Arbitrage Funds Compared
Every arbitrage mutual fund's 1, 3 and 5-year return, SIP return and record against the Nifty 50, ranked by a stated measure, from AMFI NAVs.
As of 30 Sep 2026, there are 26 arbitrage funds with at least 3 years of NAVs. Over 5 years their direct plans returned a median 6.7% a year. The highest 5-year return was Invesco India Arbitrage Fund at 7.1% a year.
All arbitrage funds, ranked by 5-year return
| # | Fund | 1y | 3y | 5y | 10y | 5y regular | 5y SIP XIRR | Expense ratio (direct) |
|---|---|---|---|---|---|---|---|---|
| 1 | Invesco India Arbitrage Fund | 6.8% | 7.4% | 7.1% | 6.5% | 6.3% | 7.3% | 2.25% |
| 2 | Kotak Arbitrage Fund | 6.8% | 7.5% | 6.9% | 6.5% | 6.3% | 7.3% | 2.32% |
| 3 | Edelweiss Arbitrage Fund | 6.7% | 7.4% | 6.9% | 6.5% | 6.2% | 7.2% | 1.58% |
| 4 | Tata Arbitrage Fund | 6.8% | 7.5% | 6.9% | — | 6.0% | 7.3% | 1.61% |
| 5 | SBI Arbitrage Fund | 6.6% | 7.3% | 6.9% | 6.2% | 6.3% | 7.1% | 1.48% |
| 6 | Axis Arbitrage Fund | 6.7% | 7.4% | 6.8% | 6.4% | 6.1% | 7.1% | 1.41% |
| 7 | Aditya Birla Sun Life Arbitrage Fund | 6.8% | 7.4% | 6.8% | 6.4% | 6.1% | 7.2% | 1.24% |
| 8 | Nippon India Arbitrage Fund | 6.8% | 7.3% | 6.8% | 6.5% | 6.0% | 7.1% | 1.34% |
| 9 | Mirae Asset Arbitrage Fund | 6.7% | 7.4% | 6.8% | — | 6.0% | 7.1% | 2.57% |
| 10 | Bandhan Arbitrage Fund | 6.5% | 7.3% | 6.7% | 6.3% | 6.0% | 7.1% | 1.67% |
| 11 | ICICI Prudential Arbitrage Fund | 6.7% | 7.3% | 6.7% | 6.3% | 6.1% | 7.1% | 1.63% |
| 12 | UTI - Arbitrage Fund | 6.6% | 7.3% | 6.7% | 6.3% | 6.1% | 7.1% | 1.25% |
| 13 | HDFC Arbitrage Fund | 6.6% | 7.3% | 6.7% | 6.1% | 6.1% | 7.1% | 1.50% |
| 14 | DSP Arbitrage fund | 6.6% | 7.2% | 6.6% | — | 6.0% | 7.0% | 1.17% |
| 15 | LIC MF Arbitrage Fund | 6.7% | 7.1% | 6.6% | — | 5.8% | 6.9% | 1.09% |
| 16 | Union Arbitrage Fund | 6.7% | 7.2% | 6.6% | — | 5.9% | 7.0% | 1.55% |
| 17 | JM Arbitrage Fund | 6.5% | 7.0% | 6.4% | 5.6% | 5.7% | 6.8% | 1.43% |
| 18 | ITI Arbitrage Fund | 6.5% | 7.3% | 6.2% | — | 5.4% | 6.8% | 1.11% |
| 19 | Bank Of India Arbitrage Fund | 6.3% | 6.8% | 5.9% | — | 5.3% | 6.5% | 2.19% |
| 20 | Mahindra Manulife Arbitrage Fund | 6.3% | 6.4% | 5.8% | — | 5.0% | 6.2% | 1.17% |
| — | Baroda BNP Paribas Arbitrage Fund | 6.4% | 7.2% | — | — | — | — | 1.50% |
| — | Bajaj Finserv Arbitrage Fund | 6.7% | 7.0% | — | — | — | — | 1.34% |
| — | HSBC Arbitrage Fund | 6.6% | 7.2% | — | — | — | — | 1.47% |
| — | NJ Arbitrage Fund | 6.4% | 6.8% | — | — | — | — | 1.07% |
| — | Parag Parikh Arbitrage Fund | 6.5% | — | — | — | — | — | 0.99% |
| — | Sundaram Arbitrage Fund(Formerly Known as Prinicpal Arbitrage Fund) | 6.8% | 7.2% | — | — | — | — | 0.99% |
Direct plans, Growth option, to 30 Sep 2026. Funds that closed or merged are not in AMFI's current list, so the category looks a little better than investors actually did (survivorship). Returns are yearly (CAGR) from AMFI month-end NAVs of the Growth option. An index's return is measured through a low-cost index fund's direct plan, so it is a little below the index itself. Past returns do not tell you what a fund will do next, and this is not a recommendation to buy or sell any fund. Other categories: all mutual fund categories.
Key takeaways
Frequently asked questions
Which arbitrage fund has given the highest returns?
Over the 5 years to 30 Sep 2026, Invesco India Arbitrage Fund (direct plan) at 7.1% a year. Past returns do not predict future ones.
What is the average return of arbitrage funds?
The median direct plan returned 6.7% a year over 5 years to 30 Sep 2026.