Kotak Arbitrage Fund vs Kotak MSCI India ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Kotak Arbitrage Fund is an Arbitrage fund and Kotak MSCI India ETF is an ETF fund. In the year to 30-10-2026, Kotak Arbitrage Fund (Direct) returned 6.8% and Kotak MSCI India ETF returned −8.0%. Kotak Arbitrage Fund charges 2.31% a year and Kotak MSCI India ETF 0.24%. Their portfolios overlap 50.8%: they hold 135 of the same securities.
Which is better, Kotak Arbitrage or Kotak MSCI India ETF? 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 1 year: 6.8% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 2.31%.
- Kotak Arbitrage fell less in its worst fall since 25-02-2025: −0.5% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 52.1%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹1,749 Cr.
- Their portfolios overlap 50.8%: 135 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 | Kotak Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Arbitrage | ETF |
| AUM | ₹75,275 Cr (30-09-2026) | ₹1,749 Cr (30-09-2026) |
| NAV | ₹43.60 (Direct) | ₹28.23 |
| Expense ratio (Direct) | 2.31% | Not available |
| Expense ratio (Regular) | 2.89% | Not available |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage Index | MSCI India TRI |
| Launch date | 29-09-2005 | 19-02-2025 |
| Minimum investment | ₹100 | Ongoing purchases directly from the Mutual Fund would be restricted to Market Makers and Large Investors (subject to transactions greater than INR 25 crores or such other amount as may be specified by SEBI from time to time) provided the value of units to |
| Lock in | None | None |
| Fund managers | Hiten Shah | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar |
| Exit load | Exit load of 0.25% if redeemed within 30 days | NIL |
Kotak Arbitrage vs Kotak MSCI India ETF: 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 |
|---|---|---|---|---|---|---|---|
| Kotak Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.29% | +6.75% | +7.43% | +6.98% | +6.46% |
| Kotak MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| 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.
Kotak Arbitrage vs Kotak MSCI India ETF: Year-wise Returns
| Year | ArbitrageKotak Arbitrage | MSCI India ETFKotak MSCI India ETF |
|---|---|---|
| 2026to date | +5.53% | −8.95% |
| 2025 | +7.06% | -- |
| 2024 | +8.47% | -- |
| 2023 | +8.01% | -- |
| 2022 | +5.14% | -- |
| 2021 | +4.56% | -- |
Kotak Arbitrage vs Kotak MSCI India ETF: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 166 of them, one for each trading day from 25-02-2026 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.
Kotak Arbitrage Fund (Direct)
Kotak MSCI India ETF
to
Mar 2026Apr 2025
to
Apr 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Aug 2025
to
Aug 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7% | 6.7% | 6.2% | 7.0% |
| Kotak MSCI India ETF | 46.4 | 36.7 | 11.4 | 3.6 | 1.8 | 0.0 | 0.0 | 0.9% | 0.2% | −9.8% | 15.8% |
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 25-02-2025. Past returns do not promise future returns.
Kotak Arbitrage vs Kotak MSCI India ETF: 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 03-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,22,789 | ₹12,789 | 6.6% |
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
Kotak ArbitrageKotak Arbitrage Fund (Direct)
Kotak MSCI India ETFKotak MSCI India ETF
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.
Kotak Arbitrage vs Kotak MSCI India ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Arbitrage Fund (Direct) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +6.75% | −8.03% |
| Standard deviation | 1.38% | 14.22% |
| Sharpe ratio | 1.09 | -0.93 |
| Sortino ratio | 1.65 | -1.24 |
| Maximum drawdown | −0.5% (06-08-2026) | −14.6% (31-03-2026) |
| 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 | Kotak Arbitrage Fund (Direct) | Kotak MSCI India ETF |
|---|---|---|
| Return (CAGR) | +7.07% | +4.02% |
| Standard deviation | 1.02% | 13.78% |
| Sharpe ratio | 1.00 | -0.10 |
| Sortino ratio | 1.52 | -0.14 |
| Maximum drawdown | −0.6% (03-06-2020) | −14.6% (31-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 07-01-2013 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.
Kotak Arbitrage Fund (Direct)
Kotak MSCI India ETF
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.0% |
| Kotak MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
From daily values since 25-02-2025, 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.
