DSP MSCI India ETF vs Motilal Oswal 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 Motilal Oswal Arbitrage Fund is an Arbitrage fund. DSP MSCI India ETF charges 0.16% a year and Motilal Oswal Arbitrage Fund 0.99%. Their portfolios overlap 45.1%: they hold 92 of the same securities.
Which is better, DSP MSCI India ETF or Motilal Oswal 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 0.99%.
- Motilal Oswal 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 53.6%.
- Motilal Oswal Arbitrage is the larger fund: ₹3,434 Cr against ₹3 Cr.
- Their portfolios overlap 45.1%: 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 | DSP MSCI India ETF | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹3 Cr (30-09-2026) | ₹3,434 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹11.37 (Direct) |
| Expense ratio (Direct) | Not available | 0.99% |
| Expense ratio (Regular) | Not available | 1.98% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage TRI |
| Launch date | Not available | 23-12-2024 |
| Minimum investment | Not available | ₹500 |
| Lock in | Not available | None |
| Fund managers | Not available | Vishal Ashar, Atul Mehra, Rakesh Shetty |
| Exit load | Not available | 0.25% - If redeemed within 30 days from the day of allotment. Nil - If redeemed after 30 days from the date of allotment. |
DSP MSCI India ETF vs Motilal Oswal 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% | -- | -- | -- | -- |
| Motilal Oswal Arbitrage Fund (Direct) | +0.48% | +1.54% | +3.30% | +6.98% | -- | -- | -- |
| 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 Motilal Oswal Arbitrage: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | Motilal Oswal ArbitrageMotilal Oswal Arbitrage |
|---|---|---|
| 2026to date | −8.97% | +5.62% |
| 2025 | -- | +7.46% |
DSP MSCI India ETF vs Motilal Oswal Arbitrage: Rolling Returns
Every holding period of both funds
DSP MSCI India ETF vs Motilal Oswal 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 | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +7.14% |
| Standard deviation | 14.60% | 1.16% |
| Sharpe ratio | -0.94 | 1.37 |
| Sortino ratio | -1.24 | 2.08 |
| 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
Motilal Oswal 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% |
| Motilal Oswal Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 days | −0.0% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs Motilal Oswal Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; Motilal Oswal Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 45.1%
- Held by both
- 92
- Only in DSP MSCI India ETF
- 72
- Only in Motilal Oswal Arbitrage
- 46
| Security | % of DSP MSCI India ETF | % of Motilal Oswal Arbitrage |
|---|---|---|
| HDFC Bank Limited | 6.44% | 5.41% |
| Reliance Industries Limited | 5.44% | 4.58% |
| Bharti Airtel Limited | 3.93% | 3.63% |
| ICICI Bank Limited | 5.59% | 2.28% |
| Axis Bank Limited | 2.25% | 2.53% |
| Kotak Mahindra Bank Limited | 1.82% | 2.39% |
| Bajaj Finance Limited | 1.90% | 1.72% |
| Mahindra & Mahindra Limited | 2.05% | 1.53% |
| Larsen & Toubro Limited | 2.02% | 1.19% |
| State Bank of India | 1.41% | 1.11% |
| Maruti Suzuki India Limited | 1.11% | 1.73% |
| TVS Motor Co Limited | 0.78% | 3.37% |
| Interglobe Aviation Limited | 0.75% | 1.74% |
| Sun Pharmaceutical Industries Limited | 1.30% | 0.74% |
| Shriram Finance Limited | 1.10% | 0.69% |
| Adani Enterprises Limited | 0.59% | 1.11% |
| Cholamandalam Investment and Finance Co Limited | 0.55% | 3.49% |
| Samvardhana Motherson International Limited | 0.55% | 0.88% |
| Bharat Electronics Limited | 1.07% | 0.53% |
| One 97 Communications Limited | 0.51% | 1.10% |
| ITC Limited | 0.63% | 0.50% |
| Jio Financial Services Limited | 0.46% | 0.68% |
| AU Small Finance Bank Limited | 0.44% | 3.07% |
| Eternal Limited | 1.22% | 0.43% |
| Bajaj Finserv Limited | 0.53% | 0.43% |
| CG Power and Industrial Solutions Limited | 0.43% | 2.37% |
| IndusInd Bank Limited | 0.41% | 0.75% |
| HDFC Life Insurance Co Limited | 0.41% | 0.57% |
| Bharat Heavy Electricals Limited | 0.40% | 0.52% |
| Tata Steel Limited | 1.10% | 0.35% |
| Indus Towers Limited | 0.37% | 0.34% |
| Ashok Leyland Limited | 0.34% | 0.97% |
| Cipla Limited | 0.54% | 0.32% |
| Suzlon Energy Limited | 0.32% | 0.37% |
| JSW Steel Limited | 0.61% | 0.31% |
| Infosys Limited | 2.41% | 0.30% |
| Grasim Industries Limited | 0.66% | 0.29% |
| Vodafone Idea Limited | 0.27% | 1.34% |
| Cummins India Limited | 0.50% | 0.26% |
| Divi's Laboratories Limited | 0.90% | 0.25% |
| Yes Bank Limited | 0.25% | 0.34% |
| Multi Commodity Exchange Of India Limited | 0.33% | 0.24% |
