Franklin India Arbitrage Fund vs Kotak MSCI India ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Franklin India Arbitrage Fund is an Arbitrage fund and Kotak MSCI India ETF is an ETF fund. In the year to 30-10-2026, Franklin India Arbitrage Fund (Direct) returned 7.1% and Kotak MSCI India ETF returned −8.0%. Franklin India Arbitrage Fund charges 1.20% a year and Kotak MSCI India ETF 0.24%. Their portfolios overlap 50.0%: they hold 102 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 MSCI India ETF? 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 −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 1.20%.
- Franklin India Arbitrage fell less in its worst fall since 25-02-2025: −0.4% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 51.9%.
- Franklin India Arbitrage is the larger fund: ₹1,921 Cr against ₹1,749 Cr.
- Their portfolios overlap 50.0%: 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 | Franklin India Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Fund house | Franklin Templeton Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | ETF |
| AUM | ₹1,921 Cr (30-09-2026) | ₹1,749 Cr (30-09-2026) |
| NAV | ₹11.42 (Direct) | ₹28.23 |
| Expense ratio (Direct) | 1.20% | Not available |
| Expense ratio (Regular) | 1.97% | Not available |
| Riskometer | Not available | Very High |
| Benchmark | Not available | MSCI India TRI |
| Launch date | Not available | 19-02-2025 |
| Minimum investment | Not available | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to |
| Lock in | Not available | None |
| Fund managers | Not available | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| Exit load | Not available | NIL |
Franklin India Arbitrage vs Kotak MSCI India ETF: 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 MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Franklin India Arbitrage vs Kotak MSCI India ETF: Year-wise Returns
| Year | Franklin India ArbitrageFranklin India Arbitrage | Kotak MSCI India ETFKotak MSCI India ETF |
|---|---|---|
| 2026to date | +5.84% | −8.95% |
| 2025 | +7.19% | -- |
Franklin India Arbitrage vs Kotak MSCI India ETF: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 166 of them, one for each trading day from 25-02-2026 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 MSCI India ETF
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 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 MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% |
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 25-02-2025. Past returns do not promise future returns.
Franklin India Arbitrage vs Kotak MSCI India ETF: 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 03-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Franklin India ArbitrageFranklin India Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,23,496 | ₹13,496 | 7.0% |
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
Franklin India ArbitrageFranklin India Arbitrage Fund (Direct)
Kotak MSCI India ETFKotak MSCI India ETF
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 MSCI India ETF: 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 MSCI India ETF |
|---|---|---|
| Return (CAGR) | +7.13% | −8.03% |
| Standard deviation | 1.42% | 14.22% |
| Sharpe ratio | 1.33 | -0.93 |
| Sortino ratio | 2.08 | -1.24 |
| Maximum drawdown | −0.4% (06-08-2026) | −14.6% (31-03-2026) |
| 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 MSCI India ETF |
|---|---|---|
| Return (CAGR) | +7.09% | +4.02% |
| Standard deviation | 1.17% | 13.78% |
| Sharpe ratio | 1.25 | -0.10 |
| Sortino ratio | 1.93 | -0.14 |
| Maximum drawdown | −0.4% (06-08-2026) | −14.6% (31-03-2026) |
| 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 MSCI India ETF
