ITI Arbitrage Fund vs Tata Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Arbitrage Fund is an Arbitrage fund and Tata Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, ITI Arbitrage Fund (Direct) returned 7.3% a year and Tata Business Cycle Fund (Direct) returned 9.1% a year. ITI Arbitrage Fund charges 1.10% a year and Tata Business Cycle Fund 0.94% (Direct plans). Their portfolios overlap 20.9%: they hold 12 of the same securities.
Tata Business Cycle Fund
Thematic
- 3 year return
- 9.1%
- Expense ratio
- 0.94%
- NAV
- ₹18.57
Which is better, ITI Arbitrage or Tata Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Business Cycle returned more over 5 years: 11.9% a year against 6.3%.
- Tata Business Cycle returned more over 3 years: 9.1% a year against 7.3%.
- Tata Business Cycle costs less: 0.94% a year against 1.10% (Direct plans).
- ITI Arbitrage swung less over 3 years: a standard deviation of 1.2% a year against 14.8%.
- ITI Arbitrage fell less in its worst fall since 11-08-2021: −0.6% against −20.0%.
- Tata Business Cycle holds more in large companies: 46.1% of the fund in large caps against 35.4%.
- Tata Business Cycle is the larger fund: ₹2,416 Cr against ₹65 Cr.
- Their portfolios overlap 20.9%: 12 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 Business Cycle Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Tata Mutual Fund |
| Category | Arbitrage | Thematic |
| AUM | ₹65 Cr (30-09-2026) | ₹2,416 Cr (30-09-2026) |
| NAV | ₹14.70 (Direct) | ₹18.57 (Direct) |
| Expense ratio (Direct) | 1.10% | 0.94% |
| Expense ratio (Regular) | 1.80% | 2.19% |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 500 TRI |
| Launch date | 09-09-2019 | 04-08-2021 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Vikas Nathani, Animesh Singh, Laukik Bagwe | Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya |
| 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 0.50%, if redeemed within 30 days. |
ITI Arbitrage vs Tata Business Cycle: 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 Business Cycle Fund (Direct) | −5.10% | −10.05% | −6.25% | −9.95% | +9.10% | +11.90% | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 39 Arbitrage funds and the 235 Thematic funds, same plan type.
ITI Arbitrage vs Tata Business Cycle: Year-wise Returns
| Year | ITI ArbitrageITI Arbitrage | Tata Business CycleTata Business Cycle |
|---|---|---|
| 2026to date | +5.21% | −8.85% |
| 2025 | +7.32% | +2.23% |
| 2024 | +8.03% | +20.37% |
| 2023 | +7.15% | +36.54% |
| 2022 | +3.23% | +15.42% |
| 2021 | +3.15% | -- |
ITI Arbitrage vs Tata Business Cycle: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Tata Business Cycle Fund
Rolling returns
Every 3-year holding period, 547 of them, one for each trading day from 12-08-2024 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.
ITI Arbitrage Fund (Direct)
Tata Business Cycle Fund (Direct)
Nifty 500 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.9% | 7.2% | 5.5% | 7.8% | 0% |
| Tata Business Cycle | 0.0 | 0.0 | 2.9 | 9.3 | 39.9 | 31.1 | 16.8 | 20.1% | 19.7% | 8.5% | 28.2% | 98% |
| Nifty 500 TRI | 0.0 | 0.0 | 3.5 | 34.6 | 56.1 | 5.9 | 0.0 | 15.5% | 15.6% | 8.8% | 22.3% | -- |
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. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 11-08-2021. Past returns do not promise future returns.
ITI Arbitrage vs Tata Business Cycle: 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 02-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI ArbitrageITI Arbitrage Fund (Direct) | ₹6,30,000 | ₹7,54,413 | ₹1,24,413 | 6.8% |
| Tata Business CycleTata Business Cycle Fund (Direct) | ₹6,30,000 | ₹7,89,971 | ₹1,59,971 | 8.6% |
ITI ArbitrageITI Arbitrage Fund (Direct)
Tata Business CycleTata Business Cycle 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 Business Cycle: 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 Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.38% | −9.95% |
| Standard deviation | 1.57% | 15.50% |
| Sharpe ratio | 0.73 | -0.98 |
| Sortino ratio | 1.06 | -1.28 |
| Maximum drawdown | −0.6% (29-09-2026) | −14.1% (31-03-2026) |
| Beta | -- | 1.03 |
| Alpha | -- | −2.19% |
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 Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.25% | +9.10% |
| Standard deviation | 1.23% | 14.78% |
| Sharpe ratio | 1.00 | 0.21 |
| Sortino ratio | 1.48 | 0.28 |
| Maximum drawdown | −0.6% (29-09-2026) | −20.0% (03-03-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −1.13% |
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 Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.26% | +11.90% |
| Standard deviation | 1.10% | 14.83% |
| Sharpe ratio | 0.42 | 0.41 |
| Sortino ratio | 0.61 | 0.55 |
| Maximum drawdown | −0.6% (29-09-2026) | −20.0% (03-03-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | +3.09% |
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 Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.53% | +12.62% |
| Standard deviation | 1.12% | 14.65% |
| Sharpe ratio | 0.36 | 0.47 |
| Sortino ratio | 0.51 | 0.63 |
| Maximum drawdown | −0.6% (07-04-2020) | −20.0% (03-03-2025) |
| Beta | -- | 0.99 |
| Alpha | -- | +2.43% |
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 Business Cycle Fund (Direct)
Nifty 500 TRI
| 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% | 18-09-2026 | 29-09-2026 | 12-10-2026 | 13 days | 0.0% |
