Mahindra Manulife Business Cycle Fund vs SBI Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Business Cycle Fund is a Thematic fund and SBI Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, Mahindra Manulife Business Cycle Fund (Direct) returned 15.7% a year and SBI Arbitrage Fund (Direct) returned 7.2% a year. Mahindra Manulife Business Cycle Fund charges 0.95% a year and SBI Arbitrage Fund 1.47% (Direct plans). Their portfolios overlap 27.2%: they hold 36 of the same securities.
Mahindra Manulife Business Cycle Fund
Thematic
- 3 year return
- 15.7%
- Expense ratio
- 0.95%
- NAV
- ₹15.07
Which is better, Mahindra Manulife Business Cycle 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.
- Mahindra Manulife Business Cycle returned more over 3 years: 15.7% a year against 7.2%.
- SBI Arbitrage returned more over 1 year: 6.6% against −4.5%.
- Mahindra Manulife Business Cycle costs less: 0.95% a year against 1.47% (Direct plans).
- SBI Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 15.7%.
- SBI Arbitrage fell less in its worst fall since 13-09-2023: −0.5% against −21.4%.
- SBI Arbitrage holds more in large companies: 61.8% of the fund in large caps against 43.1%.
- SBI Arbitrage is the larger fund: ₹46,309 Cr against ₹1,291 Cr.
- Their portfolios overlap 27.2%: 36 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 | Mahindra Manulife Business Cycle Fund | SBI Arbitrage Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | SBI Mutual Fund |
| Category | Thematic | Arbitrage |
| AUM | ₹1,291 Cr (30-09-2026) | ₹46,309 Cr (30-09-2026) |
| NAV | ₹15.07 (Direct) | ₹39.08 (Direct) |
| Expense ratio (Direct) | 0.95% | 1.47% |
| Expense ratio (Regular) | 2.45% | 1.99% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 500 TRI | Nifty 50 Arbitrage Index |
| Launch date | 11-09-2023 | 03-11-2006 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Krishna Sanghavi, Vishal Jajoo, Renjith Sivaram | Neeraj Kumar - Equity, Ardhendu Bhattacharya |
| Exit load | Exit load of 1%, if redeemed within 3 months | Exit load of 0.25%, if redeemed within 15 Days. |
Mahindra Manulife Business Cycle 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 |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Business Cycle Fund (Direct) | −4.82% | −8.53% | −5.99% | −4.53% | +15.68% | -- | -- |
| SBI Arbitrage Fund (Direct) | +0.56% | +1.53% | +3.22% | +6.59% | +7.24% | +6.83% | +6.24% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 235 Thematic funds and the 39 Arbitrage funds, same plan type.
Mahindra Manulife Business Cycle vs SBI Arbitrage: Year-wise Returns
| Year | Mahindra Manulife Business CycleMahindra Manulife Business Cycle | SBI ArbitrageSBI Arbitrage |
|---|---|---|
| 2026to date | −5.93% | +5.39% |
| 2025 | +8.38% | +7.05% |
| 2024 | +28.11% | +8.11% |
| 2023 | -- | +7.98% |
| 2022 | -- | +5.09% |
| 2021 | -- | +4.43% |
Mahindra Manulife Business Cycle vs SBI Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mahindra Manulife Business Cycle Fund
Rolling returns
Every 3-year holding period, 31 of them, one for each trading day from 15-09-2026 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.
Mahindra Manulife Business Cycle Fund (Direct)
SBI Arbitrage Fund (Direct)
Nifty 500 TRI
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife Business Cycle | 0.0 | 0.0 | 0.0 | 6.5 | 93.5 | 0.0 | 0.0 | 16.3% | 16.2% | 14.9% | 18.1% | 100% |
| SBI Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3% | 7.3% | 7.2% | 7.3% | 0% |
| Nifty 500 TRI | 0.0 | 0.0 | 61.3 | 38.7 | 0.0 | 0.0 | 0.0 | 9.8% | 9.6% | 8.8% | 11.0% | -- |
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. The benchmark is Nifty 500 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 13-09-2023. Past returns do not promise future returns.
Mahindra Manulife Business Cycle 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 13-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Business CycleMahindra Manulife Business Cycle Fund (Direct) | ₹3,80,000 | ₹4,06,206 | ₹26,206 | 4.2% |
| SBI ArbitrageSBI Arbitrage Fund (Direct) | ₹3,80,000 | ₹4,24,291 | ₹44,291 | 6.9% |
Mahindra Manulife Business CycleMahindra Manulife Business Cycle 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.
