Aditya Birla Sun Life Msci India ETF vs HDFC Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Aditya Birla Sun Life Msci India ETF is an ETF fund and HDFC Arbitrage Fund is an Arbitrage fund. Aditya Birla Sun Life Msci India ETF charges 0.22% a year and HDFC Arbitrage Fund 1.48%. Their portfolios overlap 50.5%: they hold 120 of the same securities.
Aditya Birla Sun Life Msci India ETF
ETF
- Expense ratio
- 0.22%
- NAV
- ₹27.93
Which is better, Aditya Birla Sun Life 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.
- Aditya Birla Sun Life Msci India ETF costs less: 0.22% a year against 1.48%.
- HDFC Arbitrage fell less in its worst fall since 20-02-2026: −0.5% against −12.5%.
- Aditya Birla Sun Life Msci India ETF holds more in large companies: 80.6% of the fund in large caps against 55.6%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹11 Cr.
- Their portfolios overlap 50.5%: 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 | Aditya Birla Sun Life Msci India ETF | HDFC Arbitrage Fund |
|---|---|---|
| Fund house | Aditya Birla Sun Life Mutual Fund | HDFC Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹11 Cr (30-09-2026) | ₹25,407 Cr (30-09-2026) |
| NAV | ₹27.93 | ₹21.93 (Direct) |
| Expense ratio (Direct) | Not available | 1.48% |
| Expense ratio (Regular) | Not available | 2.02% |
| Riskometer | Very High | Low |
| Benchmark | MSCI India Index | Nifty 50 Arbitrage TRI |
| Launch date | 17-02-2026 | 23-10-2007 |
| Minimum investment | For Subscription / Redemption of units directly with Mutual Fund: Subscription / Redemption facility directly with the Mutual Fund would be restricted to Market Makers and Large Investors. Units of the Scheme may be subscribed to / redeemed only in Creati | ₹100 |
| Lock in | None | None |
| Fund managers | Priya Sridhar, Mehul Dama | 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. |
Aditya Birla Sun Life 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 |
|---|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Msci India ETF | +0.29% | −5.96% | −3.50% | -- | -- | -- | -- |
| 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.
Aditya Birla Sun Life Msci India ETF vs HDFC Arbitrage: Year-wise Returns
| Year | Aditya Birla Sun Life Msci India ETFAditya Birla Sun Life 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% |
Aditya Birla Sun Life Msci India ETF vs HDFC Arbitrage: Rolling Returns
Every holding period of both funds
Aditya Birla Sun Life 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 | Aditya Birla Sun Life Msci India ETF | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −10.53% | +6.43% |
| Standard deviation | 15.37% | 1.02% |
| Sharpe ratio | -1.03 | 0.60 |
| Sortino ratio | -1.35 | 0.87 |
| Maximum drawdown | −12.5% (31-03-2026) | −0.7% (25-03-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 20-02-2026 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.
Aditya Birla Sun Life Msci India ETF
HDFC Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Aditya Birla Sun Life Msci India ETF | −12.5% | 23-02-2026 | 31-03-2026 | 03-08-2026 | 4 months | −7.9% |
| HDFC Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | −0.1% |
From daily values since 20-02-2026, the first day every fund has.
Aditya Birla Sun Life Msci India ETF vs HDFC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Aditya Birla Sun Life Msci India ETF, September 2026; HDFC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 50.5%
- Held by both
- 120
- Only in Aditya Birla Sun Life Msci India ETF
- 45
- Only in HDFC Arbitrage
- 49
| Security | % of Aditya Birla Sun Life Msci India ETF | % of HDFC Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 6.44% | 5.04% |
| ICICI Bank Ltd. | 5.59% | 5.04% |
| Reliance Industries Ltd. | 5.44% | 3.39% |
| Bharti Airtel Ltd. | 3.93% | 3.31% |
| Axis Bank Ltd. | 2.25% | 2.87% |
| Bajaj Finance Ltd. | 1.91% | 1.80% |
