# Arbitrage funds

Earns the price gap between shares in the cash market and the same shares in the futures market.

Full page: https://discovermf.com/categories/arbitrage
Figures as of 3 Nov 2026, from DiscoverMF. Information, not investment advice. Past returns do not indicate future returns. Mutual fund investments are subject to market risks; read all scheme-related documents carefully.

39 funds managing ₹3.63 lakh cr. Category averages: +6.0% over one year, +6.5% a year over three years; typical expense ratio 2.03%.

## All funds, by three-year return

| Fund | 1 year | 3 years (a year) | 5 years (a year) | Volatility | Expense ratio | Fund size |
| --- | --- | --- | --- | --- | --- | --- |
| [Kotak Arbitrage Fund](https://discovermf.com/funds/kotak-arbitrage-fund-105968.md) | +6.2% | +6.8% | +6.4% | 1.4% | 0.82% | ₹76,293 cr |
| [UTI Arbitrage Fund](https://discovermf.com/funds/uti-arbitrage-fund-104075.md) | +6.2% | +6.8% | +6.2% | 1.3% | 1.79% | ₹10,909 cr |
| [Invesco India Arbitrage Fund](https://discovermf.com/funds/invesco-india-arbitrage-fund-105603.md) | +6.3% | +6.8% | +6.5% | 1.4% | 2.82% | ₹32,122 cr |
| [SBI Arbitrage Fund](https://discovermf.com/funds/sbi-arbitrage-fund-104457.md) | +6.2% | +6.7% | +6.3% | 1.5% | 1.98% | ₹46,331 cr |
| [HDFC Arbitrage Fund](https://discovermf.com/funds/hdfc-arbitrage-fund-106793.md) | +6.2% | +6.7% | +6.2% | 1.4% | 2.02% | ₹25,913 cr |
| [ICICI Prudential Arbitrage Fund](https://discovermf.com/funds/icici-prudential-arbitrage-fund-104683.md) | +6.2% | +6.7% | +6.2% | 1.4% | 2.16% | ₹35,437 cr |
| [Edelweiss Arbitrage Fund](https://discovermf.com/funds/edelweiss-arbitrage-fund-130205.md) | +6.1% | +6.7% | +6.2% | 1.3% | 2.20% | ₹14,156 cr |
| [Aditya Birla Sun Life Arbitrage Fund](https://discovermf.com/funds/aditya-birla-sun-life-arbitrage-fund-112088.md) | +6.1% | +6.7% | +6.1% | 1.4% | 1.94% | ₹27,855 cr |
| [Tata Arbitrage Fund](https://discovermf.com/funds/tata-arbitrage-fund-145723.md) | +6.1% | +6.6% | +6.1% | 1.3% | 2.25% | ₹24,735 cr |
| [Axis Arbitrage Fund](https://discovermf.com/funds/axis-arbitrage-fund-130771.md) | +6.1% | +6.6% | +6.1% | 1.4% | 2.09% | ₹10,576 cr |
| [Parag Parikh Arbitrage Fund](https://discovermf.com/funds/parag-parikh-arbitrage-fund-152110.md) | +6.2% | +6.6% | — | 1.5% | 1.39% | ₹2,727 cr |
| [Nippon India Arbitrage Fund](https://discovermf.com/funds/nippon-india-arbitrage-fund-113345.md) | +6.2% | +6.6% | +6.1% | 1.4% | 2.04% | ₹18,226 cr |
| [Union Arbitrage Fund](https://discovermf.com/funds/union-arbitrage-fund-146294.md) | +6.1% | +6.6% | +6.0% | 1.5% | 2.29% | ₹231 cr |
| [HSBC Arbitrage Fund](https://discovermf.com/funds/hsbc-arbitrage-fund-151134.md) | +6.2% | +6.5% | — | 1.4% | 2.03% | ₹3,677 cr |
| [Mirae Asset Arbitrage Fund](https://discovermf.com/funds/mirae-asset-arbitrage-fund-148400.md) | +6.1% | +6.5% | +6.0% | 1.5% | 0.78% | ₹3,720 cr |
| [ITI Arbitrage Fund](https://discovermf.com/funds/iti-arbitrage-fund-147618.md) | +5.9% | +6.5% | +5.5% | 1.6% | 1.77% | ₹63.9 cr |
| [Bandhan Arbitrage Fund](https://discovermf.com/funds/bandhan-arbitrage-fund-108845.md) | +5.9% | +6.5% | +6.1% | 1.3% | 2.31% | ₹7,656 cr |
| [DSP Arbitrage Fund](https://discovermf.com/funds/dsp-arbitrage-fund-142282.md) | +6.0% | +6.5% | +6.0% | 1.4% | 1.80% | ₹6,963 cr |
| [Sundaram Arbitrage Fund](https://discovermf.com/funds/sundaram-arbitrage-fund-149552.md) | +6.2% | +6.4% | — | 1.6% | 1.69% | ₹577 cr |
| [LIC MF Arbitrage Fund](https://discovermf.com/funds/lic-mf-arbitrage-fund-145890.md) | +6.2% | +6.4% | +5.9% | 1.5% | 1.62% | ₹316 cr |
| [Baroda BNP Paribas Arbitrage Fund](https://discovermf.com/funds/baroda-bnp-paribas-arbitrage-fund-150250.md) | +5.7% | +6.4% | — | 1.3% | 2.24% | ₹1,021 cr |
