HDFC NIFTY 100 Index Fund vs NJ Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC NIFTY 100 Index Fund is an Index fund and NJ Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, HDFC NIFTY 100 Index Fund (Direct) returned 8.7% a year and NJ Arbitrage Fund (Direct) returned 6.8% a year. HDFC NIFTY 100 Index Fund charges 0.36% a year and NJ Arbitrage Fund 1.05% (Direct plans). Their portfolios overlap 44.4%: they hold 43 of the same securities.
HDFC NIFTY 100 Index Fund
Index
- 3 year return
- 8.7%
- Expense ratio
- 0.36%
- NAV
- ₹14.33
Which is better, HDFC NIFTY 100 Index or NJ 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 NIFTY 100 Index returned more over 3 years: 8.7% a year against 6.8%.
- NJ Arbitrage returned more over 1 year: 6.5% against −9.0%.
- HDFC NIFTY 100 Index costs less: 0.36% a year against 1.05% (Direct plans).
- NJ Arbitrage swung less over 3 years: a standard deviation of 1.3% a year against 13.6%.
- NJ Arbitrage fell less in its worst fall since 02-08-2022: −0.7% against −17.3%.
- HDFC NIFTY 100 Index holds more in large companies: 98.0% of the fund in large caps against 71.5%.
- Their portfolios overlap 44.4%: 43 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 NIFTY 100 Index Fund | NJ Arbitrage Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | NJ Mutual Fund |
| Category | Index | Arbitrage |
| AUM | ₹457 Cr (30-09-2026) | Not available |
| NAV | ₹14.33 (Direct) | ₹13.25 (Direct) |
| Expense ratio (Direct) | 0.36% | 1.05% |
| Expense ratio (Regular) | 0.81% | 1.64% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 100 TRI | Nifty 50 Arbitrage Index |
| Launch date | 23-02-2022 | 01-08-2022 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal | Dhaval Patel, Viral Shah, Jaimin Ilavia |
| Exit load | NIL | Nil |
HDFC NIFTY 100 Index vs NJ 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 |
|---|---|---|---|---|---|---|---|
| HDFC NIFTY 100 Index Fund (Direct) | +1.01% | −5.39% | −3.12% | −9.00% | +8.65% | -- | -- |
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
HDFC NIFTY 100 Index vs NJ Arbitrage: Year-wise Returns
| Year | HDFC NIFTY 100 IndexHDFC NIFTY 100 Index | NJ ArbitrageNJ Arbitrage |
|---|---|---|
| 2026to date | −9.57% | +5.24% |
| 2025 | +9.87% | +6.37% |
| 2024 | +12.39% | +7.68% |
| 2023 | +20.80% | +7.41% |
HDFC NIFTY 100 Index vs NJ Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HDFC NIFTY 100 Index Fund
Rolling returns
Every 3-year holding period, 304 of them, one for each trading day from 04-08-2025 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.
HDFC NIFTY 100 Index Fund (Direct)
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
to
Sept 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC NIFTY 100 Index | 0.0 | 0.0 | 18.8 | 75.3 | 5.9 | 0.0 | 0.0 | 12.1% | 12.8% | 6.7% | 15.9% | 0% |
| NJ Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.1% | 6.7% | 7.3% | 0% |
| Nifty 100 TRI | 0.0 | 0.0 | 13.8 | 73.4 | 12.8 | 0.0 | 0.0 | 12.5% | 13.3% | 7.1% | 16.3% | -- |
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 100 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 02-08-2022. Past returns do not promise future returns.
HDFC NIFTY 100 Index vs NJ 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 01-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC NIFTY 100 IndexHDFC NIFTY 100 Index Fund (Direct) | ₹5,10,000 | ₹5,60,574 | ₹50,574 | 4.4% |
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,88,823 | ₹78,823 | 6.7% |
HDFC NIFTY 100 IndexHDFC NIFTY 100 Index Fund (Direct)
NJ ArbitrageNJ 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.
