Groww NIFTY 200 ETF vs Motilal Oswal 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 Motilal Oswal Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, Groww NIFTY 200 ETF returned −8.2% and Motilal Oswal Arbitrage Fund (Direct) returned 7.0%. Groww NIFTY 200 ETF charges 0.43% a year and Motilal Oswal Arbitrage Fund 0.99%. Their portfolios overlap 44.9%: they hold 105 of the same securities.
Motilal Oswal Arbitrage Fund
Arbitrage
- 1 year return
- 7.0%
- Expense ratio
- 0.99%
- NAV
- ₹11.37
Which is better, Groww NIFTY 200 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.
- Motilal Oswal Arbitrage returned more over 1 year: 7.0% against −8.2%.
- Groww NIFTY 200 ETF costs less: 0.43% a year against 0.99%.
- Motilal Oswal Arbitrage fell less in its worst fall since 27-02-2025: −0.4% against −14.8%.
- Groww NIFTY 200 ETF holds more in large companies: 79.6% of the fund in large caps against 53.6%.
- Motilal Oswal Arbitrage is the larger fund: ₹3,434 Cr against ₹16 Cr.
- Their portfolios overlap 44.9%: 105 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 | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Fund house | Groww Mutual Fund | Motilal Oswal Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹16 Cr (30-09-2026) | ₹3,434 Cr (30-09-2026) |
| NAV | ₹10.72 | ₹11.37 (Direct) |
| Expense ratio (Direct) | Not available | 0.99% |
| Expense ratio (Regular) | Not available | 1.98% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 200 TRI | Nifty 50 Arbitrage TRI |
| Launch date | 25-02-2025 | 23-12-2024 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | None | None |
| Fund managers | Nikhil Satam, Aakash Chauhan, Shashi Kumar | Vishal Ashar, Atul Mehra, Rakesh Shetty |
| Exit load | Nil | 0.25% - If redeemed within 30 days from the day of allotment. Nil - If redeemed after 30 days from the date of allotment. |
Groww NIFTY 200 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 |
|---|---|---|---|---|---|---|---|
| Groww NIFTY 200 ETF | +0.13% | −6.00% | −3.35% | −8.21% | -- | -- | -- |
| 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.
Groww NIFTY 200 ETF vs Motilal Oswal Arbitrage: Year-wise Returns
| Year | Groww NIFTY 200 ETFGroww NIFTY 200 ETF | Motilal Oswal ArbitrageMotilal Oswal Arbitrage |
|---|---|---|
| 2026to date | −8.79% | +5.62% |
| 2025 | -- | +7.46% |
Groww NIFTY 200 ETF vs Motilal Oswal 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
Motilal Oswal 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% |
| Motilal Oswal Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.1% | 6.7% | 7.6% | 91% |
| 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 Motilal Oswal 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% |
| Motilal Oswal ArbitrageMotilal Oswal Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,23,294 | ₹13,294 | 6.9% |
Groww NIFTY 200 ETFGroww NIFTY 200 ETF
Motilal Oswal ArbitrageMotilal Oswal 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 Motilal Oswal 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 | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.21% | +6.98% |
| Standard deviation | 14.33% | 1.39% |
| Sharpe ratio | -0.94 | 1.24 |
| Sortino ratio | -1.24 | 1.88 |
| Maximum drawdown | −14.8% (31-03-2026) | −0.4% (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 | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.51% | +7.14% |
| Standard deviation | 13.84% | 1.16% |
| Sharpe ratio | -0.07 | 1.37 |
| Sortino ratio | -0.09 | 2.08 |
| Maximum drawdown | −14.8% (31-03-2026) | −0.4% (06-08-2026) |
| 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
Motilal Oswal 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% |
| Motilal Oswal Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 days | −0.0% |
| 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
Motilal Oswal 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% |
