Bajaj Finserv Arbitrage Fund vs Kotak Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Bajaj Finserv Arbitrage Fund and Kotak Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Bajaj Finserv Arbitrage Fund (Direct) returned 7.0% a year and Kotak Arbitrage Fund (Direct) returned 7.4% a year. Bajaj Finserv Arbitrage Fund charges 1.29% a year and Kotak Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 38.6%: they hold 112 of the same securities.
Bajaj Finserv Arbitrage Fund
Arbitrage
- 3 year return
- 7.0%
- Expense ratio
- 1.29%
- NAV
- ₹12.36
Which is better, Bajaj Finserv Arbitrage or Kotak Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Arbitrage returned more over 3 years: 7.4% a year against 7.0%.
- Kotak Arbitrage returned more over 1 year: 6.8% against 6.6%.
- Bajaj Finserv Arbitrage costs less: 1.29% a year against 2.31% (Direct plans).
- Bajaj Finserv Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.1%.
- Bajaj Finserv Arbitrage fell less in its worst fall since 18-09-2023: −0.4% against −0.5%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹1,375 Cr.
- Their portfolios overlap 38.6%: 112 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 | Bajaj Finserv Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Fund house | Bajaj Finserv Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹1,375 Cr (30-09-2026) | ₹75,275 Cr (30-09-2026) |
| NAV | ₹12.36 (Direct) | ₹43.60 (Direct) |
| Expense ratio (Direct) | 1.29% | 2.31% |
| Expense ratio (Regular) | 1.99% | 2.89% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 15-09-2023 | 29-09-2005 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Ilesh Savla, Siddharth Chaudhary | Hiten Shah |
| Exit load | Entry load – not applicable Exit load – 0.25% of applicable NAV if redeemed/switched out within 15 days from the date of allotment. Nil if redeemed/switched out after 15 days from the date of allotment. | Exit load of 0.25% if redeemed within 30 days |
Bajaj Finserv Arbitrage vs Kotak 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 |
|---|---|---|---|---|---|---|---|
| Bajaj Finserv Arbitrage Fund (Direct) | +0.50% | +1.50% | +3.18% | +6.61% | +6.98% | -- | -- |
| Kotak Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.29% | +6.75% | +7.43% | +6.98% | +6.46% |
| 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.
Bajaj Finserv Arbitrage vs Kotak Arbitrage: Year-wise Returns
| Year | Bajaj FinservBajaj Finserv Arbitrage | KotakKotak Arbitrage |
|---|---|---|
| 2026to date | +5.41% | +5.53% |
| 2025 | +6.75% | +7.06% |
| 2024 | +7.61% | +8.47% |
| 2023 | -- | +8.01% |
| 2022 | -- | +5.14% |
| 2021 | -- | +4.56% |
Bajaj Finserv Arbitrage vs Kotak Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 27 of them, one for each trading day from 18-09-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Bajaj Finserv Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
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Oct 2026Oct 2023
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bajaj Finserv Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.9% | 7.0% |
| Kotak Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.5% | 7.5% | 7.3% | 7.5% |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. Every fund is measured over the days all of them have, from 18-09-2023. Past returns do not promise future returns.
Bajaj Finserv Arbitrage vs Kotak Arbitrage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 18-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bajaj Finserv ArbitrageBajaj Finserv Arbitrage Fund (Direct) | ₹3,80,000 | ₹4,23,141 | ₹43,141 | 6.8% |
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹3,80,000 | ₹4,25,228 | ₹45,228 | 7.1% |
Bajaj Finserv ArbitrageBajaj Finserv Arbitrage Fund (Direct)
Kotak ArbitrageKotak Arbitrage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Bajaj Finserv Arbitrage vs Kotak Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Bajaj Finserv Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.61% | +6.75% |
| Standard deviation | 1.39% | 1.38% |
| Sharpe ratio | 0.98 | 1.09 |
| Sortino ratio | 1.51 | 1.65 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2025 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.
| Measure | Bajaj Finserv Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.98% | +7.43% |
| Standard deviation | 1.10% | 1.10% |
| Sharpe ratio | 0.87 | 1.28 |
| Sortino ratio | 1.32 | 1.96 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 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.
| Measure | Bajaj Finserv Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.00% | +7.07% |
| Standard deviation | 1.08% | 1.02% |
| Sharpe ratio | 0.87 | 1.00 |
| Sortino ratio | 1.33 | 1.52 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 18-09-2023 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.
