LIC MF Arbitrage Fund vs Nippon India Index Fund - Nifty 50 Plan
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF Arbitrage Fund is an Arbitrage fund and Nippon India Index Fund - Nifty 50 Plan is a mutual fund. In the 3 years to 30-10-2026, LIC MF Arbitrage Fund (Direct) returned 7.1% a year and Nippon India Index Fund - Nifty 50 Plan (Direct) returned 7.4% a year. LIC MF Arbitrage Fund charges 1.04% a year and Nippon India Index Fund - Nifty 50 Plan 0.15% (Direct plans). Their portfolios overlap 45.3%: they hold 23 of the same securities.
Nippon India Index Fund - Nifty 50 Plan
- 3 year return
- 7.4%
- Expense ratio
- 0.15%
- NAV
- ₹42.61
Which is better, LIC MF Arbitrage or Nippon India Index Fund - Nifty 50 Plan? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- LIC MF Arbitrage returned more over 5 years: 6.6% a year against 6.5%.
- Nippon India Index Fund - Nifty 50 Plan returned more over 3 years: 7.4% a year against 7.1%.
- Nippon India Index Fund - Nifty 50 Plan costs less: 0.15% a year against 1.04% (Direct plans).
- LIC MF Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 13.2%.
- LIC MF Arbitrage fell less in its worst fall since 28-01-2019: −0.7% against −38.2%.
- Nippon India Index Fund - Nifty 50 Plan holds more in large companies: 98.9% of the fund in large caps against 64.0%.
- Nippon India Index Fund - Nifty 50 Plan is the larger fund: ₹3,461 Cr against ₹305 Cr.
- Their portfolios overlap 45.3%: 23 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 | LIC MF Arbitrage Fund | Nippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| Fund house | LIC Mutual Fund | Nippon India Mutual Fund |
| Category | Arbitrage | Not available |
| AUM | ₹305 Cr (30-09-2026) | ₹3,461 Cr (30-09-2026) |
| NAV | ₹15.71 (Direct) | ₹42.61 (Direct) |
| Expense ratio (Direct) | 1.04% | 0.15% |
| Expense ratio (Regular) | 1.62% | 0.49% |
| Riskometer | Low | Not available |
| Benchmark | Nifty 50 Arbitrage Index | Not available |
| Launch date | 25-01-2019 | Not available |
| Minimum investment | ₹5,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Sumit Bhatnagar, Sasikant Aravamuthan, Pratik Harish Shroff | Not available |
| Exit load | Exit load of 0.25% if redeemed within 1 months. | Not available |
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: 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 |
|---|---|---|---|---|---|---|---|
| LIC MF Arbitrage Fund (Direct) | +0.59% | +1.54% | +3.30% | +6.72% | +7.08% | +6.64% | -- |
| Nippon India Index Fund - Nifty 50 Plan (Direct) | +1.94% | −5.04% | −3.18% | −10.09% | +7.43% | +6.47% | +11.27% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: Year-wise Returns
| Year | LIC MF ArbitrageLIC MF Arbitrage | Nippon India Index Fund - Nifty 50 PlanNippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| 2026to date | +5.53% | −10.98% |
| 2025 | +6.82% | +11.73% |
| 2024 | +7.81% | +9.79% |
| 2023 | +7.41% | +21.00% |
| 2022 | +4.96% | +5.39% |
| 2021 | +3.93% | +25.21% |
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of Nippon India Index Fund - Nifty 50 Plan
Rolling returns
Every 3-year holding period, 1,170 of them, one for each trading day from 28-01-2022 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.
LIC MF Arbitrage Fund (Direct)
Nippon India Index Fund - Nifty 50 Plan (Direct)
Nifty 50 TRI
to
Jun 2022Apr 2020
to
Apr 2023Jan 2021
to
Jan 2024Nov 2021
to
Nov 2024Sept 2022
to
Sept 2025Jun 2023
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIC MF Arbitrage | 0.0 | 33.2 | 66.8 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.1% | 4.2% | 7.5% | 2% |
| Nippon India Index Fund - Nifty 50 Plan | 0.0 | 0.0 | 10.4 | 42.9 | 35.0 | 7.9 | 3.8 | 15.0% | 14.8% | 5.2% | 31.8% | 0% |
| Nifty 50 TRI | 0.0 | 0.0 | 9.7 | 38.7 | 39.5 | 7.9 | 4.2 | 15.4% | 15.2% | 5.4% | 32.4% | -- |
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 50 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 28-01-2019. Past returns do not promise future returns.
