Invesco India Arbitrage Fund vs WhiteOak Capital Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Arbitrage Fund and WhiteOak Capital Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, Invesco India Arbitrage Fund (Direct) returned 6.9% and WhiteOak Capital Arbitrage Fund (Direct) returned 7.1%. Invesco India Arbitrage Fund charges 2.20% a year and WhiteOak Capital Arbitrage Fund 2.35% (Direct plans). Their portfolios overlap 43.5%: they hold 135 of the same securities.
Invesco India Arbitrage Fund
Arbitrage
- 1 year return
- 6.9%
- Expense ratio
- 2.20%
- NAV
- ₹37.63
WhiteOak Capital Arbitrage Fund
Arbitrage
- 1 year return
- 7.1%
- Expense ratio
- 2.35%
- NAV
- ₹11.60
Which is better, Invesco India Arbitrage or WhiteOak Capital Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- WhiteOak Capital Arbitrage returned more over 1 year: 7.1% against 6.9%.
- Invesco India Arbitrage costs less: 2.20% a year against 2.35% (Direct plans).
- Invesco India Arbitrage fell less in its worst fall since 10-09-2024: −0.4% against −0.4%.
- Invesco India Arbitrage holds more in large companies: 53.9% of the fund in large caps against 43.9%.
- Invesco India Arbitrage is the larger fund: ₹30,396 Cr against ₹2,623 Cr.
- Their portfolios overlap 43.5%: 135 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 | WhiteOak Capital Arbitrage Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | WhiteOak Capital Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹30,396 Cr (30-09-2026) | ₹2,623 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹11.60 (Direct) |
| Expense ratio (Direct) | 2.20% | 2.35% |
| Expense ratio (Regular) | 2.87% | 3.13% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 30-04-2007 | 09-09-2024 |
| Minimum investment | Not available | ₹500 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Pradeep Sukte | Ramesh Mantri, Piyush Baranwal, Ashish Agrawal, Bhavin Patadia |
| 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 7 days. |
Invesco India Arbitrage vs WhiteOak Capital 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% |
| WhiteOak Capital Arbitrage Fund (Direct) | +0.73% | +1.54% | +3.28% | +7.07% | -- | -- | -- |
| 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 WhiteOak Capital Arbitrage: Year-wise Returns
| Year | Invesco IndiaInvesco India Arbitrage | WhiteOak CapitalWhiteOak Capital Arbitrage |
|---|---|---|
| 2026to date | +5.60% | +5.72% |
| 2025 | +7.17% | +7.43% |
| 2024 | +8.32% | -- |
| 2023 | +8.07% | -- |
| 2022 | +5.85% | -- |
| 2021 | +4.15% | -- |
Invesco India Arbitrage vs WhiteOak Capital Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 279 of them, one for each trading day from 10-09-2025 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.
Invesco India Arbitrage Fund (Direct)
WhiteOak Capital Arbitrage Fund (Direct)
to
Oct 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 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 | 6.9% | 7.0% | 6.3% | 7.4% |
| WhiteOak Capital Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 6.6% | 7.6% |
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 10-09-2024. Past returns do not promise future returns.
