Invesco India Arbitrage Fund vs Zerodha Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Invesco India Arbitrage Fund and Zerodha Arbitrage Fund are both Arbitrage funds. Invesco India Arbitrage Fund charges 2.20% a year and Zerodha Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 34.9%: they hold 49 of the same securities.
Which is better, Invesco India Arbitrage or Zerodha 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 costs less: 2.20% a year against 2.31% (Direct plans).
- Zerodha Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −0.3%.
- Invesco India Arbitrage is the larger fund: ₹30,396 Cr against ₹47 Cr.
- Their portfolios overlap 34.9%: 49 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 | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | Invesco Mutual Fund | Zerodha Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹30,396 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹37.63 (Direct) | ₹10.12 (Direct) |
| Expense ratio (Direct) | 2.20% | 2.31% |
| Expense ratio (Regular) | 2.87% | Not available |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 30-04-2007 | 18-08-2026 |
| Minimum investment | Not available | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Pradeep Sukte | Kedarnath Mirajkar |
| Exit load | Exit load of 0.50% if redeemed within 15 days | Nil |
Invesco India Arbitrage vs Zerodha 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% |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Invesco India Arbitrage vs Zerodha Arbitrage: Year-wise Returns
| Year | Invesco IndiaInvesco India Arbitrage | ZerodhaZerodha Arbitrage |
|---|---|---|
| 2026to date | +5.60% | -- |
| 2025 | +7.17% | -- |
| 2024 | +8.32% | -- |
| 2023 | +8.07% | -- |
| 2022 | +5.85% | -- |
| 2021 | +4.15% | -- |
Invesco India Arbitrage vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds
Invesco India Arbitrage vs Zerodha 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) | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.95% | +6.28% |
| Standard deviation | 1.04% | 1.82% |
| Sharpe ratio | 0.87 | 0.56 |
| Sortino ratio | 1.29 | 0.82 |
| Maximum drawdown | −0.5% (03-06-2020) | −0.3% (04-09-2026) |
| 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)
Zerodha 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) | −0.3% | 01-09-2026 | 04-09-2026 | 10-09-2026 | 6 days | −0.0% |
| Zerodha Arbitrage Fund (Direct) | −0.3% | 31-08-2026 | 04-09-2026 | 18-09-2026 | 14 days | −0.0% |
From daily values since 20-08-2026, the first day every fund has.
Invesco India Arbitrage vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Invesco India Arbitrage Fund, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.9%
- Held by both
- 49
- Only in Invesco India Arbitrage
- 145
- Only in Zerodha Arbitrage
- 2
| Security | % of Invesco India Arbitrage | % of Zerodha Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.58% | 8.18% |
| ICICI Bank Limited | 4.55% | 4.36% |
| Axis Bank Limited | 2.20% | 2.30% |
| Reliance Industries Limited | 3.48% | 2.16% |
| Bharti Airtel Limited | 2.16% | 2.50% |
| IDFC First Bank Limited | 1.77% | 2.59% |
| Tata Steel Limited | 1.57% | 2.06% |
| Coal India Limited | 1.47% | 2.21% |
| Infosys Limited | 1.01% | 1.96% |
| State Bank of India | 1.99% | 0.92% |
| The Federal Bank Limited | 0.78% | 3.91% |
| Indus Towers Limited | 0.77% | 2.31% |
| Tata Consultancy Services Limited | 0.67% | 0.79% |
| ITC Limited | 0.61% | 2.04% |
| HCL Technologies Limited | 0.61% | 1.05% |
| Tata Motors Passenger Vehicles Limited | 0.55% | 1.94% |
| Crompton Greaves Consumer Electricals Limited | 0.55% | 2.78% |
| Bank of Baroda | 0.50% | 2.45% |
| Container Corporation of India Limited | 0.58% | 0.48% |
| Coforge Limited | 0.46% | 1.07% |
| Godrej Properties Limited | 0.45% | 1.59% |
| Life Insurance Corporation Of India | 0.43% | 1.89% |
