JioBlackRock Arbitrage Fund vs Zerodha Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
JioBlackRock Arbitrage Fund and Zerodha Arbitrage Fund are both Arbitrage funds. JioBlackRock Arbitrage Fund charges 1.99% a year and Zerodha Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 34.1%: they hold 41 of the same securities.
Which is better, JioBlackRock 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.
- JioBlackRock Arbitrage costs less: 1.99% a year against 2.31% (Direct plans).
- Zerodha Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −0.4%.
- JioBlackRock Arbitrage is the larger fund: ₹558 Cr against ₹47 Cr.
- Their portfolios overlap 34.1%: 41 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 | JioBlackRock Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | Jio BlackRock Mutual Fund | Zerodha Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹558 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹10.61 (Direct) | ₹10.12 (Direct) |
| Expense ratio (Direct) | 1.99% | 2.31% |
| Expense ratio (Regular) | 3.26% | Not available |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage TRI |
| Launch date | 21-08-2026 | 18-08-2026 |
| Minimum investment | ₹500 | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | None | None |
| Fund managers | Anand Shah, Haresh Mehta, Mr, Siddharth Deb, Arun R | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
JioBlackRock 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 |
|---|---|---|---|---|---|---|---|
| JioBlackRock Arbitrage Fund (Direct) | +0.67% | +1.65% | +3.38% | -- | -- | -- | -- |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
JioBlackRock Arbitrage vs Zerodha Arbitrage: Year-wise Returns
| Year | JioBlackRockJioBlackRock Arbitrage | ZerodhaZerodha Arbitrage |
|---|---|---|
| 2026to date | +5.76% | -- |
JioBlackRock Arbitrage vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds
JioBlackRock Arbitrage vs Zerodha Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JioBlackRock Arbitrage Fund (Direct) | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.01% | +6.28% |
| Standard deviation | 1.50% | 1.82% |
| Sharpe ratio | 1.19 | 0.56 |
| Sortino ratio | 1.84 | 0.82 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.3% (04-09-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 19-12-2025 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.
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.
JioBlackRock 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 |
|---|---|---|---|---|---|---|
| JioBlackRock Arbitrage Fund (Direct) | −0.4% | 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.
JioBlackRock Arbitrage vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: JioBlackRock Arbitrage Fund, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.1%
- Held by both
- 41
- Only in JioBlackRock Arbitrage
- 80
- Only in Zerodha Arbitrage
- 10
| Security | % of JioBlackRock Arbitrage | % of Zerodha Arbitrage |
|---|---|---|
| HDFC Bank Ltd | 6.97% | 8.18% |
| ICICI Bank Ltd | 7.14% | 4.36% |
| Reliance Industries Ltd | 6.48% | 2.16% |
| Life Insurance Corporation Of India | 3.72% | 1.89% |
| Tata Steel Ltd | 1.74% | 2.06% |
| Crompton Greaves Consumer Electricals Ltd | 1.67% | 2.78% |
| ITC Ltd | 1.62% | 2.04% |
| Axis Bank Ltd | 1.22% | 2.30% |
| Bank of Baroda | 1.22% | 2.45% |
| Federal Bank Ltd | 1.09% | 3.91% |
| Swiggy Ltd | 1.19% | 0.98% |
| State Bank of India | 2.14% | 0.92% |
| Infosys Ltd | 0.87% | 1.96% |
| Godrej Properties Ltd | 0.70% | 1.59% |
| IndusInd Bank Ltd | 0.70% | 1.08% |
| HCL Technologies Ltd | 0.66% | 1.05% |
| IDFC First Bank Ltd | 0.62% | 2.59% |
| Bharti Airtel Ltd | 0.54% | 2.50% |
| Coal India Ltd | 0.51% | 2.21% |
| Astral Ltd | 0.43% | 1.12% |
| Bajaj Finance Ltd | 0.40% | 1.08% |
