360 ONE MSCI India ETF vs HDFC Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
360 ONE MSCI India ETF is an ETF fund and HDFC Arbitrage Fund is an Arbitrage fund. Their portfolios overlap 50.2%: they hold 120 of the same securities.
Which is better, 360 ONE MSCI India ETF or HDFC Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Arbitrage fell less in its worst fall since 29-05-2026: −0.5% against −9.9%.
- 360 ONE MSCI India ETF holds more in large companies: 78.3% of the fund in large caps against 55.6%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹6 Cr.
- Their portfolios overlap 50.2%: 120 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | 360 ONE MSCI India ETF | HDFC Arbitrage Fund |
|---|---|---|
| Fund house | 360 ONE Mutual Fund | HDFC Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹6 Cr (30-09-2026) | ₹25,407 Cr (30-09-2026) |
| NAV | ₹9.56 (Direct) | ₹21.93 (Direct) |
| Expense ratio (Direct) | 0.00% | 1.48% |
| Expense ratio (Regular) | Not available | 2.02% |
| Riskometer | Very High | Low |
| Benchmark | MSCI India TRI | Nifty 50 Arbitrage TRI |
| Launch date | 22-05-2026 | 23-10-2007 |
| Minimum investment | On Continuous basis: Directly with Fund- a) Market Makers: Market Makers can directly purchase/redeem in blocks from the fund in “Creation unit size” on any business day. b) Large Investors: Large Investors can directly purchase/redeem in blocks from the | ₹100 |
| Lock in | None | None |
| Fund managers | Viral Mehta, Pranav Mise | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal |
| Exit load | Nil | • In respect of each purchase / switch-in of Units, an Exit load of 0.25% is payable if Units are redeemed / switched-out within 15 days from the date of allotment of units. • No Exit Load is payable if Units are redeemed/switched-out after 15 days from the date of allotment. |
360 ONE MSCI India ETF vs HDFC Arbitrage: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| 360 ONE MSCI India ETF (Direct) | +0.25% | −5.95% | -- | -- | -- | -- | -- |
| HDFC Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.25% | +6.66% | +7.26% | +6.73% | +6.13% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 39 Arbitrage funds, same plan type.
360 ONE MSCI India ETF vs HDFC Arbitrage: Year-wise Returns
| Year | 360 ONE MSCI India ETF360 ONE MSCI India ETF | HDFC ArbitrageHDFC Arbitrage |
|---|---|---|
| 2026to date | -- | +5.43% |
| 2025 | -- | +6.93% |
| 2024 | -- | +8.22% |
| 2023 | -- | +7.78% |
| 2022 | -- | +4.73% |
| 2021 | -- | +4.17% |
360 ONE MSCI India ETF vs HDFC Arbitrage: Rolling Returns
Every holding period of both funds
360 ONE MSCI India ETF vs HDFC Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | 360 ONE MSCI India ETF (Direct) | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.33% | +6.43% |
| Standard deviation | 11.22% | 1.02% |
| Sharpe ratio | -1.12 | 0.60 |
| Sortino ratio | -1.49 | 0.87 |
| Maximum drawdown | −9.9% (08-10-2026) | −0.7% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-05-2026 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
360 ONE MSCI India ETF (Direct)
HDFC Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| 360 ONE MSCI India ETF (Direct) | −9.9% | 03-08-2026 | 08-10-2026 | Not yet | -- | −7.8% |
| HDFC Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | −0.1% |
From daily values since 29-05-2026, the first day every fund has.
