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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

HSBC ArbitrageKotak Arbitrage
HSBC Arbitrage
itself
0%
Kotak Arbitrage
0%
itself

Most alike: HSBC Arbitrage Fund and Kotak Arbitrage Fund share 0% 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

MeasureHSBC ArbitrageKotak Arbitrage
CategoryArbitrageArbitrage
Share of three-year stretches it beat its category P40% of 11100% of 109
Regular plan costs more than Direct by, a year P50.68%0.58%
Portfolio turned over a year P1169%not measured
Run by P7Praveen Ayathan · 12 yrsnot known
1-year return6.6%6.8%
3 years p.a.7.2%7.5%
5 years p.a.—6.9%
Deepest fall (max drawdown)−0.3%−0.5%
Assets (AUM)₹3,098 Cr₹70,955 Cr
Disclosed history3.8 yrs—
Holdings · top ten weight137 · 44%— · —

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.