DSP MSCI India ETF vs Franklin India Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
DSP MSCI India ETF is a mutual fund and Franklin India Arbitrage Fund is an Arbitrage fund. DSP MSCI India ETF charges 0.16% a year and Franklin India Arbitrage Fund 1.20%. Their portfolios overlap 49.9%: they hold 102 of the same securities.
Which is better, DSP MSCI India ETF or Franklin India Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP MSCI India ETF costs less: 0.16% a year against 1.20%.
- Franklin India Arbitrage fell less in its worst fall since 25-11-2025: −0.4% against −14.6%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 51.9%.
- Franklin India Arbitrage is the larger fund: ₹1,921 Cr against ₹3 Cr.
- Their portfolios overlap 49.9%: 102 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 | DSP MSCI India ETF | Franklin India Arbitrage Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Franklin Templeton Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹3 Cr (30-09-2026) | ₹1,921 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹11.42 (Direct) |
| Expense ratio (Direct) | Not available | 1.20% |
| Expense ratio (Regular) | Not available | 1.97% |
| Riskometer | Not available | Not available |
| Benchmark | Not available | Not available |
| Launch date | Not available | Not available |
| Minimum investment | Not available | Not available |
| Lock in | Not available | Not available |
| Fund managers | Not available | Not available |
| Exit load | Not available | Not available |
DSP MSCI India ETF vs Franklin India 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 |
|---|---|---|---|---|---|---|---|
| DSP MSCI India ETF | +0.34% | −5.94% | −3.51% | -- | -- | -- | -- |
| Franklin India Arbitrage Fund (Direct) | +0.58% | +1.71% | +3.51% | +7.13% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
DSP MSCI India ETF vs Franklin India Arbitrage: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Franklin India ArbitrageFranklin India Arbitrage |
|---|---|---|
| 2026to date | −8.97% | +5.84% |
| 2025 | -- | +7.19% |
DSP MSCI India ETF vs Franklin India Arbitrage: Rolling Returns
Every holding period of both funds
DSP MSCI India ETF vs Franklin India Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP MSCI India ETF | Franklin India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +7.09% |
| Standard deviation | 14.60% | 1.17% |
| Sharpe ratio | -0.94 | 1.25 |
| Sortino ratio | -1.24 | 1.93 |
| Maximum drawdown | −14.6% (31-03-2026) | −0.4% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-11-2025 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.
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.
DSP MSCI India ETF
Franklin India Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Franklin India Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | 0.0% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Franklin India Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Franklin India Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 49.9%
- Held by both
- 102
- Only in DSP MSCI India ETF
- 62
- Only in Franklin India Arbitrage
- 42
| Security | % of DSP MSCI India ETF | % of Franklin India Arbitrage |
|---|---|---|
| HDFC Bank Limited | 6.44% | 5.79% |
| ICICI Bank Limited | 5.59% | 6.04% |
| Reliance Industries Limited | 5.44% | 4.13% |
| Bharti Airtel Limited | 3.93% | 2.55% |
| Axis Bank Limited | 2.25% | 3.37% |
| Larsen & Toubro Limited | 2.02% | 1.88% |
| State Bank of India | 1.41% | 1.78% |
