Tata Arbitrage Fund vs WhiteOak Capital Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Arbitrage Fund and WhiteOak Capital Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, Tata Arbitrage Fund (Direct) returned 6.8% and WhiteOak Capital Arbitrage Fund (Direct) returned 7.1%. Tata Arbitrage Fund charges 1.57% a year and WhiteOak Capital Arbitrage Fund 2.35% (Direct plans). Their portfolios overlap 36.9%: they hold 110 of the same securities.
WhiteOak Capital Arbitrage Fund
Arbitrage
- 1 year return
- 7.1%
- Expense ratio
- 2.35%
- NAV
- ₹11.60
Which is better, Tata Arbitrage or WhiteOak Capital Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- WhiteOak Capital Arbitrage returned more over 1 year: 7.1% against 6.8%.
- Tata Arbitrage costs less: 1.57% a year against 2.35% (Direct plans).
- Tata Arbitrage fell less in its worst fall since 10-09-2024: −0.4% against −0.4%.
- Tata Arbitrage is the larger fund: ₹24,539 Cr against ₹2,623 Cr.
- Their portfolios overlap 36.9%: 110 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 | Tata Arbitrage Fund | WhiteOak Capital Arbitrage Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | WhiteOak Capital Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹24,539 Cr (30-09-2026) | ₹2,623 Cr (30-09-2026) |
| NAV | ₹16.46 (Direct) | ₹11.60 (Direct) |
| Expense ratio (Direct) | 1.57% | 2.35% |
| Expense ratio (Regular) | 2.25% | 3.13% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 18-12-2018 | 09-09-2024 |
| Minimum investment | ₹5,000 | ₹500 |
| Lock in | None | None |
| Fund managers | Sailesh Jain | Ramesh Mantri, Piyush Baranwal, Ashish Agrawal, Bhavin Patadia |
| Exit load | Exit load of 0.25%, if redeemed within 15 days. | Exit Load for units in excess of 10% of the investment,0.25% will be charged for redemption within 7 days. |
Tata Arbitrage vs WhiteOak Capital 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 |
|---|---|---|---|---|---|---|---|
| Tata Arbitrage Fund (Direct) | +0.50% | +1.52% | +3.24% | +6.77% | +7.43% | +6.90% | -- |
| WhiteOak Capital Arbitrage Fund (Direct) | +0.73% | +1.54% | +3.28% | +7.07% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Tata Arbitrage vs WhiteOak Capital Arbitrage: Year-wise Returns
| Year | TataTata Arbitrage | WhiteOak CapitalWhiteOak Capital Arbitrage |
|---|---|---|
| 2026to date | +5.46% | +5.72% |
| 2025 | +7.26% | +7.43% |
| 2024 | +8.36% | -- |
| 2023 | +7.93% | -- |
| 2022 | +4.86% | -- |
| 2021 | +4.54% | -- |
Tata Arbitrage vs WhiteOak Capital Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 279 of them, one for each trading day from 10-09-2025 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.
Tata Arbitrage Fund (Direct)
WhiteOak Capital Arbitrage Fund (Direct)
to
Oct 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tata Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 6.9% | 6.3% | 7.5% |
| WhiteOak Capital Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 6.6% | 7.6% |
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 10-09-2024. Past returns do not promise future returns.
Tata Arbitrage vs WhiteOak Capital 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Tata ArbitrageTata Arbitrage Fund (Direct) | ₹2,60,000 | ₹2,80,077 | ₹20,077 | 6.8% |
| WhiteOak Capital ArbitrageWhiteOak Capital Arbitrage Fund (Direct) | ₹2,60,000 | ₹2,80,660 | ₹20,660 | 7.0% |
Tata ArbitrageTata Arbitrage Fund (Direct)
WhiteOak Capital ArbitrageWhiteOak Capital 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.
