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Nippon India Arbitrage Fund Vs ICICI Prudential Equity Arbitrage Fund

Updated on October 1, 2025 , 1010 views

Nippon India Arbitrage Fund (Formerly known as Reliance Arbitrage Fund)and ICICI Prudential Equity Arbitrage Fund both belong to the arbitrage category of Hybrid Fund. Arbitrage funds are a type of Mutual Funds that leverage on the price differences of different markets to earn profits. Arbitrage Funds are named after the arbitrage strategy that they use. The returns of these funds are dependent on the Volatility of the invested asset on the Market. They make use of the market inefficiencies to generate returns for their investors. Though both Reliance/Nippon India Arbitrage Fund Vs ICICI Prudential Equity Arbitrage Fund belong to the same category there differ in some parameters like AUM, NAV, performances, etc. So, to make a better investment decision, let's have a look at both the schemes in a detailed manner.

Nippon India Arbitrage Fund (Formerly Reliance Arbitrage Fund)

Important Information: From October 2019, Reliance Mutual Fund has been renamed as Nippon India Mutual Fund. Nippon Life has acquired majority (75%) stakes in Reliance Nippon Asset Management (RNAM). The company will continue to run its operations without any change in structure and management.

Nippon India Arbitrage Advantage Fund was launched in the year 2010. The fund seeks to generate Income by taking advantage of the arbitrage opportunities that potentially exists between cash and derivative market. As the fund also invests in debt and money market securities, it profits from regular income.

Some of the top holdings of Reliance/Nippon Arbitrage Fund as on 30th June 2018 are Cash Offset For Derivatives, HDFC Bank Ltd, Housing Development Finance Corp Ltd, Axis Bank Ltd, ICICI Bank Ltd. etc.

ICICI Prudential Equity Arbitrage Fund

ICICI Prudential Equity Arbitrage Fund was launched in the year 2006. The aim of the fund is to generate low volatility returns by using arbitrage and other derivative strategies in equity markets and investments in short-term debt Portfolio.

Some of the top holdings of the fund as on 30th June 2018 are Cash Offset For Derivatives, Housing Development Finance Corp Ltd, Sun Pharmaceuticals Industries Ltd, Housing Development Finance Corporation Limited, etc.

Nippon India Arbitrage Fund Vs ICICI Prudential Equity Arbitrage Fund

Both Nippon India Arbitrage Fund Vs ICICI Prudential Equity Arbitrage Fund belong to the same category of arbitrage fund. However, there are numerous differences between them. So, let us analyze the differences between both the schemes on the Basis of four sections given below.

Basics Section

Being the first section, it compares parameters such as current NAV, AUM, scheme category, Fincash Rating, and many more. With respect the sub category, both the scheme belong to Arbitrage Category

Based on Fincash Rating, it can be said that both the funds are rated as 4-Star.

The summary of the basics section is tabulated as follows.

Parameters
BasicsNAV
Net Assets (Cr)
Launch Date
Rating
Category
Sub Cat.
Category Rank
Risk
Expense Ratio
Sharpe Ratio
Information Ratio
Alpha Ratio
Benchmark
Exit Load
Nippon India Arbitrage Fund
Growth
Fund Details
₹26.8879 ↑ 0.01   (0.05 %)
₹15,506 on 31 Aug 25
14 Oct 10
Hybrid
Arbitrage
3
Moderately Low
1.07
0.14
0
0
Not Available
0-1 Months (0.25%),1 Months and above(NIL)
ICICI Prudential Equity Arbitrage Fund
Growth
Fund Details
₹34.7746 ↑ 0.02   (0.05 %)
₹32,593 on 31 Aug 25
30 Dec 06
Hybrid
Arbitrage
4
Moderate
0.9
0.92
0
0
Not Available
0-1 Months (0.25%),1 Months and above(NIL)

Performance Section

Compounded Annual Growth Rate or CAGR returns is the comparable parameter forming part of the basics section. The CAGR returns are compared at different time intervals such as 1 Month Return, 6 Month Return, 3 Year Return, and Return since Inception. The comparison of performance section shows that Reliance Arbitrage Fund has performed better than ICICI Prudential Equity Arbitrage Fund. The table given below summarizes the comparison of the performance section.

Parameters
Performance1 Month
3 Month
6 Month
1 Year
3 Year
5 Year
Since launch
Nippon India Arbitrage Fund
Growth
Fund Details
0.4%
1.2%
2.7%
6.5%
6.8%
5.6%
6.8%
ICICI Prudential Equity Arbitrage Fund
Growth
Fund Details
0.4%
1.3%
2.9%
6.8%
7%
5.7%
6.9%

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Yearly Performance Section

The comparison of the absolute returns for a particular year earned by both the schemes is done in the yearly performance section. The comparison of absolute returns states that both the funds have n performed closely. The table given below shows the summary comparison of the absolute returns section.

Parameters
Yearly Performance2024
2023
2022
2021
2020
Nippon India Arbitrage Fund
Growth
Fund Details
7.5%
7%
4.2%
3.8%
4.3%
ICICI Prudential Equity Arbitrage Fund
Growth
Fund Details
7.6%
7.1%
4.2%
3.9%
4.3%

Other Details Section

Being the last section in the comparison, it includes parameters such as minimum SIP investment and minimum lumpsum investment. The minimum lump sum investment for both the schemes is same, that is, INR 5,000. However, the minimum SIP investment is different for both the schemes. The SIP amount in case of ICICI Prudential Equity Arbitrage Fund is INR 1,000 and of Reliance Arbitrage Fund is INR 100.

