DSP MSCI India ETF vs SBI 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 SBI Arbitrage Fund is an Arbitrage fund. DSP MSCI India ETF charges 0.16% a year and SBI Arbitrage Fund 1.47%. Their portfolios overlap 54.6%: they hold 142 of the same securities.
Which is better, DSP MSCI India ETF or SBI 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 1.47%.
- SBI Arbitrage fell less in its worst fall since 25-11-2025: −0.5% against −14.6%.
- DSP MSCI India ETF holds more in large companies: 80.5% of the fund in large caps against 61.8%.
- SBI Arbitrage is the larger fund: ₹46,309 Cr against ₹3 Cr.
- Their portfolios overlap 54.6%: 142 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 | SBI Arbitrage Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | SBI Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹3 Cr (30-09-2026) | ₹46,309 Cr (30-09-2026) |
| NAV | ₹27.96 | ₹39.08 (Direct) |
| Expense ratio (Direct) | Not available | 1.47% |
| Expense ratio (Regular) | Not available | 1.99% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 03-11-2006 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Neeraj Kumar - Equity, Ardhendu Bhattacharya |
| Exit load | Not available | Exit load of 0.25%, if redeemed within 15 Days. |
DSP MSCI India ETF vs SBI 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% | -- | -- | -- | -- |
| SBI Arbitrage Fund (Direct) | +0.56% | +1.53% | +3.22% | +6.59% | +7.24% | +6.83% | +6.24% |
| 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.
DSP MSCI India ETF vs SBI Arbitrage: Year-wise Returns
| Year | DSP MSCI India ETFDSP MSCI India ETF | SBI ArbitrageSBI Arbitrage |
|---|---|---|
| 2026to date | −8.97% | +5.39% |
| 2025 | -- | +7.05% |
| 2024 | -- | +8.11% |
| 2023 | -- | +7.98% |
| 2022 | -- | +5.09% |
| 2021 | -- | +4.43% |
DSP MSCI India ETF vs SBI Arbitrage: Rolling Returns
Every holding period of both funds
DSP MSCI India ETF vs SBI 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 | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.48% | +6.84% |
| Standard deviation | 14.60% | 1.07% |
| Sharpe ratio | -0.94 | 0.74 |
| Sortino ratio | -1.24 | 1.11 |
| Maximum drawdown | −14.6% (31-03-2026) | −0.7% (25-03-2020) |
| 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
SBI 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% |
| SBI Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
From daily values since 25-11-2025, the first day every fund has.
DSP MSCI India ETF vs SBI Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: DSP MSCI India ETF, September 2026; SBI Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 54.6%
- Held by both
- 142
- Only in DSP MSCI India ETF
- 22
- Only in SBI Arbitrage
- 54
| Security | % of DSP MSCI India ETF | % of SBI Arbitrage |
|---|---|---|
| Reliance Industries Limited | 5.44% | 5.58% |
| HDFC Bank Limited | 6.44% | 4.92% |
| ICICI Bank Limited | 5.59% | 2.75% |
| Bharti Airtel Limited | 3.93% | 2.39% |
| Axis Bank Limited | 2.25% | 2.31% |
| Bajaj Finance Limited | 1.90% | 1.57% |
| State Bank of India | 1.41% | 3.68% |
| Tata Steel Limited | 1.10% | 1.59% |
| Bharat Electronics Limited | 1.07% | 1.36% |
| Divi's Laboratories Limited | 0.90% | 1.09% |
| Larsen & Toubro Limited | 2.02% | 0.87% |
| Kotak Mahindra Bank Limited | 1.82% | 0.85% |
| Tech Mahindra Limited | 0.65% | 0.64% |
| Hindustan Aeronautics Limited | 0.63% | 1.16% |
| ITC Limited | 0.63% | 0.93% |
| JSW Steel Limited | 0.61% | 1.58% |
| Maruti Suzuki India Limited | 1.11% | 0.60% |
| Infosys Limited | 2.41% | 0.59% |
| Adani Enterprises Limited | 0.59% | 1.41% |
| Hindustan Unilever Limited | 1.05% | 0.56% |
| NTPC Limited | 1.12% | 0.55% |
| Samvardhana Motherson International Limited | 0.55% | 0.71% |
| Hindalco Industries Limited | 0.97% | 0.54% |
| Adani Power Limited | 0.53% | 1.03% |
| Coal India Limited | 0.52% | 0.90% |
| Cholamandalam Investment and Finance Co Limited | 0.55% | 0.49% |