| Muthoot Finance Limited | 0.24% | 0.27% |
| Jindal Steel Limited | 0.32% | 0.23% |
| Aditya Birla Capital Limited | 0.22% | 2.15% |
| Eicher Motors Limited | 0.77% | 0.21% |
| Hindustan Unilever Limited | 1.05% | 0.19% |
| Bank of Baroda | 0.19% | 0.25% |
| NMDC Limited | 0.19% | 0.26% |
| Asian Paints Limited | 0.73% | 0.18% |
| Marico Limited | 0.32% | 0.17% |
| Godrej Properties Limited | 0.18% | 0.17% |
| Supreme Industries Limited | 0.17% | 0.33% |
| Ultratech Cement Limited | 0.89% | 0.16% |
| Vedanta Limited | 0.28% | 0.16% |
| Canara Bank | 0.17% | 0.16% |
| Apollo Hospitals Enterprise Limited | 0.66% | 0.15% |
| Hindustan Aeronautics Limited | 0.63% | 0.14% |
| IDFC First Bank Limited | 0.27% | 0.14% |
| Tata Consultancy Services Limited | 1.33% | 0.13% |
| Bajaj Auto Limited | 0.59% | 0.13% |
| Federal Bank Limited | 0.46% | 0.11% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 0.10% |
| HDFC Asset Management Co Limited | 0.35% | 0.10% |
| Aurobindo Pharma Limited | 0.34% | 0.10% |
| Ambuja Cements Limited | 0.18% | 0.10% |
| Pidilite Industries Limited | 0.33% | 0.09% |
| Hindalco Industries Limited | 0.97% | 0.08% |
| Indian Hotels Co Limited | 0.48% | 0.08% |
| Lupin Limited | 0.37% | 0.08% |
| Hero MotoCorp Limited | 0.51% | 0.07% |
| Varun Beverages Limited | 0.44% | 0.07% |
| Info Edge (India) Limited | 0.33% | 0.07% |
| SBI Life Insurance Co Limited | 0.61% | 0.06% |
| APL Apollo Tubes Limited | 0.31% | 0.06% |
| Zydus Lifesciences Limited | 0.17% | 0.06% |
| Tata Motors Passenger Vehicles Limited | 0.42% | 0.05% |
| GAIL (India) Limited | 0.31% | 0.05% |
| Polycab India Limited | 0.34% | 0.04% |
| DLF Limited | 0.33% | 0.04% |
| Adani Energy Solutions Limited | 0.22% | 0.04% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.03% |
| Tata Consumer Products Limited | 0.41% | 0.03% |
| Bharat Petroleum Corporation Limited | 0.39% | 0.03% |
| Bharat Forge Limited | 0.36% | 0.03% |
| Hindustan Petroleum Corporation Limited | 0.27% | 0.02% |
| Tube Investments of India Limited | 0.19% | 0.02% |
| Alkem Laboratories Limited | 0.18% | 0.02% |
| Titan Co Limited | 1.29% | 0.01% |
| NTPC Limited | 1.12% | 0.01% |
| United Spirits Limited | 0.31% | 0.01% |
| Dabur India Limited | 0.13% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.1% means 45.1% 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 |
|---|---|
| Power Grid Corporation of India Limited | 0.87% |
| HCL Technologies Limited | 0.86% |
| Tech Mahindra Limited | 0.65% |
| Tata Motors Limited | 0.62% |
| Nestle India Limited | 0.60% |
Largest holdings only in Motilal Oswal Arbitrage Fund
| Security | % of fund |
|---|---|
| Motilal Oswal Liquid Fund - Direct Growth | 7.13% |
| Motilal Oswal Ultra Short Term Fund (MOFUSTF) -Direct Plan- Growth | 2.07% |
| Steel Authority of India Limited | 1.23% |
| Inox Wind Limited | 0.87% |
| RBL Bank Limited | 0.77% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Equity | 99.5% | 71.3% |
| Debt | 0.0% | 14.3% |
| Cash and others | 0.5% | 14.4% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Large Cap | 80.5% | 53.6% |
| Mid Cap | 19.0% | 13.5% |
| Small Cap | 0.0% | 4.2% |
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 | Motilal Oswal Arbitrage |
|---|---|---|
| Banks | 20.3% | 19.4% |
| Finance | 6.3% | 10.5% |
| Automobiles | 6.2% | 7.1% |
| IT - Software | 6.5% | 0.5% |
| Petroleum Products | 6.4% | 4.6% |
| Pharmaceuticals & Biotechnology | 5.6% | 1.7% |
| Telecom - Services | 4.7% | 5.3% |
| Electrical Equipment | 2.8% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs Motilal Oswal Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.99% |
| Base expense ratio (Direct) | 0.11% | 0.10% |
| Total expense ratio (Regular) | Not available | 1.98% |
| Base expense ratio (Regular) | 0.00% | 1.00% |
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 Motilal Oswal Arbitrage Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and Motilal Oswal Arbitrage Fund?
DSP MSCI India ETF is a mutual fund, Motilal Oswal Arbitrage Fund is an Arbitrage fund, run by DSP Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 45.1%. DSP MSCI India ETF charges 0.16% a year and Motilal Oswal Arbitrage Fund 0.99%.
Which has the lower expense ratio, DSP MSCI India ETF or Motilal Oswal Arbitrage Fund?
DSP MSCI India ETF charges less: 0.16% a year against 0.99%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and Motilal Oswal Arbitrage Fund overlap?
45.1%. They hold 92 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and Motilal Oswal Arbitrage Fund?
Yes. 45.1% 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.