Helios Arbitrage Fund vs Kotak Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Helios Arbitrage Fund and Kotak Arbitrage Fund are both Arbitrage funds. Helios Arbitrage Fund charges 1.76% a year and Kotak Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 25.0%: they hold 28 of the same securities.
Which is better, Helios Arbitrage or Kotak Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Helios Arbitrage costs less: 1.76% a year against 2.31% (Direct plans).
- Kotak Arbitrage fell less in its worst fall since 23-03-2026: −0.5% against −0.5%.
- Helios Arbitrage holds more in large companies: 68.6% of the fund in large caps against 52.1%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹133 Cr.
- Their portfolios overlap 25.0%: 28 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 | Helios Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Fund house | Helios Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹133 Cr (30-09-2026) | ₹75,275 Cr (30-09-2026) |
| NAV | ₹10.36 (Direct) | ₹43.60 (Direct) |
| Expense ratio (Direct) | 1.76% | 2.31% |
| Expense ratio (Regular) | 2.28% | 2.89% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage TRI | Nifty 50 Arbitrage Index |
| Launch date | 20-03-2026 | 29-09-2005 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Alok Bahl, Pratik Singh | Hiten Shah |
| Exit load | Exit load of 0.25%, if redeemed within 7 Days. | Exit load of 0.25% if redeemed within 30 days |
Helios Arbitrage vs Kotak 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 |
|---|---|---|---|---|---|---|---|
| Helios Arbitrage Fund (Direct) | +0.58% | +1.37% | +2.98% | -- | -- | -- | -- |
| Kotak Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.29% | +6.75% | +7.43% | +6.98% | +6.46% |
| 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.
Helios Arbitrage vs Kotak Arbitrage: Year-wise Returns
| Year | HeliosHelios Arbitrage | KotakKotak Arbitrage |
|---|---|---|
| 2026to date | -- | +5.53% |
| 2025 | -- | +7.06% |
| 2024 | -- | +8.47% |
| 2023 | -- | +8.01% |
| 2022 | -- | +5.14% |
| 2021 | -- | +4.56% |
Helios Arbitrage vs Kotak Arbitrage: Rolling Returns
Every holding period of both funds
Helios Arbitrage vs Kotak Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Helios Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.84% | +7.07% |
| Standard deviation | 1.99% | 1.02% |
| Sharpe ratio | 0.29 | 1.00 |
| Sortino ratio | 0.43 | 1.52 |
| Maximum drawdown | −0.5% (04-09-2026) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 23-03-2026 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.
Helios Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Helios Arbitrage Fund (Direct) | −0.5% | 31-08-2026 | 04-09-2026 | 10-09-2026 | 6 days | −0.1% |
| Kotak Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
From daily values since 23-03-2026, the first day every fund has.
Helios Arbitrage vs Kotak Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Helios Arbitrage Fund, September 2026; Kotak Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 25.0%
- Held by both
- 28
- Only in Helios Arbitrage
- 7
- Only in Kotak Arbitrage
- 166
| Security | % of Helios Arbitrage | % of Kotak Arbitrage |
|---|---|---|
| ICICI Bank Ltd. | 5.78% | 4.17% |
| Reliance Industries Ltd. | 5.80% | 3.06% |
| Axis Bank Ltd. | 5.59% | 2.94% |
| HDFC Bank Ltd. | 6.93% | 2.03% |
| Tata Steel Ltd. | 4.77% | 1.53% |
| Bharti Airtel Ltd. | 1.95% | 1.45% |
| State Bank of India | 4.22% | 1.35% |
| Hindalco Industries Ltd. | 1.74% | 1.31% |
| Bank of Baroda | 2.13% | 0.69% |
| Indus Towers Ltd. | 0.81% | 0.65% |
| Bajaj Finance Ltd. | 0.65% | 1.20% |
| Power Finance Corporation Ltd. | 0.64% | 0.80% |