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: 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 28-01-2019 to 30-10-2026: 94 instalments, ₹9,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| LIC MF ArbitrageLIC MF Arbitrage Fund (Direct) | ₹9,40,000 | ₹12,12,855 | ₹2,72,855 | 6.4% |
| Nippon India Index Fund - Nifty 50 PlanNippon India Index Fund - Nifty 50 Plan (Direct) | ₹9,40,000 | ₹13,69,369 | ₹4,29,369 | 9.4% |
LIC MF ArbitrageLIC MF Arbitrage Fund (Direct)
Nippon India Index Fund - Nifty 50 PlanNippon India Index Fund - Nifty 50 Plan (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.
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC MF Arbitrage Fund (Direct) | Nippon India Index Fund - Nifty 50 Plan (Direct) |
|---|---|---|
| Return (CAGR) | +6.72% | −10.09% |
| Standard deviation | 1.43% | 13.60% |
| Sharpe ratio | 1.03 | -1.13 |
| Sortino ratio | 1.61 | -1.51 |
| Maximum drawdown | −0.4% (06-08-2026) | −15.1% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.12% |
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 | LIC MF Arbitrage Fund (Direct) | Nippon India Index Fund - Nifty 50 Plan (Direct) |
|---|---|---|
| Return (CAGR) | +7.08% | +7.43% |
| Standard deviation | 1.09% | 13.18% |
| Sharpe ratio | 0.97 | 0.11 |
| Sortino ratio | 1.49 | 0.15 |
| Maximum drawdown | −0.4% (06-08-2026) | −15.5% (04-03-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.19% |
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 | LIC MF Arbitrage Fund (Direct) | Nippon India Index Fund - Nifty 50 Plan (Direct) |
|---|---|---|
| Return (CAGR) | +6.64% | +6.47% |
| Standard deviation | 1.02% | 13.67% |
| Sharpe ratio | 0.82 | 0.05 |
| Sortino ratio | 1.24 | 0.07 |
| Maximum drawdown | −0.4% (06-08-2026) | −15.9% (17-06-2022) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.22% |
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 | LIC MF Arbitrage Fund (Direct) | Nippon India Index Fund - Nifty 50 Plan (Direct) |
|---|---|---|
| Return (CAGR) | +5.98% | +11.12% |
| Standard deviation | 1.07% | 15.76% |
| Sharpe ratio | 0.73 | 0.32 |
| Sortino ratio | 1.07 | 0.44 |
| Maximum drawdown | −0.7% (03-06-2020) | −38.2% (23-03-2020) |
| Beta | -- | 0.99 |
| Alpha | -- | −0.41% |
From daily NAVs, 28-01-2019 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.
LIC MF Arbitrage Fund (Direct)
Nippon India Index Fund - Nifty 50 Plan (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| LIC MF Arbitrage Fund (Direct) | −0.7% | 29-05-2020 | 03-06-2020 | 08-09-2020 | 3 months | −0.1% |
| Nippon India Index Fund - Nifty 50 Plan (Direct) | −38.2% | 14-01-2020 | 23-03-2020 | 09-11-2020 | 8 months | −11.7% |
| Nifty 50 TRI | −38.3% | 14-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −11.6% |
From daily values since 28-01-2019, 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.
LIC MF Arbitrage Fund (Direct)
Nippon India Index Fund - Nifty 50 Plan (Direct)
Nifty 50 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.
LIC MF Arbitrage Fund (Direct)
Nippon India Index Fund - Nifty 50 Plan (Direct)
Nifty 50 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.
LIC MF Arbitrage Fund (Direct)
Nippon India Index Fund - Nifty 50 Plan (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| LIC MF Arbitrage Fund (Direct) | 12% | -16% | 17.36% |
| Nippon India Index Fund - Nifty 50 Plan (Direct) | 99% | 100% | 0.17% |
From month-end values since 28-01-2019. 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.