Bajaj Finserv Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Bajaj Finserv Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
| Kotak Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
From daily values since 18-09-2023, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Bajaj Finserv Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Bajaj Finserv Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
Bajaj Finserv Arbitrage vs Kotak Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Bajaj Finserv Arbitrage Fund, September 2026; Kotak Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 38.6%
- Held by both
- 112
- Only in Bajaj Finserv Arbitrage
- 11
- Only in Kotak Arbitrage
- 82
| Security | % of Bajaj Finserv Arbitrage | % of Kotak Arbitrage |
|---|---|---|
| ICICI Bank Limited | 6.41% | 4.17% |
| Reliance Industries Limited | 5.21% | 3.06% |
| HDFC Bank Limited | 6.18% | 2.03% |
| Bharti Airtel Limited | 2.08% | 1.45% |
| Axis Bank Limited | 1.35% | 2.94% |
| State Bank of India | 1.22% | 1.35% |
| Bajaj Finance Limited | 2.36% | 1.20% |
| Hindalco Industries Limited | 1.05% | 1.31% |
| Vodafone Idea Limited | 0.85% | 1.30% |
| ITC Limited | 0.84% | 0.85% |
| Tata Steel Limited | 0.83% | 1.53% |
| Infosys Limited | 0.80% | 1.25% |
| PB Fintech Limited | 0.74% | 0.67% |
| Maruti Suzuki India Limited | 0.72% | 0.66% |
| NTPC Limited | 1.39% | 0.64% |
| Indus Towers Limited | 0.60% | 0.65% |
| Power Finance Corporation Limited | 0.58% | 0.80% |
| Yes Bank Limited | 0.58% | 0.56% |
| Canara Bank | 2.44% | 0.55% |
| Hindustan Zinc Limited | 0.99% | 0.52% |
| IDFC First Bank Limited | 1.62% | 0.47% |
| Kotak Mahindra Bank Limited | 0.71% | 0.47% |
| Mahindra & Mahindra Limited | 1.08% | 0.46% |
| The Indian Hotels Company Limited | 0.46% | 0.52% |
| NMDC Limited | 0.95% | 0.41% |
| Steel Authority of India Limited | 2.92% | 0.35% |
| Apollo Hospitals Enterprise Limited | 0.73% | 0.35% |
| Ashok Leyland Limited | 0.62% | 0.35% |
| Hindustan Unilever Limited | 0.35% | 0.57% |
| Jio Financial Services Limited | 0.82% | 0.34% |
| HDFC Life Insurance Company Limited | 0.42% | 0.33% |
| Tata Consultancy Services Limited | 0.33% | 0.53% |
| Adani Enterprises Limited | 0.86% | 0.32% |
| Godrej Properties Limited | 0.32% | 0.40% |
| Cipla Limited | 0.62% | 0.30% |
| Aditya Birla Capital Limited | 0.57% | 0.30% |
| Larsen & Toubro Limited | 0.95% | 0.29% |
| Samvardhana Motherson International Limited | 0.28% | 0.62% |
| Bandhan Bank Limited | 0.97% | 0.27% |
| LIC Housing Finance Limited | 0.56% | 0.27% |
| Shriram Finance Limited | 0.27% | 0.59% |
| Bajaj Finserv Limited | 0.33% | 0.25% |
| Tata Power Company Limited | 0.28% | 0.25% |
| Eicher Motors Limited | 0.24% | 0.40% |
| Kalyan Jewellers India Limited | 0.24% | 0.25% |
| Crompton Greaves Consumer Electricals Limited | 0.34% | 0.23% |
| TVS Motor Company Limited | 0.23% | 0.94% |
| Suzlon Energy Limited | 0.29% | 0.22% |
| Manappuram Finance Limited | 0.29% | 0.21% |
| Coal India Limited | 0.21% | 1.18% |
| Patanjali Foods Limited | 0.21% | 0.21% |
| Life Insurance Corporation Of India | 0.68% | 0.20% |
| Ambuja Cements Limited | 0.20% | 0.44% |
| Marico Limited | 0.20% | 0.34% |
