JM Arbitrage Fund vs Nippon India Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Arbitrage Fund and Nippon India Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, JM Arbitrage Fund (Direct) returned 6.9% a year and Nippon India Arbitrage Fund (Direct) returned 7.3% a year. JM Arbitrage Fund charges 1.42% a year and Nippon India Arbitrage Fund 1.35% (Direct plans). Their portfolios overlap 44.0%: they hold 103 of the same securities.
Nippon India Arbitrage Fund
Arbitrage
- 3 year return
- 7.3%
- Expense ratio
- 1.35%
- NAV
- ₹31.21
Which is better, JM Arbitrage or Nippon India Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Arbitrage returned more over 5 years: 6.8% a year against 6.4%.
- Nippon India Arbitrage returned more over 3 years: 7.3% a year against 6.9%.
- Nippon India Arbitrage costs less: 1.35% a year against 1.42% (Direct plans).
- Nippon India Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- JM Arbitrage fell less in its worst fall since 03-01-2013: −0.5% against −0.6%.
- Nippon India Arbitrage is the larger fund: ₹17,216 Cr against ₹341 Cr.
- Their portfolios overlap 44.0%: 103 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 | JM Arbitrage Fund | Nippon India Arbitrage Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Nippon India Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹341 Cr (30-09-2026) | ₹17,216 Cr (30-09-2026) |
| NAV | ₹37.71 (Direct) | ₹31.21 (Direct) |
| Expense ratio (Direct) | 1.42% | 1.35% |
| Expense ratio (Regular) | 2.07% | 2.04% |
| Riskometer | Low | Not available |
| Benchmark | Nifty 50 Arbitrage Index | Not available |
| Launch date | 18-07-2006 | Not available |
| Minimum investment | ₹1,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Not available |
| Exit load | 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions. | Not available |
JM Arbitrage vs Nippon India 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 |
|---|---|---|---|---|---|---|---|
| JM Arbitrage Fund (Direct) | +0.52% | +1.53% | +3.14% | +6.43% | +6.94% | +6.44% | +5.63% |
| Nippon India Arbitrage Fund (Direct) | +0.52% | +1.54% | +3.29% | +6.71% | +7.28% | +6.83% | +6.47% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 39 Arbitrage funds, same plan type.
JM Arbitrage vs Nippon India Arbitrage: Year-wise Returns
| Year | JMJM Arbitrage | Nippon IndiaNippon India Arbitrage |
|---|---|---|
| 2026to date | +5.21% | +5.47% |
| 2025 | +6.61% | +6.94% |
| 2024 | +7.96% | +8.23% |
| 2023 | +7.39% | +7.85% |
| 2022 | +4.62% | +4.94% |
| 2021 | +3.16% | +4.54% |
JM Arbitrage vs Nippon India Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,669 of them, one for each trading day from 04-01-2016 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.
JM Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Arbitrage | 0.0 | 28.7 | 71.3 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.2% | 3.4% | 8.8% |
| Nippon India Arbitrage | 0.0 | 9.3 | 90.7 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 6.9% | 4.6% | 9.0% |
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 03-01-2013. Past returns do not promise future returns.
JM Arbitrage vs Nippon India 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 03-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM ArbitrageJM Arbitrage Fund (Direct) | ₹16,60,000 | ₹25,49,864 | ₹8,89,864 | 6.0% |
| Nippon India ArbitrageNippon India Arbitrage Fund (Direct) | ₹16,60,000 | ₹26,86,329 | ₹10,26,329 | 6.7% |
JM ArbitrageJM Arbitrage Fund (Direct)
Nippon India ArbitrageNippon India 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.
JM Arbitrage vs Nippon India Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.71% |
| Standard deviation | 1.45% | 1.33% |
| Sharpe ratio | 0.82 | 1.10 |
| Sortino ratio | 1.24 | 1.71 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.5% (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 | JM Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.94% | +7.28% |
| Standard deviation | 1.14% | 1.06% |
| Sharpe ratio | 0.81 | 1.18 |
| Sortino ratio | 1.22 | 1.81 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.5% (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 | JM Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.44% | +6.83% |
| Standard deviation | 1.06% | 0.98% |
| Sharpe ratio | 0.60 | 1.05 |
| Sortino ratio | 0.90 | 1.61 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.5% (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 | JM Arbitrage Fund (Direct) | Nippon India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +7.06% |
| Standard deviation | 1.05% | 1.07% |
| Sharpe ratio | 0.34 | 0.95 |
| Sortino ratio | 0.50 | 1.44 |
| Maximum drawdown | −0.5% (09-07-2020) | −0.6% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 03-01-2013 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.
JM Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Arbitrage Fund (Direct) | −0.5% | 29-05-2020 | 09-07-2020 | 21-09-2020 | 2 months | −0.1% |
| Nippon India Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 25-03-2020 | 31-03-2020 | 6 days | −0.0% |
From daily values since 03-01-2013, 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.
JM Arbitrage Fund (Direct)
Nippon India 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.
JM Arbitrage Fund (Direct)
Nippon India 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.
