Franklin India Arbitrage Fund vs Kotak Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Franklin India Arbitrage Fund and Kotak Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, Franklin India Arbitrage Fund (Direct) returned 7.1% and Kotak Arbitrage Fund (Direct) returned 6.8%. Franklin India Arbitrage Fund charges 1.20% a year and Kotak Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 41.5%: they hold 127 of the same securities.
Franklin India Arbitrage Fund
Arbitrage
- 1 year return
- 7.1%
- Expense ratio
- 1.20%
- NAV
- ₹11.42
Which is better, Franklin India 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.
- Franklin India Arbitrage returned more over 1 year: 7.1% against 6.8%.
- Franklin India Arbitrage costs less: 1.20% a year against 2.31% (Direct plans).
- Franklin India Arbitrage fell less in its worst fall since 19-11-2024: −0.4% against −0.5%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹1,921 Cr.
- Their portfolios overlap 41.5%: 127 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 | Franklin India Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹1,921 Cr (30-09-2026) | ₹75,275 Cr (30-09-2026) |
| NAV | ₹11.42 (Direct) | ₹43.60 (Direct) |
| Expense ratio (Direct) | 1.20% | 2.31% |
| Expense ratio (Regular) | 1.97% | 2.89% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 29-09-2005 |
| Minimum investment | Not available | ₹100 |
| Lock in | Not available | None |
| Fund managers | Not available | Hiten Shah |
| Exit load | Not available | Exit load of 0.25% if redeemed within 30 days |
Franklin India 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 |
|---|---|---|---|---|---|---|---|
| Franklin India Arbitrage Fund (Direct) | +0.58% | +1.71% | +3.51% | +7.13% | -- | -- | -- |
| 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.
Franklin India Arbitrage vs Kotak Arbitrage: Year-wise Returns
| Year | Franklin IndiaFranklin India Arbitrage | KotakKotak Arbitrage |
|---|---|---|
| 2026to date | +5.84% | +5.53% |
| 2025 | +7.19% | +7.06% |
| 2024 | -- | +8.47% |
| 2023 | -- | +8.01% |
| 2022 | -- | +5.14% |
| 2021 | -- | +4.56% |
Franklin India Arbitrage vs Kotak Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 233 of them, one for each trading day from 19-11-2025 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.
Franklin India Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
to
Dec 2025Feb 2025
to
Feb 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin India Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.5% | 7.7% |
| Kotak Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.8% | 6.8% | 6.2% | 7.2% |
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 19-11-2024. Past returns do not promise future returns.
Franklin India Arbitrage vs Kotak Arbitrage: 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 19-11-2024 to 30-10-2026: 24 instalments, ₹2,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India ArbitrageFranklin India Arbitrage Fund (Direct) | ₹2,40,000 | ₹2,57,663 | ₹17,663 | 7.0% |
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹2,40,000 | ₹2,56,877 | ₹16,877 | 6.7% |
Franklin India ArbitrageFranklin India Arbitrage Fund (Direct)
Kotak ArbitrageKotak Arbitrage Fund (Direct)
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.
Franklin India Arbitrage vs Kotak Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Franklin India Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.13% | +6.75% |
| Standard deviation | 1.42% | 1.38% |
| Sharpe ratio | 1.33 | 1.09 |
| Sortino ratio | 2.08 | 1.65 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.5% (06-08-2026) |
| 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 | Franklin India Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.09% | +7.07% |
| Standard deviation | 1.17% | 1.02% |
| Sharpe ratio | 1.25 | 1.00 |
| Sortino ratio | 1.93 | 1.52 |
| Maximum drawdown | −0.4% (06-08-2026) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 19-11-2024 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.
Franklin India 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 |
|---|---|---|---|---|---|---|
| Franklin India Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 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 19-11-2024, 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.
