COMPARE
NJ Arbitrage Fund - Direct Plan - Growth Option vs Zerodha Arbitrage Fund - Direct - Growth
NJ Arbitrage Fund and Zerodha Arbitrage Fund are both in the Arbitrage Fund category, from NJ Asset Management Private Limited and Zerodha Asset Management Private Limited respectively. NJ Arbitrage Fund has the lower expense ratio. See the full table and FAQ below for the complete real-data comparison.
Basics
NJ Arbitrage Fund has the lower direct-plan expense ratio, by 2.76 percentage points.
| NJ Arbitrage Fund - Direct Plan - Growth Option | Zerodha Arbitrage Fund - Direct - Growth | |
|---|---|---|
| Category | Arbitrage Fund | Arbitrage Fund |
| AMC | NJ Asset Management Private Limited | Zerodha Asset Management Private Limited |
| Benchmark | Nifty 50 Arbitrage | Nifty 50 Arbitrage |
| NAV | ₹13.2354 (2026-10-28) | ₹10.1136 (2026-10-28) |
| AUM | ₹240.39 Cr | ₹50.37 Cr |
| Expense Ratio (Direct) | 1.07% | 3.83% |
| Inception | 2022-07-29 | 2026-08-12 |
Returns
Arbitrage funds target a small, steady spread, so a rolling return band would show a flat line rather than anything informative.
Risk Metrics
Arbitrage funds target a small, steady spread rather than market returns, so beta and alpha against an equity index describe nothing useful.
Portfolio Analytics
Zerodha Arbitrage Fund carries the higher portfolio YTM.
| NJ Arbitrage Fund - Direct Plan - Growth Option | Zerodha Arbitrage Fund - Direct - Growth | |
|---|---|---|
| P/E Ratio | 15.4531 | 17.4316 |
| P/B Ratio | - | - |
| Dividend Yield | 1.1624% | 1.7038% |
| Active Share | - | - |
| Portfolio Turnover | 94.8% | - |
| YTM | 5.394% | 6.11% |
| Duration (Macaulay) | 0.19 yrs | - |
Punji Fund Health Score
Zerodha Arbitrage Fund has the stronger Punji Quality grade of the two.
Frequently asked questions
Which has a lower expense ratio, NJ Arbitrage Fund or Zerodha Arbitrage Fund?
NJ Arbitrage Fund's direct-plan expense ratio is 2.76 percentage points lower than Zerodha Arbitrage Fund's. Over long holding periods, a persistent expense-ratio gap compounds into a materially different final corpus even if the two funds' gross returns are similar - it's one of the few fund attributes you can compare with total certainty upfront, unlike future returns, since the fee is contractually fixed rather than a historical estimate.
Why don't NJ Arbitrage Fund and Zerodha Arbitrage Fund show risk metrics like Sharpe ratio or alpha?
Arbitrage funds target a small, steady spread rather than market returns, so beta and alpha against an equity index describe nothing useful. This is a deliberate methodology choice, not missing data - risk metrics like alpha and Sharpe ratio are most meaningful for actively-managed funds where a manager makes decisions that can add or subtract value versus a benchmark. For a fund that mechanically tracks an index, the equivalent useful metric is tracking error (how closely it follows its index), not alpha.
Which has higher AUM, NJ Arbitrage Fund or Zerodha Arbitrage Fund?
NJ Arbitrage Fund has ₹240 Cr in assets under management, versus ₹50 Cr for Zerodha Arbitrage Fund. A larger AUM generally means deeper liquidity and lower per-unit fixed costs for the AMC to spread across investors, but an AUM that's very large relative to a fund's category and strategy (especially in small/mid cap categories, where the investable universe is smaller) can also make it harder for a manager to enter and exit positions without moving the price - bigger isn't automatically better, especially for less liquid categories.
Which has a higher yield to maturity (YTM), NJ Arbitrage Fund or Zerodha Arbitrage Fund?
Zerodha Arbitrage Fund's portfolio YTM (6.11%) is higher than NJ Arbitrage Fund's. YTM is the weighted-average return a debt fund's current bond holdings would earn if held to maturity, assuming no defaults and coupons reinvested at the same rate - a useful forward-looking yield estimate for debt funds the way rolling CAGR is for equity funds, though it's an estimate based on today's portfolio, not a guaranteed return, and can move as bonds are bought/sold or as interest rates change.
Which fund has a longer track record, NJ Arbitrage Fund or Zerodha Arbitrage Fund?
NJ Arbitrage Fund launched on 2022-07-29, making it older than Zerodha Arbitrage Fund (launched 2026-08-12). A longer track record means more real market cycles (bull runs, corrections, rate cycles) the fund has actually navigated, which is useful context for judging consistency - but it isn't a guarantee of future performance, and a newer fund isn't automatically worse, especially if it's run by an experienced manager or team with a track record at a prior fund.
Data as of 2026-10-29. Source: AMFI disclosures via Punji. Not investment advice.