India Arbitrage | Parag Parikh Arbitrage |
|---|---|---|
| Large Cap | 53.9% | 57.5% |
| Mid Cap | 20.6% | 7.4% |
| Small Cap | 5.0% | 2.7% |
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 | Parag Parikh Arbitrage |
|---|---|---|
| Banks | 23.3% | 34.1% |
| Finance | 6.1% | 1.9% |
| Telecom - Services | 5.1% | 4.8% |
| Petroleum Products | 4.4% | 4.8% |
| IT - Software | 3.6% | 0.2% |
| Pharmaceuticals & Biotechnology | 3.2% | 2.4% |
| Electrical Equipment | 1.4% | 3.1% |
| Ferrous Metals | 2.3% | 2.7% |
| Aerospace & Defense | 0.5% | 2.7% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Arbitrage vs Parag Parikh Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Arbitrage Fund | Parag Parikh Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.20% | 0.99% |
| Base expense ratio (Direct) | 0.34% | 0.19% |
| Total expense ratio (Regular) | 2.87% | 1.39% |
| Base expense ratio (Regular) | 0.91% | 0.53% |
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 Parag Parikh Arbitrage Fund: Frequently Asked Questions
What is the difference between Invesco India Arbitrage Fund and Parag Parikh Arbitrage Fund?
Both are Arbitrage funds, run by Invesco Mutual Fund and PPFAS Mutual Fund. Their portfolios overlap 37.4%. Invesco India Arbitrage Fund charges 2.20% a year and Parag Parikh Arbitrage Fund 0.99%.
Which has given higher returns, Invesco India Arbitrage Fund or Parag Parikh Arbitrage Fund?
Over 1 year: Invesco India Arbitrage Fund +6.88%, Parag Parikh Arbitrage Fund +6.52%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Arbitrage Fund or Parag Parikh Arbitrage Fund?
Parag Parikh Arbitrage Fund charges less: 0.99% a year against 2.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Arbitrage Fund and Parag Parikh Arbitrage Fund overlap?
37.4%. They hold 72 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Arbitrage Fund or Parag Parikh Arbitrage Fund?
On SEBI's riskometer, Invesco India Arbitrage Fund is rated Low and Parag Parikh Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.35% and 1.43% a year.
Which is better for SIP, Invesco India Arbitrage Fund or Parag Parikh Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 01-11-2023 to 30-10-2026 grew to ₹4,00,690 in Invesco India Arbitrage Fund (XIRR 7.1% a year) and ₹3,97,973 in Parag Parikh Arbitrage Fund (XIRR 6.6% a year). Both received 36 instalments. Past returns do not promise future returns.
Can I invest in both Invesco India Arbitrage Fund and Parag Parikh Arbitrage Fund?
Yes. 37.4% 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 Parag Parikh Arbitrage Fund?
Invesco India Arbitrage Fund: Deepak Gupta, Pradeep Sukte. Parag Parikh Arbitrage Fund: Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Raj Mehta, Tejas Soman, Aishwarya Dhar.
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.