| Maruti Suzuki India Limited | 1.11% | 1.38% |
| Bharat Electronics Limited | 1.07% | 1.33% |
| Bajaj Finance Limited | 1.90% | 1.03% |
| Sun Pharmaceutical Industries Limited | 1.30% | 0.98% |
| Hindalco Industries Limited | 0.97% | 1.79% |
| Mahindra & Mahindra Limited | 2.05% | 0.92% |
| Eicher Motors Limited | 0.77% | 0.75% |
| Hindustan Unilever Limited | 1.05% | 0.71% |
| Kotak Mahindra Bank Limited | 1.82% | 0.63% |
| TVS Motor Co Limited | 0.78% | 0.60% |
| Adani Enterprises Limited | 0.59% | 1.44% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 0.58% |
| Laurus Labs Limited | 0.55% | 0.81% |
| Eternal Limited | 1.22% | 0.54% |
| Adani Power Limited | 0.53% | 0.51% |
| One 97 Communications Limited | 0.51% | 0.52% |
| Jio Financial Services Limited | 0.46% | 0.44% |
| AU Small Finance Bank Limited | 0.44% | 0.70% |
| Tata Power Co Limited | 0.43% | 0.60% |
| IndusInd Bank Limited | 0.41% | 1.22% |
| HDFC Life Insurance Co Limited | 0.41% | 1.82% |
| ITC Limited | 0.63% | 0.40% |
| NTPC Limited | 1.12% | 0.40% |
| Indus Towers Limited | 0.37% | 0.48% |
| Bajaj Finserv Limited | 0.53% | 0.34% |
| Ashok Leyland Limited | 0.34% | 0.43% |
| Aurobindo Pharma Limited | 0.34% | 0.41% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.33% |
| JSW Steel Limited | 0.61% | 0.33% |
| Info Edge (India) Limited | 0.33% | 0.53% |
| Multi Commodity Exchange Of India Limited | 0.33% | 0.58% |
| Marico Limited | 0.32% | 0.95% |
| FSN E-Commerce Ventures Limited | 0.31% | 1.16% |
| APL Apollo Tubes Limited | 0.31% | 0.65% |
| PB Fintech Limited | 0.30% | 0.98% |
| Coal India Limited | 0.52% | 0.29% |
| Indian Hotels Co Limited | 0.48% | 0.28% |
| Vedanta Limited | 0.28% | 0.30% |
| IDFC First Bank Limited | 0.27% | 2.11% |
| Vodafone Idea Limited | 0.27% | 2.41% |
| Yes Bank Limited | 0.25% | 0.56% |
| Cipla Limited | 0.54% | 0.24% |
| Ultratech Cement Limited | 0.89% | 0.24% |
| Solar Industries India Limited | 0.38% | 0.23% |
| United Spirits Limited | 0.31% | 0.23% |
| UPL Limited | 0.22% | 1.00% |
| Apollo Hospitals Enterprise Limited | 0.66% | 0.22% |
| Punjab National Bank | 0.21% | 0.41% |
| Mphasis Limited | 0.21% | 0.52% |
| GAIL (India) Limited | 0.31% | 0.20% |
| Varun Beverages Limited | 0.44% | 0.20% |
| Tata Motors Passenger Vehicles Limited | 0.42% | 0.19% |
| Bank of Baroda | 0.19% | 0.29% |
| Infosys Limited | 2.41% | 0.18% |
| Godrej Properties Limited | 0.18% | 0.41% |
| Canara Bank | 0.17% | 0.35% |
| Shriram Finance Limited | 1.10% | 0.17% |
| NMDC Limited | 0.19% | 0.16% |
| Bharat Heavy Electricals Limited | 0.40% | 0.16% |
| National Aluminium Co Limited | 0.23% | 0.16% |
| Adani Energy Solutions Limited | 0.22% | 0.13% |
| Nestle India Limited | 0.60% | 0.13% |
| ICICI Prudential Life Insurance Co Limited | 0.13% | 0.17% |
| Samvardhana Motherson International Limited | 0.55% | 0.13% |
| Power Finance Corporation Limited | 0.34% | 0.11% |
| Ambuja Cements Limited | 0.18% | 0.11% |
| Lupin Limited | 0.37% | 0.11% |
| Divi's Laboratories Limited | 0.90% | 0.11% |
| Titan Co Limited | 1.29% | 0.10% |
| SBI Life Insurance Co Limited | 0.61% | 0.09% |
| Power Grid Corporation of India Limited | 0.87% | 0.09% |
| Ge Vernova T&D India Limited | 0.42% | 0.08% |
| Cummins India Limited | 0.50% | 0.08% |
| L&T Finance Limited | 0.17% | 0.07% |
| Tata Steel Limited | 1.10% | 0.07% |
| Dabur India Limited | 0.13% | 0.06% |
| Grasim Industries Limited | 0.66% | 0.04% |
| Indian Oil Corporation Limited | 0.30% | 0.04% |