| Divi's Laboratories Limited | 1.08% | 0.40% |
| PNB Housing Finance Limited | 0.39% | 2.34% |
| Swiggy Limited | 0.34% | 0.98% |
| Bajaj Finance Ltd | 0.32% | 1.08% |
| HDFC Asset Management Company Limited | 0.32% | 0.29% |
| Astral Limited | 0.28% | 1.12% |
| TVS Motor Company Limited | 0.23% | 0.62% |
| Tata Power Company Limited | 0.21% | 0.89% |
| Cummins India Limited | 0.77% | 0.20% |
| Marico Limited | 0.38% | 0.20% |
| AU Small Finance Bank Limited | 0.19% | 1.95% |
| Canara Bank | 1.52% | 0.17% |
| Bajaj Auto Limited | 0.31% | 0.17% |
| Aditya Birla Capital Limited | 0.17% | 0.25% |
| Adani Power Limited | 2.11% | 0.16% |
| Multi Commodity Exchange of India Limited | 1.55% | 0.16% |
| Union Bank of India | 0.32% | 0.16% |
| Bank of India | 0.26% | 0.14% |
| Oberoi Realty Limited | 0.29% | 0.13% |
| Nestle India Limited | 0.13% | 0.14% |
| GAIL (India) Limited | 0.12% | 1.30% |
| Pidilite Industries Limited | 0.12% | 0.16% |
| Power Finance Corporation Limited | 1.77% | 0.09% |
| IndusInd Bank Limited | 0.03% | 1.08% |
| Persistent Systems Ltd | 0.03% | 0.56% |
| Trent Limited | 0.03% | 2.02% |
| Hero MotoCorp Limited | 0.01% | 0.17% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.9% means 34.9% 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% |
| Vodafone Idea Limited | 2.20% |
| APL Apollo Tubes Limited | 1.77% |
| Jio Financial Services Limited | 1.46% |
Largest holdings only in Zerodha Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Liquid Fund - Direct Growth | 12.88% |
| 364 Days Treasury Bill 12-Aug-2027 | 10.17% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Invesco India Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Equity | 79.6% | 68.5% |
| Debt | 5.8% | 10.2% |
| Cash and others | 14.6% | 21.4% |
Market cap of stocks
| Market cap | Invesco India Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 53.9% | 47.0% |
| Mid Cap | 20.6% | 16.4% |
| Small Cap | 5.0% | 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 | Invesco India Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Banks | 23.3% | 28.2% |
| Finance | 6.1% | 3.8% |
| IT - Software | 3.6% | 5.4% |
| Telecom - Services | 5.1% | 4.8% |
| Petroleum Products | 4.4% | 2.2% |
| Pharmaceuticals & Biotechnology | 3.2% | 0.4% |
| Retailing | 1.0% | 3.0% |
| Automobiles | 1.9% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
Invesco India Arbitrage vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Invesco India Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.20% | 2.31% |
| Base expense ratio (Direct) | 0.34% | 0.20% |
| Total expense ratio (Regular) | 2.87% | Not available |
| Base expense ratio (Regular) | 0.91% | 0.00% |
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 Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between Invesco India Arbitrage Fund and Zerodha Arbitrage Fund?
Both are Arbitrage funds, run by Invesco Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 34.9%. Invesco India Arbitrage Fund charges 2.20% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, Invesco India Arbitrage Fund or Zerodha Arbitrage Fund?
Invesco India Arbitrage Fund charges less: 2.20% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Invesco India Arbitrage Fund and Zerodha Arbitrage Fund overlap?
34.9%. They hold 49 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Invesco India Arbitrage Fund or Zerodha Arbitrage Fund?
On SEBI's riskometer, Invesco India Arbitrage Fund is rated Low and Zerodha Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.04% and 1.82% a year.
Can I invest in both Invesco India Arbitrage Fund and Zerodha Arbitrage Fund?
Yes. 34.9% 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 Zerodha Arbitrage Fund?
Invesco India Arbitrage Fund: Deepak Gupta, Pradeep Sukte. Zerodha Arbitrage Fund: Kedarnath Mirajkar.
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.