360 ONE MSCI India ETF vs HDFC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: 360 ONE MSCI India ETF, September 2026; HDFC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 50.2%
- Held by both
- 120
- Only in 360 ONE MSCI India ETF
- 45
- Only in HDFC Arbitrage
- 49
| Security | % of 360 ONE MSCI India ETF | % of HDFC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 6.35% | 5.04% |
| ICICI Bank Limited | 5.51% | 5.04% |
| Reliance Industries Limited | 5.44% | 3.39% |
| Bharti Airtel Limited | 3.71% | 3.31% |
| Axis Bank Limited | 2.21% | 2.87% |
| Bajaj Finance Limited | 1.90% | 1.80% |
| Kotak Mahindra Bank Limited | 1.79% | 1.44% |
| State Bank of India | 1.39% | 2.30% |
| Tata Steel Limited | 1.09% | 1.55% |
| Hindustan Unilever Limited | 1.06% | 1.43% |
| Divi's Laboratories Limited | 0.86% | 1.26% |
| TVS Motor Company Limited | 0.77% | 1.10% |
| NTPC Limited | 1.11% | 0.74% |
| Hindalco Industries Limited | 0.97% | 0.73% |
| InterGlobe Aviation Limited | 0.74% | 0.62% |
| JSW Steel Limited | 0.60% | 2.32% |
| Apollo Hospitals Enterprise Limited | 0.63% | 0.59% |
| ITC Limited | 0.62% | 0.59% |
| Eicher Motors Limited | 0.76% | 0.58% |
| Infosys Limited | 2.41% | 0.57% |
| Larsen & Toubro Limited | 1.99% | 0.54% |
| Cholamandalam Investment and Finance Company Ltd | 0.54% | 0.62% |
| Coal India Limited | 0.52% | 0.87% |
| Bharat Electronics Limited | 1.07% | 0.46% |
| Varun Beverages Limited | 0.44% | 0.56% |
| Mahindra & Mahindra Limited | 2.04% | 0.43% |
| Maruti Suzuki India Limited | 1.11% | 0.42% |
| Tata Consumer Products Limited | 0.41% | 0.49% |
| Adani Enterprises Limited | 0.40% | 0.49% |
| Bharat Heavy Electricals Limited | 0.40% | 0.46% |
| HDFC Life Insurance Company Limited | 0.40% | 0.38% |
| Indus Towers Limited | 0.37% | 0.81% |
| Tata Motors Passenger Vehicles Limited | 0.42% | 0.36% |
| Bharat Forge Limited | 0.36% | 0.35% |
| Power Finance Corporation Limited | 0.34% | 0.41% |
| Info Edge (India) Limited | 0.33% | 0.37% |
| Marico Limited | 0.32% | 0.57% |
| Multi Commodity Exchange of India Limited | 0.32% | 0.44% |
| Jio Financial Services Limited | 0.46% | 0.31% |
| Tata Power Company Limited | 0.43% | 0.30% |
| Indian Oil Corporation Limited | 0.30% | 0.48% |
| Hindustan Aeronautics Limited | 0.62% | 0.29% |
| Cummins India Limited | 0.50% | 0.29% |
| Ashok Leyland Limited | 0.34% | 0.29% |
| Asian Paints Limited | 0.73% | 0.28% |
| The Indian Hotels Company Limited | 0.47% | 0.27% |
| GE Vernova T&D India Limited | 0.41% | 0.27% |
| Vodafone Idea Limited | 0.27% | 1.03% |
| Hindustan Petroleum Corporation Limited | 0.26% | 0.32% |
| IDFC First Bank Limited | 0.26% | 0.95% |
| Yes Bank Limited | 0.25% | 0.29% |
| Titan Company Limited | 1.27% | 0.24% |
| Adani Power Limited | 0.48% | 0.23% |
| Bharat Petroleum Corporation Limited | 0.38% | 0.23% |
| Pidilite Industries Limited | 0.33% | 0.23% |
| APL Apollo Tubes Limited | 0.31% | 0.23% |
| Aditya Birla Capital Limited | 0.22% | 0.33% |
| UltraTech Cement Limited | 0.90% | 0.21% |
| Punjab National Bank | 0.20% | 1.27% |
| Grasim Industries Limited | 0.65% | 0.19% |
| Adani Energy Solutions Limited | 0.20% | 0.19% |
| Bank of Baroda | 0.19% | 0.74% |
| NMDC Limited | 0.19% | 0.67% |
| Bajaj Auto Limited | 0.55% | 0.18% |
| Ambuja Cements Limited | 0.18% | 0.44% |
| Godrej Properties Limited | 0.17% | 0.26% |
| Canara Bank | 0.17% | 1.52% |
| Eternal Limited | 0.61% | 0.17% |
| Aurobindo Pharma Limited | 0.34% | 0.17% |
| Voltas Limited | 0.17% | 0.21% |
| Alkem Laboratories Limited | 0.17% | 0.18% |
| Torrent Pharmaceuticals Limited | 0.39% | 0.16% |
| UPL Limited | 0.21% | 0.16% |
| Bajaj Finserv Limited | 0.52% | 0.15% |
| Lupin Limited | 0.37% | 0.15% |
| Samvardhana Motherson International Limited | 0.54% | 0.14% |
| Cipla Limited | 0.54% | 0.13% |
| The Federal Bank Limited | 0.45% | 0.11% |
| One 97 Communications Limited | 0.51% | 0.10% |
| IndusInd Bank Limited | 0.41% | 0.10% |
| Shriram Finance Limited | 1.09% | 0.08% |
| Tube Investments of India Limited | 0.18% | 0.08% |
| Sun Pharmaceutical Industries Limited | 1.30% | 0.07% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.07% |
| Avenue Supermarts Limited | 0.44% | 0.07% |
| DLF Limited | 0.33% | 0.07% |
| GAIL (India) Limited | 0.31% | 0.07% |
| Fortis Healthcare Limited | 0.29% | 0.07% |