| Hindustan Aeronautics Limited | 0.19% | 0.35% |
| Mphasis Limited | 0.19% | 0.27% |
| Bharat Heavy Electricals Limited | 0.55% | 0.18% |
| Laurus Labs Limited | 0.20% | 0.18% |
| Punjab National Bank | 1.10% | 0.17% |
| SBI Life Insurance Company Limited | 0.26% | 0.15% |
| HCL Technologies Limited | 0.23% | 0.15% |
| Adani Energy Solutions Limited | 0.14% | 0.72% |
| Tube Investments of India Limited | 0.14% | 0.32% |
| Eternal Limited | 0.28% | 0.13% |
| Fortis Healthcare Limited | 0.13% | 0.22% |
| Supreme Industries Limited | 0.13% | 0.13% |
| Adani Power Limited | 0.13% | 1.43% |
| Glenmark Pharmaceuticals Limited | 0.13% | 0.30% |
| Bharat Electronics Limited | 1.31% | 0.12% |
| BSE Limited | 0.56% | 0.12% |
| Sun Pharmaceutical Industries Limited | 0.12% | 0.17% |
| Voltas Limited | 0.12% | 0.13% |
| Coforge Limited | 0.12% | 0.78% |
| Oil & Natural Gas Corporation Limited | 0.16% | 0.11% |
| HDFC Asset Management Company Limited | 0.11% | 0.28% |
| Cholamandalam Investment and Finance Company Ltd | 0.10% | 0.88% |
| One 97 Communications Limited | 0.09% | 0.57% |
| Pidilite Industries Limited | 0.19% | 0.08% |
| Avenue Supermarts Limited | 0.12% | 0.08% |
| Titan Company Limited | 0.08% | 0.31% |
| Computer Age Management Services Limited | 0.08% | 0.12% |
| Max Financial Services Limited | 0.12% | 0.07% |
| Shree Cement Limited | 0.10% | 0.07% |
| Bank of Baroda | 0.07% | 0.69% |
| Central Depository Services (India) Limited | 0.07% | 0.12% |
| Trent Limited | 0.25% | 0.06% |
| NBCC (India) Limited | 0.18% | 0.06% |
| Hitachi Energy India Limited | 0.06% | 0.15% |
| Union Bank of India | 0.06% | 0.25% |
| APL Apollo Tubes Limited | 0.06% | 0.61% |
| SBI Cards and Payment Services Limited | 0.05% | 0.15% |
| Varun Beverages Limited | 0.05% | 0.46% |
| Indian Oil Corporation Limited | 0.05% | 0.69% |
| Aurobindo Pharma Limited | 0.05% | 0.39% |
| Solar Industries India Limited | 0.55% | 0.04% |
| Adani Ports and Special Economic Zone Limited | 0.55% | 0.04% |
| Inox Wind Limited | 0.18% | 0.04% |
| KPIT Technologies Limited | 0.06% | 0.04% |
| JSW Steel Limited | 0.04% | 0.74% |
| Asian Paints Limited | 0.04% | 0.08% |
| Indian Energy Exchange Limited | 0.04% | 0.12% |
| Delhivery Limited | 0.04% | 0.36% |
| InterGlobe Aviation Limited | 0.04% | 0.34% |
| Jindal Steel Limited | 0.04% | 0.41% |
| Amber Enterprises India Limited | 0.15% | 0.03% |
| GMR Airports Limited | 0.03% | 0.09% |
| Swiggy Limited | 0.02% | 0.75% |
| Mazagon Dock Shipbuilders Limited | 0.03% | 0.01% |
| Sagility Limited | 0.01% | 0.16% |
| Hero MotoCorp Limited | 0.01% | 0.01% |
| Divi's Laboratories Limited | 0.01% | 0.96% |
| Biocon Limited | 0.01% | 0.32% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.6% means 38.6% 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 Bajaj Finserv Arbitrage Fund
| Security | % of fund |
|---|---|
| Bajaj Finserv Liquid Fund - Direct Plan - Growth | 13.03% |
| Bajaj Finserv Money Market Fund-Direct Plan-Growth | 12.06% |
| Indian Bank (12/01/2027) | 1.78% |
| Multi Commodity Exchange of India Limited | 0.66% |
| IndusInd Bank Limited | 0.59% |
Largest holdings only in Kotak Arbitrage Fund
| Security | % of fund |