ICICI Prudential Equity Arbitrage Fund is jointly managed by Kayzad Eghlim and Manish Banthia.

The fund is currently managed jointly by Payal Kaipunjal and Kinjal Desai.

The summary comparison of the other details section is tabulated as follows.

Parameters
Other DetailsMin SIP Investment
Min Investment
Fund Manager
Nippon India Arbitrage Fund
Growth
Fund Details
₹100
₹5,000
Vikash Agarwal - 0.96 Yr.
ICICI Prudential Equity Arbitrage Fund
Growth
Fund Details
₹1,000
₹5,000
Nikhil Kabra - 4.68 Yr.

Growth of 10k Investments over the years

Growth of 10,000 investment over the years.
Nippon India Arbitrage Fund
Growth
Fund Details
DateValue
30 Sep 20₹10,000
30 Sep 21₹10,376
30 Sep 22₹10,759
30 Sep 23₹11,489
30 Sep 24₹12,331
30 Sep 25₹13,116
Growth of 10,000 investment over the years.
ICICI Prudential Equity Arbitrage Fund
Growth
Fund Details
DateValue
30 Sep 20₹10,000
30 Sep 21₹10,383
30 Sep 22₹10,765
30 Sep 23₹11,512
30 Sep 24₹12,359
30 Sep 25₹13,182

Detailed Portfolio Comparison

Asset Allocation
Nippon India Arbitrage Fund
Growth
Fund Details
Asset ClassValue
Cash96.79%
Debt3.29%
Other0.04%
Equity Sector Allocation
SectorValue
Financial Services25.42%
Consumer Cyclical7.6%
Basic Materials7.38%
Energy7.3%
Health Care5.35%
Industrials5.19%
Technology3.91%
Consumer Defensive3.47%
Communication Services3.3%
Utility3.13%
Real Estate1.37%
Debt Sector Allocation
SectorValue
Cash Equivalent88.74%
Corporate7.52%
Government3.81%
Credit Quality
RatingValue
AAA100%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
Nippon India Money Market Dir Gr
Investment Fund | -
11%₹1,760 Cr4,132,789
Nippon India Liquid Dir Gr
Investment Fund | -
5%₹806 Cr1,235,997
↑ 309,408
Future on Reliance Industries Ltd
Derivatives | -
5%-₹732 Cr5,362,000
↑ 1,747,500
Reliance Industries Ltd (Energy)
Equity, Since 31 Dec 17 | RELIANCE
5%₹728 Cr5,362,000
↑ 1,747,500
Future on Axis Bank Ltd
Derivatives | -
4%-₹676 Cr6,418,750
↑ 2,944,375
Axis Bank Ltd (Financial Services)
Equity, Since 31 Jul 23 | AXISBANK
4%₹671 Cr6,418,750
↑ 2,944,375
Future on ICICI Bank Ltd
Derivatives | -
3%-₹518 Cr3,679,900
↑ 1,760,500
HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jan 23 | HDFCBANK
3%₹517 Cr5,435,100
↑ 1,775,400
ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 24 | ICICIBANK
3%₹514 Cr3,679,900
↑ 1,760,500
Hdfc Bank Limited_30/09/2025
Derivatives | -
3%-₹474 Cr4,952,200
↑ 4,952,200
Asset Allocation
ICICI Prudential Equity Arbitrage Fund
Growth
Fund Details
Asset ClassValue
Cash97.9%
Debt2.45%
Other0.03%
Equity Sector Allocation
SectorValue
Financial Services22.78%
Consumer Cyclical8.84%
Energy7.85%
Industrials6.16%
Basic Materials5.39%
Technology5.31%
Communication Services5.16%
Health Care4.53%
Utility3.61%
Consumer Defensive3.53%
Real Estate1.25%
Debt Sector Allocation
SectorValue
Cash Equivalent84.42%
Corporate11.48%
Government4.45%
Credit Quality
RatingValue
AAA100%
Top Securities Holdings / Portfolio
NameHoldingValueQuantity
ICICI Pru Money Market Dir Gr
Investment Fund | -
15%₹4,877 Cr125,374,734
Future on HDFC Bank Ltd
Derivatives | -
5%-₹1,757 Cr18,317,200
↑ 10,599,050
HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 21 | HDFCBANK
5%₹1,743 Cr18,317,200
↑ 2,880,900
Future on Bharti Airtel Ltd
Derivatives | -
4%-₹1,323 Cr6,963,975
↑ 1,172,300
Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Dec 23 | BHARTIARTL
4%₹1,315 Cr6,963,975
↑ 1,172,300
Future on Reliance Industries Ltd
Derivatives | -
4%-₹1,241 Cr9,094,000
↓ -698,000
Reliance Industries Ltd (Energy)
Equity, Since 31 Aug 18 | RELIANCE
4%₹1,234 Cr9,094,000
↓ -698,000
Future on Tata Consultancy Services Ltd
Derivatives | -
3%-₹845 Cr2,724,225
↓ -168,350
Future on Axis Bank Ltd
Derivatives | -
3%-₹842 Cr8,006,250
↑ 1,510,000
Tata Consultancy Services Ltd (Technology)
Equity, Since 31 Oct 20 | TCS
3%₹840 Cr2,724,225
↓ -168,350

As a result, from the above-mentioned pointers, it can be said that both the schemes differ on account of numerous parameters. Therefore, individuals should pay extra caution before Investing in any of the schemes. They should check whether the scheme matches their investment objective or not and understand its modalities completely. This will help them to achieve their goals on time along with ensuring their investment is safe.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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