| Motilal Oswal Arbitrage Fund (Direct) | 19% | -16% | 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 Motilal Oswal Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Groww NIFTY 200 ETF, September 2026; Motilal Oswal Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.9%
- Held by both
- 105
- Only in Groww NIFTY 200 ETF
- 95
- Only in Motilal Oswal Arbitrage
- 33
| Security | % of Groww NIFTY 200 ETF | % of Motilal Oswal Arbitrage |
|---|---|---|
| HDFC Bank Limited | 6.72% | 5.41% |
| Reliance Industries Limited | 4.91% | 4.58% |
| Bharti Airtel Limited | 3.31% | 3.63% |
| ICICI Bank Limited | 5.86% | 2.28% |
| Axis Bank Limited | 2.18% | 2.53% |
| Kotak Mahindra Bank Limited | 1.90% | 2.39% |
| Bajaj Finance Limited | 1.62% | 1.72% |
| Mahindra & Mahindra Limited | 1.63% | 1.53% |
| Larsen & Toubro Limited | 2.72% | 1.19% |
| State Bank of India | 2.45% | 1.11% |
| Maruti Suzuki India Limited | 0.96% | 1.73% |
| Sun Pharmaceutical Industries Limited | 1.19% | 0.74% |
| InterGlobe Aviation Limited | 0.70% | 1.74% |
| Shriram Finance Limited | 0.85% | 0.69% |
| Adani Enterprises Limited | 0.61% | 1.11% |
| TVS Motor Company Limited | 0.60% | 3.37% |
| Bharat Electronics Limited | 0.86% | 0.53% |
| ITC Limited | 1.57% | 0.50% |
| One 97 Communications Limited | 0.45% | 1.10% |
| Samvardhana Motherson International Ltd | 0.45% | 0.88% |
| Jio Financial Services Limited | 0.44% | 0.68% |
| Cholamandalam Invest & Finance Co Ltd | 0.43% | 3.49% |
| Eternal Limited | 1.43% | 0.43% |
| Bajaj Finserv Limited | 0.62% | 0.43% |
| Bharat Heavy Electricals Limited | 0.37% | 0.52% |
| IndusInd Bank Limited | 0.37% | 0.75% |
| AU Small Finance Bank Limited | 0.36% | 3.07% |
| CG Power And Industrial Solutions Ltd | 0.36% | 2.37% |
| Tata Steel Limited | 0.95% | 0.35% |
| HDFC Life Insurance Company Limited | 0.35% | 0.57% |
| Cipla Limited | 0.47% | 0.32% |
| JSW Steel Limited | 0.75% | 0.31% |
| Infosys Limited | 2.17% | 0.30% |
| Suzlon Energy Limited | 0.30% | 0.37% |
| Indus Towers Limited | 0.30% | 0.34% |
| Grasim Industries Limited | 0.71% | 0.29% |
| Ashok Leyland Limited | 0.27% | 0.97% |
| Adani Green Energy Limited | 0.26% | 0.29% |
| Cummins India Limited | 0.40% | 0.26% |
| Divi's Laboratories Limited | 0.73% | 0.25% |
| Bank of Baroda | 0.26% | 0.25% |
| Multi Commodity Exchange of India Ltd. | 0.52% | 0.24% |
| SWIGGY LIMITED | 0.23% | 0.26% |
| Jindal Steel Limited | 0.26% | 0.23% |
| Yes Bank Ltd | 0.23% | 0.34% |
| Vodafone Idea Limited | 0.22% | 1.34% |
| Eicher Motors Limited | 0.61% | 0.21% |
| Aditya Birla Capital Limited | 0.20% | 2.15% |
| Hindustan Unilever Limited | 1.03% | 0.19% |
| Muthoot Finance Limited | 0.18% | 0.27% |
| Asian Paints Limited | 0.67% | 0.18% |
| Marico Limited | 0.26% | 0.17% |
| NMDC Limited | 0.16% | 0.26% |
| Steel Authority of India Limited | 0.16% | 1.23% |
| UltraTech Cement Limited | 0.80% | 0.16% |
| Vedanta Limited | 0.28% | 0.16% |
| Canara Bank | 0.25% | 0.16% |
| Apollo Hospitals Enterprise Limited | 0.51% | 0.15% |
| Hindustan Aeronautics Limited | 0.55% | 0.14% |
| IDFC First Bank Limited | 0.33% | 0.14% |
| Life Insurance Corporation Of India | 0.31% | 0.14% |
| Supreme Industries Limited | 0.14% | 0.33% |
| Godrej Properties Limited | 0.14% | 0.17% |
| KALYAN JEWELLERS INDIA LIMITED | 0.13% | 0.39% |
| Tata Consultancy Services Limited | 1.29% | 0.13% |
| Bajaj Auto Limited | 0.73% | 0.13% |
| The Federal Bank Limited | 0.48% | 0.11% |
| SBI Cards and Payment Services Limited | 0.11% | 0.27% |
| Adani Port & Special Economic Zone Ltd | 0.87% | 0.10% |
| HDFC Asset Management Company Limited | 0.29% | 0.10% |
| Aurobindo Pharma Limited | 0.29% | 0.10% |
| Biocon Limited | 0.16% | 0.10% |
| Ambuja Cements Limited | 0.14% | 0.10% |
| LIC Housing Finance Limited | 0.10% | 0.15% |
| Pidilite Industries Limited | 0.28% | 0.09% |
| Hindalco Industries Limited | 0.84% | 0.08% |
| The Indian Hotels Company Limited | 0.40% | 0.08% |
| Coforge Limited | 0.38% | 0.08% |
| Lupin Limited | 0.31% | 0.08% |
| Patanjali Foods Limited | 0.08% | 0.28% |
| Hero MotoCorp Limited | 0.42% | 0.07% |
| Varun Beverages Limited | 0.37% | 0.07% |