| Union Bank of India | 0.21% | 0.07% |
| Supreme Industries Limited | 0.17% | 0.07% |
| JSW Energy Limited | 0.15% | 0.07% |
| SBI Life Insurance Company Limited | 0.60% | 0.06% |
| AU Small Finance Bank Limited | 0.44% | 0.06% |
| Solar Industries India Limited | 0.33% | 0.06% |
| CG Power and Industrial Solutions Limited | 0.43% | 0.05% |
| Jindal Steel Limited | 0.32% | 0.05% |
| United Spirits Limited | 0.31% | 0.05% |
| Muthoot Finance Limited | 0.24% | 0.05% |
| National Aluminium Company Limited | 0.22% | 0.05% |
| Mphasis Limited | 0.20% | 0.05% |
| Tata Consultancy Services Limited | 1.33% | 0.04% |
| Trent Limited | 0.55% | 0.04% |
| GMR Airports Limited | 0.20% | 0.04% |
| HCL Technologies Limited | 0.86% | 0.03% |
| Nestle India Limited | 0.60% | 0.03% |
| BSE Limited | 0.48% | 0.03% |
| Britannia Industries Limited | 0.41% | 0.03% |
| SRF Limited | 0.26% | 0.03% |
| Dabur India Limited | 0.13% | 0.03% |
| Suzlon Energy Limited | 0.32% | 0.02% |
| PB Fintech Limited | 0.29% | 0.02% |
| Oil India Limited | 0.14% | 0.02% |
| Page Industries Limited | 0.11% | 0.02% |
| Power Grid Corporation of India Limited | 0.87% | 0.01% |
| Adani Ports and Special Economic Zone Limited | 0.74% | 0.01% |
| Laurus Labs Limited | 0.50% | 0.01% |
| Polycab India Limited | 0.32% | 0.01% |
| Hitachi Energy India Limited | 0.24% | 0.01% |
| Zydus Lifesciences Limited | 0.17% | 0.01% |
| Colgate Palmolive (India) Limited | 0.16% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.2% means 50.2% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in 360 ONE MSCI India ETF
| Security | % of fund |
|---|---|
| Tech Mahindra Limited | 0.64% |
| Tata Motors Ltd | 0.62% |
| Max Healthcare Institute Limited | 0.52% |
| Dr. Reddy's Laboratories Limited | 0.49% |
| Hero MotoCorp Limited | 0.49% |
Largest holdings only in HDFC Arbitrage Fund
| Security | % of fund |
|---|---|
| HDFC Money Market Fund - Direct Plan - Growth Option | 9.14% |
| Union Bank of India | 3.84% |
| HDFC Liquid Fund - Direct Plan - Growth Option | 3.75% |
| HDFC Ultra Short Term Fund - Direct Plan - Growth Option | 2.85% |
| HDFC Ultra Short to Short Term Fund - Direct Plan - Growth Option | 2.64% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | 360 ONE MSCI India ETF | HDFC Arbitrage |
|---|---|---|
| Equity | 96.9% | 67.5% |
| Debt | 0.0% | 9.0% |
| Cash and others | 3.1% | 23.4% |
Market cap of stocks
| Market cap | 360 ONE MSCI India ETF | HDFC Arbitrage |
|---|---|---|
| Large Cap | 78.3% | 55.6% |
| Mid Cap | 18.6% | 10.3% |
| Small Cap | 0.0% | 1.7% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | 360 ONE MSCI India ETF | HDFC Arbitrage |
|---|---|---|
| Banks | 20.0% | 22.2% |
| IT - Software | 6.5% | 0.9% |
| Petroleum Products | 6.4% | 4.4% |
| Finance | 6.2% | 4.3% |
| Automobiles | 6.1% | 3.1% |
| Pharmaceuticals & Biotechnology | 5.3% | 3.0% |
| Telecom - Services | 4.5% | 5.2% |
| Ferrous Metals | 2.2% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
360 ONE MSCI India ETF vs HDFC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | 360 ONE MSCI India ETF | HDFC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.00% | 1.48% |
| Base expense ratio (Direct) | 0.00% | 0.34% |
| Total expense ratio (Regular) | Not available | 2.02% |
| Base expense ratio (Regular) | 0.39% | 0.80% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
360 ONE MSCI India ETF vs HDFC Arbitrage Fund: Frequently Asked Questions
What is the difference between 360 ONE MSCI India ETF and HDFC Arbitrage Fund?
360 ONE MSCI India ETF is an ETF fund, HDFC Arbitrage Fund is an Arbitrage fund, run by 360 ONE Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 50.2%.
How much do 360 ONE MSCI India ETF and HDFC Arbitrage Fund overlap?
50.2%. They hold 120 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, 360 ONE MSCI India ETF or HDFC Arbitrage Fund?
On SEBI's riskometer, 360 ONE MSCI India ETF is rated Very High and HDFC Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 11.22% and 1.02% a year.
Can I invest in both 360 ONE MSCI India ETF and HDFC Arbitrage Fund?
Yes. 50.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages 360 ONE MSCI India ETF and HDFC Arbitrage Fund?
360 ONE MSCI India ETF: Viral Mehta, Pranav Mise. HDFC Arbitrage Fund: Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.