| Tata Business Cycle Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | Not yet | -- | −14.8% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 11-08-2021, 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 Business Cycle Fund (Direct)
Nifty 500 TRI
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 Business Cycle Fund (Direct)
Nifty 500 TRI
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 Business Cycle Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ITI Arbitrage Fund (Direct) | 14% | -15% | 14.62% |
| Tata Business Cycle Fund (Direct) | 105% | 89% | 4.25% |
From month-end values since 11-08-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
ITI Arbitrage vs Tata Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Arbitrage Fund, September 2026; Tata Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 20.9%
- Held by both
- 12
- Only in ITI Arbitrage
- 18
- Only in Tata Business Cycle
- 37
| Security | % of ITI Arbitrage | % of Tata Business Cycle |
|---|---|---|
| HDFC Bank Limited | 5.69% | 3.73% |
| Cummins India Limited | 4.56% | 2.58% |
| Shriram Finance Limited | 2.25% | 2.35% |
| One 97 Communications Limited | 8.83% | 1.95% |
| Adani Ports and Special Economic Zone Limited | 3.56% | 1.85% |
| Varun Beverages Limited | 3.06% | 1.76% |
| ICICI Lombard General Insurance Company Limited | 1.92% | 1.50% |
| Ambuja Cements Limited | 1.46% | 2.42% |
| HDFC Life Insurance Company Limited | 1.51% | 1.38% |
| Amber Enterprises India Limited | 0.93% | 1.20% |
| Larsen & Toubro Limited | 0.81% | 2.92% |
| Adani Energy Solutions Limited | 0.69% | 2.53% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 20.9% means 20.9% 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 ITI Arbitrage Fund
| Security | % of fund |
|---|---|
| ITI Liquid Fund - Direct Plan - Growth Option | 14.82% |
| Power Finance Corporation Limited | 4.44% |
| Bharti Airtel Limited | 3.22% |
| AU Small Finance Bank Limited | 2.34% |
| IndusInd Bank Limited | 2.14% |
Largest holdings only in Tata Business Cycle Fund
| Security | % of fund |
|---|---|
| RELIANCE INDUSTRIES LTD | 4.80% |
| METROPOLIS HEALTHCARE LTD | 4.25% |
| AXIS BANK LTD | 3.95% |
| JINDAL STEEL LTD | 3.92% |
| L&T FINANCE LTD | 2.96% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Arbitrage | Tata Business Cycle |
|---|---|---|
| Equity | 65.4% | 97.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 34.6% | 2.2% |
Market cap of stocks
| Market cap | ITI Arbitrage | Tata Business Cycle |
|---|---|---|
| Large Cap | 35.4% | 46.1% |
| Mid Cap | 27.1% | 21.3% |
| Small Cap | 2.9% | 29.5% |
| Not on AMFI's list | 0.0% | 0.9% |
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 Business Cycle |
|---|---|---|
| Banks | 15.3% | 9.1% |
| Financial Technology (Fintech) | 8.8% | 4.1% |
| Finance | 8.3% | 8.7% |
| Healthcare Services | 0.0% | 8.1% |
| Industrial Products | 4.6% | 7.0% |
| Cement & Cement Products | 1.5% | 6.7% |
| Ferrous Metals | 0.0% | 6.0% |
| Insurance | 4.5% | 5.3% |
| Transport Infrastructure | 3.6% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Arbitrage vs Tata Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Arbitrage Fund | Tata Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.10% | 0.94% |
| Base expense ratio (Direct) | 0.21% | 0.64% |
| Total expense ratio (Regular) | 1.80% | 2.19% |
| Base expense ratio (Regular) | 0.81% | 1.72% |
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 Business Cycle Fund: Frequently Asked Questions
What is the difference between ITI Arbitrage Fund and Tata Business Cycle Fund?
ITI Arbitrage Fund is an Arbitrage fund, Tata Business Cycle Fund is a Thematic fund, run by ITI Mutual Fund and Tata Mutual Fund. Their portfolios overlap 20.9%. ITI Arbitrage Fund charges 1.10% a year and Tata Business Cycle Fund 0.94%.
Which has given higher returns, ITI Arbitrage Fund or Tata Business Cycle Fund?
Over 1 year: ITI Arbitrage Fund +6.38%, Tata Business Cycle Fund −9.95%. Over 3 years: ITI Arbitrage Fund +7.25% a year, Tata Business Cycle Fund +9.10% a year. Over 5 years: ITI Arbitrage Fund +6.26% a year, Tata Business Cycle Fund +11.90% 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 Business Cycle Fund?
Tata Business Cycle Fund charges less: 0.94% a year against 1.10%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Arbitrage Fund and Tata Business Cycle Fund overlap?
20.9%. They hold 12 of the same securities, the largest shared ones being HDFCBANK, CUMMINSIND, SHRIRAMFIN. From each fund's latest monthly portfolio.
Which is riskier, ITI Arbitrage Fund or Tata Business Cycle Fund?
On SEBI's riskometer, ITI Arbitrage Fund is rated Low and Tata Business Cycle Fund Very High. Over 3 years, the standard deviation of daily returns was 1.23% and 14.78% a year.
Which is better for SIP, ITI Arbitrage Fund or Tata Business Cycle 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 ₹7,53,142 in Tata Business Cycle Fund (XIRR 8.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Arbitrage Fund and Tata Business Cycle Fund?
Yes. 20.9% 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 Business Cycle Fund?
ITI Arbitrage Fund: Vikas Nathani, Animesh Singh, Laukik Bagwe. Tata Business Cycle Fund: Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya.
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.