NJ Arbitrage Fund vs Parag Parikh Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
NJ Arbitrage Fund and Parag Parikh Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, NJ Arbitrage Fund (Direct) returned 6.5% and Parag Parikh Arbitrage Fund (Direct) returned 6.5%. NJ Arbitrage Fund charges 1.05% a year and Parag Parikh Arbitrage Fund 0.99% (Direct plans). Their portfolios overlap 41.2%: they hold 44 of the same securities.
Parag Parikh Arbitrage Fund
Arbitrage
- 1 year return
- 6.5%
- Expense ratio
- 0.99%
- NAV
- ₹12.24
Which is better, NJ Arbitrage or Parag Parikh Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Parag Parikh Arbitrage returned more over 1 year: 6.5% against 6.5%.
- Parag Parikh Arbitrage costs less: 0.99% a year against 1.05% (Direct plans).
- Parag Parikh Arbitrage fell less in its worst fall since 03-11-2023: −0.6% against −0.7%.
- NJ Arbitrage holds more in large companies: 71.5% of the fund in large caps against 57.5%.
- Their portfolios overlap 41.2%: 44 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 | NJ Arbitrage Fund | Parag Parikh Arbitrage Fund |
|---|---|---|
| Fund house | NJ Mutual Fund | PPFAS Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | Not available | ₹2,750 Cr (30-09-2026) |
| NAV | ₹13.25 (Direct) | ₹12.24 (Direct) |
| Expense ratio (Direct) | 1.05% | 0.99% |
| Expense ratio (Regular) | 1.64% | 1.39% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 01-08-2022 | 02-11-2023 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Dhaval Patel, Viral Shah, Jaimin Ilavia | Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Raj Mehta, Tejas Soman, Aishwarya Dhar |
| Exit load | Nil | In respect of each purchase / switch-in of units, an Exit Load of 0.25% is payable if Units are redeemed/ switched-out within 30 days from the date of allotment. No Exit Load is payable if Units are redeemed / switched-out after 30 days from the date of allotment. Any exit load charged (net off GST, if any) shall be credited back to the Scheme. |
NJ Arbitrage vs Parag Parikh 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 |
|---|---|---|---|---|---|---|---|
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| Parag Parikh Arbitrage Fund (Direct) | +0.57% | +1.50% | +3.18% | +6.52% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
NJ Arbitrage vs Parag Parikh Arbitrage: Year-wise Returns
| Year | NJNJ Arbitrage | Parag ParikhParag Parikh Arbitrage |
|---|---|---|
| 2026to date | +5.24% | +5.31% |
| 2025 | +6.37% | +6.62% |
| 2024 | +7.68% | +7.77% |
| 2023 | +7.41% | -- |
NJ Arbitrage vs Parag Parikh Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 491 of them, one for each trading day from 04-11-2024 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.
NJ Arbitrage Fund (Direct)
Parag Parikh Arbitrage Fund (Direct)
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NJ Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.4% | 5.7% | 8.0% |
| Parag Parikh Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.9% | 6.7% | 6.0% | 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 03-11-2023. Past returns do not promise future returns.
NJ Arbitrage vs Parag Parikh 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 01-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹3,60,000 | ₹3,97,065 | ₹37,065 | 6.5% |
| Parag Parikh ArbitrageParag Parikh Arbitrage Fund (Direct) | ₹3,60,000 | ₹3,97,973 | ₹37,973 | 6.6% |
NJ ArbitrageNJ Arbitrage Fund (Direct)
Parag Parikh ArbitrageParag Parikh 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.
NJ Arbitrage vs Parag Parikh Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | NJ Arbitrage Fund (Direct) | Parag Parikh Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.46% | +6.52% |
| Standard deviation | 1.83% | 1.43% |
| Sharpe ratio | 0.66 | 0.89 |
| Sortino ratio | 1.02 | 1.37 |
| Maximum drawdown | −0.7% (31-08-2026) | −0.6% (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 | NJ Arbitrage Fund (Direct) | Parag Parikh Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +6.94% |
| Standard deviation | 1.20% | 1.11% |
| Sharpe ratio | 0.58 | 0.83 |
| Sortino ratio | 0.88 | 1.25 |
| Maximum drawdown | −0.7% (31-08-2026) | −0.6% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 02-08-2022 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.