Invesco India Arbitrage vs WhiteOak Capital 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Invesco India ArbitrageInvesco India Arbitrage Fund (Direct) | ₹2,60,000 | ₹2,80,335 | ₹20,335 | 6.9% |
| WhiteOak Capital ArbitrageWhiteOak Capital Arbitrage Fund (Direct) | ₹2,60,000 | ₹2,80,660 | ₹20,660 | 7.0% |
Invesco India ArbitrageInvesco India Arbitrage Fund (Direct)
WhiteOak Capital ArbitrageWhiteOak Capital 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 WhiteOak Capital 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) | WhiteOak Capital Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.88% | +7.07% |
| Standard deviation | 1.35% | 1.31% |
| Sharpe ratio | 1.21 | 1.40 |
| Sortino ratio | 1.82 | 2.17 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (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) | WhiteOak Capital Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +7.15% |
| Standard deviation | 1.04% | 1.10% |
| Sharpe ratio | 0.87 | 1.32 |
| Sortino ratio | 1.29 | 2.02 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.4% (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)
WhiteOak Capital 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% |
| WhiteOak Capital Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.1% |
From daily values since 10-09-2024, 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)
WhiteOak Capital Arbitrage Fund (Direct)
Invesco India Arbitrage vs WhiteOak Capital Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Arbitrage Fund, September 2026; WhiteOak Capital Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 43.5%
- Held by both
- 135
- Only in Invesco India Arbitrage
- 59
- Only in WhiteOak Capital Arbitrage
- 36
| Security | % of Invesco India Arbitrage | % of WhiteOak Capital Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.58% | 5.17% |
| Reliance Industries Limited | 3.48% | 3.93% |
| ICICI Bank Limited | 4.55% | 2.32% |
| Vodafone Idea Limited | 2.20% | 3.30% |
| Bharti Airtel Limited | 2.16% | 2.20% |
| Axis Bank Limited | 2.20% | 1.97% |
| Infosys Limited | 1.01% | 1.62% |
| Multi Commodity Exchange of India Limited | 1.55% | 0.96% |
| The Federal Bank Limited | 0.78% | 1.38% |
| Divi's Laboratories Limited | 1.08% | 0.76% |
| Coal India Limited | 1.47% | 0.73% |
| APL Apollo Tubes Limited | 1.77% | 0.67% |
| Biocon Limited | 0.64% | 0.93% |
| State Bank of India | 1.99% | 0.62% |
| LIC Housing Finance Limited | 0.64% | 0.62% |
| Tata Consultancy Services Limited | 0.67% | 0.54% |
| Canara Bank | 1.52% | 0.51% |
| HCL Technologies Limited | 0.61% | 0.48% |
| IDFC First Bank Limited | 1.77% | 0.47% |
| Coforge Limited | 0.46% | 1.14% |
| PB Fintech Limited | 0.52% | 0.45% |
| Jindal Steel Limited | 0.39% | 0.45% |
| Maruti Suzuki India Limited | 0.37% | 0.98% |
| Life Insurance Corporation Of India | 0.43% | 0.36% |
| Indian Oil Corporation Limited | 0.60% | 0.35% |
| Manappuram Finance Limited | 0.53% | 0.34% |
| Swiggy Limited | 0.34% | 0.37% |
| Tech Mahindra Limited | 0.34% | 0.51% |
| Kotak Mahindra Bank Ltd | 0.52% | 0.33% |
| Bharat Forge Limited | 0.33% | 0.48% |
| Cummins India Limited | 0.77% | 0.32% |
| HDFC Bank Limited 2027 | 0.32% | 0.93% |
| Bajaj Finance Ltd | 0.32% | 0.54% |
| MphasiS Limited | 0.32% | 0.37% |
| Lupin Limited | 0.30% | 0.59% |
| Hindustan Zinc Limited | 0.35% | 0.29% |
| BSE Limited | 0.29% | 0.58% |
| PG Electroplast Limited | 0.28% | 0.28% |
| Torrent Pharmaceuticals Limited | 0.40% | 0.27% |
| Power Finance Corporation Limited | 1.77% | 0.24% |
| Marico Limited | 0.38% | 0.24% |
| NTPC Limited | 0.24% | 0.89% |
| Jio Financial Services Limited | 1.46% | 0.23% |
