ITI Arbitrage Fund vs Kotak Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Arbitrage Fund and Kotak Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, ITI Arbitrage Fund (Direct) returned 7.3% a year and Kotak Arbitrage Fund (Direct) returned 7.4% a year. ITI Arbitrage Fund charges 1.10% a year and Kotak Arbitrage Fund 2.31% (Direct plans). Their portfolios overlap 12.2%: they hold 25 of the same securities.
Which is better, ITI 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.
- Kotak Arbitrage returned more over 5 years: 7.0% a year against 6.3%.
- Kotak Arbitrage returned more over 3 years: 7.4% a year against 7.3%.
- ITI Arbitrage costs less: 1.10% a year against 2.31% (Direct plans).
- Kotak Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.2%.
- Kotak Arbitrage fell less in its worst fall since 12-09-2019: −0.6% against −0.6%.
- Kotak Arbitrage holds more in large companies: 52.1% of the fund in large caps against 35.4%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹65 Cr.
- Their portfolios overlap 12.2%: 25 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 | ITI Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹65 Cr (30-09-2026) | ₹75,275 Cr (30-09-2026) |
| NAV | ₹14.70 (Direct) | ₹43.60 (Direct) |
| Expense ratio (Direct) | 1.10% | 2.31% |
| Expense ratio (Regular) | 1.80% | 2.89% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 09-09-2019 | 29-09-2005 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Vikas Nathani, Animesh Singh, Laukik Bagwe | Hiten Shah |
| Exit load | Exit Load for units in excess of 10% of the investment,0.25% will be charged for redemption within 15 days. | Exit load of 0.25% if redeemed within 30 days |
ITI 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 |
|---|---|---|---|---|---|---|---|
| ITI Arbitrage Fund (Direct) | +0.57% | +1.46% | +2.92% | +6.38% | +7.25% | +6.26% | -- |
| 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.
ITI Arbitrage vs Kotak Arbitrage: Year-wise Returns
| Year | ITIITI Arbitrage | KotakKotak Arbitrage |
|---|---|---|
| 2026to date | +5.21% | +5.53% |
| 2025 | +7.32% | +7.06% |
| 2024 | +8.03% | +8.47% |
| 2023 | +7.15% | +8.01% |
| 2022 | +3.23% | +5.14% |
| 2021 | +3.15% | +4.56% |
ITI Arbitrage vs Kotak Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 1,016 of them, one for each trading day from 12-09-2022 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.
ITI Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
to
Jan 2023Sept 2020
to
Sept 2023Jun 2021
to
Jun 2024Feb 2022
to
Feb 2025Nov 2022
to
Nov 2025Jul 2023
to
Jul 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITI Arbitrage | 0.0 | 37.1 | 62.9 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6% | 5.8% | 3.2% | 7.8% |
| Kotak Arbitrage | 0.0 | 15.8 | 84.2 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.9% | 4.7% | 8.0% |
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 12-09-2019. Past returns do not promise future returns.
ITI Arbitrage vs Kotak 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 12-09-2019 to 30-10-2026: 86 instalments, ₹8,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ITI ArbitrageITI Arbitrage Fund (Direct) | ₹8,60,000 | ₹10,79,521 | ₹2,19,521 | 6.3% |
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹8,60,000 | ₹11,03,746 | ₹2,43,746 | 6.9% |
ITI ArbitrageITI Arbitrage Fund (Direct)
Kotak ArbitrageKotak 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.
ITI Arbitrage vs Kotak Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.38% | +6.75% |
| Standard deviation | 1.57% | 1.38% |
| Sharpe ratio | 0.73 | 1.09 |
| Sortino ratio | 1.06 | 1.65 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.5% (06-08-2026) |
| 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 | ITI Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.25% | +7.43% |
| Standard deviation | 1.23% | 1.10% |
| Sharpe ratio | 1.00 | 1.28 |
| Sortino ratio | 1.48 | 1.96 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | ITI Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.26% | +6.98% |
| Standard deviation | 1.10% | 1.01% |
| Sharpe ratio | 0.42 | 1.16 |
| Sortino ratio | 0.61 | 1.78 |
| Maximum drawdown | −0.6% (29-09-2026) | −0.5% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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 | ITI Arbitrage Fund (Direct) | Kotak Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.53% | +7.07% |
| Standard deviation | 1.12% | 1.02% |
| Sharpe ratio | 0.36 | 1.00 |
| Sortino ratio | 0.51 | 1.52 |
| Maximum drawdown | −0.6% (07-04-2020) | −0.6% (03-06-2020) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 12-09-2019 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.
ITI 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 |
|---|---|---|---|---|---|---|
| ITI Arbitrage Fund (Direct) | −0.6% | 16-03-2020 | 07-04-2020 | 30-04-2020 | 23 days | 0.0% |
| Kotak Arbitrage Fund (Direct) | −0.6% | 29-05-2020 | 03-06-2020 | 14-08-2020 | 2 months | −0.0% |
From daily values since 12-09-2019, 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.
ITI Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
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.
