JM Arbitrage Fund vs SBI Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Arbitrage Fund and SBI Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, JM Arbitrage Fund (Direct) returned 6.9% a year and SBI Arbitrage Fund (Direct) returned 7.2% a year. JM Arbitrage Fund charges 1.42% a year and SBI Arbitrage Fund 1.47% (Direct plans). Their portfolios overlap 44.0%: they hold 106 of the same securities.
Which is better, JM Arbitrage or SBI Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI Arbitrage returned more over 5 years: 6.8% a year against 6.4%.
- SBI Arbitrage returned more over 3 years: 7.2% a year against 6.9%.
- JM Arbitrage costs less: 1.42% a year against 1.47% (Direct plans).
- SBI 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 14-01-2013: −0.5% against −0.7%.
- SBI Arbitrage is the larger fund: ₹46,309 Cr against ₹341 Cr.
- Their portfolios overlap 44.0%: 106 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 | SBI Arbitrage Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | SBI Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹341 Cr (30-09-2026) | ₹46,309 Cr (30-09-2026) |
| NAV | ₹37.71 (Direct) | ₹39.08 (Direct) |
| Expense ratio (Direct) | 1.42% | 1.47% |
| Expense ratio (Regular) | 2.07% | 1.99% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 18-07-2006 | 03-11-2006 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Neeraj Kumar - Equity, Ardhendu Bhattacharya |
| 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 15 Days. |
JM Arbitrage vs SBI 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% |
| SBI Arbitrage Fund (Direct) | +0.56% | +1.53% | +3.22% | +6.59% | +7.24% | +6.83% | +6.24% |
| 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 SBI Arbitrage: Year-wise Returns
| Year | JMJM Arbitrage | SBISBI Arbitrage |
|---|---|---|
| 2026to date | +5.21% | +5.39% |
| 2025 | +6.61% | +7.05% |
| 2024 | +7.96% | +8.11% |
| 2023 | +7.39% | +7.98% |
| 2022 | +4.62% | +5.09% |
| 2021 | +3.16% | +4.43% |
JM Arbitrage vs SBI Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,661 of them, one for each trading day from 14-01-2016 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)
SBI 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 | 28.8 | 71.2 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0% | 6.2% | 3.4% | 8.8% |
| SBI Arbitrage | 0.0 | 14.5 | 85.5 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.6% | 4.3% | 8.8% |
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 14-01-2013. Past returns do not promise future returns.
JM Arbitrage vs SBI 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% |
| SBI ArbitrageSBI Arbitrage Fund (Direct) | ₹16,60,000 | ₹26,50,956 | ₹9,90,956 | 6.5% |
JM ArbitrageJM Arbitrage Fund (Direct)
SBI ArbitrageSBI 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 SBI 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) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | +6.59% |
| Standard deviation | 1.45% | 1.46% |
| Sharpe ratio | 0.82 | 0.92 |
| Sortino ratio | 1.24 | 1.41 |
| 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) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.94% | +7.24% |
| Standard deviation | 1.14% | 1.12% |
| Sharpe ratio | 0.81 | 1.09 |
| Sortino ratio | 1.22 | 1.66 |
| 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) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.44% | +6.83% |
| Standard deviation | 1.06% | 1.03% |
| Sharpe ratio | 0.60 | 1.01 |
| Sortino ratio | 0.90 | 1.53 |
| 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) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +6.84% |
| Standard deviation | 1.05% | 1.07% |
| Sharpe ratio | 0.34 | 0.74 |
| Sortino ratio | 0.50 | 1.11 |
| Maximum drawdown | −0.5% (09-07-2020) | −0.7% (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)
SBI 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% |
| SBI Arbitrage Fund (Direct) | −0.7% | 16-03-2020 | 25-03-2020 | 15-04-2020 | 21 days | −0.1% |
From daily values since 14-01-2013, 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)
SBI 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)
