Top-rated arbitrage funds: November 2026

The 11 arbitrage schemes rated A+ or A on their track record this month, out of 26 rated Regular plans: why each one rates well, what changed since last month, and how much they overlap. Data as of 11 Nov 2026.

Each fund is compared only with other arbitrage funds of the same plan type: return over its index, how consistently it was earned, risk, cost and portfolio. How the ratings work.

1. UTI - Arbitrage Fund

UTI Mutual Fund · AUM ₹10,900 cr · 13.8 years

Regular A+ · #1 of 26 · expense ratio 1.80% · Direct A · #3 of 26 · expense ratio 1.25%

Returned 6.8% a year over 3 years (Regular plan), -0.1% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.4% (median fund: 0.4%).

2. SBI Arbitrage Fund

SBI Mutual Fund · AUM ₹46,113 cr · 13.8 years

Regular A+ · #2 of 26 · expense ratio 1.95% · Direct B · #15 of 26 · expense ratio 1.46%

Returned 6.7% a year over 3 years (Regular plan), -0.2% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.5% (median fund: 0.4%).

3. Tata Arbitrage Fund

Tata Mutual Fund · AUM ₹24,639 cr · 7.9 years

Regular B · #14 of 26 · expense ratio 2.20% · Direct A+ · #1 of 26 · expense ratio 1.52%

Returned 7.5% a year over 3 years (Direct plan), +0.5% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.4% (median fund: 0.4%).

4. Parag Parikh Arbitrage Fund

PPFAS Mutual Fund · AUM ₹2,720 cr · 3.0 years

Regular A+ · #3 of 26 · expense ratio 1.39% · Direct A · #8 of 26 · expense ratio 0.99%

Returned 6.6% a year over 3 years (Regular plan), -0.3% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.6% (median fund: 0.4%).

A short record: 3.0 years. Ratings on short records change more.

5. Kotak Arbitrage Fund

Kotak Mahindra Mutual Fund · AUM ₹76,293 cr · 13.8 years

Regular A · #4 of 26 · expense ratio 2.86% · Direct A · #7 of 26 · expense ratio 2.27%

Returned 6.8% a year over 3 years (Regular plan), -0.1% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.5% (median fund: 0.4%).

6. HDFC Arbitrage Fund

HDFC Mutual Fund · AUM ₹25,841 cr · 12.6 years

Regular A · #5 of 26 · expense ratio 2.02% · Direct C · #20 of 26 · expense ratio 1.49%

Returned 6.7% a year over 3 years (Regular plan), -0.2% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.8% (median fund: 0.4%).

7. Aditya Birla Sun Life Arbitrage Fund

Aditya Birla Sun Life Mutual Fund · AUM ₹27,710 cr · 13.9 years

Regular A · #8 of 26 · expense ratio 1.92% · Direct A · #2 of 26 · expense ratio 1.20%

Returned 6.7% a year over 3 years (Regular plan), -0.2% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.5% (median fund: 0.4%).

8. Mirae Asset Arbitrage Fund

Mirae Asset Mutual Fund · AUM ₹3,705 cr · 6.4 years

Regular B · #16 of 26 · expense ratio 3.19% · Direct A · #4 of 26 · expense ratio 2.43%

Returned 7.4% a year over 3 years (Direct plan), +0.5% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.4% (median fund: 0.4%).

9. ICICI Prudential Arbitrage Fund

ICICI Prudential Mutual Fund · AUM ₹35,347 cr · 13.8 years

Regular A · #6 of 26 · expense ratio 2.13% · Direct B · #16 of 26 · expense ratio 1.61%

Returned 6.7% a year over 3 years (Regular plan), -0.2% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.4% (median fund: 0.4%).

10. Axis Arbitrage Fund

Axis Mutual Fund · AUM ₹10,482 cr · 12.2 years

Regular B · #9 of 26 · expense ratio 2.09% · Direct A · #5 of 26 · expense ratio 1.39%

Returned 7.3% a year over 3 years (Direct plan), +0.4% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.4% (median fund: 0.4%).

11. Invesco India Arbitrage Fund

Invesco Mutual Fund · AUM ₹31,962 cr · 13.9 years

Regular A · #7 of 26 · expense ratio 2.82% · Direct A · #6 of 26 · expense ratio 2.16%

Returned 6.8% a year over 3 years (Regular plan), -0.1% a year against its index; the median fund: -0.4%.
Its deepest fall in the last 3 years was 0.4% (median fund: 0.4%).

No fund joined or left the shortlist since last month.

Which of these suits you?

That depends on your goal, your other funds and how much overlap you hold. Tell us what you have and we'll look at it with you.

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All 77 arbitrage plans, with every rating · Other categories

Common questions

Which arbitrage funds are rated A+ in November 2026?

Among Regular plans: UTI - Arbitrage Fund, SBI Arbitrage Fund, Parag Parikh Arbitrage Fund. 11 schemes are rated A+ or A in at least one plan. Ratings compare each fund with its own category and plan type, on its record against its index.

Is the top-rated arbitrage fund the best one to invest in?

Not necessarily. The rating describes the track record so far: return over the index, how consistently it was earned, risk, cost and portfolio. Our own backtest found that top ratings did not reliably predict the next three years. Use the shortlist to avoid weak records, then choose for your goal, the funds you already hold, and how much overlap you can accept.

Direct plan or Regular plan?

The same portfolio. A Direct plan has no distributor commission, so its expense ratio is lower and its return slightly higher. A Regular plan pays a distributor such as us, through the expense ratio, for advice and service. Plans are rated separately: Regular against Regular, Direct against Direct.

How often does this list change?

Returns update every weekday, but ratings change twice a month: on the 11th and the 16th, after fund houses publish their monthly portfolios.

Ratings describe past track records and are not a recommendation to buy or sell, or a forecast. Mutual fund investments are subject to market risks; read the scheme documents before investing.