MonitorDirect · GrowthWatch before adding
JM Arbitrage Fund
JM Financial Mutual FundHybrid Schemes - Arbitrage Fund13.8 years
The scheme aims to generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments.
- NAV
- 37.7102
- 30 Oct 2026
- 1Y
- +6.4%
- Trailing CAGR
- AUM
- ₹482.5 Cr
- 31 Aug 2026
- Volatility
- Low
- 1.1% annualized
Buying brief
Should you add this fund?
Evidence on this desk, framed as a purchase checklist - not SEBI-registered advice.
As of 30 Oct 2026
Stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
In three lines
Fits if · Peak-to-trough drawdown has stayed shallower than 15%.
Prefer peers if · Prefer Invesco India Arbitrage Fund if you want a same-category peer with stronger evidence.
Buy checklist
History depth
Pass
13.8 years of path to read.
Engine status
Watch
Recent evidence is mixed. Compare peers before increasing exposure.
Expense ratio
Pass
1.42% TER (Direct). Lower cost compounds on long SIPs.
Drawdown vs peers
Pass
Peak-to-trough -0.5%. Ask whether you can hold through a similar fall.
Vs category
Fail
12% of rolling 3Y windows beat the category median, same plan and option.
Manager tenure
Watch
Deepak Gupta · 1.6 years on the scheme.
Exit load
n/a
No exit-load summary on file.
Tax / wrapper
Pass
Direct Growth, no ELSS lock flagged. Equity LTCG rules still apply after one year - not tax advice.
Portfolio concentration
Watch
Top 10 holdings ≈ 114.9% of the portfolio.
Browse category
Same-category peers are preloaded into compare when available.
Before you buy or SIP
Behaviour and wrappers - the usual India MF failure modes - not a buy instruction.
Drawdown rehearsal
This scheme’s worst fall on file is about 1%. Before you SIP, ask whether you would keep contributing through a similar drop - pausing on fear is the usual India MF failure mode.
SIP discipline
Monitor is recent mixed evidence - keep the SIP unless the buying brief says prefer peers, then swap with intent.
NAV
Path not in current snapshots
n/a
Returns
Trailing CAGR and simulated monthly SIP XIRR from daily NAV. Category comparison uses the median of comparable share classes in the peer set.
Trailing CAGR
Point-to-point, calendar-day annualized
- 1Y+6.4%
- 3Y+6.9%
- 5Y+6.4%
- 10Y+5.6%
- SI+6.4%
SIP XIRR
Equal monthly instalments to latest NAV
- 1Y+6.4%
- 3Y+6.6%
- 5Y+6.8%
- 10Y+5.9%
- Since inception
- +6.4%
- Calendar-day CAGR
- Excess 1Y
- -0.0%
- Category median, same plan and option
- 3Y win rate
- +12%
- Windows beating the median
- 3Y percentile
- 22
- Vs comparable share classes
- SIP 3Y XIRR
- +6.6%
- Simulated monthly SIP
- Worst rolling 3Y
- +3.4%
- 2656 daily-ending windows
- Median rolling 3Y
- +6.2%
- Calendar-day CAGR
- Positive rolling 5Y
- +100%
- 2160 daily-ending windows
Drawdown
Peak to trough from a running NAV high, with the path and recovery episodes.
- Max drawdown
- -0.5%
- Worst peak-to-trough
- Current
- -0.1%
- Below last peak
- Current spell
- 7 days
- Days below latest peak
- Time below peak
- +47%
- NAV observations
Drawdown
Path not in current snapshots
n/a
- Average recovery
- 2 days
- 778 recovered episodes
- Longest recovery
- 74 days
- Trough to prior peak
29 May 2020 – 21 Sept 2020
Trough 9 Jul 2020 · recovered in 74 days
-0.5%
3 Aug 2026 – 1 Sept 2026
Trough 6 Aug 2026 · recovered in 26 days
-0.5%
1 Sept 2026 – 10 Sept 2026
Trough 4 Sept 2026 · recovered in 6 days
-0.4%
31 Mar 2020 – 20 Apr 2020
Trough 7 Apr 2020 · recovered in 13 days
-0.4%
Dimensions
0–100 reads of named metrics. The mean is unweighted and only uses dimensions with data.
Returns
22
Vs category
50
Consistency
14
Risk-adjusted
46
Drawdown
99
Mean
46
Decision
Quantitative engine reasons behind the buying stance. An explanation can only restate what is already here.
Monitor
Buying stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
Why this status
- Three-year return sits below the 25th percentile of comparable share classes.
Supporting reads
- Peak-to-trough drawdown has stayed shallower than 15%.
Portfolio
31 Aug 2026 · 130 holdings · top 10 are 114.9%.
- Top 5
- 100.0%
- Top 10
- 114.9%
- Largest holding
- 81.0%
- Effective holdings
- 1.5
Cash Margin
Unspecified
81.0%
JM High Liquidity Fund Direct-Growth
Unspecified
6.5%
Others CBLO
Unspecified
5.1%
Kotak Mahindra Bank Ltd
Financial
3.6%
HDFC Bank Ltd
Financial
3.6%
Worth investigating
Same-category peers with enough history to inspect beside this fund - including tradeoffs.
Invesco India Arbitrage Fund
Invesco Mutual Fund
- 1Y
- +6.9%
- 3Y
- +7.5%
- Vol
- 1.0%
- Max DD
- -0.5%
- Sharpe
- 0.93
- 3Y win
- +63%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher TER
Mirae Asset Arbitrage Fund
Mirae Asset Mutual Fund
- 1Y
- +6.7%
- 3Y
- +7.3%
- Vol
- 1.0%
- Max DD
- -0.4%
- Sharpe
- 0.24
- 3Y win
- +82%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher TER
Axis Arbitrage Fund
Axis Mutual Fund
- 1Y
- +6.7%
- 3Y
- +7.3%
- Vol
- 1.0%
- Max DD
- -0.6%
- Sharpe
- 0.68
- 3Y win
- +88%
- Lower volatility
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Deeper drawdown
UTI - Arbitrage Fund
UTI Mutual Fund
- 1Y
- +6.6%
- 3Y
- +7.3%
- Vol
- 1.0%
- Max DD
- -0.7%
- Sharpe
- 0.78
- 3Y win
- +52%
- Lower volatility
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Deeper drawdown
ICICI Prudential Arbitrage Fund
ICICI Prudential Mutual Fund
- 1Y
- +6.6%
- 3Y
- +7.3%
- Vol
- 1.1%
- Max DD
- -0.6%
- Sharpe
- 0.97
- 3Y win
- +73%
- Lower volatility
- Higher win rate vs category
- Higher trailing returns
Caveat: Deeper drawdown · Higher TER