Tata Arbitrage Fund vs Zerodha Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Tata Arbitrage Fund and Zerodha Arbitrage Fund are both Arbitrage funds. Tata Arbitrage Fund charges 1.57% a year and Zerodha Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 30.8%: they hold 44 of the same securities.
Which is better, Tata Arbitrage or Zerodha 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 costs less: 1.57% a year against 2.31% (Direct plans).
- Tata Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −0.3%.
- Tata Arbitrage is the larger fund: ₹24,539 Cr against ₹47 Cr.
- Their portfolios overlap 30.8%: 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 | Tata Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | Tata Mutual Fund | Zerodha Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹24,539 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹16.46 (Direct) | ₹10.12 (Direct) |
| Expense ratio (Direct) | 1.57% | 2.31% |
| Expense ratio (Regular) | 2.25% | Not available |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 18-12-2018 | 18-08-2026 |
| Minimum investment | ₹5,000 | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | None | None |
| Fund managers | Sailesh Jain | Kedarnath Mirajkar |
| Exit load | Exit load of 0.25%, if redeemed within 15 days. | Nil |
Tata Arbitrage vs Zerodha 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% | -- |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Tata Arbitrage vs Zerodha Arbitrage: Year-wise Returns
| Year | TataTata Arbitrage | ZerodhaZerodha Arbitrage |
|---|---|---|
| 2026to date | +5.46% | -- |
| 2025 | +7.26% | -- |
| 2024 | +8.36% | -- |
| 2023 | +7.93% | -- |
| 2022 | +4.86% | -- |
| 2021 | +4.54% | -- |
Tata Arbitrage vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds
Tata Arbitrage vs Zerodha 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) | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.55% | +6.28% |
| Standard deviation | 1.01% | 1.82% |
| Sharpe ratio | 1.32 | 0.56 |
| Sortino ratio | 2.01 | 0.82 |
| Maximum drawdown | −0.6% (03-06-2020) | −0.3% (04-09-2026) |
| 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)
Zerodha 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) | −0.3% | 01-09-2026 | 04-09-2026 | 10-09-2026 | 6 days | −0.0% |
| Zerodha Arbitrage Fund (Direct) | −0.3% | 31-08-2026 | 04-09-2026 | 18-09-2026 | 14 days | −0.0% |
From daily values since 20-08-2026, the first day every fund has.
Tata Arbitrage vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Tata Arbitrage Fund, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 30.8%
- Held by both
- 44
- Only in Tata Arbitrage
- 137
- Only in Zerodha Arbitrage
- 7
| Security | % of Tata Arbitrage | % of Zerodha Arbitrage |
|---|---|---|
| HDFC BANK LTD | 7.89% | 8.18% |
| ICICI BANK LTD | 4.34% | 4.36% |
| AXIS BANK LTD | 2.36% | 2.30% |
| RELIANCE INDUSTRIES LTD | 4.28% | 2.16% |
| BHARTI AIRTEL LTD | 1.27% | 2.50% |
| INDUS TOWERS LTD | 1.21% | 2.31% |
| COAL INDIA LTD | 1.00% | 2.21% |
| STATE BANK OF INDIA | 1.21% | 0.92% |
| IDFC FIRST BANK LTD | 0.75% | 2.59% |
| TATA STEEL LTD | 0.74% | 2.06% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.67% | 1.94% |
| TVS MOTOR COMPANY LTD | 0.63% | 0.62% |
| COFORGE LTD | 0.58% | 1.07% |
| INDUSIND BANK LTD | 0.52% | 1.08% |
| GODREJ PROPERTIES LTD | 0.49% | 1.59% |
| LIFE INSURANCE CORPORATION OF INDIA | 0.42% | 1.89% |
| DIVI LABORATORIES LTD | 0.92% | 0.40% |
| BANK OF BARODA | 0.40% | 2.45% |
| CROMPTON GREAVES CONSUMER ELECTRICALS LTD | 0.39% | 2.78% |
| TATA POWER COMPANY LTD | 0.36% | 0.89% |
| FEDERAL BANK LTD | 0.33% | 3.91% |
