Groww NIFTY 200 ETF vs HDFC Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Groww NIFTY 200 ETF is an ETF fund and HDFC Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, Groww NIFTY 200 ETF returned −8.2% and HDFC Arbitrage Fund (Direct) returned 6.7%. Groww NIFTY 200 ETF charges 0.43% a year and HDFC Arbitrage Fund 1.48%. Their portfolios overlap 52.2%: they hold 136 of the same securities.
Which is better, Groww NIFTY 200 ETF or HDFC Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Arbitrage returned more over 1 year: 6.7% against −8.2%.
- Groww NIFTY 200 ETF costs less: 0.43% a year against 1.48%.
- HDFC Arbitrage fell less in its worst fall since 27-02-2025: −0.5% against −14.8%.
- Groww NIFTY 200 ETF holds more in large companies: 79.6% of the fund in large caps against 55.6%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹16 Cr.
- Their portfolios overlap 52.2%: 136 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 | Groww NIFTY 200 ETF | HDFC Arbitrage Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | HDFC Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹16 Cr (30-09-2026) | ₹25,407 Cr (30-09-2026) |
| NAV | ₹10.72 | ₹21.93 (Direct) |
| Expense ratio (Direct) | Not available | 1.48% |
| Expense ratio (Regular) | Not available | 2.02% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 200 TRI | Nifty 50 Arbitrage TRI |
| Launch date | 25-02-2025 | 23-10-2007 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Nikhil Satam, Aakash Chauhan, Shashi Kumar | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal |
| Exit load | Nil | • In respect of each purchase / switch-in of Units, an Exit load of 0.25% is payable if Units are redeemed / switched-out within 15 days from the date of allotment of units. • No Exit Load is payable if Units are redeemed/switched-out after 15 days from the date of allotment. |
Groww NIFTY 200 ETF vs HDFC 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 |
|---|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | +0.13% | −6.00% | −3.35% | −8.21% | -- | -- | -- |
| HDFC Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.25% | +6.66% | +7.26% | +6.73% | +6.13% |
| 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.
Groww NIFTY 200 ETF vs HDFC Arbitrage: Year-wise Returns
| Year | Groww NIFTY 200 ETFGroww NIFTY 200 ETF | HDFC ArbitrageHDFC Arbitrage |
|---|---|---|
| 2026to date | −8.79% | +5.43% |
| 2025 | -- | +6.93% |
| 2024 | -- | +8.22% |
| 2023 | -- | +7.78% |
| 2022 | -- | +4.73% |
| 2021 | -- | +4.17% |
Groww NIFTY 200 ETF vs HDFC Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 200 TRI, the benchmark of Groww NIFTY 200 ETF
Rolling returns
Every 1-year holding period, 164 of them, one for each trading day from 27-02-2026 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.
Groww NIFTY 200 ETF
HDFC Arbitrage Fund (Direct)
Nifty 200 TRI
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | 46.3 | 37.8 | 11.6 | 3.7 | 0.6 | 0.0 | 0.0 | 0.8% | 0.3% | −9.9% | 15.6% | 0% |
| HDFC Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.6% | 6.1% | 7.0% | 88% |
| Nifty 200 TRI | 42.1 | 40.2 | 13.4 | 3.0 | 1.2 | 0.0 | 0.0 | 1.2% | 0.7% | −9.6% | 16.1% | -- |
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. The benchmark is Nifty 200 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 27-02-2025. Past returns do not promise future returns.
Groww NIFTY 200 ETF vs HDFC 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 27-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Groww NIFTY 200 ETFGroww NIFTY 200 ETF | ₹2,10,000 | ₹2,04,546 | −₹5,454 | −2.9% |
| HDFC ArbitrageHDFC Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,22,591 | ₹12,591 | 6.5% |
Groww NIFTY 200 ETFGroww NIFTY 200 ETF
HDFC ArbitrageHDFC 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.
Groww NIFTY 200 ETF vs HDFC Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Groww NIFTY 200 ETF | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.21% | +6.66% |
| Standard deviation | 14.33% | 1.39% |
| Sharpe ratio | -0.94 | 1.01 |
| Sortino ratio | -1.24 | 1.55 |
| Maximum drawdown | −14.8% (31-03-2026) | −0.5% (06-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.38% | -- |
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 | Groww NIFTY 200 ETF | HDFC Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.51% | +6.43% |
| Standard deviation | 13.84% | 1.02% |
| Sharpe ratio | -0.07 | 0.60 |
| Sortino ratio | -0.09 | 0.87 |
| Maximum drawdown | −14.8% (31-03-2026) | −0.7% (25-03-2020) |
| Beta | 1.00 | -- |
| Alpha | −0.43% | -- |
From daily NAVs, 27-02-2025 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.
