Zerodha Arbitrage Fund is an Arbitrage fund run by Zerodha Mutual Fund. On 30-09-2026, it managed ₹47 Cr of investors' money.
NAV on 30-10-2026: Direct Plan Growth ₹10.12 (up 0.13% that day).
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Period | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| This fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
| Best in Arbitrage | +0.73% | -- | -- | -- | -- | -- | -- |
| Worst in Arbitrage | +0.45% | -- | -- | -- | -- | -- | -- |
| Rank in Arbitrage | 6/39 | -- | -- | -- | -- | -- | -- |
Category rows compare the Direct plans of 39 Arbitrage funds. Rank 1 is the highest return. This fund's benchmark is Nifty 50 Arbitrage TRI. Returns of that index are not available to us, so the category average is the comparison.
The five Arbitrage funds with the best three year return, and this fund. Direct plans.
| Fund name | Rank | AUM (Cr) | Exp. ratio | 1Y return | 3Y return | 3Y alpha | 3Y beta | 3Y Sharpe | 3Y Sortino | |
|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Arbitrage Fund | 1/25 | 30,396 | 2.20% | +6.88% | +7.46% | -- | -- | 1.32 | 2.01 | Compare |
| Kotak Arbitrage Fund | 2/25 | 75,275 | 2.31% | +6.75% | +7.43% | -- | -- | 1.28 | 1.96 | Compare |
| Tata Arbitrage Fund | 2/25 | 24,539 | 1.57% | +6.77% | +7.43% | -- | -- | 1.39 | 2.16 | Compare |
| Aditya Birla Sun Life Arbitrage Fund | 4/25 | 26,933 | 1.23% | +6.75% | +7.40% | -- | -- | 1.29 | 2.00 | Compare |
| Edelweiss Arbitrage Fund | 5/25 | 14,250 | 1.53% | +6.66% | +7.37% | -- | -- | 1.27 | 1.98 | Compare |
| Zerodha Arbitrage Fund | -- | 47 | 2.31% | -- | -- | -- | -- | -- | -- |
AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.
What each plan charges a year, in force from 01-10-2026
| Plan | Base expense ratio | Brokerage | Transaction costs | Levies and GST | Total expense ratio | Arbitrage median | Cost rank (1 = cheapest) |
|---|---|---|---|---|---|---|---|
| Direct | 0.20% | 0.16% | 0.08% | 1.87% | 2.31% | 1.45% | 37/39 |
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, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Arbitrage funds' plans of the same type are sorted from the lowest total expense ratio to the highest.
Asset allocation as on 30-09-2026
68.5%Equity
| Asset | Fund | Category |
|---|---|---|
| Equity | 68.5% | 71.6% |
| Cash and others | 21.4% | 19.5% |
| Debt | 10.2% | 9.0% |
| Market cap | Fund | Category |
|---|---|---|
| Large Cap | 47.0% | 54.0% |
| Mid Cap | 16.4% | 14.1% |
| Small Cap | 5.1% | 3.5% |
Share of the whole fund. Category: the average of the Arbitrage funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Bonds and money market papers by credit rating, % of the fund. Category: the average of 39 Arbitrage funds.
| Rating | Fund | Category |
|---|---|---|
| Sovereign | 10.2% | 2.9% |
Sector allocation of the fund's stocks as on 30-09-2026
Banks28.2%
IT - Software5.4%
Telecom - Services4.8%
Finance3.8%
Retailing3.0%
Automobiles2.9%
Consumer Durables2.8%
Consumable Fuels2.2%
Petroleum Products2.2%
Ferrous Metals2.1%
The ten largest of 22 sectors. The other 12 add up to 11.2%.
| Sector | August 2026 | September 2026 | Change |
|---|---|---|---|
| Banks | 27.9% | 28.2% | +0.3% |
| IT - Software | -- | 5.4% | -- |
| Telecom - Services | 5.2% | 4.8% | −0.4% |
| Finance | 3.3% | 3.8% | +0.5% |
| Retailing | -- | 3.0% | -- |
Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from August 2026 to September 2026, in % of the fund.