JM Arbitrage Fund (Direct)
Nippon India Arbitrage Fund (Direct)
JM Arbitrage vs Nippon India Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: JM Arbitrage Fund, September 2026; Nippon India Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.0%
- Held by both
- 103
- Only in JM Arbitrage
- 10
- Only in Nippon India Arbitrage
- 66
| Security | % of JM Arbitrage | % of Nippon India Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.54% | 4.21% |
| Reliance Industries Limited | 4.13% | 4.83% |
| Axis Bank Limited | 3.89% | 2.45% |
| State Bank of India | 2.60% | 2.02% |
| Tata Steel Limited | 3.27% | 1.35% |
| Vodafone Idea Limited | 3.40% | 1.34% |
| Bajaj Finance Limited | 1.33% | 1.71% |
| Adani Enterprises Limited | 1.92% | 1.32% |
| Maruti Suzuki India Limited | 1.28% | 1.42% |
| Steel Authority of India Limited | 1.18% | 1.11% |
| Kotak Mahindra Bank Limited | 2.94% | 1.09% |
| Adani Energy Solutions Limited | 1.09% | 1.04% |
| Canara Bank | 0.88% | 1.17% |
| Jio Financial Services Limited | 0.87% | 1.03% |
| Bharti Airtel Limited | 0.81% | 0.91% |
| Larsen & Toubro Limited | 0.77% | 1.31% |
| HDFC Bank Limited | 0.70% | 4.62% |
| JSW Steel Limited | 0.67% | 1.81% |
| Indus Towers Limited | 1.97% | 0.60% |
| Manappuram Finance Limited | 0.56% | 0.86% |
| NMDC Limited | 1.37% | 0.52% |
| Mahindra & Mahindra Limited | 0.80% | 0.51% |
| Yes Bank Ltd | 1.55% | 0.50% |
| Eicher Motors Limited | 1.76% | 0.48% |
| Ambuja Cements Limited | 0.47% | 0.77% |
| Life Insurance Corporation Of India | 1.02% | 0.47% |
| ITC Limited | 0.79% | 0.46% |
| Bank of Baroda | 1.29% | 0.45% |
| Bharat Heavy Electricals Limited | 1.76% | 0.44% |
| The Federal Bank Limited | 0.79% | 0.44% |
| Glenmark Pharmaceuticals Limited | 0.41% | 0.95% |
| IDFC First Bank Limited | 1.73% | 0.41% |
| Sun Pharmaceutical Industries Limited | 0.63% | 0.41% |
| Godrej Properties Limited | 0.98% | 0.38% |
| The Indian Hotels Company Limited | 0.94% | 0.38% |
| Hindustan Unilever Limited | 0.38% | 0.36% |
| Varun Beverages Limited | 1.65% | 0.33% |
| Crompton Greaves Consumer Electrical Ltd | 1.12% | 0.33% |
| Asian Paints Limited | 1.09% | 0.33% |
| Biocon Limited | 0.54% | 0.33% |
| Divi's Laboratories Limited | 0.41% | 0.32% |
| Info Edge (India) Limited | 0.32% | 0.56% |
| Bandhan Bank Limited | 1.90% | 0.31% |
| Tata Consumer Products Limited | 0.31% | 0.32% |
| Power Finance Corporation Limited | 1.39% | 0.30% |
| Adani Power Limited | 0.77% | 0.29% |
| Punjab National Bank | 0.27% | 0.47% |
| HDFC Asset Management Company Limited | 0.28% | 0.24% |
| TVS Motor Company Limited | 0.23% | 0.72% |
| NTPC Limited | 0.27% | 0.22% |
| Grasim Industries Limited | 0.20% | 0.31% |
| LIC Housing Finance Limited | 0.95% | 0.19% |
| HDFC Life Insurance Company Limited | 0.19% | 0.26% |
| Adani Green Energy Limited | 0.18% | 0.46% |
| APL Apollo Tubes Limited | 0.18% | 0.56% |
| Ashok Leyland Limited | 0.27% | 0.18% |
| Hitachi Energy India Limited | 0.63% | 0.15% |
| RBL Bank Limited | 0.41% | 0.14% |
| Cummins India Limited | 0.14% | 0.76% |
| Aurobindo Pharma Limited | 0.32% | 0.13% |
| Bharat Petroleum Corporation Limited | 0.14% | 0.13% |
| PNB Housing Finance Limited | 0.13% | 0.14% |
| Torrent Pharmaceuticals Limited | 0.12% | 0.14% |
| JSW Energy Limited | 0.20% | 0.12% |
| Alkem Laboratories Limited | 0.11% | 0.23% |
| The Tata Power Company Limited | 0.11% | 0.22% |
| Hindustan Aeronautics Limited | 0.10% | 0.12% |
| InterGlobe Aviation Limited | 0.55% | 0.10% |
| Shriram Finance Limited | 0.24% | 0.10% |
| Hindalco Industries Limited | 0.10% | 0.76% |
| NBCC (India) Limited | 0.93% | 0.08% |
| Bajaj Finserv Limited | 0.81% | 0.08% |
| Lupin Limited | 0.46% | 0.08% |
| Bharat Electronics Limited | 0.10% | 0.07% |
| Eternal Limited | 0.07% | 0.15% |
| Union Bank of India | 0.07% | 0.09% |
| KALYAN JEWELLERS INDIA LIMITED | 0.07% | 0.26% |
| Adani Port & Special Economic Zone Ltd | 0.95% | 0.06% |
| Cholamandalam Invest & Finance Co Ltd | 0.06% | 0.18% |
| Indian Oil Corporation Limited | 0.06% | 0.32% |
| SBI Life Insurance Company Limited | 0.06% | 0.27% |
| IndusInd Bank Limited | 0.06% | 0.60% |
