HDFC Arbitrage Fund vs Kotak MSCI India ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
HDFC Arbitrage Fund is an Arbitrage fund and Kotak MSCI India ETF is an ETF fund. In the year to 30-10-2026, HDFC Arbitrage Fund (Direct) returned 6.7% and Kotak MSCI India ETF returned −8.0%. HDFC Arbitrage Fund charges 1.48% a year and Kotak MSCI India ETF 0.24%. Their portfolios overlap 50.5%: they hold 120 of the same securities.
Which is better, HDFC 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.
- HDFC Arbitrage returned more over 1 year: 6.7% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 1.48%.
- HDFC Arbitrage fell less in its worst fall since 25-02-2025: −0.5% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 55.6%.
- HDFC Arbitrage is the larger fund: ₹25,407 Cr against ₹1,749 Cr.
- Their portfolios overlap 50.5%: 120 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 | HDFC Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Fund house | HDFC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | ETF |
| AUM | ₹25,407 Cr (30-09-2026) | ₹1,749 Cr (30-09-2026) |
| NAV | ₹21.93 (Direct) | ₹28.23 |
| Expense ratio (Direct) | 1.48% | Not available |
| Expense ratio (Regular) | 2.02% | Not available |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage TRI | MSCI India TRI |
| Launch date | 23-10-2007 | 19-02-2025 |
| Minimum investment | ₹100 | 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 | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| Exit load | • 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. | NIL |
HDFC 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 |
|---|---|---|---|---|---|---|---|
| HDFC Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.25% | +6.66% | +7.26% | +6.73% | +6.13% |
| Kotak MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| 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.
HDFC Arbitrage vs Kotak MSCI India ETF: Year-wise Returns
| Year | HDFC ArbitrageHDFC Arbitrage | Kotak MSCI India ETFKotak MSCI India ETF |
|---|---|---|
| 2026to date | +5.43% | −8.95% |
| 2025 | +6.93% | -- |
| 2024 | +8.22% | -- |
| 2023 | +7.78% | -- |
| 2022 | +4.73% | -- |
| 2021 | +4.17% | -- |
HDFC 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.
HDFC 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.6% | 6.1% | 7.0% |
| 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.
HDFC 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 |
|---|---|---|---|---|
| HDFC ArbitrageHDFC Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,22,591 | ₹12,591 | 6.5% |
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
HDFC ArbitrageHDFC 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.
HDFC 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 | HDFC Arbitrage Fund (Direct) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +6.66% | −8.03% |
| Standard deviation | 1.39% | 14.22% |
| Sharpe ratio | 1.01 | -0.93 |
| Sortino ratio | 1.55 | -1.24 |
| Maximum drawdown | −0.5% (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 | HDFC Arbitrage Fund (Direct) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +6.43% | +4.02% |
| Standard deviation | 1.02% | 13.78% |
| Sharpe ratio | 0.60 | -0.10 |
| Sortino ratio | 0.87 | -0.14 |
| Maximum drawdown | −0.7% (25-03-2020) | −14.6% (31-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 27-03-2014 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.
HDFC 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 |
|---|---|---|---|---|---|---|
| HDFC Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 31-08-2026 | 25 days | −0.1% |
| 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.
HDFC Arbitrage Fund (Direct)
Kotak MSCI India ETF
HDFC Arbitrage vs Kotak MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Arbitrage Fund, September 2026; Kotak MSCI India ETF, September 2026
Holdings in common
- Overlap
- 50.5%
- Held by both
- 120
- Only in HDFC Arbitrage
- 49
- Only in Kotak MSCI India ETF
- 45
| Security | % of HDFC Arbitrage | % of Kotak MSCI India ETF |
|---|---|---|