| 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 MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
From daily values since 25-02-2025, 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 MSCI India ETF
Franklin India Arbitrage vs Kotak MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Franklin India Arbitrage Fund, September 2026; Kotak MSCI India ETF, September 2026
Holdings in common
- Overlap
- 50.0%
- Held by both
- 102
- Only in Franklin India Arbitrage
- 42
- Only in Kotak MSCI India ETF
- 63
| Security | % of Franklin India Arbitrage | % of Kotak MSCI India ETF |
|---|---|---|
| HDFC Bank Ltd | 5.79% | 6.44% |
| ICICI Bank Ltd | 6.04% | 5.60% |
| Reliance Industries Ltd | 4.13% | 5.44% |
| Bharti Airtel Ltd | 2.55% | 3.93% |
| Axis Bank Ltd | 3.37% | 2.25% |
| Larsen & Toubro Ltd | 1.88% | 2.02% |
| State Bank of India | 1.78% | 1.41% |
| Maruti Suzuki India Ltd | 1.38% | 1.13% |
| Bharat Electronics Ltd | 1.33% | 1.08% |
| Bajaj Finance Ltd | 1.03% | 1.91% |
| Sun Pharmaceutical Industries Ltd | 0.98% | 1.30% |
| Hindalco Industries Ltd | 1.79% | 0.97% |
| Mahindra & Mahindra Ltd | 0.92% | 2.05% |
| Eicher Motors Ltd | 0.75% | 0.78% |
| Hindustan Unilever Ltd | 0.71% | 1.06% |
| Kotak Mahindra Bank Ltd | 0.63% | 1.82% |
| TVS Motor Co Ltd | 0.60% | 0.78% |
| Adani Enterprises Ltd | 1.44% | 0.60% |
| Adani Ports and Special Economic Zone Ltd | 0.58% | 0.83% |
| Laurus Labs Ltd | 0.81% | 0.55% |
| Eternal Ltd | 0.54% | 1.22% |
| Adani Power Ltd | 0.51% | 0.53% |
| One 97 Communications Ltd | 0.52% | 0.51% |
| AU Small Finance Bank Ltd | 0.70% | 0.45% |
| Jio Financial Services Ltd | 0.44% | 0.46% |
| Tata Power Co Ltd | 0.60% | 0.43% |
| HDFC Life Insurance Co Ltd | 1.82% | 0.41% |
| IndusInd Bank Ltd | 1.22% | 0.41% |
| ITC Ltd | 0.40% | 0.63% |
| NTPC Ltd | 0.40% | 1.12% |
| Indus Towers Ltd | 0.48% | 0.37% |
| Aurobindo Pharma Ltd | 0.41% | 0.35% |
| Bajaj Finserv Ltd | 0.34% | 0.53% |
| Ashok Leyland Ltd | 0.43% | 0.34% |
| Oil & Natural Gas Corporation Ltd | 0.33% | 0.46% |
| JSW Steel Ltd | 0.33% | 0.61% |
| Marico Ltd | 0.95% | 0.33% |
| Multi Commodity Exchange Of India Ltd | 0.58% | 0.33% |
| Info Edge (India) Ltd | 0.53% | 0.33% |
| APL Apollo Tubes Ltd | 0.65% | 0.32% |
| FSN E-Commerce Ventures Ltd | 1.16% | 0.31% |
| PB Fintech Ltd | 0.98% | 0.29% |
| Coal India Ltd | 0.29% | 0.52% |
| Indian Hotels Co Ltd | 0.28% | 0.48% |
| Vedanta Ltd | 0.30% | 0.28% |
| Vodafone Idea Ltd | 2.41% | 0.27% |
| IDFC First Bank Ltd | 2.11% | 0.27% |
| Yes Bank Ltd | 0.56% | 0.25% |
| Cipla Ltd | 0.24% | 0.54% |
| Ultratech Cement Ltd | 0.24% | 0.90% |
| Solar Industries India Ltd | 0.23% | 0.36% |
| United Spirits Ltd | 0.23% | 0.31% |
| UPL Ltd | 1.00% | 0.22% |
| Apollo Hospitals Enterprise Ltd | 0.22% | 0.66% |
| Punjab National Bank | 0.41% | 0.21% |
| GAIL (India) Ltd | 0.20% | 0.31% |
| Varun Beverages Ltd | 0.20% | 0.44% |
| Mphasis Ltd | 0.52% | 0.20% |
| Tata Motors Passenger Vehicles Ltd | 0.19% | 0.42% |
| Bank of Baroda | 0.29% | 0.19% |
| Infosys Ltd | 0.18% | 2.41% |
| Godrej Properties Ltd | 0.41% | 0.18% |
| Canara Bank | 0.35% | 0.17% |
| Shriram Finance Ltd | 0.17% | 1.11% |
| NMDC Ltd | 0.16% | 0.19% |
| Bharat Heavy Electricals Ltd | 0.16% | 0.40% |
| National Aluminium Co Ltd | 0.16% | 0.22% |
| Adani Energy Solutions Ltd | 0.13% | 0.22% |
| Nestle India Ltd | 0.13% | 0.60% |
| ICICI Prudential Life Insurance Co Ltd | 0.17% | 0.13% |
| Samvardhana Motherson International Ltd | 0.13% | 0.55% |
| Power Finance Corporation Ltd | 0.11% | 0.34% |
| Ambuja Cements Ltd | 0.11% | 0.18% |
| Lupin Ltd | 0.11% | 0.37% |
| Divi's Laboratories Ltd | 0.11% | 0.89% |
| Titan Co Ltd | 0.10% | 1.30% |