| Divi's Laboratories Ltd | 0.40% | 0.40% |
| Container Corporation Of India Ltd | 0.34% | 0.48% |
| Tata Consultancy Services Ltd | 0.29% | 0.79% |
| Cummins India Ltd | 0.72% | 0.20% |
| Canara Bank | 4.85% | 0.17% |
| Adani Power Ltd | 1.00% | 0.16% |
| Multi Commodity Exchange Of India Ltd | 0.60% | 0.16% |
| Aditya Birla Capital Ltd | 0.15% | 0.25% |
| Marico Ltd | 0.14% | 0.20% |
| Tata Power Co Ltd | 0.11% | 0.89% |
| Indus Towers Ltd | 0.09% | 2.31% |
| AU Small Finance Bank Ltd | 0.09% | 1.95% |
| Power Finance Corporation Ltd | 0.64% | 0.09% |
| Union Bank Of India | 0.08% | 0.16% |
| Bajaj Auto Ltd | 0.07% | 0.17% |
| Hero MotoCorp Ltd | 0.07% | 0.17% |
| Tata Motors Passenger Vehicles Ltd | 0.06% | 1.94% |
| GAIL (India) Ltd | 0.05% | 1.30% |
| HDFC Asset Management Co Ltd | 0.05% | 0.29% |
| Coforge Ltd | 0.04% | 1.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.1% means 34.1% 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 JioBlackRock Arbitrage Fund
| Security | % of fund |
|---|---|
| JioBlackRock Money Market Fund - Direct Plan - Growth Option | 11.16% |
| Vodafone Idea Ltd | 5.24% |
| HDFC Bank Ltd (18-Jan-2027) | 4.39% |
| Canara Bank (28-Jan-2027) | 4.38% |
| JioBlackRock Liquid Fund - Direct Plan - Growth Option | 2.83% |
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% |
| PNB Housing Finance Limited | 2.34% |
| Trent Limited | 2.02% |
| TVS Motor Company Limited | 0.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JioBlackRock Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Equity | 74.1% | 68.5% |
| Debt | 8.8% | 10.2% |
| Cash and others | 17.1% | 21.4% |
Market cap of stocks
| Market cap | JioBlackRock Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 56.6% | 47.0% |
| Mid Cap | 13.5% | 16.4% |
| Small Cap | 3.9% | 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 | JioBlackRock Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Banks | 29.0% | 28.2% |
| Petroleum Products | 6.7% | 2.2% |
| Telecom - Services | 5.9% | 4.8% |
| IT - Software | 2.0% | 5.4% |
| Insurance | 3.8% | 1.9% |
| Finance | 2.5% | 3.8% |
| Consumer Durables | 3.1% | 2.8% |
| Retailing | 1.3% | 3.0% |
| Automobiles | 0.8% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
JioBlackRock Arbitrage vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JioBlackRock Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.99% | 2.31% |
| Base expense ratio (Direct) | 0.28% | 0.20% |
| Total expense ratio (Regular) | 3.26% | Not available |
| Base expense ratio (Regular) | 0.90% | 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 JioBlackRock Arbitrage with
JioBlackRock Arbitrage Fund vs Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between JioBlackRock Arbitrage Fund and Zerodha Arbitrage Fund?
Both are Arbitrage funds, run by Jio BlackRock Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 34.1%. JioBlackRock Arbitrage Fund charges 1.99% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, JioBlackRock Arbitrage Fund or Zerodha Arbitrage Fund?
JioBlackRock Arbitrage Fund charges less: 1.99% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JioBlackRock Arbitrage Fund and Zerodha Arbitrage Fund overlap?
34.1%. They hold 41 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, JioBlackRock Arbitrage Fund or Zerodha Arbitrage Fund?
On SEBI's riskometer, JioBlackRock Arbitrage Fund is rated Low and Zerodha Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.50% and 1.82% a year.
Can I invest in both JioBlackRock Arbitrage Fund and Zerodha Arbitrage Fund?
Yes. 34.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JioBlackRock Arbitrage Fund and Zerodha Arbitrage Fund?
JioBlackRock Arbitrage Fund: Anand Shah, Haresh Mehta, Mr, Siddharth Deb, Arun R. 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.