| Canara Bank | 3.64% | 0.55% |
| Jindal Steel Ltd. | 2.72% | 0.41% |
| Eicher Motors Ltd. | 4.36% | 0.40% |
| Ashok Leyland Ltd. | 2.55% | 0.35% |
| Jio Financial Services Ltd. | 1.80% | 0.34% |
| Muthoot Finance Ltd. | 1.36% | 0.30% |
| Cipla Ltd. | 1.20% | 0.30% |
| Larsen & Toubro Ltd. | 3.51% | 0.29% |
| HDFC Asset Management Co. Ltd. | 1.24% | 0.28% |
| Union Bank of India | 0.68% | 0.25% |
| Crompton Greaves Consumer Electricals Ltd. | 1.62% | 0.23% |
| Life Insurance Corporation of India | 5.58% | 0.20% |
| Bank of India | 1.17% | 0.19% |
| Maruti Suzuki India Ltd. | 0.18% | 0.66% |
| Punjab National Bank | 0.95% | 0.17% |
| Asian Paints Ltd. | 0.41% | 0.08% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 25.0% means 25.0% 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 Helios Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 DAY T-BILL 28.01.27 | 3.69% |
| 364 DAY T-BILL 11.03.27 | 3.67% |
| 364 DAY T-BILL 13.05.27 | 3.63% |
| 364 DAY T-BILL 06.05.27 | 3.63% |
| 364 DAY T-BILL 05.08.27 | 3.58% |
Largest holdings only in Kotak Arbitrage Fund
| Security | % of fund |
|---|---|
| Kotak Money Market Fund Direct Growth | 9.78% |
| Kotak Savings Fund Direct Growth | 4.98% |
| Kotak Ultra Short to Short Term Fund | 3.86% |
| Kotak Liquid Direct Growth | 3.13% |
| HDFC BANK LTD. | 1.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Helios Arbitrage | Kotak Arbitrage |
|---|---|---|
| Equity | 75.3% | 71.1% |
| Debt | 21.8% | 5.8% |
| Cash and others | 2.9% | 23.1% |
Market cap of stocks
| Market cap | Helios Arbitrage | Kotak Arbitrage |
|---|---|---|
| Large Cap | 68.6% | 52.1% |
| Mid Cap | 5.1% | 16.4% |
| Small Cap | 1.6% | 2.6% |
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 | Helios Arbitrage | Kotak Arbitrage |
|---|---|---|
| Banks | 31.1% | 14.4% |
| Ferrous Metals | 7.5% | 3.0% |
| Petroleum Products | 5.8% | 4.6% |
| Finance | 4.5% | 5.7% |
| Insurance | 5.6% | 1.0% |
| Automobiles | 4.5% | 3.4% |
| Pharmaceuticals and Biotechnology | 0.0% | 4.2% |
| Power | 0.0% | 3.9% |
| IT - Software | 0.0% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Helios Arbitrage vs Kotak Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Helios Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.76% | 2.31% |
| Base expense ratio (Direct) | 0.42% | 0.33% |
| Total expense ratio (Regular) | 2.28% | 2.89% |
| Base expense ratio (Regular) | 0.87% | 0.83% |
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
Compare Helios Arbitrage with
Helios Arbitrage Fund vs Kotak Arbitrage Fund: Frequently Asked Questions
What is the difference between Helios Arbitrage Fund and Kotak Arbitrage Fund?
Both are Arbitrage funds, run by Helios Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 25.0%. Helios Arbitrage Fund charges 1.76% a year and Kotak Arbitrage Fund 2.31%.
Which has the lower expense ratio, Helios Arbitrage Fund or Kotak Arbitrage Fund?
Helios Arbitrage Fund charges less: 1.76% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Helios Arbitrage Fund and Kotak Arbitrage Fund overlap?
25.0%. They hold 28 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Helios Arbitrage Fund or Kotak Arbitrage Fund?
On SEBI's riskometer, Helios Arbitrage Fund is rated Low and Kotak Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 1.99% and 1.02% a year.
Can I invest in both Helios Arbitrage Fund and Kotak Arbitrage Fund?
Yes. 25.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Helios Arbitrage Fund and Kotak Arbitrage Fund?
Helios Arbitrage Fund: Alok Bahl, Pratik Singh. Kotak Arbitrage Fund: Hiten Shah.
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.