Tata Arbitrage vs WhiteOak Capital Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Tata Arbitrage Fund (Direct) | WhiteOak Capital Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.77% | +7.07% |
| Standard deviation | 1.26% | 1.31% |
| Sharpe ratio | 1.21 | 1.40 |
| Sortino ratio | 1.89 | 2.17 |
| 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 | Tata Arbitrage Fund (Direct) | WhiteOak Capital Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.55% | +7.15% |
| Standard deviation | 1.01% | 1.10% |
| Sharpe ratio | 1.32 | 1.32 |
| Sortino ratio | 2.01 | 2.02 |
| Maximum drawdown | −0.6% (03-06-2020) | −0.4% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 19-12-2018 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.
Tata Arbitrage Fund (Direct)
WhiteOak Capital Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Tata Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
| WhiteOak Capital Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.1% |
From daily values since 10-09-2024, 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.
Tata Arbitrage Fund (Direct)
WhiteOak Capital Arbitrage Fund (Direct)
Tata Arbitrage vs WhiteOak Capital Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Arbitrage Fund, September 2026; WhiteOak Capital Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 36.9%
- Held by both
- 110
- Only in Tata Arbitrage
- 71
- Only in WhiteOak Capital Arbitrage
- 61
| Security | % of Tata Arbitrage | % of WhiteOak Capital Arbitrage |
|---|---|---|
| HDFC BANK LTD | 7.89% | 5.17% |
| RELIANCE INDUSTRIES LTD | 4.28% | 3.93% |
| ICICI BANK LTD | 4.34% | 2.32% |
| AXIS BANK LTD | 2.36% | 1.97% |
| VODAFONE IDEA LTD | 1.50% | 3.30% |
| BHARTI AIRTEL LTD | 1.27% | 2.20% |
| HINDALCO INDUSTRIES LTD | 1.08% | 1.43% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 14/01/2027 | 1.20% | 0.93% |
| STEEL AUTHORITY INDIA LTD | 1.31% | 0.90% |
| DIVI LABORATORIES LTD | 0.92% | 0.76% |
| COAL INDIA LTD | 1.00% | 0.73% |
| TVS MOTOR COMPANY LTD | 0.63% | 1.24% |
| STATE BANK OF INDIA | 1.21% | 0.62% |
| COFORGE LTD | 0.58% | 1.14% |
| HDFC LIFE INSURANCE CO. LTD | 0.56% | 0.54% |
| APL APOLLO TUBES LTD | 0.53% | 0.67% |
| INDUSIND BANK LTD | 0.52% | 0.78% |
| CANARA BANK | 1.09% | 0.51% |
| NTPC LTD | 0.50% | 0.89% |
| IDFC FIRST BANK LTD | 0.75% | 0.47% |
| BIOCON LTD | 0.47% | 0.93% |
| MULTI COMMODITY EXCHANGE OF IND LTD | 0.43% | 0.96% |
| LIFE INSURANCE CORPORATION OF INDIA | 0.42% | 0.36% |
| INDIAN OIL CORPORATION LTD | 0.74% | 0.35% |
| MANAPPURAM FINANCE LTD | 0.70% | 0.34% |
| KOTAK MAHINDRA BANK LTD | 0.60% | 0.33% |
| FEDERAL BANK LTD | 0.33% | 1.38% |
| CUMMINS INDIA LTD | 0.91% | 0.32% |
| ASHOK LEYLAND LTD | 0.31% | 0.36% |
| ** - CANARA BANK - CD - 02/02/2027 | 0.30% | 0.93% |
| LIC HOUSING FINANCE LTD | 0.29% | 0.62% |
| INFOSYS LTD | 0.28% | 1.62% |
| INFO EDGE (INDIA) LTD | 0.31% | 0.27% |
| BAJAJ FINANCE LTD | 0.27% | 0.54% |
| POWER FINANCE CORPORATION LTD | 0.62% | 0.24% |
| ICICI LOMBARD GENERAL INSURANCE CO. LTD | 0.28% | 0.24% |
| MARICO LTD | 0.25% | 0.24% |
| JIO FINANCIAL SERVICES LTD | 1.20% | 0.23% |