|---|---|
| Kotak Money Market Fund Direct Growth | 9.78% |
| Kotak Savings Fund Direct Growth | 4.98% |
| Kotak Ultra Short to Short Term Fund | 3.86% |
| Kotak Liquid Direct Growth | 3.13% |
| HDFC BANK LTD. | 1.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bajaj Finserv Arbitrage | Kotak Arbitrage |
|---|---|---|
| Equity | 69.8% | 71.1% |
| Debt | 1.8% | 5.8% |
| Cash and others | 28.4% | 23.1% |
Market cap of stocks
| Market cap | Bajaj Finserv Arbitrage | Kotak Arbitrage |
|---|---|---|
| Large Cap | 52.9% | 52.1% |
| Mid Cap | 13.7% | 16.4% |
| Small Cap | 3.1% | 2.6% |
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 | Bajaj Finserv Arbitrage | Kotak Arbitrage |
|---|---|---|
| Banks | 24.4% | 14.4% |
| Finance | 5.9% | 5.7% |
| Petroleum Products | 5.3% | 4.6% |
| Pharmaceuticals and Biotechnology | 0.0% | 4.2% |
| Power | 1.9% | 3.9% |
| Ferrous Metals | 3.8% | 3.0% |
| IT - Software | 1.7% | 3.8% |
| Telecom - Services | 3.5% | 3.4% |
| Automobiles | 2.3% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Bajaj Finserv Arbitrage vs Kotak Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bajaj Finserv Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.29% | 2.31% |
| Base expense ratio (Direct) | 0.31% | 0.33% |
| Total expense ratio (Regular) | 1.99% | 2.89% |
| Base expense ratio (Regular) | 0.90% | 0.83% |
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
Compare Bajaj Finserv Arbitrage with
Bajaj Finserv Arbitrage Fund vs Kotak Arbitrage Fund: Frequently Asked Questions
What is the difference between Bajaj Finserv Arbitrage Fund and Kotak Arbitrage Fund?
Both are Arbitrage funds, run by Bajaj Finserv Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 38.6%. Bajaj Finserv Arbitrage Fund charges 1.29% a year and Kotak Arbitrage Fund 2.31%.
Which has given higher returns, Bajaj Finserv Arbitrage Fund or Kotak Arbitrage Fund?
Over 1 year: Bajaj Finserv Arbitrage Fund +6.61%, Kotak Arbitrage Fund +6.75%. Over 3 years: Bajaj Finserv Arbitrage Fund +6.98% a year, Kotak Arbitrage Fund +7.43% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bajaj Finserv Arbitrage Fund or Kotak Arbitrage Fund?
Bajaj Finserv Arbitrage Fund charges less: 1.29% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Bajaj Finserv Arbitrage Fund and Kotak Arbitrage Fund overlap?
38.6%. They hold 112 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Bajaj Finserv Arbitrage Fund or Kotak Arbitrage Fund?
On SEBI's riskometer, Bajaj Finserv Arbitrage Fund is rated Low and Kotak Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.10% and 1.10% a year.
Which is better for SIP, Bajaj Finserv Arbitrage Fund or Kotak Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,10,793 in Bajaj Finserv Arbitrage Fund (XIRR 6.7% a year) and ₹4,12,666 in Kotak Arbitrage Fund (XIRR 7.0% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Bajaj Finserv Arbitrage Fund and Kotak Arbitrage Fund?
Yes. 38.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Bajaj Finserv Arbitrage Fund and Kotak Arbitrage Fund?
Bajaj Finserv Arbitrage Fund: Ilesh Savla, Siddharth Chaudhary. Kotak Arbitrage Fund: Hiten Shah.
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.