LIC MF Arbitrage Fund vs Tata Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF Arbitrage Fund and Tata Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, LIC MF Arbitrage Fund (Direct) returned 7.1% a year and Tata Arbitrage Fund (Direct) returned 7.4% a year. LIC MF Arbitrage Fund charges 1.04% a year and Tata Arbitrage Fund 1.57% (Direct plans). Their portfolios overlap 31.2%: they hold 33 of the same securities.
Which is better, LIC MF Arbitrage or Tata Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Arbitrage returned more over 5 years: 6.9% a year against 6.6%.
- Tata Arbitrage returned more over 3 years: 7.4% a year against 7.1%.
- LIC MF Arbitrage costs less: 1.04% a year against 1.57% (Direct plans).
- Tata Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.1%.
- Tata Arbitrage fell less in its worst fall since 28-01-2019: −0.6% against −0.7%.
- LIC MF Arbitrage holds more in large companies: 64.0% of the fund in large caps against 50.0%.
- Tata Arbitrage is the larger fund: ₹24,539 Cr against ₹305 Cr.
- Their portfolios overlap 31.2%: 33 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 | Tata Arbitrage Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | Tata Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹305 Cr (30-09-2026) | ₹24,539 Cr (30-09-2026) |
| NAV | ₹15.71 (Direct) | ₹16.46 (Direct) |
| Expense ratio (Direct) | 1.04% | 1.57% |
| Expense ratio (Regular) | 1.62% | 2.25% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 25-01-2019 | 18-12-2018 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Sumit Bhatnagar, Sasikant Aravamuthan, Pratik Harish Shroff | Sailesh Jain |
| Exit load | Exit load of 0.25% if redeemed within 1 months. | Exit load of 0.25%, if redeemed within 15 days. |
LIC MF Arbitrage vs Tata 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 |
|---|---|---|---|---|---|---|---|
| LIC MF Arbitrage Fund (Direct) | +0.59% | +1.54% | +3.30% | +6.72% | +7.08% | +6.64% | -- |
| Tata Arbitrage Fund (Direct) | +0.50% | +1.52% | +3.24% | +6.77% | +7.43% | +6.90% | -- |
| 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 Tata Arbitrage: Year-wise Returns
| Year | LIC MFLIC MF Arbitrage | TataTata Arbitrage |
|---|---|---|
| 2026to date | +5.53% | +5.46% |
| 2025 | +6.82% | +7.26% |
| 2024 | +7.81% | +8.36% |
| 2023 | +7.41% | +7.93% |
| 2022 | +4.96% | +4.86% |
| 2021 | +3.93% | +4.54% |
LIC MF Arbitrage vs Tata Arbitrage: Rolling Returns
Every holding period of both funds
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)
Tata Arbitrage Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Tata Arbitrage | 0.0 | 5.6 | 94.4 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.4% | 4.8% | 7.9% |
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 28-01-2019. Past returns do not promise future returns.
LIC MF Arbitrage vs Tata 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 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% |
| Tata ArbitrageTata Arbitrage Fund (Direct) | ₹9,40,000 | ₹12,32,026 | ₹2,92,026 | 6.8% |
LIC MF ArbitrageLIC MF Arbitrage Fund (Direct)
Tata ArbitrageTata 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.
LIC MF Arbitrage vs Tata Arbitrage: 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) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.72% | +6.77% |
| Standard deviation | 1.43% | 1.26% |
| Sharpe ratio | 1.03 | 1.21 |
| Sortino ratio | 1.61 | 1.89 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (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 | LIC MF Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.08% | +7.43% |
| Standard deviation | 1.09% | 1.02% |
| Sharpe ratio | 0.97 | 1.39 |
| Sortino ratio | 1.49 | 2.16 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (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 | LIC MF Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.64% | +6.90% |
| Standard deviation | 1.02% | 0.94% |
| Sharpe ratio | 0.82 | 1.17 |
| Sortino ratio | 1.24 | 1.80 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.4% (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 | LIC MF Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.98% | +6.55% |
| Standard deviation | 1.07% | 1.01% |
| Sharpe ratio | 0.73 | 1.32 |
| Sortino ratio | 1.07 | 2.01 |
| Maximum drawdown | −0.7% (03-06-2020) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
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)
Tata Arbitrage Fund (Direct)
| 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% |
| Tata Arbitrage Fund (Direct) | −0.6% | 29-05-2020 | 03-06-2020 | 24-07-2020 | 51 days | −0.0% |
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)
Tata 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.
LIC MF Arbitrage Fund (Direct)
Tata 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.