As on 30-09-2026 · 51 holdings · from the fund house's monthly portfolio
| Holdings | Sector / Rating | Weight% | Holdings trend | 1M change |
|---|---|---|---|---|
| HSBC Liquid Fund - Direct Growth | 12.88% | |||
| 364 Days Treasury Bill 12-Aug-2027 · Government security | Sovereign | 10.17% | ||
| HDFC Bank Limited | Banks | 8.18% | +84.4% | |
| ICICI Bank Limited | Banks | 4.36% | +100.0% | |
| The Federal Bank Limited | Banks | 3.91% | +109.1% | |
| Crompton Greaves Consumer Electricals Limited | Consumer Durables | 2.78% | 0.0% | |
| IDFC First Bank Limited | Banks | 2.59% | 0.0% | |
| Bharti Airtel Limited | Telecom - Services | 2.50% | +75.0% | |
| Bank of Baroda | Banks | 2.45% | +21.4% | |
| PNB Housing Finance Limited | Finance | 2.34% | New | |
| Indus Towers Limited | Telecom - Services | 2.31% | 0.0% | |
| Axis Bank Limited | Banks | 2.30% | 0.0% | |
| Coal India Limited | Consumable Fuels | 2.21% | 0.0% | |
| Reliance Industries Limited | Petroleum Products | 2.16% | +112.5% | |
| Tata Steel Limited | Ferrous Metals | 2.06% | −9.5% | |
| ITC Limited | Diversified FMCG | 2.04% | New | |
| Trent Limited | Retailing | 2.02% | New | |
| Infosys Limited | IT - Software | 1.96% | New | |
| AU Small Finance Bank Limited | Banks | 1.95% | −10.0% | |
| Tata Motors Passenger Vehicles Limited | Automobiles | 1.94% | 0.0% | |
| Life Insurance Corporation Of India | Insurance | 1.89% | 0.0% | |
| Godrej Properties Limited | Realty | 1.59% | 0.0% | |
| GAIL (India) Limited | Gas | 1.30% | New | |
| Astral Limited | Industrial Products | 1.12% | New | |
| IndusInd Bank Limited | Banks | 1.08% | New | |
| Bajaj Finance Limited | Finance | 1.08% | −46.1% | |
| Coforge Limited | IT - Software | 1.07% | New | |
| HCL Technologies Limited | IT - Software | 1.05% | New | |
| SWIGGY LIMITED | Retailing | 0.98% | New | |
| State Bank of India | Banks | 0.92% | −53.9% | |
| The Tata Power Company Limited | Power | 0.89% | 0.0% | |
| Tata Consultancy Services Limited | IT - Software | 0.79% | New | |
| TVS Motor Company Limited | Automobiles | 0.62% | +33.3% | |
| PERSISTENT SYSTEMS LTD | IT - Software | 0.56% | New | |
| Container Corporation of India Limited | Transport Services | 0.48% | New | |
| Divi's Laboratories Limited | Pharmaceuticals & Biotechnology | 0.40% | New | |
| HDFC Asset Management Company Limited | Capital Markets | 0.29% | −84.6% | |
| Aditya Birla Capital Limited | Finance | 0.25% | 0.0% | |
| Marico Limited | Agricultural Food & other Products | 0.20% | New | |
| Cummins India Limited | Industrial Products | 0.20% | −75.0% | |
| Hero MotoCorp Limited | Automobiles | 0.17% | New | |
| Canara Bank | Banks | 0.17% | New | |
| Bajaj Auto Limited | Automobiles | 0.17% | New | |
| Union Bank of India | Banks | 0.16% | New | |
| Multi Commodity Exchange of India Limited | Capital Markets | 0.16% | New | |
| Adani Power Limited | Power | 0.16% | New | |
| Pidilite Industries Limited | Chemicals & Petrochemicals | 0.16% | New | |
| Nestle India Limited | Food Products | 0.14% | New | |
| Bank of India | Banks | 0.14% | New | |
| Oberoi Realty Limited | Realty | 0.13% | New | |
| Power Finance Corporation Limited | Finance | 0.09% | New |
All changes are between August 2026 and September 2026
| HDFC Bank Limited | Added | +84.4% | 8.18% |
|---|---|---|---|
| ICICI Bank Limited | Added | +100.0% | 4.36% |
| The Federal Bank Limited | Added | +109.1% | 3.91% |
| AU Small Finance Bank Limited | Reduced | −10.0% | 1.95% |
| Tata Steel Limited | Reduced | −9.5% | 2.06% |
| State Bank of India | Reduced | −53.9% | 0.92% |
| Bajaj Finance Limited | Reduced | −46.1% | 1.08% |
| HDFC Asset Management Company Limited | Reduced | −84.6% | 0.29% |
| SBI Life Insurance Company Limited | Sold out | −100% | was 2.82% |
| Bank of Baroda | Added | +21.4% | 2.45% |
| Bharti Airtel Limited | Added | +75.0% | 2.50% |
| PNB Housing Finance Limited | New | New | 2.34% |
| Reliance Industries Limited | Added | +112.5% | 2.16% |
