PGIM India Arbitrage Fund vs Tata BSE Sensex Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
PGIM India Arbitrage Fund is a mutual fund and Tata BSE Sensex Index Fund is an Index fund. PGIM India Arbitrage Fund charges 1.23% a year and Tata BSE Sensex Index Fund 0.33% (Direct plans). Their portfolios overlap 38.9%: they hold 7 of the same securities.
Which is better, PGIM India Arbitrage or Tata BSE Sensex Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata BSE Sensex Index costs less: 0.33% a year against 1.23% (Direct plans).
- PGIM India Arbitrage swung less over 3 years: a standard deviation of 1.2% a year against 13.2%.
- PGIM India Arbitrage fell less in its worst fall since 08-03-2016: −0.7% against −37.0%.
- Tata BSE Sensex Index holds more in large companies: 100.0% of the fund in large caps against 63.6%.
- Tata BSE Sensex Index is the larger fund: ₹364 Cr against ₹98 Cr.
- Their portfolios overlap 38.9%: 7 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 | PGIM India Arbitrage Fund | Tata BSE Sensex Index Fund |
|---|---|---|
| Fund house | PGIM India Mutual Fund | Tata Mutual Fund |
| Category | Not available | Index |
| AUM | ₹98 Cr (30-09-2026) | ₹364 Cr (30-09-2026) |
| NAV | ₹21.31 (Direct) | ₹199.52 (Direct) |
| Expense ratio (Direct) | 1.23% | 0.33% |
| Expense ratio (Regular) | 1.90% | 0.58% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | BSE SENSEX TRI |
| Launch date | Not available | 25-02-2003 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Nitin Sharma, Rakesh Prajapati |
| Exit load | Not available | Exit load of 0.25% if redeemed within 7 days |
PGIM India Arbitrage vs Tata BSE Sensex Index: 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 |
|---|---|---|---|---|---|---|---|
| PGIM India Arbitrage Fund (Direct) | -- | -- | -- | -- | -- | -- | -- |
| Tata BSE Sensex Index Fund (Direct) | +2.74% | −4.35% | −2.56% | −11.22% | +5.93% | +5.54% | +11.16% |
PGIM India Arbitrage vs Tata BSE Sensex Index: Year-wise Returns
| Year | PGIM India ArbitragePGIM India Arbitrage | Tata BSE Sensex IndexTata BSE Sensex Index |
|---|---|---|
| 2026to date | -- | −12.13% |
| 2025 | -- | +10.07% |
| 2024 | -- | +9.06% |
| 2023 | -- | +19.87% |
| 2022 | -- | +5.50% |
| 2021 | -- | +22.05% |
PGIM India Arbitrage vs Tata BSE Sensex Index: Rolling Returns
Every holding period of both funds, against BSE SENSEX TRI, the benchmark of Tata BSE Sensex Index Fund
Rolling returns
Every 3-year holding period, 1,884 of them, one for each trading day from 08-03-2019 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.
PGIM India Arbitrage Fund (Direct)
Tata BSE Sensex Index Fund (Direct)
BSE SENSEX TRI
to
Oct 2019Feb 2018
to
Feb 2021May 2019
to
May 2022Sept 2020
to
Sept 2023Dec 2021
to
Dec 2024Mar 2023
to
Mar 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PGIM India Arbitrage | 0.0 | 19.7 | 80.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 5.9% | 4.3% | 7.4% | 8% |
| Tata BSE Sensex Index | 0.3 | 4.6 | 13.5 | 44.5 | 28.9 | 6.5 | 1.8 | 13.6% | 14.0% | −2.6% | 30.8% | 0% |
| BSE SENSEX TRI | 0.3 | 4.0 | 13.0 | 39.0 | 34.1 | 7.1 | 2.5 | 14.1% | 14.5% | −2.8% | 32.1% | -- |
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 BSE SENSEX 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 08-03-2016. Past returns do not promise future returns.