LIC MF Arbitrage Fund (Direct)
Tata Arbitrage Fund (Direct)
LIC MF Arbitrage vs Tata Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF Arbitrage Fund, September 2026; Tata Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 31.2%
- Held by both
- 33
- Only in LIC MF Arbitrage
- 2
- Only in Tata Arbitrage
- 148
| Security | % of LIC MF Arbitrage | % of Tata Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 8.80% | 7.89% |
| ICICI Bank Ltd. | 7.23% | 4.34% |
| Reliance Industries Ltd. | 5.98% | 4.28% |
| Axis Bank Ltd. | 3.22% | 2.36% |
| Bharti Airtel Ltd. | 4.96% | 1.27% |
| State Bank of India | 6.33% | 1.21% |
| Jio Financial Services Ltd. | 2.28% | 1.20% |
| Hindalco Industries Ltd. | 6.66% | 1.08% |
| Hindustan Unilever Ltd. | 1.11% | 0.83% |
| Tata Steel Ltd. | 4.94% | 0.74% |
| Bharat Electronics Ltd. | 2.52% | 0.68% |
| Kotak Mahindra Bank Ltd. | 1.59% | 0.60% |
| HDFC Life Insurance Company Ltd. | 2.75% | 0.56% |
| IndusInd Bank Ltd. | 0.62% | 0.52% |
| NTPC Ltd. | 0.72% | 0.50% |
| Punjab National Bank | 0.80% | 0.46% |
| Bank of Baroda | 0.60% | 0.40% |
| Indus Towers Ltd. | 0.40% | 1.21% |
| JSW Steel Ltd. | 0.36% | 0.84% |
| Tata Power Company Ltd. | 0.29% | 0.36% |
| Container Corporation Of India Ltd. | 0.50% | 0.25% |
| Bharat Heavy Electricals Ltd. | 0.21% | 0.90% |
| Oil & Natural Gas Corporation Ltd. | 0.20% | 0.17% |
| Mahindra & Mahindra Ltd. | 1.59% | 0.15% |
| GMR Airports Ltd. | 2.24% | 0.14% |
| Crompton Greaves Cons Electrical Ltd. | 0.12% | 0.39% |
| ITC Ltd. | 0.07% | 0.26% |
| Asian Paints Ltd. | 0.04% | 0.06% |
| Shriram Finance Ltd. | 0.03% | 0.19% |
| Power Finance Corporation Ltd. | 0.03% | 0.62% |
| Titan Company Ltd. | 0.08% | 0.02% |
| Larsen & Toubro Ltd. | 0.02% | 0.06% |
| Sun Pharmaceutical Industries Ltd. | 0.15% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.2% means 31.2% 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% |
Largest holdings only in Tata Arbitrage Fund
| Security | % of fund |
|---|---|
| TATA MONEY MARKET FUND | 12.05% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 23/10/2026 | 2.03% |
| VODAFONE IDEA LTD | 1.50% |
| ** - NABARD - CD - 28/01/2027 | 1.49% |
| ** - NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT - CD - 12/03/2027 | 1.38% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF Arbitrage | Tata Arbitrage |
|---|---|---|
| Equity | 67.4% | 64.8% |
| Debt | 0.0% | 21.7% |
| Cash and others | 32.6% | 13.5% |
Market cap of stocks
| Market cap | LIC MF Arbitrage | Tata Arbitrage |
|---|---|---|
| Large Cap | 64.0% | 50.0% |
| Mid Cap | 3.4% | 12.1% |
| Small Cap | 0.1% | 2.7% |
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 | Tata Arbitrage |
|---|---|---|
| Banks | 29.2% | 21.6% |
| Non - Ferrous Metals | 6.7% | 1.2% |
| Petroleum Products | 6.0% | 5.2% |
| Telecom - Services | 5.4% | 4.0% |
| Ferrous Metals | 5.3% | 3.0% |
| Power | 1.0% | 4.1% |
| Finance | 2.3% | 3.7% |
| Insurance | 2.8% | 1.4% |
The six largest sectors of each fund's stocks, % of the fund.
LIC MF Arbitrage vs Tata Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF Arbitrage Fund | Tata Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.04% | 1.57% |
| Base expense ratio (Direct) | 0.24% | 0.26% |
| Total expense ratio (Regular) | 1.62% | 2.25% |
| Base expense ratio (Regular) | 0.74% | 0.91% |
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 LIC MF Arbitrage with
LIC MF Arbitrage Fund vs Tata Arbitrage Fund: Frequently Asked Questions
What is the difference between LIC MF Arbitrage Fund and Tata Arbitrage Fund?
Both are Arbitrage funds, run by LIC Mutual Fund and Tata Mutual Fund. Their portfolios overlap 31.2%. LIC MF Arbitrage Fund charges 1.04% a year and Tata Arbitrage Fund 1.57%.
Which has given higher returns, LIC MF Arbitrage Fund or Tata Arbitrage Fund?
Over 1 year: LIC MF Arbitrage Fund +6.72%, Tata Arbitrage Fund +6.77%. Over 3 years: LIC MF Arbitrage Fund +7.08% a year, Tata Arbitrage Fund +7.43% a year. Over 5 years: LIC MF Arbitrage Fund +6.64% a year, Tata Arbitrage Fund +6.90% 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 Tata Arbitrage Fund?
LIC MF Arbitrage Fund charges less: 1.04% a year against 1.57%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF Arbitrage Fund and Tata Arbitrage Fund overlap?
31.2%. They hold 33 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, LIC MF Arbitrage Fund or Tata Arbitrage Fund?
On SEBI's riskometer, LIC MF Arbitrage Fund is rated Low and Tata Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.09% and 1.02% a year.
Which is better for SIP, LIC MF Arbitrage Fund or Tata Arbitrage Fund?
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 ₹7,34,060 in Tata Arbitrage Fund (XIRR 7.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both LIC MF Arbitrage Fund and Tata Arbitrage Fund?
Yes. 31.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages LIC MF Arbitrage Fund and Tata Arbitrage Fund?
LIC MF Arbitrage Fund: Sumit Bhatnagar, Sasikant Aravamuthan, Pratik Harish Shroff. Tata Arbitrage Fund: Sailesh Jain.
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.