HDFC NIFTY 100 Index vs NJ Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC NIFTY 100 Index Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.00% | +6.46% |
| Standard deviation | 13.87% | 1.83% |
| Sharpe ratio | -1.03 | 0.66 |
| Sortino ratio | -1.37 | 1.02 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.33% | -- |
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 NIFTY 100 Index Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.65% | +6.82% |
| Standard deviation | 13.63% | 1.34% |
| Sharpe ratio | 0.19 | 0.59 |
| Sortino ratio | 0.27 | 0.90 |
| Maximum drawdown | −17.3% (28-02-2025) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.42% | -- |
From daily NAVs, 30-10-2023 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 NIFTY 100 Index Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.00% | +6.84% |
| Standard deviation | 13.63% | 1.20% |
| Sharpe ratio | 0.15 | 0.58 |
| Sortino ratio | 0.21 | 0.88 |
| Maximum drawdown | −17.3% (28-02-2025) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.44% | -- |
From daily NAVs, 23-02-2022 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 NIFTY 100 Index Fund (Direct)
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC NIFTY 100 Index Fund (Direct) | −17.3% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.7% |
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 02-08-2022, 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 NIFTY 100 Index Fund (Direct)
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC NIFTY 100 Index Fund (Direct)
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC NIFTY 100 Index Fund (Direct) | 99% | 101% | 0.07% |
| NJ Arbitrage Fund (Direct) | 18% | -16% | 13.98% |
From month-end values since 02-08-2022. 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.
HDFC NIFTY 100 Index vs NJ Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC NIFTY 100 Index Fund, September 2026; NJ Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.4%
- Held by both
- 43
- Only in HDFC NIFTY 100 Index
- 57
- Only in NJ Arbitrage
- 28
| Security | % of HDFC NIFTY 100 Index | % of NJ Arbitrage |
|---|---|---|
| Reliance Industries Ltd. | 6.15% | 6.48% |
| HDFC Bank Ltd. | 8.42% | 5.56% |
| Bharti Airtel Ltd. | 4.14% | 5.73% |
| ICICI Bank Ltd. | 7.35% | 3.43% |
| Kotak Mahindra Bank Limited | 2.38% | 7.11% |
| ITC LIMITED | 1.96% | 2.03% |
| Mahindra & Mahindra Ltd. | 2.04% | 1.86% |
| Bajaj Finance Ltd. | 2.03% | 1.60% |
| Sun Pharmaceutical Industries Ltd. | 1.49% | 4.20% |
| Axis Bank Ltd. | 2.73% | 1.47% |
| State Bank of India | 3.07% | 1.41% |
| Tata Steel Ltd. | 1.19% | 1.30% |
| UltraTech Cement Limited | 1.01% | 2.08% |
| Larsen and Toubro Ltd. | 3.41% | 0.84% |
| Asian Paints Limited | 0.84% | 0.77% |
| Eicher Motors Ltd. | 0.76% | 1.19% |
| ADANI ENTERPRISES LIMTIED | 0.76% | 4.06% |
| Infosys Limited | 2.72% | 0.70% |
| NTPC Limited | 1.19% | 0.68% |
| Adani Power (Mundra) Limited | 0.66% | 1.64% |
| SBI Life Insurance Company Ltd. | 0.59% | 1.38% |
| The Tata Power Company Ltd. | 0.47% | 0.49% |
| HDFC Life Insurance Company Limited | 0.43% | 0.37% |
| Pidilite Industries Ltd. | 0.35% | 0.47% |
| Jio Financial Services Limited | 0.55% | 0.35% |
| Bank of Baroda | 0.33% | 1.61% |
| Tata Motors Passenger Vehicles Limited | 0.46% | 0.33% |
| Canara Bank | 0.31% | 3.16% |
| Punjab National Bank | 0.30% | 0.42% |
| VODAFONE IDEA LIMITED | 0.28% | 6.08% |
| Divis Laboratories Ltd. | 0.92% | 0.28% |
| Hindustan Aeronautics Limited | 0.69% | 0.27% |
| Grasim Industries Ltd. | 0.90% | 0.26% |
| Ambuja Cements Ltd. | 0.18% | 0.77% |
| Power Grid Corporation of India Ltd. | 0.91% | 0.17% |
| Hindalco Industries Ltd. | 1.06% | 0.14% |
| Tata Consumer Products Limited | 0.48% | 0.13% |