| Mahindra & Mahindra Limited | 0.23% | 0.51% |
| TVS Motor Company Limited | 0.23% | 1.24% |
| Info Edge India Ltd | 0.23% | 0.27% |
| RBL Bank Limited | 0.38% | 0.22% |
| Fortis Healthcare Limited | 0.31% | 0.22% |
| Astral Limited | 0.28% | 0.22% |
| Hindalco Industries Limited | 0.22% | 1.43% |
| Steel Authority of India Limited | 0.22% | 0.90% |
| Shriram Finance Limited | 0.22% | 0.24% |
| Varun Beverages Ltd | 0.80% | 0.21% |
| Hindustan Petroleum Corporation Limited | 0.21% | 0.49% |
| Muthoot Finance Limited | 0.21% | 0.76% |
| Ashok Leyland Limited | 0.20% | 0.36% |
| One 97 Communications Limited | 0.20% | 0.21% |
| ITC Limited | 0.61% | 0.19% |
| Eicher Motors Limited | 0.19% | 0.44% |
| Alkem Laboratories Limited | 0.19% | 0.64% |
| Central Depository Services (India) Limited | 0.19% | 0.42% |
| AU Small Finance Bank Limited | 0.19% | 0.67% |
| Vedanta Limited | 0.18% | 0.26% |
| Voltas Limited | 0.18% | 0.86% |
| ICICI Lombard General Insurance Company Limited | 0.18% | 0.24% |
| HDFC Life Insurance Company Limited | 0.18% | 0.54% |
| GE Vernova T&D India Limited | 0.58% | 0.17% |
| Union Bank of India | 0.32% | 0.17% |
| NMDC Limited | 0.71% | 0.16% |
| Crompton Greaves Consumer Electricals Limited | 0.55% | 0.16% |
| Oil India Limited | 0.16% | 0.30% |
| InterGlobe Aviation Limited | 0.16% | 0.72% |
| HDFC Asset Management Company Limited | 0.32% | 0.15% |
| KEI Industries Limited | 0.15% | 0.18% |
| Titan Company Limited | 0.14% | 0.45% |
| Container Corporation of India Limited | 0.58% | 0.13% |
| PNB Housing Finance Limited | 0.39% | 0.13% |
| Sagility Limited | 0.13% | 0.16% |
| Cholamandalam Investment and Finance Company Limited | 0.13% | 0.49% |
| The Phoenix Mills Limited | 0.13% | 0.19% |
| Nestle India Limited | 0.13% | 0.19% |
| Radico Khaitan Limited | 0.13% | 0.42% |
| Larsen & Toubro Limited | 0.12% | 0.36% |
| Bharat Petroleum Corporation Limited | 0.12% | 0.19% |
| Hindustan Unilever Limited | 0.78% | 0.11% |
| Inox Wind Limited | 0.14% | 0.11% |
| Supreme Industries Limited | 0.12% | 0.11% |
| Computer Age Management Services Limited | 0.50% | 0.10% |
| SBI Cards and Payment Services Limited | 0.10% | 0.48% |
| KPIT Technologies Limited | 0.09% | 0.46% |
| National Aluminium Company Limited | 0.09% | 0.28% |
| Oil & Natural Gas Corporation Limited | 0.09% | 0.27% |
| SRF Limited | 0.09% | 0.16% |
| Tata Consumer Products Limited | 0.36% | 0.08% |
| Adani Enterprises Limited | 0.32% | 0.08% |
| Bajaj Auto Limited | 0.31% | 0.08% |
| Tube Investments Of India Limited | 0.09% | 0.08% |
| SBI Life Insurance Company Limited | 0.08% | 0.65% |
| UltraTech Cement Limited | 0.08% | 0.51% |
| Bosch Limited | 0.09% | 0.06% |
| Page Industries Limited | 0.06% | 0.59% |
| Bajaj Finserv Limited | 0.06% | 0.52% |
| Bank of Baroda | 0.50% | 0.05% |
| Colgate Palmolive (India) Limited | 0.25% | 0.05% |
| Bank of Maharashtra | 0.05% | 0.23% |
| Kalyan Jewellers India Limited | 0.11% | 0.04% |
| Hitachi Energy India Limited | 0.10% | 0.04% |
| Sun Pharmaceutical Industries Limited | 0.04% | 0.35% |
| Grasim Industries Limited | 0.04% | 0.27% |
| ABB India Limited | 0.04% | 0.11% |
| Indian Bank | 0.04% | 0.43% |
| Tata Motors Passenger Vehicles Limited | 0.55% | 0.03% |
| Power Grid Corporation of India Limited | 0.06% | 0.03% |
| Cipla Limited | 0.03% | 0.13% |
| IndusInd Bank Limited | 0.03% | 0.78% |
| Persistent Systems Ltd | 0.03% | 0.30% |
| Solar Industries India Limited | 0.03% | 0.04% |
| Eternal Limited | 0.03% | 0.46% |
| Trent Limited | 0.03% | 0.08% |
| Bank of India | 0.26% | 0.02% |
| Max Healthcare Institute Limited | 0.02% | 0.11% |
| Wipro Limited | 0.02% | 0.09% |
| Max Financial Services Limited | 0.02% | 0.39% |
