ICICI Prudential Nifty 100 ETF vs NJ Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
ICICI Prudential Nifty 100 ETF is an ETF fund and NJ Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, ICICI Prudential Nifty 100 ETF returned 8.5% a year and NJ Arbitrage Fund (Direct) returned 6.8% a year. ICICI Prudential Nifty 100 ETF charges 0.50% a year and NJ Arbitrage Fund 1.05%. Their portfolios overlap 44.3%: they hold 43 of the same securities.
ICICI Prudential Nifty 100 ETF
ETF
- 3 year return
- 8.5%
- Expense ratio
- 0.50%
- NAV
- ₹26.77
Which is better, ICICI Prudential Nifty 100 ETF 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.
- ICICI Prudential Nifty 100 ETF returned more over 3 years: 8.5% a year against 6.8%.
- NJ Arbitrage returned more over 1 year: 6.5% against −9.2%.
- ICICI Prudential Nifty 100 ETF costs less: 0.50% a year against 1.05%.
- NJ Arbitrage swung less over 3 years: a standard deviation of 1.3% a year against 13.7%.
- NJ Arbitrage fell less in its worst fall since 02-08-2022: −0.7% against −17.4%.
- ICICI Prudential Nifty 100 ETF holds more in large companies: 98.0% of the fund in large caps against 71.5%.
- Their portfolios overlap 44.3%: 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 | ICICI Prudential Nifty 100 ETF | NJ Arbitrage Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | NJ Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹151 Cr (30-09-2026) | Not available |
| NAV | ₹26.77 | ₹13.25 (Direct) |
| Expense ratio (Direct) | Not available | 1.05% |
| Expense ratio (Regular) | Not available | 1.64% |
| Riskometer | Very High | Low |
| Benchmark | Nifty 100 TRI | Nifty 50 Arbitrage Index |
| Launch date | 20-08-2013 | 01-08-2022 |
| Minimum investment | During Ongoing/Continuous Offer: On Stock Exchanges: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof. Directly with the Mutual Fund: Investors can buy or sell units of the scheme in creation unit size and its mul | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja | Dhaval Patel, Viral Shah, Jaimin Ilavia |
| Exit load | Not available | Nil |
ICICI Prudential Nifty 100 ETF 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 |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty 100 ETF | +1.00% | −5.43% | −3.23% | −9.17% | +8.54% | +6.69% | +11.17% |
| 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.
ICICI Prudential Nifty 100 ETF vs NJ Arbitrage: Year-wise Returns
| Year | ICICI Prudential Nifty 100 ETFICICI Prudential Nifty 100 ETF | NJ ArbitrageNJ Arbitrage |
|---|---|---|
| 2026to date | −9.71% | +5.24% |
| 2025 | +9.71% | +6.37% |
| 2024 | +12.38% | +7.68% |
| 2023 | +20.66% | +7.41% |
| 2022 | +4.43% | -- |
| 2021 | +25.85% | -- |
ICICI Prudential Nifty 100 ETF vs NJ Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of ICICI Prudential Nifty 100 ETF
Rolling returns
Every 3-year holding period, 305 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.
ICICI Prudential Nifty 100 ETF
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Nifty 100 ETF | 0.0 | 0.0 | 19.3 | 76.4 | 4.3 | 0.0 | 0.0 | 12.0% | 12.7% | 6.5% | 15.8% | 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 | 12.6% | 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.
ICICI Prudential Nifty 100 ETF 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 |
|---|---|---|---|---|
| ICICI Prudential Nifty 100 ETFICICI Prudential Nifty 100 ETF | ₹5,10,000 | ₹5,58,990 | ₹48,990 | 4.3% |
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,88,823 | ₹78,823 | 6.7% |
ICICI Prudential Nifty 100 ETFICICI Prudential Nifty 100 ETF
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.
ICICI Prudential Nifty 100 ETF vs NJ Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Nifty 100 ETF | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.17% | +6.46% |
| Standard deviation | 14.04% | 1.83% |
| Sharpe ratio | -1.03 | 0.66 |
| Sortino ratio | -1.36 | 1.02 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.48% | -- |
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 | ICICI Prudential Nifty 100 ETF | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.54% | +6.82% |
| Standard deviation | 13.69% | 1.34% |
| Sharpe ratio | 0.18 | 0.59 |
| Sortino ratio | 0.25 | 0.90 |
| Maximum drawdown | −17.4% (28-02-2025) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.54% | -- |
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 | ICICI Prudential Nifty 100 ETF | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.23% | +6.84% |
| Standard deviation | 15.70% | 1.20% |
| Sharpe ratio | 0.46 | 0.58 |
| Sortino ratio | 0.63 | 0.88 |
| Maximum drawdown | −37.9% (23-03-2020) | −0.7% (31-08-2026) |
| Beta | 0.99 | -- |
| Alpha | −0.34% | -- |
From daily NAVs, 21-08-2013 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.
ICICI Prudential Nifty 100 ETF
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 |
|---|---|---|---|---|---|---|
| ICICI Prudential Nifty 100 ETF | −17.4% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.9% |
| 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.
ICICI Prudential Nifty 100 ETF
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.
ICICI Prudential Nifty 100 ETF
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Nifty 100 ETF | 99% | 101% | 0.03% |
| 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.
