HDFC NIFTY 100 Index Fund vs Zerodha Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC NIFTY 100 Index Fund is an Index fund and Zerodha Arbitrage Fund is an Arbitrage fund. HDFC NIFTY 100 Index Fund charges 0.36% a year and Zerodha Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 34.1%: they hold 29 of the same securities.
Which is better, HDFC NIFTY 100 Index or Zerodha 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 costs less: 0.36% a year against 2.31% (Direct plans).
- Zerodha Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −8.8%.
- HDFC NIFTY 100 Index holds more in large companies: 98.0% of the fund in large caps against 47.0%.
- HDFC NIFTY 100 Index is the larger fund: ₹457 Cr against ₹47 Cr.
- Their portfolios overlap 34.1%: 29 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 | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Zerodha Mutual Fund |
| Category | Index | Arbitrage |
| AUM | ₹457 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹14.33 (Direct) | ₹10.12 (Direct) |
| Expense ratio (Direct) | 0.36% | 2.31% |
| Expense ratio (Regular) | 0.81% | Not available |
| Riskometer | Very High | Low |
| Benchmark | Nifty 100 TRI | Nifty 50 Arbitrage TRI |
| Launch date | 23-02-2022 | 18-08-2026 |
| Minimum investment | ₹100 | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal | Kedarnath Mirajkar |
| Exit load | NIL | Nil |
HDFC NIFTY 100 Index vs Zerodha 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% | -- | -- |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
HDFC NIFTY 100 Index vs Zerodha Arbitrage: Year-wise Returns
| Year | HDFC NIFTY 100 IndexHDFC NIFTY 100 Index | Zerodha ArbitrageZerodha Arbitrage |
|---|---|---|
| 2026to date | −9.57% | -- |
| 2025 | +9.87% | -- |
| 2024 | +12.39% | -- |
| 2023 | +20.80% | -- |
HDFC NIFTY 100 Index vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of HDFC NIFTY 100 Index Fund
HDFC NIFTY 100 Index vs Zerodha 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) | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.00% | +6.28% |
| Standard deviation | 13.63% | 1.82% |
| Sharpe ratio | 0.15 | 0.56 |
| Sortino ratio | 0.21 | 0.82 |
| Maximum drawdown | −17.3% (28-02-2025) | −0.3% (04-09-2026) |
| 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)
Zerodha 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) | −8.8% | 25-08-2026 | 08-10-2026 | Not yet | -- | −6.0% |
| Zerodha Arbitrage Fund (Direct) | −0.3% | 31-08-2026 | 04-09-2026 | 18-09-2026 | 14 days | −0.0% |
| Nifty 100 TRI | −8.7% | 25-08-2026 | 08-10-2026 | Not yet | -- | −5.9% |
From daily values since 20-08-2026, the first day every fund has.
HDFC NIFTY 100 Index vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC NIFTY 100 Index Fund, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.1%
- Held by both
- 29
- Only in HDFC NIFTY 100 Index
- 71
- Only in Zerodha Arbitrage
- 22
| Security | % of HDFC NIFTY 100 Index | % of Zerodha Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 8.42% | 8.18% |
| ICICI Bank Ltd. | 7.35% | 4.36% |
| Bharti Airtel Ltd. | 4.14% | 2.50% |
| Axis Bank Ltd. | 2.73% | 2.30% |
| Reliance Industries Ltd. | 6.15% | 2.16% |
| Infosys Limited | 2.72% | 1.96% |
| ITC LIMITED | 1.96% | 2.04% |
| Tata Steel Ltd. | 1.19% | 2.06% |
| Bajaj Finance Ltd. | 2.03% | 1.08% |
| HCL Technologies Ltd. | 1.00% | 1.05% |
| State Bank of India | 3.07% | 0.92% |
| Tata Consultancy Services Ltd. | 1.62% | 0.79% |
| Coal India Ltd. | 0.79% | 2.21% |
| Trent Ltd. | 0.68% | 2.02% |
| TVS Motor Company Ltd. | 0.75% | 0.62% |
