Bajaj Finserv Arbitrage Fund vs Kotak MSCI India ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Bajaj Finserv Arbitrage Fund is an Arbitrage fund and Kotak MSCI India ETF is an ETF fund. In the year to 30-10-2026, Bajaj Finserv Arbitrage Fund (Direct) returned 6.6% and Kotak MSCI India ETF returned −8.0%. Bajaj Finserv Arbitrage Fund charges 1.29% a year and Kotak MSCI India ETF 0.24%. Their portfolios overlap 49.3%: they hold 92 of the same securities.
Bajaj Finserv Arbitrage Fund
Arbitrage
- 1 year return
- 6.6%
- Expense ratio
- 1.29%
- NAV
- ₹12.36
Which is better, Bajaj Finserv Arbitrage or Kotak MSCI India ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Bajaj Finserv Arbitrage returned more over 1 year: 6.6% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 1.29%.
- Bajaj Finserv Arbitrage fell less in its worst fall since 25-02-2025: −0.4% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 52.9%.
- Kotak MSCI India ETF is the larger fund: ₹1,749 Cr against ₹1,375 Cr.
- Their portfolios overlap 49.3%: 92 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 MSCI India ETF |
|---|---|---|
| Fund house | Bajaj Finserv Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | ETF |
| AUM | ₹1,375 Cr (30-09-2026) | ₹1,749 Cr (30-09-2026) |
| NAV | ₹12.36 (Direct) | ₹28.23 |
| Expense ratio (Direct) | 1.29% | Not available |
| Expense ratio (Regular) | 1.99% | Not available |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage TRI | MSCI India TRI |
| Launch date | 15-09-2023 | 19-02-2025 |
| Minimum investment | ₹500 | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to |
| Lock in | None | None |
| Fund managers | Ilesh Savla, Siddharth Chaudhary | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| 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. | NIL |
Bajaj Finserv Arbitrage vs Kotak MSCI India ETF: 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 MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Bajaj Finserv Arbitrage vs Kotak MSCI India ETF: Year-wise Returns
| Year | Bajaj Finserv ArbitrageBajaj Finserv Arbitrage | Kotak MSCI India ETFKotak MSCI India ETF |
|---|---|---|
| 2026to date | +5.41% | −8.95% |
| 2025 | +6.75% | -- |
| 2024 | +7.61% | -- |
Bajaj Finserv Arbitrage vs Kotak MSCI India ETF: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 166 of them, one for each trading day from 25-02-2026 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 MSCI India ETF
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Oct 2025
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 | 6.5% | 6.5% | 6.1% | 6.9% |
| Kotak MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% |
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 25-02-2025. Past returns do not promise future returns.
Bajaj Finserv Arbitrage vs Kotak MSCI India ETF: 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 03-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Bajaj Finserv ArbitrageBajaj Finserv Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,22,508 | ₹12,508 | 6.5% |
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
Bajaj Finserv ArbitrageBajaj Finserv Arbitrage Fund (Direct)
Kotak MSCI India ETFKotak MSCI India ETF
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 MSCI India ETF: 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 MSCI India ETF |
|---|---|---|
| Return (CAGR) | +6.61% | −8.03% |
| Standard deviation | 1.39% | 14.22% |
| Sharpe ratio | 0.98 | -0.93 |
| Sortino ratio | 1.51 | -1.24 |
| Maximum drawdown | −0.4% (06-08-2026) | −14.6% (31-03-2026) |
| 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 MSCI India ETF |
|---|---|---|
| Return (CAGR) | +7.00% | +4.02% |
| Standard deviation | 1.08% | 13.78% |
| Sharpe ratio | 0.87 | -0.10 |
| Sortino ratio | 1.33 | -0.14 |
| Maximum drawdown | −0.4% (06-08-2026) | −14.6% (31-03-2026) |
| 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 MSCI India ETF
