Kotak Arbitrage Fund vs Motilal Oswal Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Arbitrage Fund and Motilal Oswal Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, Kotak Arbitrage Fund (Direct) returned 6.8% and Motilal Oswal Arbitrage Fund (Direct) returned 7.0%. Kotak Arbitrage Fund charges 2.31% a year and Motilal Oswal Arbitrage Fund 0.99% (Direct plans). Their portfolios overlap 34.2%: they hold 108 of the same securities.
Motilal Oswal Arbitrage Fund
Arbitrage
- 1 year return
- 7.0%
- Expense ratio
- 0.99%
- NAV
- ₹11.37
Which is better, Kotak Arbitrage or Motilal Oswal Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Motilal Oswal Arbitrage returned more over 1 year: 7.0% against 6.8%.
- Motilal Oswal Arbitrage costs less: 0.99% a year against 2.31% (Direct plans).
- Motilal Oswal Arbitrage fell less in its worst fall since 27-12-2024: −0.4% against −0.5%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹3,434 Cr.
- Their portfolios overlap 34.2%: 108 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 | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹75,275 Cr (30-09-2026) | ₹3,434 Cr (30-09-2026) |
| NAV | ₹43.60 (Direct) | ₹11.37 (Direct) |
| Expense ratio (Direct) | 2.31% | 0.99% |
| Expense ratio (Regular) | 2.89% | 1.98% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 29-09-2005 | 23-12-2024 |
| Minimum investment | ₹100 | ₹500 |
| Lock in | None | None |
| Fund managers | Hiten Shah | Vishal Ashar, Atul Mehra, Rakesh Shetty |
| Exit load | Exit load of 0.25% if redeemed within 30 days | 0.25% - If redeemed within 30 days from the day of allotment. Nil - If redeemed after 30 days from the date of allotment. |
Kotak Arbitrage vs Motilal Oswal 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 |
|---|---|---|---|---|---|---|---|
| Kotak Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.29% | +6.75% | +7.43% | +6.98% | +6.46% |
| Motilal Oswal Arbitrage Fund (Direct) | +0.48% | +1.54% | +3.30% | +6.98% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Kotak Arbitrage vs Motilal Oswal Arbitrage: Year-wise Returns
| Year | KotakKotak Arbitrage | Motilal OswalMotilal Oswal Arbitrage |
|---|---|---|
| 2026to date | +5.53% | +5.62% |
| 2025 | +7.06% | +7.46% |
| 2024 | +8.47% | -- |
| 2023 | +8.01% | -- |
| 2022 | +5.14% | -- |
| 2021 | +4.56% | -- |
Kotak Arbitrage vs Motilal Oswal Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 206 of them, one for each trading day from 29-12-2025 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.
Kotak Arbitrage Fund (Direct)
Motilal Oswal Arbitrage Fund (Direct)
to
Jan 2026Mar 2025
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 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% | 7.1% |
| Motilal Oswal Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 6.7% | 7.6% |
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 27-12-2024. Past returns do not promise future returns.
Kotak Arbitrage vs Motilal Oswal 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 02-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹2,30,000 | ₹2,45,453 | ₹15,453 | 6.7% |
| Motilal Oswal ArbitrageMotilal Oswal Arbitrage Fund (Direct) | ₹2,30,000 | ₹2,45,995 | ₹15,995 | 6.9% |
Kotak ArbitrageKotak Arbitrage Fund (Direct)
Motilal Oswal ArbitrageMotilal Oswal 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.