Franklin India Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
Franklin India Arbitrage vs Kotak Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Arbitrage Fund, September 2026; Kotak Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 41.5%
- Held by both
- 127
- Only in Franklin India Arbitrage
- 17
- Only in Kotak Arbitrage
- 67
| Security | % of Franklin India Arbitrage | % of Kotak Arbitrage |
|---|---|---|
| ICICI Bank Ltd | 6.04% | 4.17% |
| Reliance Industries Ltd | 4.13% | 3.06% |
| Axis Bank Ltd | 3.37% | 2.94% |
| HDFC Bank Ltd | 5.79% | 2.03% |
| Bharti Airtel Ltd | 2.55% | 1.45% |
| State Bank of India | 1.78% | 1.35% |
| Hindalco Industries Ltd | 1.79% | 1.31% |
| Vodafone Idea Ltd | 2.41% | 1.30% |
| Bajaj Finance Ltd | 1.03% | 1.20% |
| Coforge Ltd | 0.70% | 0.78% |
| PB Fintech Ltd | 0.98% | 0.67% |
| Maruti Suzuki India Ltd | 1.38% | 0.66% |
| APL Apollo Tubes Ltd | 0.65% | 0.61% |
| TVS Motor Co Ltd | 0.60% | 0.94% |
| Hindustan Unilever Ltd | 0.71% | 0.57% |
| Yes Bank Ltd | 0.56% | 0.56% |
| Info Edge (India) Ltd | 0.53% | 0.59% |
| One 97 Communications Ltd | 0.52% | 0.57% |
| Adani Power Ltd | 0.51% | 1.43% |
| Indus Towers Ltd | 0.48% | 0.65% |
| IDFC First Bank Ltd | 2.11% | 0.47% |
| Kotak Mahindra Bank Ltd | 0.63% | 0.47% |
| Mahindra & Mahindra Ltd | 0.92% | 0.46% |
| Eicher Motors Ltd | 0.75% | 0.40% |
| Godrej Properties Ltd | 0.41% | 0.40% |
| ITC Ltd | 0.40% | 0.85% |
| NTPC Ltd | 0.40% | 0.64% |
| Aurobindo Pharma Ltd | 0.41% | 0.39% |
| Steel Authority of India Ltd | 0.69% | 0.35% |
| Ashok Leyland Ltd | 0.43% | 0.35% |
| Canara Bank | 0.35% | 0.55% |
| Marico Ltd | 0.95% | 0.34% |
| Jio Financial Services Ltd | 0.44% | 0.34% |
| JSW Steel Ltd | 0.33% | 0.74% |
| HDFC Life Insurance Co Ltd | 1.82% | 0.33% |
| Hindustan Zinc Ltd | 0.33% | 0.52% |
| Adani Enterprises Ltd | 1.44% | 0.32% |
| Vedanta Ltd | 0.30% | 0.31% |
| Larsen & Toubro Ltd | 1.88% | 0.29% |
| Bank of Baroda | 0.29% | 0.69% |
| Coal India Ltd | 0.29% | 1.18% |
| Indian Hotels Co Ltd | 0.28% | 0.52% |
| UPL Ltd | 1.00% | 0.27% |
| Mphasis Ltd | 0.52% | 0.27% |
| Glenmark Pharmaceuticals Ltd | 0.26% | 0.30% |
| Tata Power Co Ltd | 0.60% | 0.25% |
| Bajaj Finserv Ltd | 0.34% | 0.25% |
| Cipla Ltd | 0.24% | 0.30% |
| Apollo Hospitals Enterprise Ltd | 0.22% | 0.35% |
| Manappuram Finance Ltd | 0.27% | 0.21% |
| GAIL (India) Ltd | 0.20% | 0.44% |
| Varun Beverages Ltd | 0.20% | 0.46% |
| Bandhan Bank Ltd | 0.20% | 0.27% |
| Tata Motors Passenger Vehicles Ltd | 0.19% | 0.43% |
| Astral Ltd | 0.22% | 0.19% |
| Infosys Ltd | 0.18% | 1.25% |
| Laurus Labs Ltd | 0.81% | 0.18% |
| Adani Green Energy Ltd | 0.18% | 0.58% |
| Patanjali Foods Ltd | 0.17% | 0.21% |
| Sun Pharmaceutical Industries Ltd | 0.98% | 0.17% |
| Punjab National Bank | 0.41% | 0.17% |
| Shriram Finance Ltd | 0.17% | 0.59% |
| NMDC Ltd | 0.16% | 0.41% |
| PNB Housing Finance Ltd | 0.16% | 0.29% |
| Ultratech Cement Ltd | 0.24% | 0.16% |
| Bharat Heavy Electricals Ltd | 0.16% | 0.18% |
| National Aluminium Co Ltd | 0.16% | 0.17% |
| Container Corporation Of India Ltd | 0.16% | 0.14% |
| Adani Energy Solutions Ltd | 0.13% | 0.72% |
| Nestle India Ltd | 0.13% | 0.25% |
| Eternal Ltd | 0.54% | 0.13% |
| Angel One Ltd | 0.17% | 0.13% |
| Samvardhana Motherson International Ltd | 0.13% | 0.62% |
| Bharat Electronics Ltd | 1.33% | 0.12% |
| Computer Age Management Services Ltd | 0.18% | 0.12% |
| Power Finance Corporation Ltd | 0.11% | 0.80% |
| Ambuja Cements Ltd | 0.11% | 0.44% |
| Oil & Natural Gas Corporation Ltd | 0.33% | 0.11% |
| Lupin Ltd | 0.11% | 0.59% |
| Divi's Laboratories Ltd | 0.11% | 0.96% |
| Titan Co Ltd | 0.10% | 0.31% |
| Swiggy Ltd | 0.10% | 0.75% |
| Union Bank of India (12-Mar-2027) | 0.51% | 0.09% |
| United Spirits Ltd | 0.23% | 0.09% |
| SBI Life Insurance Co Ltd | 0.09% | 0.15% |
| Kalyan Jewellers India Ltd | 0.09% | 0.25% |
| SBI Cards and Payment Services Ltd | 0.08% | 0.15% |
| Ge Vernova T&D India Ltd | 0.08% | 0.55% |
| Sagility Ltd | 0.08% | 0.16% |
| Cummins India Ltd | 0.08% | 0.82% |