Kotak Arbitrage Fund (Direct)
Kotak MSCI India ETF
Kotak Arbitrage vs Kotak MSCI India ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Arbitrage Fund, September 2026; Kotak MSCI India ETF, September 2026
Holdings in common
- Overlap
- 50.8%
- Held by both
- 135
- Only in Kotak Arbitrage
- 59
- Only in Kotak MSCI India ETF
- 30
| Security | % of Kotak Arbitrage | % of Kotak MSCI India ETF |
|---|---|---|
| ICICI BANK LTD. | 4.17% | 5.60% |
| RELIANCE INDUSTRIES LTD. | 3.06% | 5.44% |
| AXIS BANK LTD. | 2.94% | 2.25% |
| HDFC BANK LTD. | 2.03% | 6.44% |
| BHARTI AIRTEL LTD. | 1.45% | 3.93% |
| STATE BANK OF INDIA. | 1.35% | 1.41% |
| Infosys Ltd. | 1.25% | 2.41% |
| BAJAJ FINANCE LTD. | 1.20% | 1.91% |
| Tata Steel Ltd. | 1.53% | 1.10% |
| Hindalco Industries Ltd. | 1.31% | 0.97% |
| Divis Laboratories Ltd. | 0.96% | 0.89% |
| TVS Motor Company Ltd. | 0.94% | 0.78% |
| Tech Mahindra Ltd. | 0.69% | 0.66% |
| Maruti Suzuki India Limited | 0.66% | 1.13% |
| NTPC LTD | 0.64% | 1.12% |
| ITC Ltd. | 0.85% | 0.63% |
| JSW Steel Ltd. | 0.74% | 0.61% |
| SHRIRAM FINANCE LIMITED | 0.59% | 1.11% |
| Hindustan Unilever Ltd. | 0.57% | 1.06% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.88% | 0.55% |
| TORRENT PHARMACEUTICALS LTD. | 0.63% | 0.55% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 0.62% | 0.55% |
| ADANI POWER LTD | 1.43% | 0.53% |
| TATA CONSULTANCY SERVICES LTD. | 0.53% | 1.33% |
| Coal India Limited | 1.18% | 0.52% |
| Bajaj Auto Ltd. | 0.52% | 0.58% |
| One 97 Communications Ltd | 0.57% | 0.51% |
| Cummins India Ltd. | 0.82% | 0.50% |
| INDIAN HOTELS CO LTD | 0.52% | 0.48% |
| KOTAK MAHINDRA BANK LTD. | 0.47% | 1.82% |
| Mahindra & Mahindra Ltd. | 0.46% | 2.05% |
| Varun Beverages Limited | 0.46% | 0.44% |
| GE VERNOVA T&D INDIA LIMITED | 0.55% | 0.43% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.43% | 0.42% |
| TATA CONSUMER PRODUCTS LTD. | 0.67% | 0.41% |
| Eicher Motors Ltd. | 0.40% | 0.78% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.44% | 0.39% |
| Indus Towers Ltd. | 0.65% | 0.37% |
| Lupin Ltd. | 0.59% | 0.37% |
| BHARAT FORGE LTD. | 0.36% | 0.37% |
| Aurobindo Pharma Ltd. | 0.39% | 0.35% |
| Hindustan Aeronautics Ltd. | 0.35% | 0.62% |
| Apollo Hospitals Enterprise Ltd. | 0.35% | 0.66% |
| Power Finance Corporation Ltd. | 0.80% | 0.34% |
| Ashok Leyland Ltd. | 0.35% | 0.34% |
| Inter Globe Aviation Ltd | 0.34% | 0.75% |
| JIO FINANCIAL SERVICES LTD | 0.34% | 0.46% |
| Info Edge India Ltd. | 0.59% | 0.33% |
| MARICO LTD. | 0.34% | 0.33% |
| HDFC Life Insurance Company Ltd | 0.33% | 0.41% |
| APL Apollo Tubes Ltd | 0.61% | 0.32% |
| Jindal Steel & Power Ltd | 0.41% | 0.32% |
| Adani Enterprises Ltd | 0.32% | 0.60% |
| GAIL (India) Ltd. | 0.44% | 0.31% |
| TITAN COMPANY LTD. | 0.31% | 1.30% |
| INDIAN OIL CORPORATION LTD. | 0.69% | 0.30% |
| Cipla Ltd. | 0.30% | 0.54% |
| PB Fintech Ltd. | 0.67% | 0.29% |
| Larsen and Toubro Ltd. | 0.29% | 2.02% |
| VEDANTA LTD. | 0.31% | 0.28% |
| HDFC ASSET MANAGEMENT COMPANY LTD. | 0.28% | 0.35% |
| Vodafone Idea Ltd | 1.30% | 0.27% |