Mahindra Manulife Business Cycle vs SBI Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Business Cycle Fund (Direct) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −4.53% | +6.59% |
| Standard deviation | 14.69% | 1.46% |
| Sharpe ratio | -0.67 | 0.92 |
| Sortino ratio | -0.86 | 1.41 |
| Maximum drawdown | −12.0% (23-10-2026) | −0.5% (06-08-2026) |
| Beta | 0.98 | -- |
| Alpha | +2.52% | -- |
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 | Mahindra Manulife Business Cycle Fund (Direct) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.68% | +7.24% |
| Standard deviation | 15.69% | 1.12% |
| Sharpe ratio | 0.62 | 1.09 |
| Sortino ratio | 0.82 | 1.66 |
| Maximum drawdown | −21.4% (03-03-2025) | −0.5% (06-08-2026) |
| Beta | 1.05 | -- |
| Alpha | +5.26% | -- |
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 | Mahindra Manulife Business Cycle Fund (Direct) | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.93% | +6.84% |
| Standard deviation | 15.56% | 1.07% |
| Sharpe ratio | 0.51 | 0.74 |
| Sortino ratio | 0.67 | 1.11 |
| Maximum drawdown | −21.4% (03-03-2025) | −0.7% (25-03-2020) |
| Beta | 1.05 | -- |
| Alpha | +5.44% | -- |
From daily NAVs, 13-09-2023 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.
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.
Mahindra Manulife Business Cycle Fund (Direct)
SBI Arbitrage Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Business Cycle Fund (Direct) | −21.4% | 27-09-2024 | 03-03-2025 | 22-06-2026 | 16 months | −10.5% |
| SBI Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 13-09-2023, 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.
Mahindra Manulife Business Cycle Fund (Direct)
SBI Arbitrage Fund (Direct)
Nifty 500 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.
Mahindra Manulife Business Cycle Fund (Direct)
SBI Arbitrage Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Business Cycle Fund (Direct) | 121% | 102% | 5.12% |
| SBI Arbitrage Fund (Direct) | 19% | -15% | 15.56% |
From month-end values since 13-09-2023. 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.
Mahindra Manulife Business Cycle vs SBI Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Business Cycle Fund, September 2026; SBI Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 27.2%
- Held by both
- 36
- Only in Mahindra Manulife Business Cycle
- 32
- Only in SBI Arbitrage
- 160
| Security | % of Mahindra Manulife Business Cycle | % of SBI Arbitrage |
|---|---|---|
| Reliance Industries Limited | 3.85% | 5.58% |
| ICICI Bank Limited | 3.07% | 2.75% |
| Axis Bank Limited | 2.71% | 2.31% |
| Bajaj Finance Ltd | 1.54% | 1.57% |
| Adani Enterprises Limited | 2.47% | 1.41% |
| JSW Steel Limited | 1.26% | 1.58% |
| Vodafone Idea Limited | 1.93% | 1.10% |
| Divi's Laboratories Limited | 2.16% | 1.09% |
| Coal India Limited | 1.48% | 0.90% |
| Adani Energy Solutions Limited | 1.79% | 0.81% |
| Punjab National Bank | 1.05% | 0.78% |
| IDFC First Bank Limited | 2.02% | 0.73% |
| Bank of Baroda | 0.71% | 0.78% |
| Tech Mahindra Limited | 2.20% | 0.64% |
| Tata Consumer Products Limited | 0.74% | 0.62% |
| Indus Towers Limited | 2.31% | 0.61% |
| Maruti Suzuki India Limited | 1.48% | 0.60% |
| Ambuja Cements Limited | 1.45% | 0.59% |
| NTPC Limited | 1.56% | 0.55% |
| Hindalco Industries Limited | 1.09% | 0.54% |
| Glenmark Pharmaceuticals Limited | 1.57% | 0.48% |
| Steel Authority of India Limited | 1.69% | 0.46% |
| Shriram Finance Limited | 1.37% | 0.45% |
| Manappuram Finance Limited | 1.10% | 0.45% |
| IndusInd Bank Limited | 2.51% | 0.43% |
| Biocon Limited | 1.33% | 0.37% |
| NMDC Limited | 0.30% | 0.42% |
| Bajaj Auto Limited | 2.25% | 0.27% |
| Bandhan Bank Limited | 2.52% | 0.19% |
| MphasiS Limited | 0.95% | 0.15% |
| JSW Energy Limited | 3.04% | 0.14% |
| REC Limited | 1.44% | 0.05% |
| Grasim Industries Limited | 3.20% | 0.03% |