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF Arbitrage Fund, September 2026; Nippon India Index Fund - Nifty 50 Plan, September 2026
Holdings in common
- Overlap
- 45.3%
- Held by both
- 23
- Only in LIC MF Arbitrage
- 12
- Only in Nippon India Index Fund - Nifty 50 Plan
- 27
| Security | % of LIC MF Arbitrage | % of Nippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| HDFC Bank Ltd. | 8.80% | 10.40% |
| ICICI Bank Ltd. | 7.23% | 9.07% |
| Reliance Industries Ltd. | 5.98% | 7.60% |
| Bharti Airtel Ltd. | 4.96% | 5.12% |
| State Bank of India | 6.33% | 3.80% |
| Axis Bank Ltd. | 3.22% | 3.38% |
| Kotak Mahindra Bank Ltd. | 1.59% | 2.94% |
| Mahindra & Mahindra Ltd. | 1.59% | 2.52% |
| Tata Steel Ltd. | 4.94% | 1.46% |
| Bharat Electronics Ltd. | 2.52% | 1.33% |
| Hindalco Industries Ltd. | 6.66% | 1.31% |
| Hindustan Unilever Ltd. | 1.11% | 1.60% |
| NTPC Ltd. | 0.72% | 1.47% |
| Jio Financial Services Ltd. | 2.28% | 0.68% |
| HDFC Life Insurance Company Ltd. | 2.75% | 0.54% |
| JSW Steel Ltd. | 0.36% | 1.16% |
| Oil & Natural Gas Corporation Ltd. | 0.20% | 0.84% |
| Sun Pharmaceutical Industries Ltd. | 0.15% | 1.84% |
| Titan Company Ltd. | 0.08% | 1.82% |
| ITC Ltd. | 0.07% | 2.43% |
| Asian Paints Ltd. | 0.04% | 1.04% |
| Shriram Finance Ltd. | 0.03% | 1.32% |
| Larsen & Toubro Ltd. | 0.02% | 4.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.3% means 45.3% 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 LIC MF Arbitrage Fund
| Security | % of fund |
|---|---|
| LIC MF ULTRA SHRT DUR FD -DIRECT PLAN | 15.63% |
| LIC MF MONEY MARKET FUND-DIRECT PLAN-GR | 13.24% |
| GMR Airports Ltd. | 2.24% |
| Punjab National Bank | 0.80% |
| IndusInd Bank Ltd. | 0.62% |
Largest holdings only in Nippon India Index Fund - Nifty 50 Plan
| Security | % of fund |
|---|---|
| Infosys Limited | 3.36% |
| Bajaj Finance Limited | 2.51% |
| Eternal Limited | 2.22% |
| Tata Consultancy Services Limited | 2.00% |
| Maruti Suzuki India Limited | 1.49% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF Arbitrage | Nippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| Equity | 67.4% | 100.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 32.6% | -0.2% |
Market cap of stocks
| Market cap | LIC MF Arbitrage | Nippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| Large Cap | 64.0% | 98.9% |
| Mid Cap | 3.4% | 1.4% |
| Small Cap | 0.1% | 0.0% |
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 | LIC MF Arbitrage | Nippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| Banks | 29.2% | 29.6% |
| Petroleum Products | 6.0% | 7.6% |
| IT - Software | 0.0% | 7.5% |
| Non - Ferrous Metals | 6.7% | 1.3% |
| Automobiles | 1.6% | 6.7% |
| Finance | 2.3% | 5.5% |
| Telecom - Services | 5.4% | 5.1% |
| Ferrous Metals | 5.3% | 2.6% |
| Insurance | 2.8% | 1.3% |
The six largest sectors of each fund's stocks, % of the fund.
LIC MF Arbitrage vs Nippon India Index Fund - Nifty 50 Plan: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF Arbitrage Fund | Nippon India Index Fund - Nifty 50 Plan |
|---|---|---|
| Total expense ratio (Direct) | 1.04% | 0.15% |
| Base expense ratio (Direct) | 0.24% | 0.06% |
| Total expense ratio (Regular) | 1.62% | 0.49% |
| Base expense ratio (Regular) | 0.74% | 0.35% |
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
LIC MF Arbitrage Fund vs Nippon India Index Fund - Nifty 50 Plan: Frequently Asked Questions
What is the difference between LIC MF Arbitrage Fund and Nippon India Index Fund - Nifty 50 Plan?
LIC MF Arbitrage Fund is an Arbitrage fund, Nippon India Index Fund - Nifty 50 Plan is a mutual fund, run by LIC Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 45.3%. LIC MF Arbitrage Fund charges 1.04% a year and Nippon India Index Fund - Nifty 50 Plan 0.15%.
Which has given higher returns, LIC MF Arbitrage Fund or Nippon India Index Fund - Nifty 50 Plan?
Over 1 year: LIC MF Arbitrage Fund +6.72%, Nippon India Index Fund - Nifty 50 Plan −10.09%. Over 3 years: LIC MF Arbitrage Fund +7.08% a year, Nippon India Index Fund - Nifty 50 Plan +7.43% a year. Over 5 years: LIC MF Arbitrage Fund +6.64% a year, Nippon India Index Fund - Nifty 50 Plan +6.47% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, LIC MF Arbitrage Fund or Nippon India Index Fund - Nifty 50 Plan?
Nippon India Index Fund - Nifty 50 Plan charges less: 0.15% a year against 1.04%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF Arbitrage Fund and Nippon India Index Fund - Nifty 50 Plan overlap?
45.3%. They hold 23 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is better for SIP, LIC MF Arbitrage Fund or Nippon India Index Fund - Nifty 50 Plan?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,28,536 in LIC MF Arbitrage Fund (XIRR 6.9% a year) and ₹6,93,860 in Nippon India Index Fund - Nifty 50 Plan (XIRR 5.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both LIC MF Arbitrage Fund and Nippon India Index Fund - Nifty 50 Plan?
Yes. 45.3% 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.