SBI 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)
SBI Arbitrage Fund (Direct)
JM Arbitrage vs SBI Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: JM Arbitrage Fund, September 2026; SBI Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.0%
- Held by both
- 106
- Only in JM Arbitrage
- 7
- Only in SBI Arbitrage
- 90
| Security | % of JM Arbitrage | % of SBI Arbitrage |
|---|---|---|
| Reliance Industries Limited | 4.13% | 5.58% |
| ICICI Bank Limited | 4.54% | 2.75% |
| State Bank of India | 2.60% | 3.68% |
| Axis Bank Limited | 3.89% | 2.31% |
| Tata Steel Limited | 3.27% | 1.59% |
| Adani Enterprises Limited | 1.92% | 1.41% |
| Bajaj Finance Limited | 1.33% | 1.57% |
| Vodafone Idea Limited | 3.40% | 1.10% |
| Power Finance Corporation Limited | 1.39% | 0.88% |
| Canara Bank | 0.88% | 0.89% |
| Kotak Mahindra Bank Limited | 2.94% | 0.85% |
| Adani Energy Solutions Limited | 1.09% | 0.81% |
| Bharti Airtel Limited | 0.81% | 2.39% |
| ITC Limited | 0.79% | 0.93% |
| Bank of Baroda | 1.29% | 0.78% |
| Larsen & Toubro Limited | 0.77% | 0.87% |
| Jio Financial Services Limited | 0.87% | 0.77% |
| Adani Power Limited | 0.77% | 1.03% |
| Varun Beverages Limited | 1.65% | 0.76% |
| The Federal Bank Limited | 0.79% | 0.74% |
| IDFC First Bank Limited | 1.73% | 0.73% |
| Bharat Heavy Electricals Limited | 1.76% | 0.72% |
| HDFC Bank Limited | 0.70% | 4.92% |
| The Indian Hotels Company Limited | 0.94% | 0.70% |
| JSW Steel Limited | 0.67% | 1.58% |
| Indus Towers Limited | 1.97% | 0.61% |
| Maruti Suzuki India Limited | 1.28% | 0.60% |
| Ambuja Cements Limited | 0.47% | 0.59% |
| Steel Authority of India Limited | 1.18% | 0.46% |
| Adani Port & Special Economic Zone Ltd | 0.95% | 0.46% |
| Manappuram Finance Limited | 0.56% | 0.45% |
| Mahindra & Mahindra Limited | 0.80% | 0.44% |
| NMDC Limited | 1.37% | 0.42% |
| Glenmark Pharmaceuticals Limited | 0.41% | 0.48% |
| Divi's Laboratories Limited | 0.41% | 1.09% |
| Hindustan Unilever Limited | 0.38% | 0.56% |
| Life Insurance Corporation Of India | 1.02% | 0.38% |
| Biocon Limited | 0.54% | 0.37% |
| Eicher Motors Limited | 1.76% | 0.35% |
| Aurobindo Pharma Limited | 0.32% | 0.34% |
| Crompton Greaves Consumer Electrical Ltd | 1.12% | 0.32% |
| Info Edge (India) Limited | 0.32% | 0.39% |
| Tata Consumer Products Limited | 0.31% | 0.62% |
| HDFC Asset Management Company Limited | 0.28% | 0.36% |
| NTPC Limited | 0.27% | 0.55% |
| Hitachi Energy India Limited | 0.63% | 0.27% |
| Punjab National Bank | 0.27% | 0.78% |
| Godrej Properties Limited | 0.98% | 0.24% |
| Shriram Finance Limited | 0.24% | 0.45% |
| Sun Pharmaceutical Industries Limited | 0.63% | 0.22% |
| Bandhan Bank Limited | 1.90% | 0.19% |
| HDFC Life Insurance Company Limited | 0.19% | 0.19% |
| Adani Green Energy Limited | 0.18% | 0.99% |
| APL Apollo Tubes Limited | 0.18% | 0.38% |
| NBCC (India) Limited | 0.93% | 0.17% |
| TVS Motor Company Limited | 0.23% | 0.17% |
| RBL Bank Limited | 0.41% | 0.14% |
| Ashok Leyland Limited | 0.27% | 0.14% |
| JSW Energy Limited | 0.20% | 0.14% |
| Cummins India Limited | 0.14% | 0.41% |
| Torrent Pharmaceuticals Limited | 0.12% | 0.32% |
| LIC Housing Finance Limited | 0.95% | 0.12% |
| PNB Housing Finance Limited | 0.13% | 0.12% |
| The Tata Power Company Limited | 0.11% | 0.64% |
| Hindustan Aeronautics Limited | 0.10% | 1.16% |
| InterGlobe Aviation Limited | 0.55% | 0.10% |
| Lupin Limited | 0.46% | 0.10% |
| Bharat Electronics Limited | 0.10% | 1.36% |
| Hindalco Industries Limited | 0.10% | 0.54% |
| Asian Paints Limited | 1.09% | 0.09% |
| UPL Limited | 0.24% | 0.09% |
| Bharat Petroleum Corporation Limited | 0.14% | 0.09% |
| Alkem Laboratories Limited | 0.11% | 0.09% |
| Hindustan Petroleum Corporation Limited | 0.08% | 0.12% |
| Bajaj Finserv Limited | 0.81% | 0.08% |
| Eternal Limited | 0.07% | 0.16% |
| Union Bank of India | 0.07% | 0.37% |
| KALYAN JEWELLERS INDIA LIMITED | 0.07% | 0.46% |
| United Spirits Limited | 0.48% | 0.06% |
| Cholamandalam Invest & Finance Co Ltd | 0.06% | 0.49% |
| GMR Airports Limited | 0.06% | 0.40% |
| Indian Oil Corporation Limited | 0.06% | 0.56% |
| Bharat Forge Limited | 0.06% | 0.11% |