| 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 MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
From daily values since 25-02-2025, 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 MSCI India ETF
Bajaj Finserv Arbitrage vs Kotak MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Bajaj Finserv Arbitrage Fund, September 2026; Kotak MSCI India ETF, September 2026
Holdings in common
- Overlap
- 49.3%
- Held by both
- 92
- Only in Bajaj Finserv Arbitrage
- 31
- Only in Kotak MSCI India ETF
- 73
| Security | % of Bajaj Finserv Arbitrage | % of Kotak MSCI India ETF |
|---|---|---|
| HDFC Bank Limited | 6.18% | 6.44% |
| ICICI Bank Limited | 6.41% | 5.60% |
| Reliance Industries Limited | 5.21% | 5.44% |
| Bharti Airtel Limited | 2.08% | 3.93% |
| Bajaj Finance Limited | 2.36% | 1.91% |
| Axis Bank Limited | 1.35% | 2.25% |
| State Bank of India | 1.22% | 1.41% |
| NTPC Limited | 1.39% | 1.12% |
| Bharat Electronics Limited | 1.31% | 1.08% |
| Mahindra & Mahindra Limited | 1.08% | 2.05% |
| Hindalco Industries Limited | 1.05% | 0.97% |
| Larsen & Toubro Limited | 0.95% | 2.02% |
| Tata Steel Limited | 0.83% | 1.10% |
| Infosys Limited | 0.80% | 2.41% |
| Maruti Suzuki India Limited | 0.72% | 1.13% |
| Kotak Mahindra Bank Limited | 0.71% | 1.82% |
| Apollo Hospitals Enterprise Limited | 0.73% | 0.66% |
| ITC Limited | 0.84% | 0.63% |
| Adani Enterprises Limited | 0.86% | 0.60% |
| Adani Ports and Special Economic Zone Limited | 0.55% | 0.83% |
| Cipla Limited | 0.62% | 0.54% |
| BSE Limited | 0.56% | 0.49% |
| Jio Financial Services Limited | 0.82% | 0.46% |
| The Federal Bank Limited | 0.58% | 0.46% |
| The Indian Hotels Company Limited | 0.46% | 0.48% |
| IndusInd Bank Limited | 0.59% | 0.41% |
| HDFC Life Insurance Company Limited | 0.42% | 0.41% |
| Bharat Heavy Electricals Limited | 0.55% | 0.40% |
| AU Small Finance Bank Limited | 0.40% | 0.45% |
| Indus Towers Limited | 0.60% | 0.37% |
| Solar Industries India Limited | 0.55% | 0.36% |
| Hindustan Unilever Limited | 0.35% | 1.06% |
| Ashok Leyland Limited | 0.62% | 0.34% |
| Power Finance Corporation Limited | 0.58% | 0.34% |
| Multi Commodity Exchange of India Limited | 0.66% | 0.33% |
| Tata Consultancy Services Limited | 0.33% | 1.33% |
| Bajaj Finserv Limited | 0.33% | 0.53% |
| PB Fintech Limited | 0.74% | 0.29% |
| Suzlon Energy Limited | 0.29% | 0.32% |
| Tata Power Company Limited | 0.28% | 0.43% |
| Eternal Limited | 0.28% | 1.22% |
| Samvardhana Motherson International Limited | 0.28% | 0.55% |
| IDFC First Bank Limited | 1.62% | 0.27% |
| Vodafone Idea Limited | 0.85% | 0.27% |
| Shriram Finance Limited | 0.27% | 1.11% |
| SBI Life Insurance Company Limited | 0.26% | 0.61% |
| Yes Bank Limited | 0.58% | 0.25% |
| Trent Limited | 0.25% | 0.56% |
| Eicher Motors Limited | 0.24% | 0.78% |
| Aditya Birla Capital Limited | 0.57% | 0.23% |
| TVS Motor Company Limited | 0.23% | 0.78% |
| HCL Technologies Limited | 0.23% | 0.87% |
| Punjab National Bank | 1.10% | 0.21% |
| Coal India Limited | 0.21% | 0.52% |
| Marico Limited | 0.20% | 0.33% |
| Laurus Labs Limited | 0.20% | 0.55% |
| NMDC Limited | 0.95% | 0.19% |
| Hindustan Aeronautics Limited | 0.19% | 0.62% |
| Pidilite Industries Limited | 0.19% | 0.33% |
| Mphasis Limited | 0.19% | 0.20% |
| Godrej Properties Limited | 0.32% | 0.18% |
| Ambuja Cements Limited | 0.20% | 0.18% |
| Canara Bank | 2.44% | 0.17% |
| Oil & Natural Gas Corporation Limited | 0.16% | 0.46% |
| Adani Energy Solutions Limited | 0.14% | 0.22% |
| Tube Investments of India Limited | 0.14% | 0.19% |
| Fortis Healthcare Limited | 0.13% | 0.30% |
| Supreme Industries Limited | 0.13% | 0.17% |
| Adani Power Limited | 0.13% | 0.53% |
| Sun Pharmaceutical Industries Limited | 0.12% | 1.30% |
| Avenue Supermarts Limited | 0.12% | 0.44% |
| Voltas Limited | 0.12% | 0.17% |
| HDFC Asset Management Company Limited | 0.11% | 0.35% |
| Shree Cement Limited | 0.10% | 0.15% |
| Cholamandalam Investment and Finance Company Ltd | 0.10% | 0.55% |