| Cholamandalam Investment and Finance Co Limited | 0.55% | 0.04% |
| Interglobe Aviation Limited | 0.75% | 0.04% |
| BSE Limited | 0.49% | 0.03% |
| JSW Energy Limited | 0.18% | 0.03% |
| Pidilite Industries Limited | 0.33% | 0.03% |
| Bharat Petroleum Corporation Limited | 0.39% | 0.02% |
| Hitachi Energy India Limited | 0.35% | 0.02% |
| HDFC Asset Management Co Limited | 0.35% | 0.02% |
| ICICI Lombard General Insurance Co Limited | 0.31% | 0.02% |
| Tata Consumer Products Limited | 0.41% | 0.01% |
| Colgate Palmolive (India) Limited | 0.16% | 0.01% |
| Federal Bank Limited | 0.46% | 0.01% |
| Hindustan Aeronautics Limited | 0.63% | 0.01% |
| Max Healthcare Institute Limited | 0.52% | 0.01% |
| Bajaj Auto Limited | 0.59% | 0.00% |
| Hindustan Petroleum Corporation Limited | 0.27% | 0.00% |
| Fortis Healthcare Limited | 0.30% | 0.00% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 49.9% means 49.9% 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 DSP MSCI India ETF
| Security | % of fund |
|---|---|
| Tata Consultancy Services Limited | 1.33% |
| HCL Technologies Limited | 0.86% |
| Asian Paints Limited | 0.73% |
| Tech Mahindra Limited | 0.65% |
| Tata Motors Limited | 0.62% |
Largest holdings only in Franklin India Arbitrage Fund
| Security | % of fund |
|---|---|
| Franklin India Money Market Fund Direct-Growth Plan | 12.02% |
| Canara Bank (30-Nov-2026) | 2.58% |
| Union Bank of India (16-Mar-2027) | 2.52% |
| National Bank For Agriculture & Rural Development (17-Mar-2027) | 2.52% |
| Indian Bank (04-Dec-2026) | 1.29% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | Franklin India Arbitrage |
|---|---|---|
| Equity | 99.5% | 71.4% |
| Debt | 0.0% | 14.5% |
| Cash and others | 0.5% | 14.1% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Franklin India Arbitrage |
|---|---|---|
| Large Cap | 80.5% | 51.9% |
| Mid Cap | 19.0% | 17.7% |
| Small Cap | 0.0% | 1.8% |
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 | DSP MSCI India ETF | Franklin India Arbitrage |
|---|---|---|
| Banks | 20.3% | 23.5% |
| IT - Software | 6.5% | 1.5% |
| Petroleum Products | 6.4% | 4.2% |
| Finance | 6.3% | 2.8% |
| Automobiles | 6.2% | 4.1% |
| Pharmaceuticals & Biotechnology | 5.6% | 3.0% |
| Telecom - Services | 4.7% | 5.4% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Franklin India Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Franklin India Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.20% |
| Base expense ratio (Direct) | 0.11% | 0.23% |
| Total expense ratio (Regular) | Not available | 1.97% |
| Base expense ratio (Regular) | 0.00% | 0.89% |
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
DSP MSCI India ETF vs Franklin India Arbitrage Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Franklin India Arbitrage Fund?
DSP MSCI India ETF is a mutual fund, Franklin India Arbitrage Fund is an Arbitrage fund, run by DSP Mutual Fund and Franklin Templeton Mutual Fund. Their portfolios overlap 49.9%. DSP MSCI India ETF charges 0.16% a year and Franklin India Arbitrage Fund 1.20%.
Which has the lower expense ratio, DSP MSCI India ETF or Franklin India Arbitrage Fund?
DSP MSCI India ETF charges less: 0.16% a year against 1.20%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Franklin India Arbitrage Fund overlap?
49.9%. They hold 102 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Franklin India Arbitrage Fund?
Yes. 49.9% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
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.