Capitalmind Arbitrage Fund vs Kotak Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Capitalmind Arbitrage Fund and Kotak Arbitrage Fund are both Arbitrage funds. Capitalmind Arbitrage Fund charges 1.18% a year and Kotak Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 31.6%: they hold 48 of the same securities.
Which is better, Capitalmind 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.
- Capitalmind Arbitrage costs less: 1.18% a year against 2.31% (Direct plans).
- Kotak Arbitrage fell less in its worst fall since 20-03-2026: −0.5% against −0.6%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹23 Cr.
- Their portfolios overlap 31.6%: 48 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 | Capitalmind Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Fund house | Capitalmind Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹23 Cr (30-09-2026) | ₹75,275 Cr (30-09-2026) |
| NAV | ₹10.39 (Direct) | ₹43.60 (Direct) |
| Expense ratio (Direct) | 1.18% | 2.31% |
| Expense ratio (Regular) | 1.96% | 2.89% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 16-03-2026 | 29-09-2005 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Prateek Jain, Anoop Vijaykumar | Hiten Shah |
| Exit load | Exit load of 0.25%, if redeemed within 15 days | Exit load of 0.25% if redeemed within 30 days |
Capitalmind 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 |
|---|---|---|---|---|---|---|---|
| Capitalmind Arbitrage Fund (Direct) | +0.66% | +1.51% | +3.07% | -- | -- | -- | -- |
| 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.
Capitalmind Arbitrage vs Kotak Arbitrage: Year-wise Returns
| Year | CapitalmindCapitalmind Arbitrage | KotakKotak Arbitrage |
|---|---|---|
| 2026to date | -- | +5.53% |
| 2025 | -- | +7.06% |
| 2024 | -- | +8.47% |
| 2023 | -- | +8.01% |
| 2022 | -- | +5.14% |
| 2021 | -- | +4.56% |
Capitalmind Arbitrage vs Kotak Arbitrage: Rolling Returns
Every holding period of both funds
Capitalmind Arbitrage vs Kotak Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Capitalmind Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.19% | +7.07% |
| Standard deviation | 1.94% | 1.02% |
| Sharpe ratio | 0.47 | 1.00 |
| Sortino ratio | 0.70 | 1.52 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 20-03-2026 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.
Capitalmind 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 |
|---|---|---|---|---|---|---|
| Capitalmind Arbitrage Fund (Direct) | −0.6% | 18-09-2026 | 29-09-2026 | 05-10-2026 | 6 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 20-03-2026, the first day every fund has.
Capitalmind Arbitrage vs Kotak Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Capitalmind Arbitrage Fund, September 2026; Kotak Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 31.6%
- Held by both
- 48
- Only in Capitalmind Arbitrage
- 2
- Only in Kotak Arbitrage
- 146
| Security | % of Capitalmind Arbitrage | % of Kotak Arbitrage |
|---|---|---|
| ICICI Bank Limited | 4.45% | 4.17% |
| Reliance Industries Limited | 5.45% | 3.06% |
| Axis Bank Limited | 3.35% | 2.94% |
| HDFC Bank Limited | 2.42% | 2.03% |
| Bharti Airtel Limited | 2.92% | 1.45% |
| Bajaj Finance Limited | 0.94% | 1.20% |
| State Bank of India | 0.94% | 1.35% |
| Cholamandalam Investment and Finance Company Ltd | 0.89% | 0.88% |
| Vodafone Idea Limited | 0.81% | 1.30% |
| Coforge Limited | 5.45% | 0.78% |
| Adani Energy Solutions Limited | 1.16% | 0.72% |
| Indian Oil Corporation Limited | 1.44% | 0.69% |
| Bank of Baroda | 1.18% | 0.69% |
| PB Fintech Limited | 0.81% | 0.67% |
| Tata Consumer Products Limited | 0.69% | 0.67% |
| Indus Towers Limited | 1.11% | 0.65% |
| Torrent Pharmaceuticals Limited | 2.10% | 0.63% |
| Canara Bank | 5.64% | 0.55% |
| GE Vernova T&D India Limited | 1.84% | 0.55% |
| Hindustan Zinc Limited | 1.21% | 0.52% |
| Cummins India Limited | 0.42% | 0.82% |
