About the Arcanas

- Fool (0)
Fool Personas are fairly well-rounded. They are not stacked towards any
particular focus.

- Magician (I)
As you might expect, Personas of the Magician Arcana tend to be spellcasters.
Furthermore, they are inclined towards an affinity for the element of Fire
and a weakness to the element of Ice. This Arcana is, on the whole, one of
the weakest in the game, with its highest-ranked Persona (Surt) having a Base
Level of 50, the lowest among all Arcana.

- Priestess (II)
Priestess Personas also focus on magic. They are somewhat split between
emphases on Ice and Recovery magic, and are generally weak against Fire.

- Empress (III)
Empress Personas are like Priestess Personas, with a fairly similar spread
between Ice and Recovery. You might call the Empress Arcana a stronger
version of Priestess, since Empress Personas are overall very high-level.

- Emperor (IV)
The Emperor Arcana is as close as you can get to being an Electricity-based
Arcana, with all-around decent offensive capabilities, although somewhat
skewed towards magic.

- Hierophant (V)
Hierophant is a very balanced Arcana. Hierophant Personas have well-rounded
stats and do not tend towards any single element; instead, support and
passive skills are more prevalent. In general, Hierophants are not exactly
offensive powerhouses, but are fairly useful regardless.

- Lovers (VI)
Lovers Personas are generally healing specialists, with a decent spread of
various other skills. Nothing much more to say about them. Or maybe I'm just
lazy.

- Chariot (VII)
The Chariot Arcana is one of three in the game with a clear focus on physical
skills. It is generally the first one that you will gain access to, and,
unsurprisingly, it is also the weakest. Nevertheless, since there are
relatively few Personas with a physical focus, as opposed to the wealth of
those focused on magic, Chariots are going to be of help to any brawler-
oriented approach to developing a build for the protagonist. Note that
Chariots are rather lacking in terms of Pierce skills, and are split fairly
evenly between Slash and Strike skills.

- Justice (VIII)
Justice Personas are Light specialists. They are all weak against Dark
attacks, so you're essentially nullifying half of potential instant-kill
attacks in exchange for making yourself more vulnerable to the other half. As
far as other skills go, there is a fairly even spread in terms of physical,
magic, and healing skills. Justice is another decent all-around Arcana.

- Hermit (IX)
Hermits are a bit different from everyone else, which befits the Arcana name.
They tend to lean a little bit towards Bad Status skills and debuffs, which
make them fairly specialized. They don't have many chances to shine, but they
can turn the protagonist into a decent support fighter.

- Fortune (X)
Fortune is quite obviously the Wind Arcana. There is no need for any sort of
complex analysis here.

- Strength (XI)
Strength is the mid-tier physical Arcana. It should be noted that Strength
Personas focus almost exclusively on Slash skills.

- Hanged Man (XII)
Staying power is the name of the game when it comes to Hanged Man Personas.
They comprise the only Arcana with a distinctly defensive focus, with high
Endurance stats and growth across the board. Hanged Man is kind of like a
sturdier version of Hierophant, but with less offense.

- Death (XIII)
No one should be surprised that Death Personas specialize in the Dark element
and are generally weak against Light.

- Temperance (XIV)
Temperance Personas are good offensive casters, covering Fire, Ice, and
Electricity, with a bit of leaning towards Ice.

- Devil (XV)
Devils specialize in Bad Status and also dabble in Dark skills. Given their
implied origin, they are generally strong against Fire. Naturally, they fare
poorly against Light skills.

- Tower (XVI)
Tower is the ultimate physical-based Arcana. Personas in this group are more
or less offensive powerhouses, with plenty of strong Slash and Pierce skills,
high levels, and an occasional offensive spell for flavor. By all means, use
Tower Personas, and enjoy doing so.

- Star (XVII)
Star is another strong all-around Arcana, but Star Personas are also very
beefed up, with much higher levels relative to most other Arcana. Offensive
spells trend towards either Fire or Wind. The one Persona that seals the deal
is Lucifer, who is, with little debate, the single strongest Persona in the
game.

- Moon (XVIII)
The Moon Arcana could be seen as a relative weak link in the Arcana order,
situated right in between Tower/Star on one side and Sun/Judgement on the
other, but it is far from being a weak Arcana. Moon Personas have a great
spread of offensive skills, whether they be physical or magic, and come with
the levels and stats to back them up.

- Sun (XIX)
You could consider Sun to be a stronger version of Justice. Both Arcana shrug
off Light attacks and are weak to dark attacks. However, Sun Personas
generally eschew wielding Light attacks of their own in favor of a diverse
body of general offensive spells.

- Judgement (XX)
Judgement is kind of like Sun, except without the weakness to Dark, generally
speaking. Personas of this Arcana are by far the highest-leveled Personas in
the game, and it will be a while before you can obtain even the lowest-ranked
one (Lv 59 Anubis).

taken from Arthellinus's mechanics guide.