NJ Arbitrage Fund vs Tata Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
NJ Arbitrage Fund and Tata Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, NJ Arbitrage Fund (Direct) returned 6.8% a year and Tata Arbitrage Fund (Direct) returned 7.4% a year. NJ Arbitrage Fund charges 1.05% a year and Tata Arbitrage Fund 1.57% (Direct plans). Their portfolios overlap 33.6%: they hold 55 of the same securities.
Which is better, NJ 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 3 years: 7.4% a year against 6.8%.
- Tata Arbitrage returned more over 1 year: 6.8% against 6.5%.
- NJ Arbitrage costs less: 1.05% a year against 1.57% (Direct plans).
- Tata Arbitrage swung less over 3 years: a standard deviation of 1.0% a year against 1.3%.
- Tata Arbitrage fell less in its worst fall since 02-08-2022: −0.4% against −0.7%.
- NJ Arbitrage holds more in large companies: 71.5% of the fund in large caps against 50.0%.
- Their portfolios overlap 33.6%: 55 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 | Tata Arbitrage Fund |
|---|---|---|
| Fund house | NJ Mutual Fund | Tata Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | Not available | ₹24,539 Cr (30-09-2026) |
| NAV | ₹13.25 (Direct) | ₹16.46 (Direct) |
| Expense ratio (Direct) | 1.05% | 1.57% |
| Expense ratio (Regular) | 1.64% | 2.25% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 01-08-2022 | 18-12-2018 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Dhaval Patel, Viral Shah, Jaimin Ilavia | Sailesh Jain |
| Exit load | Nil | Exit load of 0.25%, if redeemed within 15 days. |
NJ 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 |
|---|---|---|---|---|---|---|---|
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| 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.
NJ Arbitrage vs Tata Arbitrage: Year-wise Returns
| Year | NJNJ Arbitrage | TataTata Arbitrage |
|---|---|---|
| 2026to date | +5.24% | +5.46% |
| 2025 | +6.37% | +7.26% |
| 2024 | +7.68% | +8.36% |
| 2023 | +7.41% | +7.93% |
| 2022 | -- | +4.86% |
| 2021 | -- | +4.54% |
NJ Arbitrage vs Tata Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 305 of them, one for each trading day from 04-08-2025 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)
Tata Arbitrage Fund (Direct)
to
Sept 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jul 2023
to
Jul 2026Sept 2023
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 | 7.1% | 7.1% | 6.7% | 7.3% |
| Tata Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.7% | 7.8% | 7.4% | 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 02-08-2022. Past returns do not promise future returns.
NJ 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 02-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,88,823 | ₹78,823 | 6.7% |
| Tata ArbitrageTata Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,96,108 | ₹86,108 | 7.3% |
NJ ArbitrageNJ 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.
NJ Arbitrage vs Tata 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) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.46% | +6.77% |
| Standard deviation | 1.83% | 1.26% |
| Sharpe ratio | 0.66 | 1.21 |
| Sortino ratio | 1.02 | 1.89 |
| Maximum drawdown | −0.7% (31-08-2026) | −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 | NJ Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.82% | +7.43% |
| Standard deviation | 1.34% | 1.02% |
| Sharpe ratio | 0.59 | 1.39 |
| Sortino ratio | 0.90 | 2.16 |
| Maximum drawdown | −0.7% (31-08-2026) | −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 | NJ Arbitrage Fund (Direct) | Tata Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | +6.55% |
| Standard deviation | 1.20% | 1.01% |
| Sharpe ratio | 0.58 | 1.32 |
| Sortino ratio | 0.88 | 2.01 |
| Maximum drawdown | −0.7% (31-08-2026) | −0.6% (03-06-2020) |
| 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)
Tata 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% |
| Tata Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
From daily values since 02-08-2022, 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)
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.
NJ Arbitrage Fund (Direct)
Tata Arbitrage Fund (Direct)
NJ Arbitrage vs Tata Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: NJ Arbitrage Fund, September 2026; Tata Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 33.6%
- Held by both
- 55
- Only in NJ Arbitrage
- 16
- Only in Tata Arbitrage
- 126
| Security | % of NJ Arbitrage | % of Tata Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.56% | 7.89% |
| Reliance Industries Limited | 6.48% | 4.28% |
| ICICI Bank Limited | 3.43% | 4.34% |
| Vodafone Idea Limited | 6.08% | 1.50% |
| Axis Bank Limited | 1.47% | 2.36% |
| Bharti Airtel Limited | 5.73% | 1.27% |
| State Bank of India | 1.41% | 1.21% |
| Steel Authority of India Limited | 1.20% | 1.31% |
| Adani Power Limited | 1.64% | 1.11% |
| Canara Bank | 3.16% | 1.09% |
| Tata Steel Limited | 1.30% | 0.74% |
| Bandhan Bank Limited | 0.77% | 0.67% |
| Kotak Mahindra Bank Limited | 7.11% | 0.60% |
| Adani Enterprises Limited | 4.06% | 0.59% |