PGIM India Arbitrage vs Tata BSE Sensex Index: 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 08-03-2016 to 30-10-2026: 128 instalments, ₹12,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| PGIM India ArbitragePGIM India Arbitrage Fund (Direct) | ₹12,80,000 | ₹17,99,984 | ₹5,19,984 | 6.2% |
| Tata BSE Sensex IndexTata BSE Sensex Index Fund (Direct) | ₹12,80,000 | ₹22,00,615 | ₹9,20,615 | 9.8% |
PGIM India ArbitragePGIM India Arbitrage Fund (Direct)
Tata BSE Sensex IndexTata BSE Sensex Index 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.
PGIM India Arbitrage vs Tata BSE Sensex Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | PGIM India Arbitrage Fund (Direct) | Tata BSE Sensex Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.71% | −11.22% |
| Standard deviation | 1.48% | 13.83% |
| Sharpe ratio | 0.99 | -1.19 |
| Sortino ratio | 1.56 | -1.59 |
| Maximum drawdown | −0.5% (06-08-2026) | −16.2% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.32% |
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 | PGIM India Arbitrage Fund (Direct) | Tata BSE Sensex Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.07% | +5.93% |
| Standard deviation | 1.16% | 13.20% |
| Sharpe ratio | 0.90 | -0.01 |
| Sortino ratio | 1.38 | -0.01 |
| Maximum drawdown | −0.5% (06-08-2026) | −16.2% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.39% |
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 | PGIM India Arbitrage Fund (Direct) | Tata BSE Sensex Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.52% | +5.54% |
| Standard deviation | 1.05% | 13.69% |
| Sharpe ratio | 0.69 | -0.02 |
| Sortino ratio | 1.06 | -0.03 |
| Maximum drawdown | −0.5% (06-08-2026) | −16.2% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.37% |
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 | PGIM India Arbitrage Fund (Direct) | Tata BSE Sensex Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.12% | +10.86% |
| Standard deviation | 1.08% | 15.68% |
| Sharpe ratio | 0.60 | 0.31 |
| Sortino ratio | 0.90 | 0.42 |
| Maximum drawdown | −0.7% (26-03-2020) | −37.0% (23-03-2020) |
| Beta | -- | 0.99 |
| Alpha | -- | −0.57% |
From daily NAVs, 08-03-2016 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.
PGIM India Arbitrage Fund (Direct)
Tata BSE Sensex Index Fund (Direct)
BSE SENSEX TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| PGIM India Arbitrage Fund (Direct) | −0.7% | 16-03-2020 | 26-03-2020 | 31-03-2020 | 5 days | 0.0% |
| Tata BSE Sensex Index Fund (Direct) | −37.0% | 14-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −12.7% |
| BSE SENSEX TRI | −37.9% | 14-01-2020 | 23-03-2020 | 06-11-2020 | 7 months | −12.4% |
From daily values since 08-03-2016, 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.
PGIM India Arbitrage Fund (Direct)
Tata BSE Sensex Index Fund (Direct)
BSE SENSEX 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.
PGIM India Arbitrage Fund (Direct)
Tata BSE Sensex Index Fund (Direct)
BSE SENSEX 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.
PGIM India Arbitrage Fund (Direct)
Tata BSE Sensex Index Fund (Direct)
BSE SENSEX TRI
Against BSE SENSEX TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| PGIM India Arbitrage Fund (Direct) | 13% | -17% | 16.03% |
| Tata BSE Sensex Index Fund (Direct) | 98% | 100% | 0.33% |
From month-end values since 08-03-2016. 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.
