JM Arbitrage Fund vs Old Bridge Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Arbitrage Fund and Old Bridge Arbitrage Fund are both Arbitrage funds. JM Arbitrage Fund charges 1.42% a year and Old Bridge Arbitrage Fund 1.09% (Direct plans). Their portfolios overlap 42.6%: they hold 76 of the same securities.
Which is better, JM Arbitrage or Old Bridge Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Old Bridge Arbitrage costs less: 1.09% a year against 1.42% (Direct plans).
- JM Arbitrage fell less in its worst fall since 14-11-2025: −0.5% against −0.7%.
- JM Arbitrage is the larger fund: ₹341 Cr against ₹254 Cr.
- Their portfolios overlap 42.6%: 76 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 | Old Bridge Arbitrage Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Old Bridge Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹341 Cr (30-09-2026) | ₹254 Cr (30-09-2026) |
| NAV | ₹37.71 (Direct) | ₹10.62 (Direct) |
| Expense ratio (Direct) | 1.42% | 1.09% |
| Expense ratio (Regular) | 2.07% | 1.94% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 18-07-2006 | 13-11-2025 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Kenneth Joseph Andrade |
| 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. | Exit load of 0.25%, if redeemed within 7 Days. |
JM Arbitrage vs Old Bridge 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% |
| Old Bridge Arbitrage Fund (Direct) | +0.55% | +1.49% | +3.19% | -- | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
JM Arbitrage vs Old Bridge Arbitrage: Year-wise Returns
| Year | JMJM Arbitrage | Old BridgeOld Bridge Arbitrage |
|---|---|---|
| 2026to date | +5.21% | +5.31% |
| 2025 | +6.61% | -- |
| 2024 | +7.96% | -- |
| 2023 | +7.39% | -- |
| 2022 | +4.62% | -- |
| 2021 | +3.16% | -- |
JM Arbitrage vs Old Bridge Arbitrage: Rolling Returns
Every holding period of both funds
JM Arbitrage vs Old Bridge 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) | Old Bridge Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +6.43% |
| Standard deviation | 1.05% | 1.68% |
| Sharpe ratio | 0.34 | 0.71 |
| Sortino ratio | 0.50 | 1.06 |
| Maximum drawdown | −0.5% (09-07-2020) | −0.7% (29-05-2026) |
| 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)
Old Bridge 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% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
| Old Bridge Arbitrage Fund (Direct) | −0.7% | 18-05-2026 | 29-05-2026 | 04-06-2026 | 6 days | −0.1% |
From daily values since 14-11-2025, the first day every fund has.
JM Arbitrage vs Old Bridge Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: JM Arbitrage Fund, September 2026; Old Bridge Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 42.6%
- Held by both
- 76
- Only in JM Arbitrage
- 37
- Only in Old Bridge Arbitrage
- 21
| Security | % of JM Arbitrage | % of Old Bridge Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.54% | 5.25% |
| Reliance Industries Limited | 4.13% | 5.43% |
| Tata Steel Limited | 3.27% | 2.44% |
| Axis Bank Limited | 3.89% | 2.36% |
| Indus Towers Limited | 1.97% | 3.73% |
| Bharat Heavy Electricals Limited | 1.76% | 1.93% |
| IDFC First Bank Limited | 1.73% | 2.23% |
| 182 Days Treasury Bill 19-Nov-2026 | 1.46% | 1.96% |
| State Bank of India | 2.60% | 1.33% |
| Varun Beverages Limited | 1.65% | 0.96% |
| LIC Housing Finance Limited | 0.95% | 1.11% |
| Bank of Baroda | 1.29% | 0.90% |
| Power Finance Corporation Limited | 1.39% | 0.88% |
| Canara Bank | 0.88% | 1.18% |
| Jio Financial Services Limited | 0.87% | 1.23% |
| The Indian Hotels Company Limited | 0.94% | 0.83% |
| Bharti Airtel Limited | 0.81% | 3.72% |
| Bajaj Finserv Limited | 0.81% | 0.80% |
| Larsen & Toubro Limited | 0.77% | 0.80% |
| The Federal Bank Limited | 0.79% | 0.72% |
| HDFC Bank Limited | 0.70% | 4.76% |
| JSW Steel Limited | 0.67% | 1.47% |
| Crompton Greaves Consumer Electrical Ltd | 1.12% | 0.64% |
| Kotak Mahindra Bank Limited | 2.94% | 0.59% |
| Sun Pharmaceutical Industries Limited | 0.63% | 0.58% |
| Biocon Limited | 0.54% | 0.55% |
| Bajaj Finance Limited | 1.33% | 0.48% |
| Ambuja Cements Limited | 0.47% | 0.44% |
| Asian Paints Limited | 1.09% | 0.43% |
| Glenmark Pharmaceuticals Limited | 0.41% | 1.76% |
| Divi's Laboratories Limited | 0.41% | 1.28% |
| Yes Bank Ltd | 1.55% | 0.39% |
| Hindustan Unilever Limited | 0.38% | 0.56% |
| ITC Limited | 0.79% | 0.38% |
| Tata Consumer Products Limited | 0.31% | 1.30% |
| NMDC Limited | 1.37% | 0.29% |
| HDFC Asset Management Company Limited | 0.28% | 1.89% |
| NTPC Limited | 0.27% | 0.42% |
| Punjab National Bank | 0.27% | 1.46% |