| The Tata Power Company Ltd. | 0.47% | 0.89% |
| Tata Motors Passenger Vehicles Limited | 0.46% | 1.94% |
| Divis Laboratories Ltd. | 0.92% | 0.40% |
| GAIL (India) Ltd. | 0.36% | 1.30% |
| Bank of Baroda | 0.33% | 2.45% |
| HDFC Asset Management Company Ltd. | 0.36% | 0.29% |
| Cummins India Ltd. | 0.50% | 0.20% |
| Bajaj Auto Limited | 0.92% | 0.17% |
| Canara Bank | 0.31% | 0.17% |
| Adani Power (Mundra) Limited | 0.66% | 0.16% |
| Pidilite Industries Ltd. | 0.35% | 0.16% |
| Union Bank of India | 0.26% | 0.16% |
| Nestle India Ltd. | 0.73% | 0.14% |
| Power Finance Corporation Ltd. | 0.37% | 0.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.1% means 34.1% 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 |
|---|---|
| Larsen and Toubro Ltd. | 3.41% |
| Kotak Mahindra Bank Limited | 2.38% |
| Mahindra & Mahindra Ltd. | 2.04% |
| Eternal Limited | 1.80% |
| Sun Pharmaceutical Industries Ltd. | 1.49% |
Largest holdings only in Zerodha Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Liquid Fund - Direct Growth | 12.88% |
| 364 Days Treasury Bill 12-Aug-2027 | 10.17% |
| The Federal Bank Limited | 3.91% |
| Crompton Greaves Consumer Electricals Limited | 2.78% |
| IDFC First Bank Limited | 2.59% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC NIFTY 100 Index | Zerodha Arbitrage |
|---|---|---|
| Equity | 100.1% | 68.5% |
| Debt | 0.0% | 10.2% |
| Cash and others | -0.1% | 21.4% |
Market cap of stocks
| Market cap | HDFC NIFTY 100 Index | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 98.0% | 47.0% |
| Mid Cap | 2.0% | 16.4% |
| Small Cap | 0.0% | 5.1% |
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 | Zerodha Arbitrage |
|---|---|---|
| Banks | 25.1% | 28.2% |
| Petroleum Products | 7.0% | 2.2% |
| IT - Software | 6.7% | 5.4% |
| Automobiles | 6.4% | 2.9% |
| Finance | 6.2% | 3.8% |
| Telecom - Services | 4.4% | 4.8% |
| Retailing | 3.0% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC NIFTY 100 Index vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC NIFTY 100 Index Fund | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.36% | 2.31% |
| Base expense ratio (Direct) | 0.25% | 0.20% |
| Total expense ratio (Regular) | 0.81% | Not available |
| Base expense ratio (Regular) | 0.64% | 0.00% |
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
HDFC NIFTY 100 Index Fund vs Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between HDFC NIFTY 100 Index Fund and Zerodha Arbitrage Fund?
HDFC NIFTY 100 Index Fund is an Index fund, Zerodha Arbitrage Fund is an Arbitrage fund, run by HDFC Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 34.1%. HDFC NIFTY 100 Index Fund charges 0.36% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, HDFC NIFTY 100 Index Fund or Zerodha Arbitrage Fund?
HDFC NIFTY 100 Index Fund charges less: 0.36% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC NIFTY 100 Index Fund and Zerodha Arbitrage Fund overlap?
34.1%. They hold 29 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, HDFC NIFTY 100 Index Fund or Zerodha Arbitrage Fund?
On SEBI's riskometer, HDFC NIFTY 100 Index Fund is rated Very High and Zerodha Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 13.63% and 1.82% a year.
Can I invest in both HDFC NIFTY 100 Index Fund and Zerodha Arbitrage Fund?
Yes. 34.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC NIFTY 100 Index Fund and Zerodha Arbitrage Fund?
HDFC NIFTY 100 Index Fund: Nandita Menezes, Arun Agarwal. Zerodha Arbitrage Fund: Kedarnath Mirajkar.
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.