| IDFC FIRST BANK LIMITED | 0.47% | 0.27% |
| HINDUSTAN PETROLEUM CORPORATION LTD. | 0.44% | 0.27% |
| YES BANK LTD. | 0.56% | 0.25% |
| Nestle India Ltd. | 0.25% | 0.60% |
| Tata Power Company Ltd. | 0.25% | 0.43% |
| Bajaj Finserv Ltd. | 0.25% | 0.53% |
| MUTHOOT FINANCE LTD. | 0.30% | 0.24% |
| ADITYA BIRLA CAPITAL LTD | 0.30% | 0.23% |
| ADANI ENERGY SOLUTIONS LTD. | 0.72% | 0.22% |
| UPL Ltd | 0.27% | 0.22% |
| Suzlon Energy Ltd. | 0.22% | 0.32% |
| Fortis Healthcare India Ltd | 0.22% | 0.30% |
| SRF LTD. | 0.22% | 0.26% |
| ICICI Lombard General Insurance Company Ltd | 0.22% | 0.31% |
| UNION BANK OF INDIA | 0.25% | 0.21% |
| Mphasis Ltd | 0.27% | 0.20% |
| BANK OF BARODA | 0.69% | 0.19% |
| NMDC Ltd. | 0.41% | 0.19% |
| Tube Investments Of India Ltd. | 0.32% | 0.19% |
| AMBUJA CEMENTS LTD. | 0.44% | 0.18% |
| GODREJ PROPERTIES LIMITED | 0.40% | 0.18% |
| JSW ENERGY LTD. | 0.27% | 0.18% |
| Bharat Heavy Electricals Ltd. | 0.18% | 0.40% |
| Laurus Labs Ltd | 0.18% | 0.55% |
| CANARA BANK | 0.55% | 0.17% |
| Alkem Laboratories Ltd. | 0.39% | 0.17% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 0.17% | 1.30% |
| National Aluminium Company Ltd. | 0.17% | 0.22% |
| PUNJAB NATIONAL BANK | 0.17% | 0.21% |
| Ultratech Cement Ltd. | 0.16% | 0.90% |
| HITACHI ENERGY INDIA LTD. | 0.15% | 0.30% |
| SBI Life Insurance Company Ltd | 0.15% | 0.61% |
| HCL Technologies Ltd. | 0.15% | 0.87% |
| Supreme Industries Limited | 0.13% | 0.17% |
| Voltas Ltd. | 0.13% | 0.17% |
| INDIAN BANK | 0.13% | 0.17% |
| ETERNAL LIMITED | 0.13% | 1.22% |
| BSE LTD | 0.12% | 0.49% |
| Bharat Electronics Ltd. | 0.12% | 1.08% |
| Page Industries Ltd | 0.12% | 0.18% |
| Oil And Natural Gas Corporation Ltd. | 0.11% | 0.46% |
| Bosch Limited | 0.11% | 0.25% |
| Grasim Industries Ltd. | 0.09% | 0.66% |
| GMR AIRPORTS LIMITED | 0.09% | 0.22% |
| United Spirits Ltd | 0.09% | 0.31% |
| Asian Paints(India) Ltd. | 0.08% | 0.74% |
| Avenue Supermarts Ltd | 0.08% | 0.44% |
| Pidilite Industries Ltd. | 0.08% | 0.33% |
| Shree Cement Ltd. | 0.07% | 0.15% |
| PHOENIX MILLS LTD. | 0.07% | 0.29% |
| Colgate- Palmolive (India) Ltd. | 0.07% | 0.16% |
| TRENT LTD | 0.06% | 0.56% |
| Oberoi Realty Limited | 0.05% | 0.17% |
| Bajaj Holdings and Investment Ltd | 0.05% | 0.23% |
| Persistent Systems Limited | 0.05% | 0.43% |
| Oil India Limited | 0.05% | 0.15% |
| L&T FINANCE LTD | 0.05% | 0.17% |
| Max Healthcare Institute Ltd. | 0.04% | 0.52% |
| ABB India Ltd. | 0.04% | 0.25% |
| SIEMENS ENERGY INDIA LTD | 0.04% | 0.21% |
| Solar Industries India Limited | 0.04% | 0.36% |
| FSN E-Commerce Ventures Ltd. | 0.04% | 0.31% |
| polycab India Limited | 0.04% | 0.34% |
| Adani Ports and Special Economic Zone Limited | 0.04% | 0.83% |
| Prestige Estates Projects Limited | 0.04% | 0.20% |
| CG Power and Industrial Solutions Ltd. | 0.02% | 0.43% |
| MACROTECH DEVELOPERS LTD | 0.02% | 0.25% |
| Dabur India Ltd. | 0.01% | 0.13% |
| VISHAL MEGA MART LIMITED | 0.01% | 0.19% |
| Wipro Ltd. | 0.01% | 0.29% |
| GODREJ CONSUMER PRODUCTS LTD. | 0.01% | 0.26% |