| HDFC ASSET MANAGEMENT COMPANY LTD | 0.56% | 0.29% |
| INFOSYS LTD | 0.28% | 1.96% |
| BAJAJ FINANCE LTD | 0.27% | 1.08% |
| ITC LTD | 0.26% | 2.04% |
| CONTAINER CORPORATION OF INDIA LTD | 0.25% | 0.48% |
| CUMMINS INDIA LTD | 0.91% | 0.20% |
| MARICO LTD | 0.25% | 0.20% |
| CANARA BANK | 1.09% | 0.17% |
| ADANI POWER LTD | 1.11% | 0.16% |
| MULTI COMMODITY EXCHANGE OF IND LTD | 0.43% | 0.16% |
| UNION BANK OF INDIA | 0.19% | 0.16% |
| BANK OF INDIA | 0.24% | 0.14% |
| SWIGGY LTD | 0.14% | 0.98% |
| POWER FINANCE CORPORATION LTD | 0.62% | 0.09% |
| ADITYA BIRLA CAPITAL LTD | 0.08% | 0.25% |
| AU SMALL FINANCE BANK LTD | 0.07% | 1.95% |
| TRENT LTD | 0.03% | 2.02% |
| GAIL ( INDIA ) LTD | 0.02% | 1.30% |
| PIDILITE INDUSTRIES LTD | 0.02% | 0.16% |
| PNB HOUSING FINANCE LTD | 0.02% | 2.34% |
| NESTLE INDIA LTD | 0.01% | 0.14% |
| TATA CONSULTANCY SERVICES LTD | 0.01% | 0.79% |
| HCL TECHNOLOGIES LTD | 0.01% | 1.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.8% means 30.8% 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% |
| VODAFONE IDEA LTD | 1.50% |
| ** - NABARD - CD - 28/01/2027 | 1.49% |
| ** - NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT - CD - 12/03/2027 | 1.38% |
Largest holdings only in Zerodha Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Liquid Fund - Direct Growth | 12.88% |
| 364 Days Treasury Bill 12-Aug-2027 | 10.17% |
| Astral Limited | 1.12% |
| PERSISTENT SYSTEMS LTD | 0.56% |
| Hero MotoCorp Limited | 0.17% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Tata Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Equity | 64.8% | 68.5% |
| Debt | 21.7% | 10.2% |
| Cash and others | 13.5% | 21.4% |
Market cap of stocks
| Market cap | Tata Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 50.0% | 47.0% |
| Mid Cap | 12.1% | 16.4% |
| Small Cap | 2.7% | 5.1% |
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 | Tata Arbitrage | Zerodha Arbitrage |
|---|---|---|
| Banks | 21.6% | 28.2% |
| IT - Software | 1.1% | 5.4% |
| Petroleum Products | 5.2% | 2.2% |
| Telecom - Services | 4.0% | 4.8% |
| Power | 4.1% | 1.1% |
| Finance | 3.7% | 3.8% |
| Ferrous Metals | 3.0% | 2.1% |
| Retailing | 0.5% | 3.0% |
| Automobiles | 1.6% | 2.9% |
The six largest sectors of each fund's stocks, % of the fund.
Tata Arbitrage vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Tata Arbitrage Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.57% | 2.31% |
| Base expense ratio (Direct) | 0.26% | 0.20% |
| Total expense ratio (Regular) | 2.25% | Not available |
| Base expense ratio (Regular) | 0.91% | 0.00% |
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 Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between Tata Arbitrage Fund and Zerodha Arbitrage Fund?
Both are Arbitrage funds, run by Tata Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 30.8%. Tata Arbitrage Fund charges 1.57% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, Tata Arbitrage Fund or Zerodha Arbitrage Fund?
Tata Arbitrage Fund charges less: 1.57% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Tata Arbitrage Fund and Zerodha Arbitrage Fund overlap?
30.8%. They hold 44 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Tata Arbitrage Fund or Zerodha Arbitrage Fund?
On SEBI's riskometer, Tata Arbitrage Fund is rated Low and Zerodha Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.01% and 1.82% a year.
Can I invest in both Tata Arbitrage Fund and Zerodha Arbitrage Fund?
Yes. 30.8% 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 Zerodha Arbitrage Fund?
Tata Arbitrage Fund: Sailesh Jain. Zerodha Arbitrage Fund: Kedarnath Mirajkar.
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.