| [PGIM India Arbitrage Fund](https://discovermf.com/funds/pgim-india-arbitrage-fund-138876.md) | +6.0% | +6.3% | +5.8% | 1.5% | 1.91% | ₹101 cr |
| [JM Arbitrage Fund](https://discovermf.com/funds/jm-arbitrage-fund-103780.md) | +5.9% | +6.3% | +5.8% | 1.5% | 2.11% | ₹418 cr |
| [Bajaj Finserv Arbitrage Fund](https://discovermf.com/funds/bajaj-finserv-arbitrage-fund-152078.md) | +6.0% | +6.3% | — | 1.4% | 1.97% | ₹1,368 cr |
| [Bank of India Arbitrage Fund](https://discovermf.com/funds/bank-of-india-arbitrage-fund-143620.md) | +6.0% | +6.2% | +5.5% | 1.6% | 2.85% | ₹123 cr |
| [NJ Arbitrage Fund](https://discovermf.com/funds/nj-arbitrage-fund-150366.md) | +5.8% | +6.1% | — | 1.9% | 1.66% | ₹243 cr |
| [Mahindra Manulife Arbitrage Fund](https://discovermf.com/funds/mahindra-manulife-arbitrage-fund-148467.md) | +5.6% | +5.6% | +5.1% | 1.5% | 1.90% | ₹138 cr |
| [Capitalmind Arbitrage Fund](https://discovermf.com/funds/capitalmind-arbitrage-fund-154233.md) | — | — | — | 2.0% | 2.03% | ₹22.4 cr |
| [Franklin India Arbitrage Fund](https://discovermf.com/funds/franklin-india-arbitrage-fund-153042.md) | +6.5% | — | — | 1.4% | 2.04% | ₹2,353 cr |
| [Groww Arbitrage Fund](https://discovermf.com/funds/groww-arbitrage-fund-154325.md) | — | — | — | 3.2% | 2.49% | ₹63.8 cr |
| [Helios Arbitrage Fund](https://discovermf.com/funds/helios-arbitrage-fund-154258.md) | — | — | — | 1.9% | 2.17% | ₹137 cr |
| [JioBlackRock Arbitrage Fund](https://discovermf.com/funds/jioblackrock-arbitrage-fund-154638.md) | — | — | — | 2.3% | 0.90% | ₹589 cr |
| [Motilal Oswal Arbitrage Fund](https://discovermf.com/funds/motilal-oswal-arbitrage-fund-153188.md) | +6.1% | — | — | 1.4% | 1.95% | ₹3,506 cr |
| [Old Bridge Arbitrage Fund](https://discovermf.com/funds/old-bridge-arbitrage-fund-153977.md) | — | — | — | 1.7% | 1.91% | ₹124 cr |
| [Samco Arbitrage Fund](https://discovermf.com/funds/samco-arbitrage-fund-153091.md) | +3.9% | — | — | 2.0% | 2.60% | ₹30.8 cr |
| [TrustMF Arbitrage Fund](https://discovermf.com/funds/trustmf-arbitrage-fund-153805.md) | +5.9% | — | — | 1.5% | 2.12% | ₹159 cr |
| [The Wealth Company Arbitrage Fund](https://discovermf.com/funds/the-wealth-company-arbitrage-fund-153892.md) | +5.8% | — | — | 1.6% | 2.14% | ₹116 cr |
| [WhiteOak Capital Arbitrage Fund](https://discovermf.com/funds/whiteoak-capital-arbitrage-fund-152850.md) | +6.5% | — | — | 1.3% | 3.02% | ₹2,973 cr |
| [quant Arbitrage Fund](https://discovermf.com/funds/quant-arbitrage-fund-153428.md) | +7.1% | — | — | 1.5% | 2.22% | ₹1,154 cr |

## Questions

### How many Arbitrage funds are there?

39 funds, managing ₹3.63 lakh cr between them as of 3 Nov 2026. The largest is Kotak Arbitrage Fund, at ₹76,293 cr.

### What return have Arbitrage funds given?

The average Arbitrage fund returned +6.0% over the last year, +6.5% a year over three years, +6.0% a year over five years. Over the last year the funds ranged from +3.9% to +7.1%. Past returns do not tell you future returns.

### Which Arbitrage fund has the lowest expense ratio?

Mirae Asset Arbitrage Fund, at 0.78% a year, against 2.03% for the average fund in the category. The expense ratio is taken out of the fund every day, so every return shown is already after it.

### Which Arbitrage fund has the highest three-year return?

Kotak Arbitrage Fund, at +6.8% a year over the last three years, against +6.5% for the average fund. Past returns do not tell you future returns.

### How risky are Arbitrage funds?

Their volatility over the last year averaged 1.5%: the higher it is, the more the price swings from day to day. 38 of 39 carry the riskometer level Low, on SEBI's six-step scale from Low to Very High.