JM Arbitrage Fund
JM Financial Mutual Fund · Best Arbitrage Mutual Funds
This is the Regular plan of JM Arbitrage Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is distributed once a year, which is why this NAV sits below the growth plan of the same fund.
NAV history
Scorecard
★★★☆☆3/5 vs 40 of 48 Arbitrage Fund peers- Performance 60%
- Risk 15%
- Cost 10%
- Downside 15%
How this is computed
Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Arbitrage Fund (same plan and option). 40 of the 48 Arbitrage Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +6.31% · ranks 15 of 48 Arbitrage Funds
Volatility 1.0% vs 2.1% category avg
2.1% expense vs 2.2% category avg
67% of rolling 3Y windows were positive
Strengths & concerns
Generated from this fund's own numbers against its sub-category — each point names the figure behind it.
Strengths
- 1-year return (+5.60%) beats the Arbitrage Fund average (+3.45%)
- 3-year return (+6.31%) beats the Arbitrage Fund average (+3.95%)
- 5-year return (+5.61%) beats the Arbitrage Fund average (+3.99%)
- Less volatile than its Arbitrage Fund peers (1.0% vs 2.1%)
Concerns
- Positive in only 67% of rolling 3-year windows
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk
Risk (trailing 3Y)
DefinitionsBenchmark ratios
Not shown for Arbitrage Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.
Fund vs category average (Arbitrage Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | +0.47% | +0.29% | +0.18% |
| 3M abs | +1.38% | +0.97% | +0.41% |
| 6M abs | +2.62% | +1.29% | +1.33% |
| 1Y CAGR | +5.60% | +3.45% | +2.15% |
| 3Y CAGR | +6.31% | +3.95% | +2.36% |
| 5Y CAGR | +5.61% | +3.99% | +1.62% |
Category average across peers in Arbitrage Fund (up to 48 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).
Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.
Category rank
Vs 48 peers in Arbitrage Fund
Rolling returns
Return for every possible 1Y holding period, not just today’s
121 overlapping 1Y windows, sampled monthly across the fund’s history.
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
60 monthly installments of ₹10,000 into JM Arbitrage Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.
Calendar-year returns
What the fund actually returned in each year, not the smoothed average.
| Year | Fund | |
|---|---|---|
| 2026part | +3.49% | |
| 2025 | +5.90% | |
| 2024 | +7.20% | |
| 2023 | +6.64% | |
| 2022 | +3.96% | |
| 2021 | +2.75% | |
| 2020 | +2.56% | |
| 2019 | +5.31% | |
| 2018 | -12.99% | |
| 2017 | +5.17% |
January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.
Taxation
Taxed as equityThis is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.
Flat, on the whole gain
On gains above ₹1.25 L per financial year
Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.
Worst falls, and the wait to get back
How far this fund has dropped from a high, and how long it took to reclaim it.
- -17.4%19 Mar 2018 → 21 Mar 2018
Fell over 2 days, back to the old high on 08 Feb 2023 — 4.9 years under water after the low.
Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.
Fund size over time
Quarterly average AUM · AMFIAt or near its largest, ₹364.61Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.
JM Financial in the news
Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.
JM Financial AMC announces change in name of schemes
Investment Guru · 5h ago
JM Medium To Long Duration Fund Review: Plans, NAV, Returns and Portfolio Analysis 2026
Univest · 11h ago
JM Financial AMC announces change in Risk-o-meter of Multi Asset Allocation Fund
Investment Guru · 2d ago
Horizon Industrial Parks Raises Rs1,167 Cr From 54 Anchor Investors
fintechbiznews.com · 6d ago
JM Midcap Fund Review: Plans, NAV, Returns and Portfolio Analysis 2026
Univest · 7d ago
JM Financial AMC announces addition to OPAT
Investment Guru · 8d ago
JM Financial AMC announces suspension of fresh subscriptions
Investment Guru · 10d ago
Suspension of fresh subscriptions in multiple IDCW plans of JM Financial Mutual Fund
Value Research · 10d ago
Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.
About Arbitrage funds
Arbitrage funds profit from small price gaps between the cash and futures markets rather than from market direction. Returns are usually modest and cash-like, but they are taxed as equity.
Frequently asked questions
What is the NAV of JM Arbitrage Fund?
As of 20 Aug 2026, the NAV of JM Arbitrage Fund is ₹15.32 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has JM Arbitrage Fund delivered?
JM Arbitrage Fund has returned +5.60% over 1 year, +6.31% per year over 3 years, +5.61% per year over 5 years and +3.47% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.
What is the expense ratio of JM Arbitrage Fund?
JM Arbitrage Fund charges an expense ratio of 2.07% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.
What are the top holdings of JM Arbitrage Fund?
Its largest holdings are JM High Liquidity Fund Direct-Growth (6.1%), HDFC Bank Ltd (5.0%), ICICI Bank Ltd (3.9%), Kotak Mahindra Bank Ltd (3.9%) and Reliance Industries Ltd (3.6%). Holdings are disclosed monthly and change over time.
How risky is JM Arbitrage Fund?
It is rated moderately high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 1.0% and its worst peak-to-trough fall in our sample was -17.4%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.
What does the Sharpe ratio of -0.19 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. JM Arbitrage Fund's -0.19 means it has not compensated investors for its volatility over the window. Higher is better.
What is the benchmark of JM Arbitrage Fund?
JM Arbitrage Fund is benchmarked against the NIFTY 50 Arbitrage Total Return Index . Its alpha and beta on this page are measured against that index.
Who manages JM Arbitrage Fund?
JM Arbitrage Fund is managed by Ruchi Fozdar, Deepak Gupta, Satish Ramanathan and Asit Bhandarkar at JM Financial.
How is JM Arbitrage Fund taxed?
JM Arbitrage Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.