| Hero MotoCorp Ltd. | 0.01% | 0.50% |
| Petronet LNG Ltd. | 0.01% | 0.17% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 50.8% means 50.8% 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 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% |
Largest holdings only in Kotak MSCI India ETF
| Security | % of fund |
|---|---|
| Power Grid Corporation of India Ltd. | 0.87% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% |
| Dr.Reddy's Laboratories Ltd. | 0.49% |
| FEDERAL BANK LTD. | 0.46% |
| VEDANTA ALUMINIUM METAL LTD | 0.45% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Equity | 71.1% | 100.0% |
| Debt | 5.8% | 0.0% |
| Cash and others | 23.1% | 0.0% |
Market cap of stocks
| Market cap | Kotak Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Large Cap | 52.1% | 80.6% |
| Mid Cap | 16.4% | 19.4% |
| Small Cap | 2.6% | 0.0% |
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 | Kotak Arbitrage | Kotak MSCI India ETF |
|---|---|---|
| Banks | 14.4% | 20.3% |
| IT - Software | 3.8% | 6.6% |
| Petroleum Products | 4.6% | 6.4% |
| Finance | 5.7% | 6.3% |
| Automobiles | 3.4% | 6.2% |
| Pharmaceuticals and Biotechnology | 4.2% | 5.6% |
| Power | 3.9% | 3.7% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Arbitrage vs Kotak MSCI India ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Arbitrage Fund | Kotak MSCI India ETF |
|---|---|---|
| Total expense ratio (Direct) | 2.31% | Not available |
| Base expense ratio (Direct) | 0.33% | 0.00% |
| Total expense ratio (Regular) | 2.89% | Not available |
| Base expense ratio (Regular) | 0.83% | 0.17% |
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
Kotak Arbitrage Fund vs Kotak MSCI India ETF: Frequently Asked Questions
What is the difference between Kotak Arbitrage Fund and Kotak MSCI India ETF?
Kotak Arbitrage Fund is an Arbitrage fund, Kotak MSCI India ETF is an ETF fund, run by Kotak Mahindra Mutual Fund. Their portfolios overlap 50.8%. Kotak Arbitrage Fund charges 2.31% a year and Kotak MSCI India ETF 0.24%.
Which has given higher returns, Kotak Arbitrage Fund or Kotak MSCI India ETF?
Over 1 year: Kotak Arbitrage Fund +6.75%, Kotak MSCI India ETF −8.03%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Arbitrage Fund or Kotak MSCI India ETF?
Kotak MSCI India ETF charges less: 0.24% a year against 2.31%. These are the total expense ratios reported to AMFI.
How much do Kotak Arbitrage Fund and Kotak MSCI India ETF overlap?
50.8%. They hold 135 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak Arbitrage Fund or Kotak MSCI India ETF?
On SEBI's riskometer, Kotak Arbitrage Fund is rated Low and Kotak MSCI India ETF Very High. Over 1 years, the standard deviation of daily returns was 1.38% and 14.22% a year.
Can I invest in both Kotak Arbitrage Fund and Kotak MSCI India ETF?
Yes. 50.8% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Kotak Arbitrage Fund and Kotak MSCI India ETF?
Kotak Arbitrage Fund: Hiten Shah. Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar.
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.