| Indian Hotels Co Limited | 0.48% | 0.70% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 0.46% |
| Federal Bank Limited | 0.46% | 0.74% |
| Jio Financial Services Limited | 0.46% | 0.77% |
| Shriram Finance Limited | 1.10% | 0.45% |
| Mahindra & Mahindra Limited | 2.05% | 0.44% |
| Varun Beverages Limited | 0.44% | 0.76% |
| Tata Power Co Limited | 0.43% | 0.64% |
| Ultratech Cement Limited | 0.89% | 0.42% |
| Tata Motors Passenger Vehicles Limited | 0.42% | 0.52% |
| Cummins India Limited | 0.50% | 0.41% |
| IndusInd Bank Limited | 0.41% | 0.43% |
| Tata Consumer Products Limited | 0.41% | 0.62% |
| Bharat Heavy Electricals Limited | 0.40% | 0.72% |
| Solar Industries India Limited | 0.38% | 0.38% |
| Indus Towers Limited | 0.37% | 0.61% |
| Eicher Motors Limited | 0.77% | 0.35% |
| HDFC Asset Management Co Limited | 0.35% | 0.36% |
| Power Finance Corporation Limited | 0.34% | 0.88% |
| Aurobindo Pharma Limited | 0.34% | 0.34% |
| Info Edge (India) Limited | 0.33% | 0.39% |
| Multi Commodity Exchange Of India Limited | 0.33% | 0.41% |
| Titan Co Limited | 1.29% | 0.32% |
| Torrent Pharmaceuticals Limited | 0.54% | 0.32% |
| APL Apollo Tubes Limited | 0.31% | 0.38% |
| Avenue Supermarts Limited | 0.44% | 0.30% |
| Indian Oil Corporation Limited | 0.30% | 0.56% |
| HCL Technologies Limited | 0.86% | 0.27% |
| Apollo Hospitals Enterprise Limited | 0.66% | 0.27% |
| Bajaj Auto Limited | 0.59% | 0.27% |
| Hitachi Energy India Limited | 0.35% | 0.27% |
| IDFC First Bank Limited | 0.27% | 0.73% |
| Vodafone Idea Limited | 0.27% | 1.10% |
| Sun Pharmaceutical Industries Limited | 1.30% | 0.22% |
| Aditya Birla Capital Limited | 0.22% | 0.31% |
| GMR Airports Limited | 0.22% | 0.40% |
| Adani Energy Solutions Limited | 0.22% | 0.81% |
| One 97 Communications Limited | 0.51% | 0.21% |
| AU Small Finance Bank Limited | 0.44% | 0.21% |
| Punjab National Bank | 0.21% | 0.78% |
| Union Bank Of India | 0.21% | 0.37% |
| Tata Consultancy Services Limited | 1.33% | 0.20% |
| HDFC Life Insurance Co Limited | 0.41% | 0.19% |
| SRF Limited | 0.27% | 0.19% |
| Bank of Baroda | 0.19% | 0.78% |
| NMDC Limited | 0.19% | 0.42% |
| Laurus Labs Limited | 0.55% | 0.18% |
| Ambuja Cements Limited | 0.18% | 0.59% |
| Godrej Properties Limited | 0.18% | 0.24% |
| TVS Motor Co Limited | 0.78% | 0.17% |
| Ge Vernova T&D India Limited | 0.42% | 0.17% |
| Lodha Developers Limited | 0.25% | 0.17% |
| Canara Bank | 0.17% | 0.89% |
| Eternal Limited | 1.22% | 0.16% |
| Jindal Steel Limited | 0.32% | 0.16% |
| Fortis Healthcare Limited | 0.30% | 0.16% |
| Muthoot Finance Limited | 0.24% | 0.16% |
| Suzlon Energy Limited | 0.32% | 0.15% |
| Mphasis Limited | 0.21% | 0.15% |
| Oil & Natural Gas Corporation Limited | 0.46% | 0.14% |
| Ashok Leyland Limited | 0.34% | 0.14% |
| Godrej Consumer Products Limited | 0.26% | 0.14% |
| JSW Energy Limited | 0.18% | 0.14% |
| L&T Finance Limited | 0.17% | 0.14% |
| Power Grid Corporation of India Limited | 0.87% | 0.13% |
| Cipla Limited | 0.54% | 0.13% |
| Dabur India Limited | 0.13% | 0.18% |
| Hindustan Petroleum Corporation Limited | 0.27% | 0.12% |
| Bharat Forge Limited | 0.36% | 0.11% |
| ICICI Lombard General Insurance Co Limited | 0.31% | 0.11% |
| Vedanta Limited | 0.28% | 0.11% |
| Interglobe Aviation Limited | 0.75% | 0.10% |
| Lupin Limited | 0.37% | 0.10% |
| Asian Paints Limited | 0.73% | 0.09% |
| Bharat Petroleum Corporation Limited | 0.39% | 0.09% |
| Polycab India Limited | 0.34% | 0.09% |
| Marico Limited | 0.32% | 0.09% |
| Phoenix Mills Limited | 0.29% | 0.09% |
| National Aluminium Co Limited | 0.23% | 0.09% |
| UPL Limited | 0.22% | 0.09% |
| Alkem Laboratories Limited | 0.18% | 0.09% |
| Voltas Limited | 0.17% | 0.09% |
| Bajaj Finserv Limited | 0.53% | 0.08% |
| Persistent Systems Limited | 0.43% | 0.08% |
| Supreme Industries Limited | 0.17% | 0.08% |
| SBI Life Insurance Co Limited | 0.61% | 0.07% |
| BSE Limited | 0.49% | 0.07% |