| Cipla Limited | 0.05% | 0.29% |
| Bharat Forge Limited | 0.06% | 0.05% |
| UltraTech Cement Limited | 0.05% | 0.45% |
| GE Vernova T&D India Limited | 0.05% | 0.32% |
| Hindustan Zinc Limited | 0.04% | 0.46% |
| TUBE INVESTMENTS OF INDIA LTD | 0.04% | 0.04% |
| Prestige Estates Projects Limited | 0.04% | 0.05% |
| Container Corporation of India Limited | 0.03% | 0.27% |
| ICICI Lombard General Insurance Company | 0.03% | 0.09% |
| Hindustan Petroleum Corporation Limited | 0.08% | 0.03% |
| Apollo Hospitals Enterprise Limited | 0.03% | 0.14% |
| AU Small Finance Bank Limited | 0.03% | 0.96% |
| Dabur India Limited | 0.03% | 0.08% |
| Inox Wind Limited | 0.03% | 0.05% |
| Bank of India | 0.02% | 0.13% |
| Fortis Healthcare Limited | 0.02% | 0.26% |
| Coal India Limited | 0.02% | 0.92% |
| Suzlon Energy Limited | 0.01% | 0.04% |
| United Spirits Limited | 0.48% | 0.01% |
| UPL Limited | 0.24% | 0.01% |
| GMR Airports Limited | 0.06% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.0% means 44.0% 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 JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| 364 Days Treasury Bill 06-Nov-2026 | 1.46% |
| 182 Days Treasury Bill 19-Nov-2026 | 1.46% |
| 364 Days Treasury Bill 03-Dec-2026 | 1.45% |
| 364 Days Treasury Bill 15-JAN-2027 | 1.44% |
Largest holdings only in Nippon India Arbitrage Fund
| Security | % of fund |
|---|---|
| Nippon India Money Market Fund Dir Pl-Growth-Gr Op | 15.46% |
| Nippon India Ultra Short Term Fund- Dr Gr Op | 8.14% |
| Small Industries Dev Bank of India | 1.14% |
| National Bank For Agriculture and Rural Development | 0.84% |
| Infosys Limited | 0.68% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Equity | 77.1% | 68.0% |
| Debt | 7.3% | 4.4% |
| Cash and others | 15.6% | 27.6% |
Market cap of stocks
| Market cap | JM Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Large Cap | 57.7% | 51.7% |
| Mid Cap | 13.0% | 13.7% |
| Small Cap | 6.4% | 2.6% |
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 | JM Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Banks | 23.7% | 20.1% |
| Finance | 6.3% | 5.2% |
| Telecom - Services | 6.2% | 2.9% |
| Petroleum Products | 4.4% | 5.3% |
| Ferrous Metals | 5.1% | 4.3% |
| Automobiles | 4.1% | 3.7% |
| Pharmaceuticals & Biotechnology | 3.4% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
JM Arbitrage vs Nippon India Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Arbitrage Fund | Nippon India Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.42% | 1.35% |
| Base expense ratio (Direct) | 0.35% | 0.31% |
| Total expense ratio (Regular) | 2.07% | 2.04% |
| Base expense ratio (Regular) | 0.91% | 0.90% |
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 JM Arbitrage with
JM Arbitrage Fund vs Nippon India Arbitrage Fund: Frequently Asked Questions
What is the difference between JM Arbitrage Fund and Nippon India Arbitrage Fund?
Both are Arbitrage funds, run by JM Financial Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 44.0%. JM Arbitrage Fund charges 1.42% a year and Nippon India Arbitrage Fund 1.35%.
Which has given higher returns, JM Arbitrage Fund or Nippon India Arbitrage Fund?
Over 1 year: JM Arbitrage Fund +6.43%, Nippon India Arbitrage Fund +6.71%. Over 3 years: JM Arbitrage Fund +6.94% a year, Nippon India Arbitrage Fund +7.28% a year. Over 5 years: JM Arbitrage Fund +6.44% a year, Nippon India Arbitrage Fund +6.83% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Arbitrage Fund or Nippon India Arbitrage Fund?
Nippon India Arbitrage Fund charges less: 1.35% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Arbitrage Fund and Nippon India Arbitrage Fund overlap?
44.0%. They hold 103 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is better for SIP, JM Arbitrage Fund or Nippon India Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,25,615 in JM Arbitrage Fund (XIRR 6.8% a year) and ₹7,31,798 in Nippon India Arbitrage Fund (XIRR 7.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Arbitrage Fund and Nippon India Arbitrage Fund?
Yes. 44.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.