PGIM India Arbitrage vs Tata BSE Sensex Index: Portfolio Overlap
From each fund's latest monthly portfolio: PGIM India Arbitrage Fund, September 2026; Tata BSE Sensex Index Fund, September 2026
Holdings in common
- Overlap
- 38.9%
- Held by both
- 7
- Only in PGIM India Arbitrage
- 24
- Only in Tata BSE Sensex Index
- 23
| Security | % of PGIM India Arbitrage | % of Tata BSE Sensex Index |
|---|---|---|
| HDFC Bank Ltd. | 9.64% | 12.59% |
| ICICI Bank Ltd. | 9.63% | 11.04% |
| Reliance Industries Ltd. | 9.33% | 9.16% |
| Bharti Airtel Ltd. | 5.19% | 6.38% |
| Axis Bank Ltd. | 5.39% | 4.08% |
| Titan Company Ltd. | 0.74% | 2.18% |
| Hindustan Unilever Ltd. | 0.46% | 1.95% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.9% means 38.9% 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 PGIM India Arbitrage Fund
| Security | % of fund |
|---|---|
| PGIM India Liquid Fund | 11.82% |
| 182 DAYS TBILL RED 19-11-2026 | 5.07% |
| Vodafone Idea Ltd. | 5.01% |
| PNB Housing Finance Ltd. | 3.64% |
| VARUN BEVERAGES LIMITED | 3.32% |
Largest holdings only in Tata BSE Sensex Index Fund
| Security | % of fund |
|---|---|
| LARSEN & TOUBRO LTD | 5.11% |
| STATE BANK OF INDIA | 4.64% |
| INFOSYS LTD | 4.09% |
| KOTAK MAHINDRA BANK LTD | 3.57% |
| MAHINDRA & MAHINDRA LTD | 3.07% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | PGIM India Arbitrage | Tata BSE Sensex Index |
|---|---|---|
| Equity | 75.0% | 100.0% |
| Debt | 10.3% | 0.0% |
| Cash and others | 14.7% | -0.0% |
Market cap of stocks
| Market cap | PGIM India Arbitrage | Tata BSE Sensex Index |
|---|---|---|
| Large Cap | 63.6% | 100.0% |
| Mid Cap | 6.3% | 0.0% |
| Small Cap | 5.1% | 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 | PGIM India Arbitrage | Tata BSE Sensex Index |
|---|---|---|
| Banks | 30.4% | 35.9% |
| Telecom - Services | 10.2% | 6.4% |
| Petroleum Products | 9.3% | 9.2% |
| IT - Software | 0.0% | 9.2% |
| Construction | 1.0% | 5.1% |
| Finance | 5.1% | 4.1% |
| Capital Markets | 5.0% | 0.0% |
| Diversified FMCG | 0.5% | 4.9% |
| Beverages | 3.3% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
PGIM India Arbitrage vs Tata BSE Sensex Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | PGIM India Arbitrage Fund | Tata BSE Sensex Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.23% | 0.33% |
| Base expense ratio (Direct) | 0.31% | 0.27% |
| Total expense ratio (Regular) | 1.90% | 0.58% |
| Base expense ratio (Regular) | 0.88% | 0.51% |
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.
PGIM India Arbitrage Fund vs Tata BSE Sensex Index Fund: Frequently Asked Questions
What is the difference between PGIM India Arbitrage Fund and Tata BSE Sensex Index Fund?
PGIM India Arbitrage Fund is a mutual fund, Tata BSE Sensex Index Fund is an Index fund, run by PGIM India Mutual Fund and Tata Mutual Fund. Their portfolios overlap 38.9%. PGIM India Arbitrage Fund charges 1.23% a year and Tata BSE Sensex Index Fund 0.33%.
Which has the lower expense ratio, PGIM India Arbitrage Fund or Tata BSE Sensex Index Fund?
Tata BSE Sensex Index Fund charges less: 0.33% a year against 1.23%. These are the Direct plans' total expense ratios reported to AMFI.
How much do PGIM India Arbitrage Fund and Tata BSE Sensex Index Fund overlap?
38.9%. They hold 7 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is better for SIP, PGIM India Arbitrage Fund or Tata BSE Sensex Index Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,27,542 in PGIM India Arbitrage Fund (XIRR 6.9% a year) and ₹6,73,154 in Tata BSE Sensex Index Fund (XIRR 3.8% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both PGIM India Arbitrage Fund and Tata BSE Sensex Index Fund?
Yes. 38.9% of each fund's money sits in the same holdings, so some 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.