ICICI Prudential Nifty 100 ETF vs NJ Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Nifty 100 ETF, September 2026; NJ Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.3%
- Held by both
- 43
- Only in ICICI Prudential Nifty 100 ETF
- 57
- Only in NJ Arbitrage
- 28
| Security | % of ICICI Prudential Nifty 100 ETF | % of NJ Arbitrage |
|---|---|---|
| Reliance Industries Ltd. | 6.15% | 6.48% |
| HDFC Bank Ltd. | 8.41% | 5.56% |
| Bharti Airtel Ltd. | 4.14% | 5.73% |
| ICICI Bank Ltd. | 7.34% | 3.43% |
| Kotak Mahindra Bank Ltd. | 2.38% | 7.11% |
| ITC Ltd. | 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. | 1.18% | 1.30% |
| Ultratech Cement Ltd. | 1.00% | 2.08% |
| Larsen & Toubro Ltd. | 3.41% | 0.84% |
| Asian Paints Ltd. | 0.84% | 0.77% |
| Eicher Motors Ltd. | 0.76% | 1.19% |
| Adani Enterprises Ltd. | 0.76% | 4.06% |
| Infosys Ltd. | 2.72% | 0.70% |
| NTPC Ltd. | 1.19% | 0.68% |
| Adani Power Ltd. | 0.66% | 1.64% |
| SBI Life Insurance Company Ltd. | 0.59% | 1.38% |
| Tata Power Company Ltd. | 0.47% | 0.49% |
| HDFC Life Insurance Company Ltd. | 0.43% | 0.37% |
| Pidilite Industries Ltd. | 0.35% | 0.47% |
| Jio Financial Services Ltd | 0.55% | 0.35% |
| Bank Of Baroda | 0.33% | 1.61% |
| Tata Motors Passenger Vehicles Ltd. | 0.46% | 0.33% |
| Canara Bank | 0.31% | 3.16% |
| Punjab National Bank | 0.30% | 0.42% |
| Divi's Laboratories Ltd. | 0.91% | 0.28% |
| Vodafone Idea Ltd. | 0.28% | 6.08% |
| Hindustan Aeronautics Ltd. | 0.69% | 0.27% |
| Grasim Industries Ltd. | 0.89% | 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 Ltd. | 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. | 0.93% | 0.04% |
| Shriram Finance Ltd. | 1.07% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.3% means 44.3% 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 ICICI Prudential Nifty 100 ETF
| Security | % of fund |
|---|---|
| Eternal Ltd. | 1.80% |
| Tata Consultancy Services Ltd. | 1.62% |
| Hindustan Unilever Ltd. | 1.29% |
| Maruti Suzuki India Ltd. | 1.20% |
| Adani Ports and Special Economic Zone Ltd. | 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 | ICICI Prudential Nifty 100 ETF | NJ Arbitrage |
|---|---|---|
| Equity | 100.0% | 80.4% |
| Debt | 0.0% | 14.6% |
| Cash and others | 0.0% | 5.1% |
Market cap of stocks
| Market cap | ICICI Prudential Nifty 100 ETF | 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 | ICICI Prudential Nifty 100 ETF | NJ Arbitrage |
|---|---|---|
| Banks | 25.1% | 26.8% |
| Telecom - Services | 4.4% | 12.1% |
| Petroleum Products | 7.0% | 6.5% |
| It - Software | 6.7% | 0.0% |
| 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.
ICICI Prudential Nifty 100 ETF vs NJ Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Nifty 100 ETF | NJ Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.05% |
| Base expense ratio (Direct) | 0.00% | 0.25% |
| Total expense ratio (Regular) | Not available | 1.64% |
| Base expense ratio (Regular) | 0.41% | 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
ICICI Prudential Nifty 100 ETF vs NJ Arbitrage Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Nifty 100 ETF and NJ Arbitrage Fund?
ICICI Prudential Nifty 100 ETF is an ETF fund, NJ Arbitrage Fund is an Arbitrage fund, run by ICICI Prudential Mutual Fund and NJ Mutual Fund. Their portfolios overlap 44.3%. ICICI Prudential Nifty 100 ETF charges 0.50% a year and NJ Arbitrage Fund 1.05%.
Which has given higher returns, ICICI Prudential Nifty 100 ETF or NJ Arbitrage Fund?
Over 1 year: ICICI Prudential Nifty 100 ETF −9.17%, NJ Arbitrage Fund +6.46%. Over 3 years: ICICI Prudential Nifty 100 ETF +8.54% 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, ICICI Prudential Nifty 100 ETF or NJ Arbitrage Fund?
ICICI Prudential Nifty 100 ETF charges less: 0.50% a year against 1.05%. These are the total expense ratios reported to AMFI.
How much do ICICI Prudential Nifty 100 ETF and NJ Arbitrage Fund overlap?
44.3%. 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, ICICI Prudential Nifty 100 ETF or NJ Arbitrage Fund?
On SEBI's riskometer, ICICI Prudential Nifty 100 ETF is rated Very High and NJ Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 13.69% and 1.34% a year.
Which is better for SIP, ICICI Prudential Nifty 100 ETF 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 ₹3,70,311 in ICICI Prudential Nifty 100 ETF (XIRR 0.1% 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 ICICI Prudential Nifty 100 ETF and NJ Arbitrage Fund?
Yes. 44.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages ICICI Prudential Nifty 100 ETF and NJ Arbitrage Fund?
ICICI Prudential Nifty 100 ETF: Nishit Patel, Ajaykumar Solanki, Ashwini Bharucha, Venus Ahuja. 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.