Groww NIFTY 200 ETF
HDFC Arbitrage Fund (Direct)
Nifty 200 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | −14.8% | 02-01-2026 | 31-03-2026 | Not yet | -- | −9.7% |
| HDFC Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | −0.1% |
| Nifty 200 TRI | −14.8% | 02-01-2026 | 30-03-2026 | Not yet | -- | −9.4% |
From daily values since 27-02-2025, 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.
Groww NIFTY 200 ETF
HDFC Arbitrage Fund (Direct)
Nifty 200 TRI
Against Nifty 200 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Groww NIFTY 200 ETF | 99% | 101% | 0.06% |
| HDFC Arbitrage Fund (Direct) | 18% | -15% | 15.76% |
From month-end values since 27-02-2025. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Groww NIFTY 200 ETF vs HDFC Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Groww NIFTY 200 ETF, September 2026; HDFC Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 52.2%
- Held by both
- 136
- Only in Groww NIFTY 200 ETF
- 64
- Only in HDFC Arbitrage
- 33
| Security | % of Groww NIFTY 200 ETF | % of HDFC Arbitrage |
|---|---|---|
| HDFC Bank Limited | 6.72% | 5.04% |
| ICICI Bank Limited | 5.86% | 5.04% |
| Reliance Industries Limited | 4.91% | 3.39% |
| Bharti Airtel Limited | 3.31% | 3.31% |
| State Bank of India | 2.45% | 2.30% |
| Axis Bank Limited | 2.18% | 2.87% |
| Bajaj Finance Limited | 1.62% | 1.80% |
| Kotak Mahindra Bank Limited | 1.90% | 1.44% |
| Hindustan Unilever Limited | 1.03% | 1.43% |
| Tata Steel Limited | 0.95% | 1.55% |
| JSW Steel Limited | 0.75% | 2.32% |
| NTPC Limited | 0.95% | 0.74% |
| Hindalco Industries Limited | 0.84% | 0.73% |
| Divi's Laboratories Limited | 0.73% | 1.26% |
| Coal India Limited | 0.63% | 0.87% |
| InterGlobe Aviation Limited | 0.70% | 0.62% |
| TVS Motor Company Limited | 0.60% | 1.10% |
| ITC Limited | 1.57% | 0.59% |
| Eicher Motors Limited | 0.61% | 0.58% |
| Infosys Limited | 2.17% | 0.57% |
| Larsen & Toubro Limited | 2.72% | 0.54% |
| Apollo Hospitals Enterprise Limited | 0.51% | 0.59% |
| Adani Enterprises Limited | 0.61% | 0.49% |
| Bharat Electronics Limited | 0.86% | 0.46% |
| Multi Commodity Exchange of India Ltd. | 0.52% | 0.44% |
| Cholamandalam Invest & Finance Co Ltd | 0.43% | 0.62% |
| Mahindra & Mahindra Limited | 1.63% | 0.43% |
| Maruti Suzuki India Limited | 0.96% | 0.42% |
| Tata Consumer Products Limited | 0.38% | 0.49% |
| Bharat Heavy Electricals Limited | 0.37% | 0.46% |
| Varun Beverages Limited | 0.37% | 0.56% |
| Tata Motors Passenger Vehicles Limited | 0.37% | 0.36% |
| HDFC Life Insurance Company Limited | 0.35% | 0.38% |
| IDFC First Bank Limited | 0.33% | 0.95% |
| Bharat Forge Limited | 0.33% | 0.35% |
| Indian Oil Corporation Limited | 0.31% | 0.48% |
| Life Insurance Corporation Of India | 0.31% | 0.40% |
| Jio Financial Services Limited | 0.44% | 0.31% |
| The Tata Power Company Limited | 0.37% | 0.30% |
| Indus Towers Limited | 0.30% | 0.81% |
| Power Finance Corporation Limited | 0.29% | 0.41% |
| Info Edge (India) Limited | 0.29% | 0.37% |
| Hindustan Aeronautics Limited | 0.55% | 0.29% |
| Cummins India Limited | 0.40% | 0.29% |
| Asian Paints Limited | 0.67% | 0.28% |
| Ashok Leyland Limited | 0.27% | 0.29% |
| The Indian Hotels Company Limited | 0.40% | 0.27% |
| GE Vernova T&D India Limited | 0.32% | 0.27% |
| Bank of Baroda | 0.26% | 0.74% |
| Marico Limited | 0.26% | 0.57% |
| Canara Bank | 0.25% | 1.52% |
| Punjab National Bank | 0.24% | 1.27% |
| Titan Company Limited | 1.17% | 0.24% |
| Adani Power Limited | 0.53% | 0.23% |