| HDFC Bank Ltd. | 5.04% | 6.44% |
| ICICI Bank Ltd. | 5.04% | 5.60% |
| Reliance Industries Ltd. | 3.39% | 5.44% |
| Bharti Airtel Ltd. | 3.31% | 3.93% |
| Axis Bank Ltd. | 2.87% | 2.25% |
| Bajaj Finance Ltd. | 1.80% | 1.91% |
| Kotak Mahindra Bank Limited | 1.44% | 1.82% |
| State Bank of India | 2.30% | 1.41% |
| Tata Steel Ltd. | 1.55% | 1.10% |
| Hindustan Unilever Ltd. | 1.43% | 1.06% |
| Divis Laboratories Ltd. | 1.26% | 0.89% |
| TVS Motor Company Ltd. | 1.10% | 0.78% |
| NTPC Limited | 0.74% | 1.12% |
| Hindalco Industries Ltd. | 0.73% | 0.97% |
| InterGlobe Aviation Ltd. | 0.62% | 0.75% |
| JSW Steel Ltd. | 2.32% | 0.61% |
| ITC LIMITED | 0.59% | 0.63% |
| Apollo Hospitals Enterprise Ltd. | 0.59% | 0.66% |
| Eicher Motors Ltd. | 0.58% | 0.78% |
| Infosys Limited | 0.57% | 2.41% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.62% | 0.55% |
| Larsen and Toubro Ltd. | 0.54% | 2.02% |
| Coal India Ltd. | 0.87% | 0.52% |
| ADANI ENTERPRISES LIMTIED | 0.49% | 0.60% |
| Bharat Electronics Ltd. | 0.46% | 1.08% |
| Varun Beverages Ltd | 0.56% | 0.44% |
| Mahindra & Mahindra Ltd. | 0.43% | 2.05% |
| Maruti Suzuki India Limited | 0.42% | 1.13% |
| Tata Consumer Products Limited | 0.49% | 0.41% |
| Bharat Heavy Electricals Ltd. | 0.46% | 0.40% |
| HDFC Life Insurance Company Limited | 0.38% | 0.41% |
| Indus Towers Limited | 0.81% | 0.37% |
| Tata Motors Passenger Vehicles Limited | 0.36% | 0.42% |
| Bharat Forge Ltd. | 0.35% | 0.37% |
| Power Finance Corporation Ltd. | 0.41% | 0.34% |
| Marico Ltd. | 0.57% | 0.33% |
| Multi Commodity Exchange of India L | 0.44% | 0.33% |
| INFO EDGE (INDIA) LIMITED | 0.37% | 0.33% |
| Jio Financial Services Limited | 0.31% | 0.46% |
| Indian Oil Corporation Ltd. | 0.48% | 0.30% |
| The Tata Power Company Ltd. | 0.30% | 0.43% |
| Hindustan Aeronautics Limited | 0.29% | 0.62% |
| Ashok Leyland Ltd | 0.29% | 0.34% |
| Cummins India Ltd. | 0.29% | 0.50% |
| Asian Paints Limited | 0.28% | 0.74% |
| VODAFONE IDEA LIMITED | 1.03% | 0.27% |
| IDFC First Bank Limited | 0.95% | 0.27% |
| Hindustan Petroleum Corp. Ltd. | 0.32% | 0.27% |
| Indian Hotels Company Ltd. | 0.27% | 0.48% |
| GE Vernova T&D India Limited | 0.27% | 0.43% |
| Yes Bank Ltd. | 0.29% | 0.25% |
| Titan Company Ltd. | 0.24% | 1.30% |
| Aditya Birla Capital ltd. | 0.33% | 0.23% |
| Bharat Petroleum Corporation Ltd. | 0.23% | 0.39% |
| Pidilite Industries Ltd. | 0.23% | 0.33% |
| APL Apollo Tubes Ltd. | 0.23% | 0.32% |
| Adani Power (Mundra) Limited | 0.23% | 0.53% |
| Punjab National Bank | 1.27% | 0.21% |
| UltraTech Cement Limited | 0.21% | 0.90% |
| Bank of Baroda | 0.74% | 0.19% |
| NMDC Limited | 0.67% | 0.19% |
| Grasim Industries Ltd. | 0.19% | 0.66% |
| Adani Energy Solutions Limited | 0.19% | 0.22% |
| Ambuja Cements Ltd. | 0.44% | 0.18% |
| Godrej Properties Ltd. | 0.26% | 0.18% |
| Bajaj Auto Limited | 0.18% | 0.58% |
| Canara Bank | 1.52% | 0.17% |
| Voltas Ltd. | 0.21% | 0.17% |
| Alkem Laboratories Ltd. | 0.18% | 0.17% |
| Aurobindo Pharma Ltd. | 0.17% | 0.35% |
| Eternal Limited | 0.17% | 1.22% |
| UPL Ltd. | 0.16% | 0.22% |
| Torrent Pharmaceuticals Ltd. | 0.16% | 0.55% |
| Lupin Ltd. | 0.15% | 0.37% |
| Bajaj Finserv Ltd. | 0.15% | 0.53% |
| Samvardhana Motherson International Ltd. | 0.14% | 0.55% |
| Cipla Ltd. | 0.13% | 0.54% |
| The Federal Bank Ltd. | 0.11% | 0.46% |
| Indusind Bank Ltd. | 0.10% | 0.41% |
| One 97 Communications Limited | 0.10% | 0.51% |
| Shriram Finance Ltd. | 0.08% | 1.11% |
| Tube Investments of India Ltd. | 0.08% | 0.19% |
| Sun Pharmaceutical Industries Ltd. | 0.07% | 1.30% |
| Fortis Healthcare Limited | 0.07% | 0.30% |
| JSW Energy Ltd. | 0.07% | 0.18% |
| GAIL (India) Ltd. | 0.07% | 0.31% |
| Avenue Supermarts Ltd. | 0.07% | 0.44% |
| Supreme Industries Ltd. | 0.07% | 0.17% |
| Oil & Natural Gas Corporation Ltd. | 0.07% | 0.46% |
| DLF LIMITED | 0.07% | 0.33% |
| Union Bank of India | 0.07% | 0.21% |
| SBI Life Insurance Company Ltd. | 0.06% | 0.61% |
| Solar Industries India Ltd. | 0.06% | 0.36% |
| Au Small Finance Bank Ltd. | 0.06% | 0.45% |