ITI Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ITI Arbitrage Fund (Direct)
Kotak Arbitrage Fund (Direct)
ITI Arbitrage vs Kotak Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Arbitrage Fund, September 2026; Kotak Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 12.2%
- Held by both
- 25
- Only in ITI Arbitrage
- 5
- Only in Kotak Arbitrage
- 169
| Security | % of ITI Arbitrage | % of Kotak Arbitrage |
|---|---|---|
| HDFC Bank Limited | 5.69% | 2.03% |
| Bharti Airtel Limited | 3.22% | 1.45% |
| Cummins India Limited | 4.56% | 0.82% |
| Power Finance Corporation Limited | 4.44% | 0.80% |
| ITC Limited | 0.70% | 0.85% |
| Adani Energy Solutions Limited | 0.69% | 0.72% |
| Shriram Finance Limited | 2.25% | 0.59% |
| One 97 Communications Limited | 8.83% | 0.57% |
| Canara Bank | 1.37% | 0.55% |
| Hindustan Zinc Limited | 1.50% | 0.52% |
| Varun Beverages Limited | 3.06% | 0.46% |
| Hindustan Petroleum Corporation Limited | 1.64% | 0.44% |
| Ambuja Cements Limited | 1.46% | 0.44% |
| HDFC Life Insurance Company Limited | 1.51% | 0.33% |
| Aditya Birla Capital Limited | 1.64% | 0.30% |
| Larsen & Toubro Limited | 0.81% | 0.29% |
| Kalyan Jewellers India Limited | 1.04% | 0.25% |
| ICICI Lombard General Insurance Company Limited | 1.92% | 0.22% |
| Bank of India | 1.25% | 0.19% |
| National Aluminium Company Limited | 1.78% | 0.17% |
| Punjab National Bank | 0.56% | 0.17% |
| Max Financial Services Limited | 1.02% | 0.07% |
| Persistent Systems Limited | 1.53% | 0.05% |
| Adani Ports and Special Economic Zone Limited | 3.56% | 0.04% |
| Amber Enterprises India Limited | 0.93% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.2% means 12.2% 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 ITI Arbitrage Fund
| Security | % of fund |
|---|---|
| ITI Liquid Fund - Direct Plan - Growth Option | 14.82% |
| AU Small Finance Bank Limited | 2.34% |
| IndusInd Bank Limited | 2.14% |
| RBL Bank Limited | 1.98% |
| Godfrey Phillips India Limited | 1.93% |
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% |
| ICICI BANK LTD. | 4.17% |
| Kotak Ultra Short to Short Term Fund | 3.86% |
| Kotak Liquid Direct Growth | 3.13% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Arbitrage | Kotak Arbitrage |
|---|---|---|
| Equity | 65.4% | 71.1% |
| Debt | 0.0% | 5.8% |
| Cash and others | 34.6% | 23.1% |
Market cap of stocks
| Market cap | ITI Arbitrage | Kotak Arbitrage |
|---|---|---|
| Large Cap | 35.4% | 52.1% |
| Mid Cap | 27.1% | 16.4% |
| Small Cap | 2.9% | 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 | ITI Arbitrage | Kotak Arbitrage |
|---|---|---|
| Banks | 15.3% | 14.4% |
| Financial Technology (Fintech) | 8.8% | 1.2% |
| Finance | 8.3% | 5.7% |
| Petroleum Products | 1.6% | 4.6% |
| Industrial Products | 4.6% | 1.9% |
| Insurance | 4.5% | 1.0% |
| Pharmaceuticals and Biotechnology | 0.0% | 4.2% |
| Power | 0.7% | 3.9% |
| IT - Software | 1.5% | 3.8% |
| Transport Infrastructure | 3.6% | 0.1% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Arbitrage vs Kotak Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Arbitrage Fund | Kotak Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.10% | 2.31% |
| Base expense ratio (Direct) | 0.21% | 0.33% |
| Total expense ratio (Regular) | 1.80% | 2.89% |
| Base expense ratio (Regular) | 0.81% | 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 ITI Arbitrage with
ITI Arbitrage Fund vs Kotak Arbitrage Fund: Frequently Asked Questions
What is the difference between ITI Arbitrage Fund and Kotak Arbitrage Fund?
Both are Arbitrage funds, run by ITI Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 12.2%. ITI Arbitrage Fund charges 1.10% a year and Kotak Arbitrage Fund 2.31%.
Which has given higher returns, ITI Arbitrage Fund or Kotak Arbitrage Fund?
Over 1 year: ITI Arbitrage Fund +6.38%, Kotak Arbitrage Fund +6.75%. Over 3 years: ITI Arbitrage Fund +7.25% a year, Kotak Arbitrage Fund +7.43% a year. Over 5 years: ITI Arbitrage Fund +6.26% a year, Kotak Arbitrage Fund +6.98% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ITI Arbitrage Fund or Kotak Arbitrage Fund?
ITI Arbitrage Fund charges less: 1.10% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Arbitrage Fund and Kotak Arbitrage Fund overlap?
12.2%. They hold 25 of the same securities, the largest shared ones being HDFCBANK, BHARTIARTL, CUMMINSIND. From each fund's latest monthly portfolio.
Which is riskier, ITI Arbitrage Fund or Kotak Arbitrage Fund?
On SEBI's riskometer, ITI Arbitrage Fund is rated Low and Kotak Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.23% and 1.10% a year.
Which is better for SIP, ITI Arbitrage Fund or Kotak Arbitrage Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,27,182 in ITI Arbitrage Fund (XIRR 6.9% a year) and ₹7,34,378 in Kotak Arbitrage Fund (XIRR 7.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ITI Arbitrage Fund and Kotak Arbitrage Fund?
Yes. 12.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Arbitrage Fund and Kotak Arbitrage Fund?
ITI Arbitrage Fund: Vikas Nathani, Animesh Singh, Laukik Bagwe. 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.