NJ Arbitrage Fund (Direct)
Parag Parikh Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
| Parag Parikh Arbitrage Fund (Direct) | −0.6% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | 0.0% |
From daily values since 03-11-2023, 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.
NJ Arbitrage Fund (Direct)
Parag Parikh Arbitrage Fund (Direct)
NJ Arbitrage vs Parag Parikh Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: NJ Arbitrage Fund, September 2026; Parag Parikh Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 41.2%
- Held by both
- 44
- Only in NJ Arbitrage
- 27
- Only in Parag Parikh Arbitrage
- 40
| Security | % of NJ Arbitrage | % of Parag Parikh Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.56% | 6.38% |
| Reliance Industries Limited | 6.48% | 4.80% |
| Bharti Airtel Limited | 5.73% | 4.40% |
| Kotak Mahindra Bank Limited | 7.11% | 3.75% |
| ICICI Bank Limited | 3.43% | 6.17% |
| Canara Bank | 3.16% | 5.28% |
| UltraTech Cement Limited | 2.08% | 1.69% |
| Axis Bank Limited | 1.47% | 4.51% |
| State Bank of India | 1.41% | 2.38% |
| Tata Steel Limited | 1.30% | 2.06% |
| Eicher Motors Limited | 1.19% | 1.16% |
| Sun Pharmaceutical Industries Limited | 4.20% | 0.99% |
| Bank of Baroda | 1.61% | 0.78% |
| Bandhan Bank Limited | 0.77% | 1.46% |
| Bajaj Finance Limited | 1.60% | 0.66% |
| IDFC First Bank Limited | 0.58% | 2.24% |
| Mahindra & Mahindra Limited | 1.86% | 0.54% |
| Biocon Limited | 2.01% | 0.44% |
| NTPC Limited | 0.68% | 0.44% |
| Punjab National Bank | 0.42% | 1.04% |
| Steel Authority of India Limited | 1.20% | 0.41% |
| LIC Housing Finance Limited | 0.43% | 0.35% |
| Jio Financial Services Limited | 0.35% | 0.40% |
| ITC Limited | 2.03% | 0.33% |
| Indus Towers Limited | 0.27% | 0.39% |
| Hindustan Aeronautics Limited | 0.27% | 0.95% |
| Tata Power Company Limited | 0.49% | 0.22% |
| Dabur India Limited | 0.43% | 0.17% |
| Divi's Laboratories Limited | 0.28% | 0.15% |
| Crompton Greaves Consumer Electricals Limited | 0.25% | 0.15% |
| Hindalco Industries Limited | 0.14% | 0.22% |
| GMR Airports Limited | 0.11% | 0.47% |
| Coforge Limited | 0.85% | 0.10% |
| Infosys Limited | 0.70% | 0.09% |
| Godrej Properties Limited | 0.11% | 0.07% |
| Tata Motors Passenger Vehicles Limited | 0.33% | 0.06% |
| Yes Bank Limited | 1.25% | 0.05% |
| Tata Consumer Products Limited | 0.13% | 0.05% |
| JSW Steel Limited | 0.04% | 0.26% |
| Solar Industries India Limited | 0.13% | 0.03% |
| Asian Paints Limited | 0.77% | 0.02% |
| SBI Life Insurance Company Limited | 1.38% | 0.01% |
| Power Grid Corporation of India Limited | 0.17% | 0.01% |
| Torrent Pharmaceuticals Limited | 0.08% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.2% means 41.2% 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 NJ Arbitrage Fund
| Security | % of fund |
|---|---|
| Vodafone Idea Limited | 6.08% |
| Adani Enterprises Limited | 4.06% |
| 364 Days Tbill (MD 03/12/2026) | 2.61% |
| 364 Days Tbill (MD 29/10/2026) | 2.55% |
| 182 Days Tbill (MD 08/10/2026) | 2.13% |
Largest holdings only in Parag Parikh Arbitrage Fund
| Security | % of fund |
|---|---|
| Parag Parikh Liquid Fund- Direct Plan- Growth | 10.70% |
| Small Industries Dev Bank of India (11/06/2027) | 3.46% |