| Zydus Lifesciences Limited | 1.47% | 0.02% |
| Sagility Limited | 1.26% | 0.02% |
| Mazagon Dock Shipbuilders Limited | 0.82% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 27.2% means 27.2% 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 Mahindra Manulife Business Cycle Fund
| Security | % of fund |
|---|---|
| Ajanta Pharma Limited | 1.87% |
| The Ramco Cements Limited | 1.77% |
| Kajaria Ceramics Limited | 1.60% |
| Carborundum Universal Limited | 1.56% |
| Vedanta Aluminium Metal Limited | 1.44% |
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. | 4.92% |
| State Bank of India | 3.68% |
| HDFC Bank Ltd. | 2.54% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Business Cycle | SBI Arbitrage |
|---|---|---|
| Equity | 96.8% | 77.2% |
| Debt | 0.0% | 6.5% |
| Cash and others | 3.2% | 16.4% |
Market cap of stocks
| Market cap | Mahindra Manulife Business Cycle | SBI Arbitrage |
|---|---|---|
| Large Cap | 43.1% | 61.8% |
| Mid Cap | 22.4% | 13.2% |
| Small Cap | 31.3% | 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 | Mahindra Manulife Business Cycle | SBI Arbitrage |
|---|---|---|
| Banks | 15.6% | 20.0% |
| Pharmaceuticals & Biotechnology | 9.5% | 3.4% |
| Industrial Products | 8.7% | 1.3% |
| Power | 7.5% | 4.3% |
| Cement & Cement Products | 7.3% | 1.1% |
| Petroleum Products | 3.9% | 6.3% |
| Finance | 5.5% | 5.7% |
| Telecom - Services | 4.2% | 4.1% |
| Ferrous Metals | 3.8% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Business Cycle vs SBI Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Business Cycle Fund | SBI Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.95% | 1.47% |
| Base expense ratio (Direct) | 0.55% | 0.34% |
| Total expense ratio (Regular) | 2.45% | 1.99% |
| Base expense ratio (Regular) | 1.87% | 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.
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Each fund against the others of its category
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Mahindra Manulife Business Cycle Fund vs SBI Arbitrage Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Business Cycle Fund and SBI Arbitrage Fund?
Mahindra Manulife Business Cycle Fund is a Thematic fund, SBI Arbitrage Fund is an Arbitrage fund, run by Mahindra Manulife Mutual Fund and SBI Mutual Fund. Their portfolios overlap 27.2%. Mahindra Manulife Business Cycle Fund charges 0.95% a year and SBI Arbitrage Fund 1.47%.
Which has given higher returns, Mahindra Manulife Business Cycle Fund or SBI Arbitrage Fund?
Over 1 year: Mahindra Manulife Business Cycle Fund −4.53%, SBI Arbitrage Fund +6.59%. Over 3 years: Mahindra Manulife Business Cycle Fund +15.68% a year, SBI Arbitrage Fund +7.24% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Business Cycle Fund or SBI Arbitrage Fund?
Mahindra Manulife Business Cycle Fund charges less: 0.95% a year against 1.47%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Business Cycle Fund and SBI Arbitrage Fund overlap?
27.2%. They hold 36 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Business Cycle Fund or SBI Arbitrage Fund?
On SEBI's riskometer, Mahindra Manulife Business Cycle Fund is rated Very High and SBI Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 15.69% and 1.12% a year.
Which is better for SIP, Mahindra Manulife Business Cycle Fund or SBI Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,91,167 in Mahindra Manulife Business Cycle Fund (XIRR 3.6% a year) and ₹4,11,800 in SBI Arbitrage Fund (XIRR 6.9% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Business Cycle Fund and SBI Arbitrage Fund?
Yes. 27.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Business Cycle Fund and SBI Arbitrage Fund?
Mahindra Manulife Business Cycle Fund: Krishna Sanghavi, Vishal Jajoo, Renjith Sivaram. 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.