| ITC Limited | New | New | 2.04% |
| Trent Limited | New | New | 2.02% |
| Infosys Limited | New | New | 1.96% |
| ICICI Lombard General Insurance Company Limited | Sold out | −100% | was 1.32% |
| GAIL (India) Limited | New | New | 1.30% |
| Cummins India Limited | Reduced | −75.0% | 0.20% |
| Astral Limited | New | New | 1.12% |
| Dabur India Limited | Sold out | −100% | was 1.10% |
| IndusInd Bank Limited | New | New | 1.08% |
| Coforge Limited | New | New | 1.07% |
| HCL Technologies Limited | New | New | 1.05% |
| SWIGGY LIMITED | New | New | 0.98% |
| Tata Consultancy Services Limited | New | New | 0.79% |
| TVS Motor Company Limited | Added | +33.3% | 0.62% |
| PERSISTENT SYSTEMS LTD | New | New | 0.56% |
| Container Corporation of India Limited | New | New | 0.48% |
| Divi's Laboratories Limited | New | New | 0.40% |
| Titan Company Limited | Sold out | −100% | was 0.26% |
| Marico Limited | New | New | 0.20% |
| Hero MotoCorp Limited | New | New | 0.17% |
| Canara Bank | New | New | 0.17% |
| Bajaj Auto Limited | New | New | 0.17% |
| Pidilite Industries Limited | New | New | 0.16% |
| Union Bank of India | New | New | 0.16% |
| Multi Commodity Exchange of India Limited | New | New | 0.16% |
| Adani Power Limited | New | New | 0.16% |
| Bank of India | New | New | 0.14% |
| Nestle India Limited | New | New | 0.14% |
| Oberoi Realty Limited | New | New | 0.13% |
| Power Finance Corporation Limited | New | New | 0.09% |
No stocks in this group for September 2026.
A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.
Funds with the most similar portfolios, across every fund house and category
| Fund | Overlap | Holdings in common | |
|---|---|---|---|
| SBI BSE 100 ETFETF · SBI | 37.3% | 37 | Compare |
| Groww NIFTY 200 ETFETF · Groww | 35.4% | 47 | Compare |
| JioBlackRock Large Cap FundLarge Cap · Jio BlackRock | 34.9% | 28 | Compare |
| Invesco India Arbitrage FundArbitrage · Invesco | 34.9% | 49 | Compare |
| JioBlackRock Arbitrage FundArbitrage · Jio BlackRock | 34.1% | 41 | Compare |
| HDFC NIFTY 100 Index FundIndex · HDFC | 34.1% | 29 | Compare |
| Motilal Oswal Nifty 100 ETFETF · Motilal Oswal | 34.0% | 29 | Compare |
| Axis Nifty 100 Index FundIndex · Axis | 34.0% | 29 | Compare |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.
Fund facts from the scheme summary document, as on 16-10-2026
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
Zerodha Arbitrage Fund is a mutual fund from Zerodha Mutual Fund. Its category is Arbitrage. It was launched on 18-08-2026. Its benchmark is Nifty 50 Arbitrage TRI. At the end of September 2026 it held 51 securities.
Kedarnath Mirajkar
Fund manager of Zerodha Arbitrage Fund, since 12-08-2026
See all funds of Zerodha Mutual Fund
AUM moves with money invested or taken out, and with the value of what the fund holds.
Returns, risk, costs and the stocks they share, side by side
The Direct plan NAV is ₹10.1198, as on 30-10-2026.
The Direct plan charges 2.31% a year. This is the figure the fund house reported to AMFI, in force from 01-10-2026.
Zerodha Arbitrage Fund managed ₹46.72 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
At the end of September 2026 the largest holdings were HSBC Liquid Fund - Direct Growth (12.88%), 364 Days Treasury Bill 12-Aug-2027 (10.17%), HDFCBANK (8.18%), ICICIBANK (4.36%), FEDERALBNK (3.91%). The fund held 51 securities in all.
It bought 26 new stocks: Astral Limited, Infosys Limited, SWIGGY LIMITED, Bank of India, Oberoi Realty Limited. It sold out of 4: Dabur India Limited, SBI Life Insurance Company Limited, Titan Company Limited, ICICI Lombard General Insurance Company Limited. It added shares in 7. It reduced 6.
Through Zerodha Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. You can invest once or through a monthly SIP.
Kedarnath Mirajkar (since 12-08-2026).
Nil
Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.
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.
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