| Godrej Properties Limited | 0.98% | 0.25% |
| Shriram Finance Limited | 0.24% | 2.97% |
| Grasim Industries Limited | 0.20% | 0.21% |
| UPL Limited | 0.24% | 0.20% |
| HDFC Life Insurance Company Limited | 0.19% | 0.84% |
| APL Apollo Tubes Limited | 0.18% | 0.88% |
| Ashok Leyland Limited | 0.27% | 0.15% |
| Info Edge (India) Limited | 0.32% | 0.11% |
| The Tata Power Company Limited | 0.11% | 1.52% |
| Hindustan Aeronautics Limited | 0.10% | 1.21% |
| Bharat Electronics Limited | 0.10% | 0.24% |
| Hindalco Industries Limited | 0.10% | 1.22% |
| United Spirits Limited | 0.48% | 0.09% |
| Maruti Suzuki India Limited | 1.28% | 0.07% |
| Adani Port & Special Economic Zone Ltd | 0.95% | 0.07% |
| Mahindra & Mahindra Limited | 0.80% | 0.07% |
| Eternal Limited | 0.07% | 0.18% |
| Union Bank of India | 0.07% | 0.27% |
| GMR Airports Limited | 0.06% | 0.39% |
| Bharat Forge Limited | 0.06% | 0.49% |
| IndusInd Bank Limited | 0.06% | 0.25% |
| SBI Life Insurance Company Limited | 0.06% | 0.05% |
| UltraTech Cement Limited | 0.05% | 1.36% |
| Aurobindo Pharma Limited | 0.32% | 0.04% |
| Cholamandalam Invest & Finance Co Ltd | 0.06% | 0.04% |
| DLF Limited | 0.04% | 0.33% |
| Container Corporation of India Limited | 0.03% | 0.07% |
| InterGlobe Aviation Limited | 0.55% | 0.03% |
| Apollo Hospitals Enterprise Limited | 0.03% | 1.05% |
| AU Small Finance Bank Limited | 0.03% | 0.04% |
| Dabur India Limited | 0.03% | 0.47% |
| Inox Wind Limited | 0.03% | 0.05% |
| Indian Energy Exchange Limited | 0.34% | 0.02% |
| Bharat Petroleum Corporation Limited | 0.14% | 0.02% |
| Bank of India | 0.02% | 0.51% |
| Fortis Healthcare Limited | 0.02% | 0.42% |
| Coal India Limited | 0.02% | 0.79% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.6% means 42.6% 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% |
| Vodafone Idea Limited | 3.40% |
| Adani Enterprises Limited | 1.92% |
| Bandhan Bank Limited | 1.90% |
| Eicher Motors Limited | 1.76% |
Largest holdings only in Old Bridge Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 13/05/2027) | 5.70% |
| 364 Days Tbill (MD 17/12/2026) | 1.95% |
| 182 Days Tbill (MD 04/02/2027) | 1.93% |
| Multi Commodity Exchange of India Limited | 0.82% |
| Swiggy Limited | 0.65% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| Equity | 77.1% | 79.4% |
| Debt | 7.3% | 11.5% |
| Cash and others | 15.6% | 9.1% |
Market cap of stocks
| Market cap | JM Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| Large Cap | 57.7% | 64.1% |
| Mid Cap | 13.0% | 13.3% |
| Small Cap | 6.4% | 1.9% |
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 | JM Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| Banks | 23.7% | 22.2% |
| Finance | 6.3% | 7.5% |
| Telecom - Services | 6.2% | 7.5% |
| Petroleum Products | 4.4% | 5.5% |
| Ferrous Metals | 5.1% | 4.4% |
| Pharmaceuticals & Biotechnology | 3.4% | 4.2% |
| Automobiles | 4.1% | 0.2% |
The six largest sectors of each fund's stocks, % of the fund.
JM Arbitrage vs Old Bridge Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Arbitrage Fund | Old Bridge Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.42% | 1.09% |
| Base expense ratio (Direct) | 0.35% | 0.12% |
| Total expense ratio (Regular) | 2.07% | 1.94% |
| Base expense ratio (Regular) | 0.91% | 0.84% |
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 Old Bridge Arbitrage Fund: Frequently Asked Questions
What is the difference between JM Arbitrage Fund and Old Bridge Arbitrage Fund?
Both are Arbitrage funds, run by JM Financial Mutual Fund and Old Bridge Mutual Fund. Their portfolios overlap 42.6%. JM Arbitrage Fund charges 1.42% a year and Old Bridge Arbitrage Fund 1.09%.
Which has the lower expense ratio, JM Arbitrage Fund or Old Bridge Arbitrage Fund?
Old Bridge Arbitrage Fund charges less: 1.09% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Arbitrage Fund and Old Bridge Arbitrage Fund overlap?
42.6%. They hold 76 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, TATASTEEL. From each fund's latest monthly portfolio.
Which is riskier, JM Arbitrage Fund or Old Bridge Arbitrage Fund?
On SEBI's riskometer, JM Arbitrage Fund is rated Low and Old Bridge Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.05% and 1.68% a year.
Can I invest in both JM Arbitrage Fund and Old Bridge Arbitrage Fund?
Yes. 42.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages JM Arbitrage Fund and Old Bridge Arbitrage Fund?
JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. Old Bridge Arbitrage Fund: Kenneth Joseph Andrade.
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.