| Coforge Limited | 0.85% | 0.58% |
| IDFC First Bank Limited | 0.58% | 0.75% |
| Ambuja Cements Limited | 0.77% | 0.57% |
| NTPC Limited | 0.68% | 0.50% |
| Biocon Limited | 2.01% | 0.47% |
| Punjab National Bank | 0.42% | 0.46% |
| Bank of Baroda | 1.61% | 0.40% |
| Yes Bank Limited | 1.25% | 0.40% |
| HDFC Life Insurance Company Limited | 0.37% | 0.56% |
| Tata Power Company Limited | 0.49% | 0.36% |
| Jio Financial Services Limited | 0.35% | 1.20% |
| Tata Motors Passenger Vehicles Limited | 0.33% | 0.67% |
| LIC Housing Finance Limited | 0.43% | 0.29% |
| Infosys Limited | 0.70% | 0.28% |
| Divi's Laboratories Limited | 0.28% | 0.92% |
| Indus Towers Limited | 0.27% | 1.21% |
| Bajaj Finance Limited | 1.60% | 0.27% |
| Hindustan Aeronautics Limited | 0.27% | 0.61% |
| ITC Limited | 2.03% | 0.26% |
| Crompton Greaves Consumer Electricals Limited | 0.25% | 0.39% |
| Indian Energy Exchange Limited | 0.48% | 0.19% |
| Mahindra & Mahindra Limited | 1.86% | 0.15% |
| Hindalco Industries Limited | 0.14% | 1.08% |
| GMR Airports Limited | 0.11% | 0.14% |
| Godrej Properties Limited | 0.11% | 0.49% |
| UltraTech Cement Limited | 2.08% | 0.09% |
| Tata Consumer Products Limited | 0.13% | 0.09% |
| InterGlobe Aviation Limited | 0.10% | 0.09% |
| Torrent Pharmaceuticals Limited | 0.08% | 0.17% |
| Larsen & Toubro Limited | 0.84% | 0.06% |
| Asian Paints Limited | 0.77% | 0.06% |
| Solar Industries India Limited | 0.13% | 0.05% |
| JSW Steel Limited | 0.04% | 0.84% |
| Shriram Finance Limited | 0.03% | 0.19% |
| Dabur India Limited | 0.43% | 0.03% |
| Eicher Motors Limited | 1.19% | 0.02% |
| Pidilite Industries Limited | 0.47% | 0.02% |
| Titan Company Limited | 0.07% | 0.02% |
| Sun Pharmaceutical Industries Limited | 4.20% | 0.01% |
| Grasim Industries Limited | 0.26% | 0.01% |
| One 97 Communications Limited | 0.10% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.6% means 33.6% 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 |
|---|---|
| 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% |
| SBI Life Insurance Company Limited | 1.38% |
| 364 Days Tbill (MD 02/10/2026) | 1.28% |
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% |
| ** - NABARD - CD - 28/01/2027 | 1.49% |
| ** - NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT - CD - 12/03/2027 | 1.38% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 25/03/2027 | 1.38% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | NJ Arbitrage | Tata Arbitrage |
|---|---|---|
| Equity | 80.4% | 64.8% |
| Debt | 14.6% | 21.7% |
| Cash and others | 5.1% | 13.5% |
Market cap of stocks
| Market cap | NJ Arbitrage | Tata Arbitrage |
|---|---|---|
| Large Cap | 71.5% | 50.0% |
| Mid Cap | 6.9% | 12.1% |
| 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 | Tata Arbitrage |
|---|---|---|
| Banks | 26.8% | 21.6% |
| Telecom - Services | 12.1% | 4.0% |
| Pharmaceuticals & Biotechnology | 6.6% | 2.5% |
| Petroleum Products | 6.5% | 5.2% |
| Power | 3.0% | 4.1% |
| Metals & Minerals Trading | 4.1% | 0.6% |
| Finance | 2.5% | 3.7% |
| Automobiles | 3.4% | 1.6% |
| Ferrous Metals | 2.5% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
NJ Arbitrage vs Tata Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | NJ Arbitrage Fund | Tata Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.05% | 1.57% |
| Base expense ratio (Direct) | 0.25% | 0.26% |
| Total expense ratio (Regular) | 1.64% | 2.25% |
| Base expense ratio (Regular) | 0.75% | 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 NJ Arbitrage with
NJ Arbitrage Fund vs Tata Arbitrage Fund: Frequently Asked Questions
What is the difference between NJ Arbitrage Fund and Tata Arbitrage Fund?
Both are Arbitrage funds, run by NJ Mutual Fund and Tata Mutual Fund. Their portfolios overlap 33.6%. NJ Arbitrage Fund charges 1.05% a year and Tata Arbitrage Fund 1.57%.
Which has given higher returns, NJ Arbitrage Fund or Tata Arbitrage Fund?
Over 1 year: NJ Arbitrage Fund +6.46%, Tata Arbitrage Fund +6.77%. Over 3 years: NJ Arbitrage Fund +6.82% a year, Tata Arbitrage Fund +7.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, NJ Arbitrage Fund or Tata Arbitrage Fund?
NJ Arbitrage Fund charges less: 1.05% a year against 1.57%. These are the Direct plans' total expense ratios reported to AMFI.
How much do NJ Arbitrage Fund and Tata Arbitrage Fund overlap?
33.6%. They hold 55 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, NJ Arbitrage Fund or Tata Arbitrage Fund?
On SEBI's riskometer, NJ Arbitrage Fund is rated Low and Tata Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.34% and 1.02% a year.
Which is better for SIP, NJ Arbitrage Fund or Tata Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,09,321 in NJ Arbitrage Fund (XIRR 6.5% a year) and ₹4,12,850 in Tata Arbitrage Fund (XIRR 7.1% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both NJ Arbitrage Fund and Tata Arbitrage Fund?
Yes. 33.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages NJ Arbitrage Fund and Tata Arbitrage Fund?
NJ Arbitrage Fund: Dhaval Patel, Viral Shah, Jaimin Ilavia. 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.