| SBI Life Insurance Co Ltd | 0.09% | 0.61% |
| Power Grid Corporation of India Ltd | 0.09% | 0.87% |
| Ge Vernova T&D India Ltd | 0.08% | 0.43% |
| Cummins India Ltd | 0.08% | 0.50% |
| L&T Finance Ltd | 0.07% | 0.17% |
| Tata Steel Ltd | 0.07% | 1.10% |
| Dabur India Ltd | 0.06% | 0.13% |
| Grasim Industries Ltd | 0.04% | 0.66% |
| Indian Oil Corporation Ltd | 0.04% | 0.30% |
| Cholamandalam Investment and Finance Co Ltd | 0.04% | 0.55% |
| Interglobe Aviation Ltd | 0.04% | 0.75% |
| BSE Ltd | 0.03% | 0.49% |
| JSW Energy Ltd | 0.03% | 0.18% |
| Pidilite Industries Ltd | 0.03% | 0.33% |
| Bharat Petroleum Corporation Ltd | 0.02% | 0.39% |
| Hitachi Energy India Ltd | 0.02% | 0.30% |
| HDFC Asset Management Co Ltd | 0.02% | 0.35% |
| ICICI Lombard General Insurance Co Ltd | 0.02% | 0.31% |
| Tata Consumer Products Ltd | 0.01% | 0.41% |
| Colgate Palmolive (India) Ltd | 0.01% | 0.16% |
| Federal Bank Ltd | 0.01% | 0.46% |
| Hindustan Aeronautics Ltd | 0.01% | 0.62% |
| Max Healthcare Institute Ltd | 0.01% | 0.52% |
| Bajaj Auto Ltd | 0.00% | 0.58% |
| Hindustan Petroleum Corporation Ltd | 0.00% | 0.27% |
| Fortis Healthcare Ltd | 0.00% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.0% means 50.0% 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 MSCI India ETF
| Security | % of fund |
|---|---|
| TATA CONSULTANCY SERVICES LTD. | 1.33% |
| HCL Technologies Ltd. | 0.87% |
| Asian Paints(India) Ltd. | 0.74% |
| Tech Mahindra Ltd. | 0.66% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Franklin India Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Equity | 71.4% | 100.0% |
| Debt | 14.5% | 0.0% |
| Cash and others | 14.1% | 0.0% |
Market cap of stocks
| Market cap | Franklin India Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Large Cap | 51.9% | 80.6% |
| Mid Cap | 17.7% | 19.4% |
| Small Cap | 1.8% | 0.0% |
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 MSCI India ETF |
|---|---|---|
| Banks | 23.5% | 20.3% |
| IT - Software | 1.5% | 6.6% |
| Petroleum Products | 4.2% | 6.4% |
| Finance | 2.8% | 6.3% |
| Automobiles | 4.1% | 6.2% |
| Pharmaceuticals and Biotechnology | 0.0% | 5.6% |
| Telecom - Services | 5.4% | 4.7% |
| Pharmaceuticals & Biotechnology | 3.0% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Franklin India Arbitrage vs Kotak MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Franklin India Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.20% | Not available |
| Base expense ratio (Direct) | 0.23% | 0.00% |
| Total expense ratio (Regular) | 1.97% | Not available |
| Base expense ratio (Regular) | 0.89% | 0.17% |
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
Franklin India Arbitrage Fund vs Kotak MSCI India ETF: Frequently Asked Questions
What is the difference between Franklin India Arbitrage Fund and Kotak MSCI India ETF?
Franklin India Arbitrage Fund is an Arbitrage fund, Kotak MSCI India ETF is an ETF fund, run by Franklin Templeton Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 50.0%. Franklin India Arbitrage Fund charges 1.20% a year and Kotak MSCI India ETF 0.24%.
Which has given higher returns, Franklin India Arbitrage Fund or Kotak MSCI India ETF?
Over 1 year: Franklin India Arbitrage Fund +7.13%, Kotak MSCI India ETF −8.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Franklin India Arbitrage Fund or Kotak MSCI India ETF?
Kotak MSCI India ETF charges less: 0.24% a year against 1.20%. These are the total expense ratios reported to AMFI.
How much do Franklin India Arbitrage Fund and Kotak MSCI India ETF overlap?
50.0%. 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 Franklin India Arbitrage Fund and Kotak MSCI India ETF?
Yes. 50.0% 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.