| Solar Industries India Ltd. | 0.37% | 0.13% |
| InterGlobe Aviation Ltd. | 0.87% | 0.10% |
| Torrent Pharmaceuticals Ltd. | 0.55% | 0.08% |
| Titan Company Ltd. | 1.47% | 0.07% |
| JSW Steel Ltd. | 0.94% | 0.04% |
| Shriram Finance Ltd. | 1.07% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.4% means 44.4% 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 NIFTY 100 Index Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 1.80% |
| Tata Consultancy Services Ltd. | 1.62% |
| Hindustan Unilever Ltd. | 1.29% |
| Maruti Suzuki India Limited | 1.21% |
| Adani Ports & Special Economic Zone | 1.09% |
Largest holdings only in NJ Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 03/12/2026) | 2.61% |
| 364 Days Tbill (MD 29/10/2026) | 2.55% |
| 182 Days Tbill (MD 08/10/2026) | 2.13% |
| Biocon Limited | 2.01% |
| 364 Days Tbill (MD 02/10/2026) | 1.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC NIFTY 100 Index | NJ Arbitrage |
|---|---|---|
| Equity | 100.1% | 80.4% |
| Debt | 0.0% | 14.6% |
| Cash and others | -0.1% | 5.1% |
Market cap of stocks
| Market cap | HDFC NIFTY 100 Index | NJ Arbitrage |
|---|---|---|
| Large Cap | 98.0% | 71.5% |
| Mid Cap | 2.0% | 6.9% |
| Small Cap | 0.0% | 1.9% |
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 NIFTY 100 Index | NJ Arbitrage |
|---|---|---|
| Banks | 25.1% | 26.8% |
| Telecom - Services | 4.4% | 12.1% |
| Petroleum Products | 7.0% | 6.5% |
| IT - Software | 6.7% | 1.6% |
| Pharmaceuticals & Biotechnology | 4.3% | 6.6% |
| Automobiles | 6.4% | 3.4% |
| Finance | 6.2% | 2.5% |
| Metals & Minerals Trading | 0.8% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC NIFTY 100 Index vs NJ Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC NIFTY 100 Index Fund | NJ Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.36% | 1.05% |
| Base expense ratio (Direct) | 0.25% | 0.25% |
| Total expense ratio (Regular) | 0.81% | 1.64% |
| Base expense ratio (Regular) | 0.64% | 0.75% |
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 NIFTY 100 Index Fund vs NJ Arbitrage Fund: Frequently Asked Questions
What is the difference between HDFC NIFTY 100 Index Fund and NJ Arbitrage Fund?
HDFC NIFTY 100 Index Fund is an Index fund, NJ Arbitrage Fund is an Arbitrage fund, run by HDFC Mutual Fund and NJ Mutual Fund. Their portfolios overlap 44.4%. HDFC NIFTY 100 Index Fund charges 0.36% a year and NJ Arbitrage Fund 1.05%.
Which has given higher returns, HDFC NIFTY 100 Index Fund or NJ Arbitrage Fund?
Over 1 year: HDFC NIFTY 100 Index Fund −9.00%, NJ Arbitrage Fund +6.46%. Over 3 years: HDFC NIFTY 100 Index Fund +8.65% a year, NJ Arbitrage Fund +6.82% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC NIFTY 100 Index Fund or NJ Arbitrage Fund?
HDFC NIFTY 100 Index Fund charges less: 0.36% a year against 1.05%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC NIFTY 100 Index Fund and NJ Arbitrage Fund overlap?
44.4%. They hold 43 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, HDFC NIFTY 100 Index Fund or NJ Arbitrage Fund?
On SEBI's riskometer, HDFC NIFTY 100 Index Fund is rated Very High and NJ Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 13.63% and 1.34% a year.
Which is better for SIP, HDFC NIFTY 100 Index Fund or NJ Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,71,127 in HDFC NIFTY 100 Index Fund (XIRR 0.2% a year) and ₹4,09,321 in NJ Arbitrage Fund (XIRR 6.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HDFC NIFTY 100 Index Fund and NJ Arbitrage Fund?
Yes. 44.4% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages HDFC NIFTY 100 Index Fund and NJ Arbitrage Fund?
HDFC NIFTY 100 Index Fund: Nandita Menezes, Arun Agarwal. NJ Arbitrage Fund: Dhaval Patel, Viral Shah, Jaimin Ilavia.
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.