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Up to six funds side by side, and how much of each is the same portfolio as the others. Overlap is Σ min(weight) over the stocks both hold, from the latest disclosures.

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Overlap

share of the portfolio the two funds hold in common

JM ArbitrageICICI Prudential Arbitrage
JM Arbitrage
itself
49%
ICICI Prudential Arbitrage
49%
itself

Most alike: JM Arbitrage Fund and ICICI Prudential Arbitrage Fund share 49% of their portfolios. Two funds this different are doing different things; whether that is what you want is a separate question.

Side by side

record, cost, returns, drawdown, size

MeasureJM ArbitrageICICI Prudential Arbitrage
CategoryArbitrageArbitrage
Share of three-year stretches it beat its category P40% of 109100% of 109
Regular plan costs more than Direct by, a year P50.56%0.60%
Portfolio turned over a year P1148%128%
Run by P7Asit Bhandarkar · 12 yrsNikhil Kabra · 5.8 yrs
1-year return6.4%6.7%
3 years p.a.7.0%7.3%
5 years p.a.6.4%6.7%
Deepest fall (max drawdown)−0.5%−0.4%
Assets (AUM)₹453 Cr₹34,536 Cr
Disclosed history14 yrs10 yrs
Holdings · top ten weight129 · 36%205 · 41%

Funds in different categories are not comparable on returns — a category error is the first thing the postulates refuse to make. Compare each to its own category on its fund page.