| CG Power and Industrial Solutions Ltd. | 0.05% | 0.43% |
| National Aluminium Co. Ltd. | 0.05% | 0.22% |
| MphasiS Limited. | 0.05% | 0.20% |
| Muthoot Finance Ltd. | 0.05% | 0.24% |
| Jindal Steel Limited. | 0.05% | 0.32% |
| United Spirits Limited | 0.05% | 0.31% |
| Tata Consultancy Services Ltd. | 0.04% | 1.33% |
| GMR Airports Limited | 0.04% | 0.22% |
| Trent Ltd. | 0.04% | 0.56% |
| Dabur India Ltd. | 0.03% | 0.13% |
| Bombay Stock Exchange Limited (BSE) | 0.03% | 0.49% |
| Britannia Industries Ltd. | 0.03% | 0.42% |
| Nestle India Ltd. | 0.03% | 0.60% |
| SRF Ltd. | 0.03% | 0.26% |
| HCL Technologies Ltd. | 0.03% | 0.87% |
| Suzlon Energy Ltd | 0.02% | 0.32% |
| Oil India Limited | 0.02% | 0.15% |
| PB Fintech Limited | 0.02% | 0.29% |
| Page Industries Ltd | 0.02% | 0.18% |
| Zydus Lifesciences Limited | 0.01% | 0.17% |
| Hitachi Energy India Ltd. | 0.01% | 0.30% |
| Colgate-Palmolive ( I ) Ltd. | 0.01% | 0.16% |
| Polycab India Limited | 0.01% | 0.34% |
| Adani Ports & Special Economic Zone | 0.01% | 0.83% |
| Power Grid Corporation of India Ltd. | 0.01% | 0.87% |
| Laurus Labs Ltd. | 0.01% | 0.55% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.5% means 50.5% 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 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% |
Largest holdings only in Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| Tech Mahindra Ltd. | 0.66% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% |
| Max Healthcare Institute Ltd. | 0.52% |
| Hero MotoCorp Ltd. | 0.50% |
| Dr.Reddy's Laboratories Ltd. | 0.49% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Equity | 67.5% | 100.0% |
| Debt | 9.0% | 0.0% |
| Cash and others | 23.4% | 0.0% |
Market cap of stocks
| Market cap | HDFC Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Large Cap | 55.6% | 80.6% |
| Mid Cap | 10.3% | 19.4% |
| Small Cap | 1.7% | 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 | HDFC Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Banks | 22.2% | 20.3% |
| IT - Software | 0.9% | 6.6% |
| Petroleum Products | 4.4% | 6.4% |
| Finance | 4.3% | 6.3% |
| Automobiles | 3.1% | 6.2% |
| Pharmaceuticals and Biotechnology | 0.0% | 5.6% |
| Telecom - Services | 5.2% | 4.7% |
| Ferrous Metals | 4.5% | 2.2% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Arbitrage vs Kotak MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.48% | Not available |
| Base expense ratio (Direct) | 0.34% | 0.00% |
| Total expense ratio (Regular) | 2.02% | Not available |
| Base expense ratio (Regular) | 0.80% | 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
HDFC Arbitrage Fund vs Kotak MSCI India ETF: Frequently Asked Questions
What is the difference between HDFC Arbitrage Fund and Kotak MSCI India ETF?
HDFC Arbitrage Fund is an Arbitrage fund, Kotak MSCI India ETF is an ETF fund, run by HDFC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 50.5%. HDFC Arbitrage Fund charges 1.48% a year and Kotak MSCI India ETF 0.24%.
Which has given higher returns, HDFC Arbitrage Fund or Kotak MSCI India ETF?
Over 1 year: HDFC Arbitrage Fund +6.66%, Kotak MSCI India ETF −8.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Arbitrage Fund or Kotak MSCI India ETF?
Kotak MSCI India ETF charges less: 0.24% a year against 1.48%. These are the total expense ratios reported to AMFI.
How much do HDFC Arbitrage Fund and Kotak MSCI India ETF overlap?
50.5%. They hold 120 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HDFC Arbitrage Fund or Kotak MSCI India ETF?
On SEBI's riskometer, HDFC Arbitrage Fund is rated Low and Kotak MSCI India ETF Very High. Over 1 years, the standard deviation of daily returns was 1.39% and 14.22% a year.
Can I invest in both HDFC Arbitrage Fund and Kotak MSCI India ETF?
Yes. 50.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC Arbitrage Fund and Kotak MSCI India ETF?
HDFC Arbitrage Fund: Nandita Menezes, Arun Agarwal, Anil Bamboli, Gopal Agrawal. Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
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.