| Info Edge (India) Limited | 0.29% | 0.07% |
| SBI Life Insurance Company Limited | 0.47% | 0.06% |
| APL Apollo Tubes Limited | 0.25% | 0.06% |
| Zydus Lifesciences Limited | 0.18% | 0.06% |
| Premier Energies Limited | 0.08% | 0.06% |
| Tata Motors Passenger Vehicles Limited | 0.37% | 0.05% |
| GAIL (India) Limited | 0.28% | 0.05% |
| Max Financial Services Limited | 0.22% | 0.05% |
| DLF Limited | 0.27% | 0.04% |
| Adani Energy Solutions Limited | 0.26% | 0.04% |
| Polycab India Limited | 0.26% | 0.04% |
| Oil & Natural Gas Corporation Limited | 0.54% | 0.03% |
| Tata Consumer Products Limited | 0.38% | 0.03% |
| Bharat Petroleum Corporation Limited | 0.38% | 0.03% |
| Bharat Forge Limited | 0.33% | 0.03% |
| Hindustan Petroleum Corporation Limited | 0.21% | 0.02% |
| TUBE INVESTMENTS OF INDIA LTD | 0.16% | 0.02% |
| Titan Company Limited | 1.17% | 0.01% |
| NTPC Limited | 0.95% | 0.01% |
| United Spirits Limited | 0.25% | 0.01% |
| Glenmark Pharmaceuticals Limited | 0.22% | 0.01% |
| Radico Khaitan Limited | 0.21% | 0.01% |
| Dabur India Limited | 0.14% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.9% means 44.9% 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 |
|---|---|
| HCL Technologies Limited | 0.80% |
| BSE Ltd | 0.78% |
| Power Grid Corporation of India Limited | 0.73% |
| Coal India Limited | 0.63% |
| Tech Mahindra 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% |
| Inox Wind Limited | 0.87% |
| RBL Bank Limited | 0.77% |
| 5.74% Government of India 2026 | 0.73% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Groww NIFTY 200 ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Equity | 99.9% | 71.3% |
| Debt | 0.0% | 14.3% |
| Cash and others | 0.1% | 14.4% |
Market cap of stocks
| Market cap | Groww NIFTY 200 ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Large Cap | 79.6% | 53.6% |
| Mid Cap | 19.9% | 13.5% |
| Small Cap | 0.3% | 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 | Groww NIFTY 200 ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Banks | 22.2% | 19.4% |
| Finance | 5.9% | 10.5% |
| Automobiles | 5.5% | 7.1% |
| IT - Software | 6.4% | 0.5% |
| Petroleum Products | 5.8% | 4.6% |
| Telecom - Services | 3.9% | 5.3% |
| Pharmaceuticals & Biotechnology | 5.1% | 1.7% |
| Electrical Equipment | 2.6% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Groww NIFTY 200 ETF vs Motilal Oswal Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Groww NIFTY 200 ETF | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.99% |
| Base expense ratio (Direct) | 0.35% | 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
Groww NIFTY 200 ETF vs Motilal Oswal Arbitrage Fund: Frequently Asked Questions
What is the difference between Groww NIFTY 200 ETF and Motilal Oswal Arbitrage Fund?
Groww NIFTY 200 ETF is an ETF fund, Motilal Oswal Arbitrage Fund is an Arbitrage fund, run by Groww Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 44.9%. Groww NIFTY 200 ETF charges 0.43% a year and Motilal Oswal Arbitrage Fund 0.99%.
Which has given higher returns, Groww NIFTY 200 ETF or Motilal Oswal Arbitrage Fund?
Over 1 year: Groww NIFTY 200 ETF −8.21%, Motilal Oswal Arbitrage Fund +6.98%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Groww NIFTY 200 ETF or Motilal Oswal Arbitrage Fund?
Groww NIFTY 200 ETF charges less: 0.43% a year against 0.99%. These are the total expense ratios reported to AMFI.
How much do Groww NIFTY 200 ETF and Motilal Oswal Arbitrage Fund overlap?
44.9%. They hold 105 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Groww NIFTY 200 ETF or Motilal Oswal Arbitrage Fund?
On SEBI's riskometer, Groww NIFTY 200 ETF is rated Very High and Motilal Oswal 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 Motilal Oswal Arbitrage Fund?
Yes. 44.9% 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 Motilal Oswal Arbitrage Fund?
Groww NIFTY 200 ETF: Nikhil Satam, Aakash Chauhan, Shashi Kumar. Motilal Oswal Arbitrage Fund: Vishal Ashar, Atul Mehra, Rakesh Shetty.
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.