| Bharat Petroleum Corporation Limited | 0.38% | 0.23% |
| Coforge Limited | 0.38% | 0.23% |
| Pidilite Industries Limited | 0.28% | 0.23% |
| APL Apollo Tubes Limited | 0.25% | 0.23% |
| Yes Bank Ltd | 0.23% | 0.29% |
| Vodafone Idea Limited | 0.22% | 1.03% |
| Glenmark Pharmaceuticals Limited | 0.22% | 0.46% |
| UltraTech Cement Limited | 0.80% | 0.21% |
| Hindustan Petroleum Corporation Limited | 0.21% | 0.32% |
| Aditya Birla Capital Limited | 0.20% | 0.33% |
| Grasim Industries Limited | 0.71% | 0.19% |
| Adani Energy Solutions Limited | 0.26% | 0.19% |
| Bajaj Auto Limited | 0.73% | 0.18% |
| Adani Green Energy Limited | 0.26% | 0.18% |
| Eternal Limited | 1.43% | 0.17% |
| Aurobindo Pharma Limited | 0.29% | 0.17% |
| NMDC Limited | 0.16% | 0.67% |
| Steel Authority of India Limited | 0.16% | 0.60% |
| Torrent Pharmaceuticals Limited | 0.43% | 0.16% |
| UPL Limited | 0.19% | 0.16% |
| Biocon Limited | 0.16% | 0.37% |
| Voltas Limited | 0.15% | 0.21% |
| Bajaj Finserv Limited | 0.62% | 0.15% |
| Lupin Limited | 0.31% | 0.15% |
| Ambuja Cements Limited | 0.14% | 0.44% |
| Samvardhana Motherson International Ltd | 0.45% | 0.14% |
| Godrej Properties Limited | 0.14% | 0.26% |
| KALYAN JEWELLERS INDIA LIMITED | 0.13% | 0.39% |
| Cipla Limited | 0.47% | 0.13% |
| Radico Khaitan Limited | 0.21% | 0.13% |
| The Federal Bank Limited | 0.48% | 0.11% |
| One 97 Communications Limited | 0.45% | 0.10% |
| IndusInd Bank Limited | 0.37% | 0.10% |
| LIC Housing Finance Limited | 0.10% | 0.48% |
| Bank of India | 0.10% | 0.26% |
| Shriram Finance Limited | 0.85% | 0.08% |
| Max Financial Services Limited | 0.22% | 0.08% |
| TUBE INVESTMENTS OF INDIA LTD | 0.16% | 0.08% |
| Patanjali Foods Limited | 0.08% | 0.13% |
| Sun Pharmaceutical Industries Limited | 1.19% | 0.07% |
| Oil & Natural Gas Corporation Limited | 0.54% | 0.07% |
| Avenue Supermarts Limited | 0.38% | 0.07% |
| GAIL (India) Limited | 0.28% | 0.07% |
| DLF Limited | 0.27% | 0.07% |
| Fortis Healthcare Limited | 0.25% | 0.07% |
| Union Bank of India | 0.20% | 0.07% |
| JSW Energy Limited | 0.19% | 0.07% |
| Supreme Industries Limited | 0.14% | 0.07% |
| SBI Life Insurance Company Limited | 0.47% | 0.06% |
| AU Small Finance Bank Limited | 0.36% | 0.06% |
| Solar Industries India Limited | 0.29% | 0.06% |
| CG Power And Industrial Solutions Ltd | 0.36% | 0.05% |
| Jindal Steel Limited | 0.26% | 0.05% |
| United Spirits Limited | 0.25% | 0.05% |
| National Aluminium Company Limited | 0.19% | 0.05% |
| Muthoot Finance Limited | 0.18% | 0.05% |
| MphasiS Limited | 0.18% | 0.05% |
| Tata Consultancy Services Limited | 1.29% | 0.04% |
| Trent Limited | 0.54% | 0.04% |
| SWIGGY LIMITED | 0.23% | 0.04% |
| GMR Airports Limited | 0.20% | 0.04% |
| Container Corporation of India Limited | 0.10% | 0.04% |
| HCL Technologies Limited | 0.80% | 0.03% |
| BSE Ltd | 0.78% | 0.03% |
| Nestle India Limited | 0.58% | 0.03% |
| Britannia Industries Limited | 0.35% | 0.03% |
| SRF Limited | 0.22% | 0.03% |
| Dabur India Limited | 0.14% | 0.03% |
| Suzlon Energy Limited | 0.30% | 0.02% |
| PB Fintech Limited | 0.23% | 0.02% |
| Hindustan Zinc Limited | 0.17% | 0.02% |
| Oil India Limited | 0.15% | 0.02% |
| Page Industries Limited | 0.14% | 0.02% |
| Adani Port & Special Economic Zone Ltd | 0.87% | 0.01% |
| Power Grid Corporation of India Limited | 0.73% | 0.01% |
| Laurus Labs Limited | 0.48% | 0.01% |
| Polycab India Limited | 0.26% | 0.01% |
| Hitachi Energy India Limited | 0.23% | 0.01% |
