ITI Arbitrage Fund vs Tata Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Arbitrage Fund and Tata Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, ITI Arbitrage Fund (Direct) returned 7.3% a year and Tata Arbitrage Fund (Direct) returned 7.4% a year. ITI Arbitrage Fund charges 1.10% a year and Tata Arbitrage Fund 1.57% (Direct plans). Their portfolios overlap 15.0%: they hold 25 of the same securities.
Which is better, ITI Arbitrage or Tata Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Arbitrage returned more over 5 years: 6.9% a year against 6.3%.
- Tata Arbitrage returned more over 3 years: 7.4% a year against 7.3%.
- ITI Arbitrage costs less: 1.10% a year against 1.57% (Direct plans).
- Tata Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.2%.
- Tata Arbitrage fell less in its worst fall since 12-09-2019: −0.6% against −0.6%.
- Tata Arbitrage holds more in large companies: 50.0% of the fund in large caps against 35.4%.
- Tata Arbitrage is the larger fund: ₹24,539 Cr against ₹65 Cr.
- Their portfolios overlap 15.0%: 25 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 | ITI Arbitrage Fund | Tata Arbitrage Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Tata Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹65 Cr (30-09-2026) | ₹24,539 Cr (30-09-2026) |
| NAV | ₹14.70 (Direct) | ₹16.46 (Direct) |
| Expense ratio (Direct) | 1.10% | 1.57% |
| Expense ratio (Regular) | 1.80% | 2.25% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 09-09-2019 | 18-12-2018 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Vikas Nathani, Animesh Singh, Laukik Bagwe | Sailesh Jain |
| Exit load | Exit Load for units in excess of 10% of the investment,0.25% will be charged for redemption within 15 days. | Exit load of 0.25%, if redeemed within 15 days. |
ITI Arbitrage vs Tata 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 |
|---|---|---|---|---|---|---|---|
| ITI Arbitrage Fund (Direct) | +0.57% | +1.46% | +2.92% | +6.38% | +7.25% | +6.26% | -- |
| Tata Arbitrage Fund (Direct) | +0.50% | +1.52% | +3.24% | +6.77% | +7.43% | +6.90% | -- |
| 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.
ITI Arbitrage vs Tata Arbitrage: Year-wise Returns
| Year | ITIITI Arbitrage | TataTata Arbitrage |
|---|---|---|
| 2026to date | +5.21% | +5.46% |
| 2025 | +7.32% | +7.26% |
| 2024 | +8.03% | +8.36% |
| 2023 | +7.15% | +7.93% |
| 2022 | +3.23% | +4.86% |
| 2021 | +3.15% | +4.54% |
ITI Arbitrage vs Tata Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,016 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.
ITI Arbitrage Fund (Direct)
Tata 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Arbitrage | 0.0 | 37.1 | 62.9 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6% | 5.8% | 3.2% | 7.8% |
| Tata Arbitrage | 0.0 | 6.4 | 93.6 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.7% | 4.8% | 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 12-09-2019. Past returns do not promise future returns.
ITI Arbitrage vs Tata 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 12-09-2019 to 30-10-2026: 86 instalments, ₹8,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI ArbitrageITI Arbitrage Fund (Direct) | ₹8,60,000 | ₹10,79,521 | ₹2,19,521 | 6.3% |
| Tata ArbitrageTata Arbitrage Fund (Direct) | ₹8,60,000 | ₹11,03,319 | ₹2,43,319 | 6.8% |
ITI ArbitrageITI Arbitrage Fund (Direct)
Tata ArbitrageTata 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.
ITI Arbitrage vs Tata Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.38% | +6.77% |
| Standard deviation | 1.57% | 1.26% |
| Sharpe ratio | 0.73 | 1.21 |
| Sortino ratio | 1.06 | 1.89 |
| Maximum drawdown | −0.6% (29-09-2026) | −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 | ITI Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.25% | +7.43% |
| Standard deviation | 1.23% | 1.02% |
| Sharpe ratio | 1.00 | 1.39 |
| Sortino ratio | 1.48 | 2.16 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.4% (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 | ITI Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.26% | +6.90% |
| Standard deviation | 1.10% | 0.94% |
| Sharpe ratio | 0.42 | 1.17 |
| Sortino ratio | 0.61 | 1.80 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.4% (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 | ITI Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.53% | +6.55% |
| Standard deviation | 1.12% | 1.01% |
| Sharpe ratio | 0.36 | 1.32 |
| Sortino ratio | 0.51 | 2.01 |
| Maximum drawdown | −0.6% (07-04-2020) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 12-09-2019 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.
ITI Arbitrage Fund (Direct)
Tata Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 07-04-2020 | 30-04-2020 | 23 days | 0.0% |
| Tata Arbitrage Fund (Direct) | −0.6% | 29-05-2020 | 03-06-2020 | 24-07-2020 | 51 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.
ITI Arbitrage Fund (Direct)
Tata 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.
ITI Arbitrage Fund (Direct)
Tata 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.