| Kotak Mahindra Bank Ltd. | 1.82% | 1.44% |
| State Bank of India | 1.41% | 2.30% |
| Tata Steel Ltd. | 1.10% | 1.55% |
| Hindustan Unilever Ltd. | 1.06% | 1.43% |
| Divi's Laboratories Ltd. | 0.88% | 1.26% |
| TVS Motor Company Ltd. | 0.78% | 1.10% |
| NTPC Ltd. | 1.12% | 0.74% |
| Hindalco Industries Ltd. | 0.97% | 0.73% |
| Interglobe Aviation Ltd. | 0.75% | 0.62% |
| JSW Steel Ltd. | 0.61% | 2.32% |
| Apollo Hospitals Enterprise Ltd. | 0.65% | 0.59% |
| ITC Ltd. | 0.63% | 0.59% |
| Eicher Motors Ltd. | 0.78% | 0.58% |
| Infosys Ltd. | 2.41% | 0.57% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.55% | 0.62% |
| Larsen & Toubro Ltd. | 2.02% | 0.54% |
| Coal India Ltd. | 0.52% | 0.87% |
| Adani Enterprises Ltd. | 0.59% | 0.49% |
| Bharat Electronics Ltd. | 1.07% | 0.46% |
| Varun Beverages Ltd. | 0.44% | 0.56% |
| Mahindra & Mahindra Ltd. | 2.05% | 0.43% |
| Maruti Suzuki India Ltd. | 1.13% | 0.42% |
| Tata Consumer Products Ltd. | 0.41% | 0.49% |
| Bharat Heavy Electricals Ltd. | 0.40% | 0.46% |
| HDFC Life Insurance Company Ltd. | 0.41% | 0.38% |
| Indus Towers Ltd. | 0.37% | 0.81% |
| Tata Motors Passenger Vehicles Ltd. | 0.42% | 0.36% |
| Bharat Forge Ltd. | 0.37% | 0.35% |
| Power Finance Corporation Ltd. | 0.34% | 0.41% |
| Info Edge (India) Ltd. | 0.33% | 0.37% |
| Multi Commodity Exchange of India Ltd. | 0.33% | 0.44% |
| Marico Ltd. | 0.33% | 0.57% |
| Jio Financial Services Ltd. | 0.46% | 0.31% |
| Indian Oil Corporation Ltd. | 0.30% | 0.48% |
| Tata Power Company Ltd. | 0.43% | 0.30% |
| Hindustan Aeronautics Ltd. | 0.62% | 0.29% |
| Cummins India Ltd. | 0.50% | 0.29% |
| Ashok Leyland Ltd. | 0.34% | 0.29% |
| Asian Paints Ltd. | 0.73% | 0.28% |
| IDFC First Bank Ltd. | 0.27% | 0.95% |
| The Indian Hotels Company Ltd. | 0.48% | 0.27% |
| GE Vernova T&D India Ltd. | 0.43% | 0.27% |
| Vodafone Idea Ltd. | 0.27% | 1.03% |
| Hindustan Petroleum Corporation Ltd. | 0.27% | 0.32% |
| Yes Bank Ltd. | 0.25% | 0.29% |
| Titan Company Ltd. | 1.30% | 0.24% |
| Adani Power Ltd. | 0.53% | 0.23% |
| Bharat Petroleum Corporation Ltd. | 0.39% | 0.23% |
| Pidilite Industries Ltd. | 0.33% | 0.23% |
| APL Apollo Tubes Ltd. | 0.31% | 0.23% |
| Aditya Birla Capital Ltd. | 0.23% | 0.33% |
| Ultratech Cement Ltd. | 0.90% | 0.21% |
| Punjab National Bank | 0.21% | 1.27% |
| Bank of Baroda | 0.19% | 0.74% |
| Grasim Industries Ltd. | 0.66% | 0.19% |
| Adani Energy Solutions Ltd. | 0.22% | 0.19% |
| NMDC Ltd. | 0.19% | 0.67% |
| Bajaj Auto Ltd. | 0.58% | 0.18% |
| Ambuja Cements Ltd. | 0.18% | 0.44% |
| Godrej Properties Ltd. | 0.18% | 0.26% |
| Canara Bank | 0.17% | 1.52% |
| Alkem Laboratories Ltd. | 0.17% | 0.18% |
| Eternal Ltd. | 1.22% | 0.17% |
| Aurobindo Pharma Ltd. | 0.35% | 0.17% |
| Voltas Ltd. | 0.17% | 0.21% |
| Torrent Pharmaceuticals Ltd. | 0.55% | 0.16% |
| UPL Ltd. | 0.22% | 0.16% |
| Bajaj Finserv Ltd. | 0.53% | 0.15% |
| Lupin Ltd. | 0.37% | 0.15% |
| Samvardhana Motherson International Ltd. | 0.55% | 0.14% |
| Cipla Ltd. | 0.54% | 0.13% |
| The Federal Bank Ltd. | 0.46% | 0.11% |
| One 97 Communications Ltd. | 0.51% | 0.10% |
| IndusInd Bank Ltd. | 0.41% | 0.10% |
| Shriram Finance Ltd. | 1.11% | 0.08% |
| Tube Investments of India Ltd. | 0.19% | 0.08% |
| Sun Pharmaceutical Industries Ltd. | 1.30% | 0.07% |
| Oil & Natural Gas Corporation Ltd. | 0.46% | 0.07% |
| Avenue Supermarts Ltd. | 0.44% | 0.07% |
| DLF Ltd. | 0.33% | 0.07% |
| GAIL (India) Ltd. | 0.31% | 0.07% |
| Fortis Healthcare Ltd. | 0.30% | 0.07% |
| Union Bank of India | 0.21% | 0.07% |
| JSW Energy Ltd. | 0.18% | 0.07% |
| Supreme Industries Ltd. | 0.17% | 0.07% |
| SBI Life Insurance Co. Ltd. | 0.61% | 0.06% |
| AU Small Finance Bank Ltd. | 0.45% | 0.06% |
| Solar Industries India Ltd. | 0.36% | 0.06% |
| CG Power and Industrial Solutions Ltd. | 0.43% | 0.05% |
| Jindal Steel Ltd. | 0.32% | 0.05% |
| United Spirits Ltd. | 0.31% | 0.05% |