| VARUN BEVERAGES LTD | 0.85% | 0.21% |
| ** - HDFC BANK LTD - CD - 22/01/2027 | 0.20% | 0.93% |
| ** - SMALL INDUST DEVLOP BANK OF INDIA - CD - 04/02/2027 | 0.20% | 0.93% |
| ITC LTD | 0.26% | 0.19% |
| SHRIRAM FINANCE LTD | 0.19% | 0.24% |
| MUTHOOT FINANCE LTD | 0.18% | 0.76% |
| GE VERNOVA T&D INDIA LTD | 0.19% | 0.17% |
| UNION BANK OF INDIA | 0.19% | 0.17% |
| OIL & NATURAL GAS CO. | 0.17% | 0.27% |
| TORRENT PHARMACEUTICALS LTD | 0.17% | 0.27% |
| NMDC LTD | 0.74% | 0.16% |
| CROMPTON GREAVES CONSUMER ELECTRICALS LTD | 0.39% | 0.16% |
| BHARAT PETROLEUM CORPORATION LTD | 0.16% | 0.19% |
| MAX FINANCIAL SERVICES LTD | 0.16% | 0.39% |
| JINDAL STEEL LTD | 0.16% | 0.45% |
| HDFC ASSET MANAGEMENT COMPANY LTD | 0.56% | 0.15% |
| MAHINDRA & MAHINDRA LTD | 0.15% | 0.51% |
| SWIGGY LTD | 0.14% | 0.37% |
| CONTAINER CORPORATION OF INDIA LTD | 0.25% | 0.13% |
| LUPIN LTD | 0.12% | 0.59% |
| TECH MAHINDRA LTD | 0.12% | 0.51% |
| HINDUSTAN UNILEVER LTD | 0.83% | 0.11% |
| FORTIS HEALTHCARE LTD | 0.11% | 0.22% |
| MPHASIS LTD | 0.11% | 0.37% |
| PB FINTECH LTD | 0.11% | 0.45% |
| BHARAT FORGE LTD | 0.10% | 0.48% |
| CHOLAMANDALAM INVESTMENT & FINANCE CO LTD | 0.09% | 0.49% |
| SUPREME INDUSTRIES LTD | 0.09% | 0.11% |
| ULTRATECH CEMENT LTD | 0.09% | 0.51% |
| INTERGLOBE AVIATION LTD | 0.09% | 0.72% |
| ADANI ENTERPRISES LTD | 0.59% | 0.08% |
| TATA CONSUMER PRODUCTS LTD | 0.09% | 0.08% |
| TUBE INVESTMENTS OF INDIA LTD | 0.09% | 0.08% |
| PG ELECTROPLAST LTD | 0.08% | 0.28% |
| MARUTI SUZUKI INDIA LTD | 0.08% | 0.98% |
| BAJAJ FINSERV LTD | 0.08% | 0.52% |
| AU SMALL FINANCE BANK LTD | 0.07% | 0.67% |
| LARSEN & TOUBRO LTD | 0.06% | 0.36% |
| THE PHOENIX MILLS LTD | 0.06% | 0.19% |
| BANK OF BARODA | 0.40% | 0.05% |
| CIPLA LTD | 0.05% | 0.13% |
| COMPUTER AGE MANAGEMENT SERVICES LTD | 0.05% | 0.10% |
| CENTRAL DEPOSITORY SERVICES (INDIA) LTD | 0.05% | 0.42% |
| RBL BANK LTD | 0.05% | 0.22% |
| KALYAN JEWELLERS INDIA LTD | 0.30% | 0.04% |
| SOLAR INDUSTRIES INDIA LTD | 0.05% | 0.04% |
| NATIONAL ALUMINIUM CO. LTD | 0.04% | 0.28% |
| HINDUSTAN ZINC LTD | 0.04% | 0.29% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.67% | 0.03% |
| TRENT LTD | 0.03% | 0.08% |
| RADICO KHAITAN LTD | 0.03% | 0.42% |
| BANK OF INDIA | 0.24% | 0.02% |
| EICHER MOTORS LTD | 0.02% | 0.44% |
| HINDUSTAN PETROLEUM CORPORATION LTD | 0.02% | 0.49% |
| VEDANTA LTD | 0.02% | 0.26% |
| MAZAGON DOCK SHIPBUILDERS LTD | 0.02% | 0.05% |
| TITAN COMPANY LTD | 0.02% | 0.45% |
| BOSCH LTD | 0.02% | 0.06% |
| PNB HOUSING FINANCE LTD | 0.02% | 0.13% |
| INDUS TOWERS LTD | 1.21% | 0.01% |
| JSW ENERGY LTD | 0.40% | 0.01% |
| APOLLO HOSPITALS ENTERPRISE LTD | 0.19% | 0.01% |
| MAX HEALTHCARE INSTITUTE LTD | 0.01% | 0.11% |
| SUN PHARMACEUTICAL INDUSTRIES LTD | 0.01% | 0.35% |
| GRASIM INDUSTRIES LTD | 0.01% | 0.27% |
| SAGILITY LTD | 0.01% | 0.16% |
| NESTLE INDIA LTD | 0.01% | 0.19% |
| TATA CONSULTANCY SERVICES LTD | 0.01% | 0.54% |
| ETERNAL LTD | 0.01% | 0.46% |
| HCL TECHNOLOGIES LTD | 0.01% | 0.48% |
| KEI INDUSTRIES LTD | 0.01% | 0.18% |