ITI Arbitrage Fund (Direct)
Tata Arbitrage Fund (Direct)
ITI Arbitrage vs Tata Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Arbitrage Fund, September 2026; Tata Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 15.0%
- Held by both
- 25
- Only in ITI Arbitrage
- 5
- Only in Tata Arbitrage
- 156
| Security | % of ITI Arbitrage | % of Tata Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.69% | 7.89% |
| Bharti Airtel Limited | 3.22% | 1.27% |
| Canara Bank | 1.37% | 1.09% |
| Cummins India Limited | 4.56% | 0.91% |
| Varun Beverages Limited | 3.06% | 0.85% |
| Adani Energy Solutions Limited | 0.69% | 0.85% |
| Power Finance Corporation Limited | 4.44% | 0.62% |
| Ambuja Cements Limited | 1.46% | 0.57% |
| HDFC Life Insurance Company Limited | 1.51% | 0.56% |
| IndusInd Bank Limited | 2.14% | 0.52% |
| Punjab National Bank | 0.56% | 0.46% |
| Kalyan Jewellers India Limited | 1.04% | 0.30% |
| ICICI Lombard General Insurance Company Limited | 1.92% | 0.28% |
| ITC Limited | 0.70% | 0.26% |
| Bank of India | 1.25% | 0.24% |
| Shriram Finance Limited | 2.25% | 0.19% |
| Max Financial Services Limited | 1.02% | 0.16% |
| Aditya Birla Capital Limited | 1.64% | 0.08% |
| AU Small Finance Bank Limited | 2.34% | 0.07% |
| Larsen & Toubro Limited | 0.81% | 0.06% |
| RBL Bank Limited | 1.98% | 0.05% |
| National Aluminium Company Limited | 1.78% | 0.04% |
| Hindustan Zinc Limited | 1.50% | 0.04% |
| Hindustan Petroleum Corporation Limited | 1.64% | 0.02% |
| One 97 Communications Limited | 8.83% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 15.0% means 15.0% 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 ITI Arbitrage Fund
| Security | % of fund |
|---|---|
| ITI Liquid Fund - Direct Plan - Growth Option | 14.82% |
| Adani Ports and Special Economic Zone Limited | 3.56% |
| Godfrey Phillips India Limited | 1.93% |
| Persistent Systems Limited | 1.53% |
| Amber Enterprises India Limited | 0.93% |
Largest holdings only in Tata Arbitrage Fund
| Security | % of fund |
|---|---|
| TATA MONEY MARKET FUND | 12.05% |
| ICICI BANK LTD | 4.34% |
| RELIANCE INDUSTRIES LTD | 4.28% |
| AXIS BANK LTD | 2.36% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 23/10/2026 | 2.03% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Arbitrage | Tata Arbitrage |
|---|---|---|
| Equity | 65.4% | 64.8% |
| Debt | 0.0% | 21.7% |
| Cash and others | 34.6% | 13.5% |
Market cap of stocks
| Market cap | ITI Arbitrage | Tata Arbitrage |
|---|---|---|
| Large Cap | 35.4% | 50.0% |
| Mid Cap | 27.1% | 12.1% |
| Small Cap | 2.9% | 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 | ITI Arbitrage | Tata Arbitrage |
|---|---|---|
| Banks | 15.3% | 21.6% |
| Financial Technology (Fintech) | 8.8% | 0.1% |
| Finance | 8.3% | 3.7% |
| Petroleum Products | 1.6% | 5.2% |
| Industrial Products | 4.6% | 1.5% |
| Insurance | 4.5% | 1.4% |
| Power | 0.7% | 4.1% |
| Telecom - Services | 3.2% | 4.0% |
| Transport Infrastructure | 3.6% | 0.1% |
| Ferrous Metals | 0.0% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Arbitrage vs Tata Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Arbitrage Fund | Tata Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.10% | 1.57% |
| Base expense ratio (Direct) | 0.21% | 0.26% |
| Total expense ratio (Regular) | 1.80% | 2.25% |
| Base expense ratio (Regular) | 0.81% | 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 ITI Arbitrage with
ITI Arbitrage Fund vs Tata Arbitrage Fund: Frequently Asked Questions
What is the difference between ITI Arbitrage Fund and Tata Arbitrage Fund?
Both are Arbitrage funds, run by ITI Mutual Fund and Tata Mutual Fund. Their portfolios overlap 15.0%. ITI Arbitrage Fund charges 1.10% a year and Tata Arbitrage Fund 1.57%.
Which has given higher returns, ITI Arbitrage Fund or Tata Arbitrage Fund?
Over 1 year: ITI Arbitrage Fund +6.38%, Tata Arbitrage Fund +6.77%. Over 3 years: ITI Arbitrage Fund +7.25% a year, Tata Arbitrage Fund +7.43% a year. Over 5 years: ITI Arbitrage Fund +6.26% a year, Tata Arbitrage Fund +6.90% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Arbitrage Fund or Tata Arbitrage Fund?
ITI Arbitrage Fund charges less: 1.10% a year against 1.57%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Arbitrage Fund and Tata Arbitrage Fund overlap?
15.0%. They hold 25 of the same securities, the largest shared ones being HDFCBANK, BHARTIARTL, CANBK. From each fund's latest monthly portfolio.
Which is riskier, ITI Arbitrage Fund or Tata Arbitrage Fund?
On SEBI's riskometer, ITI Arbitrage Fund is rated Low and Tata Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.23% and 1.02% a year.
Which is better for SIP, ITI Arbitrage Fund or Tata Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,27,182 in ITI Arbitrage Fund (XIRR 6.9% a year) and ₹7,34,060 in Tata Arbitrage Fund (XIRR 7.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Arbitrage Fund and Tata Arbitrage Fund?
Yes. 15.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Arbitrage Fund and Tata Arbitrage Fund?
ITI Arbitrage Fund: Vikas Nathani, Animesh Singh, Laukik Bagwe. Tata Arbitrage Fund: Sailesh Jain.
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.