| Rail Vikas Nigam Limited | 0.02% | 0.03% |
| Polycab India Limited | 0.02% | 0.20% |
| L&T Finance Limited | 0.02% | 0.21% |
| Angel One Limited | 0.02% | 0.79% |
| Indus Towers Limited | 0.77% | 0.01% |
| Oberoi Realty Limited | 0.29% | 0.01% |
| JSW Energy Limited | 0.18% | 0.01% |
| Apollo Hospitals Enterprise Limited | 0.04% | 0.01% |
| Hero MotoCorp Limited | 0.01% | 0.08% |
| Avenue Supermarts Limited | 0.01% | 0.19% |
| Amber Enterprises India Limited | 0.01% | 0.23% |
| Lodha Developers Limited | 0.01% | 0.11% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.5% means 43.5% 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% |
| Adani Power Limited | 2.11% |
| Tata Steel Limited | 1.57% |
| Yes Bank Limited | 1.38% |
Largest holdings only in WhiteOak Capital Arbitrage Fund
| Security | % of fund |
|---|---|
| Bandhan Money Market Fund -Direct Plan-Growth | 5.73% |
| WhiteOak Capital Liquid Fund- Direct plan-GR | 5.27% |
| WhiteOak Cap Ultra Short Term Fund- Dir Pl-Gr Op | 2.28% |
| Kotak Mahindra Bank Limited (21/12/2026) | 1.88% |
| Bank of Baroda (08/01/2027) | 0.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Equity | 79.6% | 68.4% |
| Debt | 5.8% | 12.9% |
| Cash and others | 14.6% | 18.7% |
Market cap of stocks
| Market cap | Invesco India Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Large Cap | 53.9% | 43.9% |
| Mid Cap | 20.6% | 20.1% |
| Small Cap | 5.0% | 4.4% |
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 | WhiteOak Capital Arbitrage |
|---|---|---|
| Banks | 23.3% | 15.4% |
| Finance | 6.1% | 4.9% |
| Telecom - Services | 5.1% | 5.5% |
| IT - Software | 3.6% | 5.5% |
| Petroleum Products | 4.4% | 5.0% |
| Pharmaceuticals & Biotechnology | 3.2% | 3.7% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Arbitrage vs WhiteOak Capital Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Arbitrage Fund | WhiteOak Capital Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.20% | 2.35% |
| Base expense ratio (Direct) | 0.34% | 0.38% |
| Total expense ratio (Regular) | 2.87% | 3.13% |
| Base expense ratio (Regular) | 0.91% | 1.04% |
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 WhiteOak Capital Arbitrage Fund: Frequently Asked Questions
What is the difference between Invesco India Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Both are Arbitrage funds, run by Invesco Mutual Fund and WhiteOak Capital Mutual Fund. Their portfolios overlap 43.5%. Invesco India Arbitrage Fund charges 2.20% a year and WhiteOak Capital Arbitrage Fund 2.35%.
Which has given higher returns, Invesco India Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
Over 1 year: Invesco India Arbitrage Fund +6.88%, WhiteOak Capital Arbitrage Fund +7.07%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Invesco India Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
Invesco India Arbitrage Fund charges less: 2.20% a year against 2.35%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Arbitrage Fund and WhiteOak Capital Arbitrage Fund overlap?
43.5%. They hold 135 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
On SEBI's riskometer, Invesco India Arbitrage Fund is rated Low and WhiteOak Capital Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.35% and 1.31% a year.
Can I invest in both Invesco India Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Yes. 43.5% 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 WhiteOak Capital Arbitrage Fund?
Invesco India Arbitrage Fund: Deepak Gupta, Pradeep Sukte. WhiteOak Capital Arbitrage Fund: Ramesh Mantri, Piyush Baranwal, Ashish Agrawal, Bhavin Patadia.
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.