| ONE 97 COMMUNICATIONS LTD | 0.01% | 0.21% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.9% means 36.9% 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 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% |
Largest holdings only in WhiteOak Capital Arbitrage Fund
| Security | % of fund |
|---|---|
| Bandhan Money Market Fund -Direct Plan-Growth | 5.73% |
| WhiteOak Capital Liquid Fund- Direct plan-GR | 5.27% |
| WhiteOak Cap Ultra Short Term Fund- Dir Pl-Gr Op | 2.28% |
| Kotak Mahindra Bank Limited (21/12/2026) | 1.88% |
| Bank of Baroda (08/01/2027) | 0.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Equity | 64.8% | 68.4% |
| Debt | 21.7% | 12.9% |
| Cash and others | 13.5% | 18.7% |
Market cap of stocks
| Market cap | Tata Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Large Cap | 50.0% | 43.9% |
| Mid Cap | 12.1% | 20.1% |
| Small Cap | 2.7% | 4.4% |
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 | Tata Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Banks | 21.6% | 15.4% |
| Telecom - Services | 4.0% | 5.5% |
| IT - Software | 1.1% | 5.5% |
| Petroleum Products | 5.2% | 5.0% |
| Finance | 3.7% | 4.9% |
| Power | 4.1% | 1.3% |
| Pharmaceuticals & Biotechnology | 2.5% | 3.7% |
| Ferrous Metals | 3.0% | 1.4% |
The six largest sectors of each fund's stocks, % of the fund.
Tata Arbitrage vs WhiteOak Capital Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Arbitrage Fund | WhiteOak Capital Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.57% | 2.35% |
| Base expense ratio (Direct) | 0.26% | 0.38% |
| Total expense ratio (Regular) | 2.25% | 3.13% |
| Base expense ratio (Regular) | 0.91% | 1.04% |
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 Tata Arbitrage with
Tata Arbitrage Fund vs WhiteOak Capital Arbitrage Fund: Frequently Asked Questions
What is the difference between Tata Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Both are Arbitrage funds, run by Tata Mutual Fund and WhiteOak Capital Mutual Fund. Their portfolios overlap 36.9%. Tata Arbitrage Fund charges 1.57% a year and WhiteOak Capital Arbitrage Fund 2.35%.
Which has given higher returns, Tata Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
Over 1 year: Tata Arbitrage Fund +6.77%, WhiteOak Capital Arbitrage Fund +7.07%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Tata Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
Tata Arbitrage Fund charges less: 1.57% a year against 2.35%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Arbitrage Fund and WhiteOak Capital Arbitrage Fund overlap?
36.9%. They hold 110 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Tata Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
On SEBI's riskometer, Tata Arbitrage Fund is rated Low and WhiteOak Capital Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.26% and 1.31% a year.
Can I invest in both Tata Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Yes. 36.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Tata Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Tata Arbitrage Fund: Sailesh Jain. WhiteOak Capital Arbitrage Fund: Ramesh Mantri, Piyush Baranwal, Ashish Agrawal, Bhavin Patadia.
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.