| NMDC Limited | 4.74% | 0.41% |
| Eicher Motors Limited | 1.88% | 0.40% |
| ITC Limited | 0.40% | 0.85% |
| Steel Authority of India Limited | 3.36% | 0.35% |
| Hindustan Aeronautics Limited | 2.14% | 0.35% |
| Apollo Hospitals Enterprise Limited | 0.45% | 0.35% |
| Shriram Finance Limited | 0.35% | 0.59% |
| InterGlobe Aviation Limited | 2.29% | 0.34% |
| Marico Limited | 0.41% | 0.34% |
| HDFC Life Insurance Company Limited | 0.50% | 0.33% |
| Larsen & Toubro Limited | 1.73% | 0.29% |
| LIC Housing Finance Limited | 0.70% | 0.27% |
| Bandhan Bank Limited | 0.56% | 0.27% |
| Varun Beverages Limited | 0.24% | 0.46% |
| Godrej Properties Limited | 0.23% | 0.40% |
| Fortis Healthcare Limited | 0.78% | 0.22% |
| Suzlon Energy Limited | 0.22% | 0.22% |
| Manappuram Finance Limited | 2.90% | 0.21% |
| Life Insurance Corporation Of India | 0.97% | 0.20% |
| Crompton Greaves Consumer Electricals Limited | 0.20% | 0.23% |
| Punjab National Bank | 0.79% | 0.17% |
| Sun Pharmaceutical Industries Limited | 0.56% | 0.17% |
| HCL Technologies Limited | 0.22% | 0.15% |
| Indian Energy Exchange Limited | 1.42% | 0.12% |
| Bharat Electronics Limited | 0.97% | 0.12% |
| Pidilite Industries Limited | 1.92% | 0.08% |
| NBCC (India) Limited | 1.78% | 0.06% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.6% means 31.6% 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 Capitalmind Arbitrage Fund
| Security | % of fund |
|---|---|
| Capitalmind Liquid Fund - Direct-Growth | 14.84% |
| 364 Days Tbill (MD 25/12/2026) | 0.65% |
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 | Capitalmind Arbitrage | Kotak Arbitrage |
|---|---|---|
| Equity | 77.9% | 71.1% |
| Debt | 0.7% | 5.8% |
| Cash and others | 21.4% | 23.1% |
Market cap of stocks
| Market cap | Capitalmind Arbitrage | Kotak Arbitrage |
|---|---|---|
| Large Cap | 52.5% | 52.1% |
| Mid Cap | 17.8% | 16.4% |
| Small Cap | 7.6% | 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 | Capitalmind Arbitrage | Kotak Arbitrage |
|---|---|---|
| Banks | 19.3% | 14.4% |
| Petroleum Products | 6.9% | 4.6% |
| Finance | 5.8% | 5.7% |
| IT - Software | 5.7% | 3.8% |
| Telecom - Services | 4.8% | 3.4% |
| Minerals & Mining | 4.7% | 0.0% |
| Pharmaceuticals and Biotechnology | 0.0% | 4.2% |
| Power | 1.2% | 3.9% |
The six largest sectors of each fund's stocks, % of the fund.
Capitalmind Arbitrage vs Kotak Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Capitalmind Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.18% | 2.31% |
| Base expense ratio (Direct) | 0.18% | 0.33% |
| Total expense ratio (Regular) | 1.96% | 2.89% |
| Base expense ratio (Regular) | 0.86% | 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 Capitalmind Arbitrage with
Capitalmind Arbitrage Fund vs Kotak Arbitrage Fund: Frequently Asked Questions
What is the difference between Capitalmind Arbitrage Fund and Kotak Arbitrage Fund?
Both are Arbitrage funds, run by Capitalmind Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 31.6%. Capitalmind Arbitrage Fund charges 1.18% a year and Kotak Arbitrage Fund 2.31%.
Which has the lower expense ratio, Capitalmind Arbitrage Fund or Kotak Arbitrage Fund?
Capitalmind Arbitrage Fund charges less: 1.18% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Capitalmind Arbitrage Fund and Kotak Arbitrage Fund overlap?
31.6%. They hold 48 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Capitalmind Arbitrage Fund or Kotak Arbitrage Fund?
On SEBI's riskometer, Capitalmind Arbitrage Fund is rated Low and Kotak Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.94% and 1.02% a year.
Can I invest in both Capitalmind Arbitrage Fund and Kotak Arbitrage Fund?
Yes. 31.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Capitalmind Arbitrage Fund and Kotak Arbitrage Fund?
Capitalmind Arbitrage Fund: Prateek Jain, Anoop Vijaykumar. 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.