| One 97 Communications Limited | 0.09% | 0.51% |
| Titan Company Limited | 0.08% | 1.30% |
| Bank of Baroda | 0.07% | 0.19% |
| Hitachi Energy India Limited | 0.06% | 0.30% |
| Union Bank of India | 0.06% | 0.21% |
| APL Apollo Tubes Limited | 0.06% | 0.32% |
| Varun Beverages Limited | 0.05% | 0.44% |
| Indian Oil Corporation Limited | 0.05% | 0.30% |
| Aurobindo Pharma Limited | 0.05% | 0.35% |
| JSW Steel Limited | 0.04% | 0.61% |
| Asian Paints Limited | 0.04% | 0.74% |
| InterGlobe Aviation Limited | 0.04% | 0.75% |
| Jindal Steel Limited | 0.04% | 0.32% |
| GMR Airports Limited | 0.03% | 0.22% |
| Hero MotoCorp Limited | 0.01% | 0.50% |
| DLF Limited | 0.01% | 0.33% |
| Divi's Laboratories Limited | 0.01% | 0.89% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.3% means 49.3% 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% |
| Steel Authority of India Limited | 2.92% |
| Indian Bank (12/01/2027) | 1.78% |
| Hindustan Zinc Limited | 0.99% |
Largest holdings only in Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| Ultratech Cement Ltd. | 0.90% |
| Power Grid Corporation of India Ltd. | 0.87% |
| Grasim Industries Ltd. | 0.66% |
| Tech Mahindra Ltd. | 0.66% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Bajaj Finserv Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Equity | 69.8% | 100.0% |
| Debt | 1.8% | 0.0% |
| Cash and others | 28.4% | 0.0% |
Market cap of stocks
| Market cap | Bajaj Finserv Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Large Cap | 52.9% | 80.6% |
| Mid Cap | 13.7% | 19.4% |
| Small Cap | 3.1% | 0.0% |
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 MSCI India ETF |
|---|---|---|
| Banks | 24.4% | 20.3% |
| IT - Software | 1.7% | 6.6% |
| Petroleum Products | 5.3% | 6.4% |
| Finance | 5.9% | 6.3% |
| Automobiles | 2.3% | 6.2% |
| Pharmaceuticals and Biotechnology | 0.0% | 5.6% |
| Telecom - Services | 3.5% | 4.7% |
| Ferrous Metals | 3.8% | 2.2% |
The six largest sectors of each fund's stocks, % of the fund.
Bajaj Finserv Arbitrage vs Kotak MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Bajaj Finserv Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.29% | Not available |
| Base expense ratio (Direct) | 0.31% | 0.00% |
| Total expense ratio (Regular) | 1.99% | Not available |
| Base expense ratio (Regular) | 0.90% | 0.17% |
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
Bajaj Finserv Arbitrage Fund vs Kotak MSCI India ETF: Frequently Asked Questions
What is the difference between Bajaj Finserv Arbitrage Fund and Kotak MSCI India ETF?
Bajaj Finserv Arbitrage Fund is an Arbitrage fund, Kotak MSCI India ETF is an ETF fund, run by Bajaj Finserv Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 49.3%. Bajaj Finserv Arbitrage Fund charges 1.29% a year and Kotak MSCI India ETF 0.24%.
Which has given higher returns, Bajaj Finserv Arbitrage Fund or Kotak MSCI India ETF?
Over 1 year: Bajaj Finserv Arbitrage Fund +6.61%, Kotak MSCI India ETF −8.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Bajaj Finserv Arbitrage Fund or Kotak MSCI India ETF?
Kotak MSCI India ETF charges less: 0.24% a year against 1.29%. These are the total expense ratios reported to AMFI.
How much do Bajaj Finserv Arbitrage Fund and Kotak MSCI India ETF overlap?
49.3%. They hold 92 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Bajaj Finserv Arbitrage Fund or Kotak MSCI India ETF?
On SEBI's riskometer, Bajaj Finserv Arbitrage Fund is rated Low and Kotak MSCI India ETF Very High. Over 1 years, the standard deviation of daily returns was 1.39% and 14.22% a year.
Can I invest in both Bajaj Finserv Arbitrage Fund and Kotak MSCI India ETF?
Yes. 49.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Bajaj Finserv Arbitrage Fund and Kotak MSCI India ETF?
Bajaj Finserv Arbitrage Fund: Ilesh Savla, Siddharth Chaudhary. Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
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.