| Bharat Heavy Electricals Limited | 2.97% |
| Canara Bank (08/12/2026) | 1.80% |
| HDFC Bank Limited (21/12/2026) | 1.79% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | NJ Arbitrage | Parag Parikh Arbitrage |
|---|---|---|
| Equity | 80.4% | 67.5% |
| Debt | 14.6% | 18.0% |
| Cash and others | 5.1% | 14.5% |
Market cap of stocks
| Market cap | NJ Arbitrage | Parag Parikh Arbitrage |
|---|---|---|
| Large Cap | 71.5% | 57.5% |
| Mid Cap | 6.9% | 7.4% |
| Small Cap | 1.9% | 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 | NJ Arbitrage | Parag Parikh Arbitrage |
|---|---|---|
| Banks | 26.8% | 34.1% |
| Telecom - Services | 12.1% | 4.8% |
| Pharmaceuticals & Biotechnology | 6.6% | 2.4% |
| Petroleum Products | 6.5% | 4.8% |
| Metals & Minerals Trading | 4.1% | 0.0% |
| Automobiles | 3.4% | 1.8% |
| Electrical Equipment | 0.0% | 3.1% |
| Ferrous Metals | 2.5% | 2.7% |
| Aerospace & Defense | 0.3% | 2.7% |
The six largest sectors of each fund's stocks, % of the fund.
NJ Arbitrage vs Parag Parikh Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | NJ Arbitrage Fund | Parag Parikh Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.05% | 0.99% |
| Base expense ratio (Direct) | 0.25% | 0.19% |
| Total expense ratio (Regular) | 1.64% | 1.39% |
| Base expense ratio (Regular) | 0.75% | 0.53% |
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 NJ Arbitrage with
NJ Arbitrage Fund vs Parag Parikh Arbitrage Fund: Frequently Asked Questions
What is the difference between NJ Arbitrage Fund and Parag Parikh Arbitrage Fund?
Both are Arbitrage funds, run by NJ Mutual Fund and PPFAS Mutual Fund. Their portfolios overlap 41.2%. NJ Arbitrage Fund charges 1.05% a year and Parag Parikh Arbitrage Fund 0.99%.
Which has given higher returns, NJ Arbitrage Fund or Parag Parikh Arbitrage Fund?
Over 1 year: NJ Arbitrage Fund +6.46%, Parag Parikh Arbitrage Fund +6.52%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, NJ Arbitrage Fund or Parag Parikh Arbitrage Fund?
Parag Parikh Arbitrage Fund charges less: 0.99% a year against 1.05%. These are the Direct plans' total expense ratios reported to AMFI.
How much do NJ Arbitrage Fund and Parag Parikh Arbitrage Fund overlap?
41.2%. They hold 44 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, NJ Arbitrage Fund or Parag Parikh Arbitrage Fund?
On SEBI's riskometer, NJ Arbitrage Fund is rated Low and Parag Parikh Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.83% and 1.43% a year.
Which is better for SIP, NJ Arbitrage Fund or Parag Parikh Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 01-11-2023 to 30-10-2026 grew to ₹3,97,065 in NJ Arbitrage Fund (XIRR 6.5% a year) and ₹3,97,973 in Parag Parikh Arbitrage Fund (XIRR 6.6% a year). Both received 36 instalments. Past returns do not promise future returns.
Can I invest in both NJ Arbitrage Fund and Parag Parikh Arbitrage Fund?
Yes. 41.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages NJ Arbitrage Fund and Parag Parikh Arbitrage Fund?
NJ Arbitrage Fund: Dhaval Patel, Viral Shah, Jaimin Ilavia. Parag Parikh Arbitrage Fund: Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Raj Mehta, Tejas Soman, Aishwarya Dhar.
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.