| Zydus Lifesciences Limited | 0.18% | 0.01% |
| Colgate Palmolive (India) Limited | 0.14% | 0.01% |
| Astral Limited | 0.10% | 0.01% |
| Motilal Oswal Financial Services Limited | 0.10% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 52.2% means 52.2% 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 Groww NIFTY 200 ETF
| Security | % of fund |
|---|---|
| Tech Mahindra Limited | 0.60% |
| Tata Motors Limited | 0.55% |
| Dr. Reddy's Laboratories Limited | 0.46% |
| Vedanta Aluminium Metal Limited | 0.43% |
| Max Healthcare Institute Limited | 0.43% |
Largest holdings only in HDFC Arbitrage Fund
| Security | % of fund |
|---|---|
| HDFC Money Market Fund - Direct Plan - Growth Option | 9.14% |
| Union Bank of India | 3.84% |
| HDFC Liquid Fund - Direct Plan - Growth Option | 3.75% |
| HDFC Ultra Short Term Fund - Direct Plan - Growth Option | 2.85% |
| HDFC Ultra Short to Short Term Fund - Direct Plan - Growth Option | 2.64% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww NIFTY 200 ETF | HDFC Arbitrage |
|---|---|---|
| Equity | 99.9% | 67.5% |
| Debt | 0.0% | 9.0% |
| Cash and others | 0.1% | 23.4% |
Market cap of stocks
| Market cap | Groww NIFTY 200 ETF | HDFC Arbitrage |
|---|---|---|
| Large Cap | 79.6% | 55.6% |
| Mid Cap | 19.9% | 10.3% |
| Small Cap | 0.3% | 1.7% |
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 | Groww NIFTY 200 ETF | HDFC Arbitrage |
|---|---|---|
| Banks | 22.2% | 22.2% |
| IT - Software | 6.4% | 0.9% |
| Finance | 5.9% | 4.3% |
| Petroleum Products | 5.8% | 4.4% |
| Automobiles | 5.5% | 3.1% |
| Telecom - Services | 3.9% | 5.2% |
| Pharmaceuticals & Biotechnology | 5.1% | 3.0% |
| Ferrous Metals | 2.1% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Groww NIFTY 200 ETF vs HDFC Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww NIFTY 200 ETF | HDFC Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.48% |
| Base expense ratio (Direct) | 0.35% | 0.34% |
| Total expense ratio (Regular) | Not available | 2.02% |
| Base expense ratio (Regular) | 0.00% | 0.80% |
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
Groww NIFTY 200 ETF vs HDFC Arbitrage Fund: Frequently Asked Questions
What is the difference between Groww NIFTY 200 ETF and HDFC Arbitrage Fund?
Groww NIFTY 200 ETF is an ETF fund, HDFC Arbitrage Fund is an Arbitrage fund, run by Groww Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 52.2%. Groww NIFTY 200 ETF charges 0.43% a year and HDFC Arbitrage Fund 1.48%.
Which has given higher returns, Groww NIFTY 200 ETF or HDFC Arbitrage Fund?
Over 1 year: Groww NIFTY 200 ETF −8.21%, HDFC Arbitrage Fund +6.66%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Groww NIFTY 200 ETF or HDFC Arbitrage Fund?
Groww NIFTY 200 ETF charges less: 0.43% a year against 1.48%. These are the total expense ratios reported to AMFI.
How much do Groww NIFTY 200 ETF and HDFC Arbitrage Fund overlap?
52.2%. They hold 136 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, Groww NIFTY 200 ETF or HDFC Arbitrage Fund?
On SEBI's riskometer, Groww NIFTY 200 ETF is rated Very High and HDFC Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 14.33% and 1.39% a year.
Can I invest in both Groww NIFTY 200 ETF and HDFC Arbitrage Fund?
Yes. 52.2% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Groww NIFTY 200 ETF and HDFC Arbitrage Fund?
Groww NIFTY 200 ETF: Nikhil Satam, Aakash Chauhan, Shashi Kumar. HDFC Arbitrage Fund: Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal.
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.