| SBI Life Insurance Company Limited | 0.06% | 0.07% |
| IndusInd Bank Limited | 0.06% | 0.43% |
| Cipla Limited | 0.05% | 0.13% |
| Indian Energy Exchange Limited | 0.34% | 0.05% |
| UltraTech Cement Limited | 0.05% | 0.42% |
| GE Vernova T&D India Limited | 0.05% | 0.17% |
| TUBE INVESTMENTS OF INDIA LTD | 0.04% | 0.06% |
| Hindustan Zinc Limited | 0.04% | 0.17% |
| DLF Limited | 0.04% | 0.05% |
| Container Corporation of India Limited | 0.03% | 0.15% |
| ICICI Lombard General Insurance Company | 0.03% | 0.11% |
| Mankind Pharma Limited | 0.31% | 0.03% |
| Grasim Industries Limited | 0.20% | 0.03% |
| Apollo Hospitals Enterprise Limited | 0.03% | 0.27% |
| AU Small Finance Bank Limited | 0.03% | 0.21% |
| Dabur India Limited | 0.03% | 0.18% |
| Inox Wind Limited | 0.03% | 0.09% |
| Prestige Estates Projects Limited | 0.04% | 0.02% |
| Computer Age Management Services Limited | 0.03% | 0.02% |
| Bank of India | 0.02% | 0.22% |
| Fortis Healthcare Limited | 0.02% | 0.16% |
| Coal India Limited | 0.02% | 0.90% |
| Suzlon Energy Limited | 0.01% | 0.15% |
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% |
| Yes Bank Ltd | 1.55% |
| 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% |
Largest holdings only in SBI Arbitrage Fund
| Security | % of fund |
|---|---|
| SBI Liquid Fund - DIRECT PLAN -Growth Option | 7.25% |
| SBI Money Market Fund - Direct Plan - Growth Option | 7.06% |
| HDFC Bank Ltd. | 2.54% |
| Bank of Baroda | 1.06% |
| Union Bank of India | 1.06% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Arbitrage | SBI Arbitrage |
|---|---|---|
| Equity | 77.1% | 77.2% |
| Debt | 7.3% | 6.5% |
| Cash and others | 15.6% | 16.4% |
Market cap of stocks
| Market cap | JM Arbitrage | SBI Arbitrage |
|---|---|---|
| Large Cap | 57.7% | 61.8% |
| Mid Cap | 13.0% | 13.2% |
| Small Cap | 6.4% | 2.1% |
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 | JM Arbitrage | SBI Arbitrage |
|---|---|---|
| Banks | 23.7% | 20.0% |
| Petroleum Products | 4.4% | 6.3% |
| Finance | 6.3% | 5.7% |
| Telecom - Services | 6.2% | 4.1% |
| Ferrous Metals | 5.1% | 3.8% |
| Power | 2.6% | 4.3% |
| Automobiles | 4.1% | 2.4% |
The six largest sectors of each fund's stocks, % of the fund.
JM Arbitrage vs SBI Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Arbitrage Fund | SBI Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.42% | 1.47% |
| Base expense ratio (Direct) | 0.35% | 0.34% |
| Total expense ratio (Regular) | 2.07% | 1.99% |
| Base expense ratio (Regular) | 0.91% | 0.78% |
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 SBI Arbitrage Fund: Frequently Asked Questions
What is the difference between JM Arbitrage Fund and SBI Arbitrage Fund?
Both are Arbitrage funds, run by JM Financial Mutual Fund and SBI Mutual Fund. Their portfolios overlap 44.0%. JM Arbitrage Fund charges 1.42% a year and SBI Arbitrage Fund 1.47%.
Which has given higher returns, JM Arbitrage Fund or SBI Arbitrage Fund?
Over 1 year: JM Arbitrage Fund +6.43%, SBI Arbitrage Fund +6.59%. Over 3 years: JM Arbitrage Fund +6.94% a year, SBI Arbitrage Fund +7.24% a year. Over 5 years: JM Arbitrage Fund +6.44% a year, SBI 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 SBI Arbitrage Fund?
JM Arbitrage Fund charges less: 1.42% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Arbitrage Fund and SBI Arbitrage Fund overlap?
44.0%. They hold 106 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, SBIN. From each fund's latest monthly portfolio.
Which is riskier, JM Arbitrage Fund or SBI Arbitrage Fund?
On SEBI's riskometer, JM Arbitrage Fund is rated Low and SBI Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.14% and 1.12% a year.
Which is better for SIP, JM Arbitrage Fund or SBI 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 ₹7,31,848 in SBI 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 SBI 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.
Who manages JM Arbitrage Fund and SBI Arbitrage Fund?
JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. SBI Arbitrage Fund: Neeraj Kumar - Equity, Ardhendu Bhattacharya.
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.