| PB Fintech Limited | 0.30% | 0.07% |
| Oberoi Realty Limited | 0.16% | 0.07% |
| Oil India Limited | 0.15% | 0.07% |
| Hero MotoCorp Limited | 0.51% | 0.06% |
| GAIL (India) Limited | 0.31% | 0.06% |
| United Spirits Limited | 0.31% | 0.06% |
| Bajaj Holdings & Investment Limited | 0.25% | 0.06% |
| Tube Investments of India Limited | 0.19% | 0.06% |
| Bosch Limited | 0.18% | 0.06% |
| Trent Limited | 0.56% | 0.05% |
| DLF Limited | 0.33% | 0.05% |
| REC Limited | 0.28% | 0.05% |
| NHPC Limited | 0.19% | 0.05% |
| Indian Bank | 0.17% | 0.05% |
| FSN E-Commerce Ventures Limited | 0.31% | 0.04% |
| ABB India Limited | 0.24% | 0.04% |
| Shree Cement Limited | 0.17% | 0.04% |
| Colgate Palmolive (India) Limited | 0.16% | 0.04% |
| ICICI Prudential Life Insurance Co Limited | 0.13% | 0.04% |
| Grasim Industries Limited | 0.66% | 0.03% |
| Nestle India Limited | 0.60% | 0.03% |
| CG Power and Industrial Solutions Limited | 0.43% | 0.03% |
| Mankind Pharma Limited | 0.20% | 0.03% |
| Pidilite Industries Limited | 0.33% | 0.02% |
| Prestige Estates Projects Limited | 0.21% | 0.02% |
| Vishal Mega Mart Limited | 0.19% | 0.02% |
| Zydus Lifesciences Limited | 0.17% | 0.02% |
| Max Healthcare Institute Limited | 0.52% | 0.01% |
| Petronet LNG Limited | 0.17% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 54.6% means 54.6% 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 DSP MSCI India ETF
| Security | % of fund |
|---|---|
| Tata Motors Limited | 0.62% |
| Dr. Reddy's Laboratories Limited | 0.49% |
| Vedanta Aluminium Metal Limited | 0.45% |
| Britannia Industries Limited | 0.41% |
| Dixon Technologies (India) Limited | 0.40% |
Largest holdings only in SBI Arbitrage Fund
| Security | % of fund |
|---|---|
| SBI Liquid Fund - DIRECT PLAN -Growth Option | 7.25% |
| SBI Money Market Fund - Direct Plan - Growth Option | 7.06% |
| HDFC Bank Ltd. | 2.54% |
| Bank of Baroda | 1.06% |
| Union Bank of India | 1.06% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP MSCI India ETF | SBI Arbitrage |
|---|---|---|
| Equity | 99.5% | 77.2% |
| Debt | 0.0% | 6.5% |
| Cash and others | 0.5% | 16.4% |
Market cap of stocks
| Market cap | DSP MSCI India ETF | SBI Arbitrage |
|---|---|---|
| Large Cap | 80.5% | 61.8% |
| Mid Cap | 19.0% | 13.2% |
| Small Cap | 0.0% | 2.1% |
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 | SBI Arbitrage |
|---|---|---|
| Banks | 20.3% | 20.0% |
| IT - Software | 6.5% | 2.3% |
| Petroleum Products | 6.4% | 6.3% |
| Finance | 6.3% | 5.7% |
| Automobiles | 6.2% | 2.4% |
| Pharmaceuticals & Biotechnology | 5.6% | 3.4% |
| Telecom - Services | 4.7% | 4.1% |
| Power | 3.7% | 4.3% |
| Ferrous Metals | 2.2% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
DSP MSCI India ETF vs SBI Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP MSCI India ETF | SBI Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.47% |
| Base expense ratio (Direct) | 0.11% | 0.34% |
| Total expense ratio (Regular) | Not available | 1.99% |
| Base expense ratio (Regular) | 0.00% | 0.78% |
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 SBI Arbitrage Fund: Frequently Asked Questions
What is the difference between DSP MSCI India ETF and SBI Arbitrage Fund?
DSP MSCI India ETF is a mutual fund, SBI Arbitrage Fund is an Arbitrage fund, run by DSP Mutual Fund and SBI Mutual Fund. Their portfolios overlap 54.6%. DSP MSCI India ETF charges 0.16% a year and SBI Arbitrage Fund 1.47%.
Which has the lower expense ratio, DSP MSCI India ETF or SBI Arbitrage Fund?
DSP MSCI India ETF charges less: 0.16% a year against 1.47%. These are the total expense ratios reported to AMFI.
How much do DSP MSCI India ETF and SBI Arbitrage Fund overlap?
54.6%. They hold 142 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, ICICIBANK. From each fund's latest monthly portfolio.
Can I invest in both DSP MSCI India ETF and SBI Arbitrage Fund?
Yes. 54.6% 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.