| Muthoot Finance Ltd. | 0.24% | 0.05% |
| National Aluminium Company Ltd. | 0.22% | 0.05% |
| Mphasis Ltd. | 0.20% | 0.05% |
| Tata Consultancy Services Ltd. | 1.33% | 0.04% |
| Trent Ltd. | 0.56% | 0.04% |
| GMR Airports Ltd. | 0.22% | 0.04% |
| HCL Technologies Ltd. | 0.86% | 0.03% |
| Nestle India Ltd. | 0.60% | 0.03% |
| BSE Ltd. | 0.49% | 0.03% |
| Britannia Industries Ltd. | 0.42% | 0.03% |
| SRF Ltd. | 0.26% | 0.03% |
| Dabur India Ltd. | 0.13% | 0.03% |
| Suzlon Energy Ltd. | 0.32% | 0.02% |
| PB Fintech Ltd. | 0.29% | 0.02% |
| Page Industries Ltd. | 0.17% | 0.02% |
| Oil India Ltd. | 0.15% | 0.02% |
| Power Grid Corporation of India Ltd. | 0.87% | 0.01% |
| Adani Ports and Special Economic Zone Ltd. | 0.83% | 0.01% |
| Laurus Labs Ltd. | 0.55% | 0.01% |
| Polycab India Ltd. | 0.34% | 0.01% |
| Hitachi Energy India Ltd. | 0.29% | 0.01% |
| Zydus Lifesciences Ltd. | 0.17% | 0.01% |
| Colgate Palmolive (India) Ltd. | 0.16% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.5% means 50.5% 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 Aditya Birla Sun Life Msci India ETF
| Security | % of fund |
|---|---|
| Tech Mahindra Ltd. | 0.66% |
| Tata Motors Ltd. | 0.62% |
| Max Healthcare Institute Ltd. | 0.52% |
| Hero MotoCorp Ltd. | 0.50% |
| Dr. Reddy's Laboratories Ltd. | 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 | Aditya Birla Sun Life Msci India ETF | HDFC Arbitrage |
|---|---|---|
| Equity | 99.8% | 67.5% |
| Debt | 0.0% | 9.0% |
| Cash and others | 0.2% | 23.4% |
Market cap of stocks
| Market cap | Aditya Birla Sun Life Msci India ETF | HDFC Arbitrage |
|---|---|---|
| Large Cap | 80.6% | 55.6% |
| Mid Cap | 19.2% | 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 | Aditya Birla Sun Life Msci India ETF | HDFC Arbitrage |
|---|---|---|
| Banks | 20.3% | 22.2% |
| IT - Software | 6.6% | 0.9% |
| Petroleum Products | 6.4% | 4.4% |
| Finance | 6.3% | 4.3% |
| Automobiles | 6.2% | 3.1% |
| Pharmaceuticals & Biotechnology | 5.6% | 3.0% |
| Telecom - Services | 4.7% | 5.2% |
| Ferrous Metals | 2.2% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Aditya Birla Sun Life Msci India ETF vs HDFC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Aditya Birla Sun Life Msci India ETF | HDFC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.48% |
| Base expense ratio (Direct) | 0.00% | 0.34% |
| Total expense ratio (Regular) | Not available | 2.02% |
| Base expense ratio (Regular) | 0.16% | 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
Aditya Birla Sun Life Msci India ETF vs HDFC Arbitrage Fund: Frequently Asked Questions
What is the difference between Aditya Birla Sun Life Msci India ETF and HDFC Arbitrage Fund?
Aditya Birla Sun Life Msci India ETF is an ETF fund, HDFC Arbitrage Fund is an Arbitrage fund, run by Aditya Birla Sun Life Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 50.5%. Aditya Birla Sun Life Msci India ETF charges 0.22% a year and HDFC Arbitrage Fund 1.48%.
Which has the lower expense ratio, Aditya Birla Sun Life Msci India ETF or HDFC Arbitrage Fund?
Aditya Birla Sun Life Msci India ETF charges less: 0.22% a year against 1.48%. These are the total expense ratios reported to AMFI.
How much do Aditya Birla Sun Life Msci India ETF and HDFC Arbitrage Fund overlap?
50.5%. 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, Aditya Birla Sun Life Msci India ETF or HDFC Arbitrage Fund?
On SEBI's riskometer, Aditya Birla Sun Life Msci India ETF is rated Very High and HDFC Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 15.37% and 1.02% a year.
Can I invest in both Aditya Birla Sun Life Msci India ETF and HDFC Arbitrage Fund?
Yes. 50.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Aditya Birla Sun Life Msci India ETF and HDFC Arbitrage Fund?
Aditya Birla Sun Life Msci India ETF: Priya Sridhar, Mehul Dama. 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.