| Biocon Ltd | 0.07% | 0.32% |
| LIC Housing Finance Ltd | 0.07% | 0.27% |
| Tata Steel Ltd | 0.07% | 1.53% |
| HDFC Bank Ltd (24-Feb-2027) | 1.27% | 0.06% |
| NBCC (India) Ltd | 0.12% | 0.06% |
| Crompton Greaves Consumer Electricals Ltd | 0.05% | 0.23% |
| L&T Finance Ltd | 0.07% | 0.05% |
| Grasim Industries Ltd | 0.04% | 0.09% |
| Indian Oil Corporation Ltd | 0.04% | 0.69% |
| FSN E-Commerce Ventures Ltd | 1.16% | 0.04% |
| Adani Ports and Special Economic Zone Ltd | 0.58% | 0.04% |
| Solar Industries India Ltd | 0.23% | 0.04% |
| Motilal Oswal Financial Services Ltd | 0.12% | 0.04% |
| KPIT Technologies Ltd | 0.07% | 0.04% |
| Cholamandalam Investment and Finance Co Ltd | 0.04% | 0.88% |
| Interglobe Aviation Ltd | 0.04% | 0.34% |
| BSE Ltd | 0.03% | 0.12% |
| Bank of India | 0.03% | 0.19% |
| JSW Energy Ltd | 0.03% | 0.27% |
| Indian Energy Exchange Ltd | 0.03% | 0.12% |
| Pidilite Industries Ltd | 0.03% | 0.08% |
| Bharat Petroleum Corporation Ltd | 0.02% | 0.44% |
| Hitachi Energy India Ltd | 0.02% | 0.15% |
| 360 One Wam Ltd | 0.02% | 0.02% |
| HDFC Asset Management Co Ltd | 0.02% | 0.28% |
| ICICI Lombard General Insurance Co Ltd | 0.02% | 0.22% |
| Tata Consumer Products Ltd | 0.01% | 0.67% |
| Colgate Palmolive (India) Ltd | 0.01% | 0.07% |
| Dabur India Ltd | 0.06% | 0.01% |
| Hindustan Aeronautics Ltd | 0.01% | 0.35% |
| Radico Khaitan Ltd | 0.01% | 0.24% |
| Max Healthcare Institute Ltd | 0.01% | 0.04% |
| Bajaj Auto Ltd | 0.00% | 0.52% |
| Hindustan Petroleum Corporation Ltd | 0.00% | 0.44% |
| Amber Enterprises India Ltd | 0.00% | 0.03% |
| Fortis Healthcare Ltd | 0.00% | 0.22% |
| Life Insurance Corporation Of India | 0.00% | 0.20% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.5% means 41.5% 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 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% |
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 | Franklin India Arbitrage | Kotak Arbitrage |
|---|---|---|
| Equity | 71.4% | 71.1% |
| Debt | 14.5% | 5.8% |
| Cash and others | 14.1% | 23.1% |
Market cap of stocks
| Market cap | Franklin India Arbitrage | Kotak Arbitrage |
|---|---|---|
| Large Cap | 51.9% | 52.1% |
| Mid Cap | 17.7% | 16.4% |
| Small Cap | 1.8% | 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 | Franklin India Arbitrage | Kotak Arbitrage |
|---|---|---|
| Banks | 23.5% | 14.4% |
| Finance | 2.8% | 5.7% |
| Telecom - Services | 5.4% | 3.4% |
| Petroleum Products | 4.2% | 4.6% |
| Pharmaceuticals and Biotechnology | 0.0% | 4.2% |
| Automobiles | 4.1% | 3.4% |
| Power | 1.9% | 3.9% |
| IT - Software | 1.5% | 3.8% |
| Pharmaceuticals & Biotechnology | 3.0% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India Arbitrage vs Kotak Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | 2.31% |
| Base expense ratio (Direct) | 0.23% | 0.33% |
| Total expense ratio (Regular) | 1.97% | 2.89% |
| Base expense ratio (Regular) | 0.89% | 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 Franklin India Arbitrage with
Franklin India Arbitrage Fund vs Kotak Arbitrage Fund: Frequently Asked Questions
What is the difference between Franklin India Arbitrage Fund and Kotak Arbitrage Fund?
Both are Arbitrage funds, run by Franklin Templeton Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 41.5%. Franklin India Arbitrage Fund charges 1.20% a year and Kotak Arbitrage Fund 2.31%.
Which has given higher returns, Franklin India Arbitrage Fund or Kotak Arbitrage Fund?
Over 1 year: Franklin India Arbitrage Fund +7.13%, Kotak Arbitrage Fund +6.75%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Arbitrage Fund or Kotak Arbitrage Fund?
Franklin India Arbitrage Fund charges less: 1.20% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Franklin India Arbitrage Fund and Kotak Arbitrage Fund overlap?
41.5%. They hold 127 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Can I invest in both Franklin India Arbitrage Fund and Kotak Arbitrage Fund?
Yes. 41.5% 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.