Kotak Arbitrage vs Motilal Oswal Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Arbitrage Fund (Direct) | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.98% |
| Standard deviation | 1.38% | 1.39% |
| Sharpe ratio | 1.09 | 1.24 |
| Sortino ratio | 1.65 | 1.88 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.4% (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 | Kotak Arbitrage Fund (Direct) | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.07% | +7.14% |
| Standard deviation | 1.02% | 1.16% |
| Sharpe ratio | 1.00 | 1.37 |
| Sortino ratio | 1.52 | 2.08 |
| Maximum drawdown | −0.6% (03-06-2020) | −0.4% (06-08-2026) |
| 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)
Motilal Oswal Arbitrage Fund (Direct)
| 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% |
| Motilal Oswal Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 days | −0.0% |
From daily values since 27-12-2024, 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)
Motilal Oswal Arbitrage Fund (Direct)
Kotak Arbitrage vs Motilal Oswal Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Arbitrage Fund, September 2026; Motilal Oswal Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.2%
- Held by both
- 108
- Only in Kotak Arbitrage
- 86
- Only in Motilal Oswal Arbitrage
- 30
| Security | % of Kotak Arbitrage | % of Motilal Oswal Arbitrage |
|---|---|---|
| RELIANCE INDUSTRIES LTD. | 3.06% | 4.58% |
| AXIS BANK LTD. | 2.94% | 2.53% |
| ICICI BANK LTD. | 4.17% | 2.28% |
| HDFC BANK LTD. | 2.03% | 5.41% |
| BHARTI AIRTEL LTD. | 1.45% | 3.63% |
| Vodafone Idea Ltd | 1.30% | 1.34% |
| BAJAJ FINANCE LTD. | 1.20% | 1.72% |
| STATE BANK OF INDIA. | 1.35% | 1.11% |
| TVS Motor Company Ltd. | 0.94% | 3.37% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.88% | 3.49% |
| Maruti Suzuki India Limited | 0.66% | 1.73% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 0.62% | 0.88% |
| SHRIRAM FINANCE LIMITED | 0.59% | 0.69% |
| One 97 Communications Ltd | 0.57% | 1.10% |
| ITC Ltd. | 0.85% | 0.50% |
| KOTAK MAHINDRA BANK LTD. | 0.47% | 2.39% |
| Mahindra & Mahindra Ltd. | 0.46% | 1.53% |
| Tata Steel Ltd. | 1.53% | 0.35% |
| Steel Authority of India Ltd. | 0.35% | 1.23% |
| Ashok Leyland Ltd. | 0.35% | 0.97% |
| Indus Towers Ltd. | 0.65% | 0.34% |
| YES BANK LTD. | 0.56% | 0.34% |
| Inter Globe Aviation Ltd | 0.34% | 1.74% |
| JIO FINANCIAL SERVICES LTD | 0.34% | 0.68% |
| HDFC Life Insurance Company Ltd | 0.33% | 0.57% |
| Adani Enterprises Ltd | 0.32% | 1.11% |
| JSW Steel Ltd. | 0.74% | 0.31% |
| Infosys Ltd. | 1.25% | 0.30% |
| Cipla Ltd. | 0.30% | 0.32% |
| ADITYA BIRLA CAPITAL LTD | 0.30% | 2.15% |
| Adani Green Energy Ltd. | 0.58% | 0.29% |
| Larsen and Toubro Ltd. | 0.29% | 1.19% |
| PNB HOUSING FINANCE LTD. | 0.29% | 0.63% |
| MUTHOOT FINANCE LTD. | 0.30% | 0.27% |
| Cummins India Ltd. | 0.82% | 0.26% |
| SWIGGY LTD | 0.75% | 0.26% |
| NMDC Ltd. | 0.41% | 0.26% |
| Divis Laboratories Ltd. | 0.96% | 0.25% |
| BANK OF BARODA | 0.69% | 0.25% |
| KALYAN JEWELLERS INDIA LTD. | 0.25% | 0.39% |
| Bajaj Finserv Ltd. | 0.25% | 0.43% |
| Jindal Steel & Power Ltd | 0.41% | 0.23% |
| Suzlon Energy Ltd. | 0.22% | 0.37% |
| Eicher Motors Ltd. | 0.40% | 0.21% |
| Ruchi Soya Industries Ltd. | 0.21% | 0.28% |
| Hindustan Unilever Ltd. | 0.57% | 0.19% |
| Bharat Heavy Electricals Ltd. | 0.18% | 0.52% |
| GODREJ PROPERTIES LIMITED | 0.40% | 0.17% |
| MARICO LTD. | 0.34% | 0.17% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 0.17% | 0.74% |
| CANARA BANK | 0.55% | 0.16% |
| VEDANTA LTD. | 0.31% | 0.16% |
| Ultratech Cement Ltd. | 0.16% | 0.16% |
| Apollo Hospitals Enterprise Ltd. | 0.35% | 0.15% |
| LIC HOUSING FINANCE LTD. | 0.27% | 0.15% |
| Crompton Greaves Consumer Electricals Limited | 0.23% | 0.15% |
| SBI CARDS & PAYMENT SERVICES PVT. LTD. | 0.15% | 0.27% |
| IDFC FIRST BANK LIMITED | 0.47% | 0.14% |
| Hindustan Aeronautics Ltd. | 0.35% | 0.14% |
| Life Insurance Corporation Of India | 0.20% | 0.14% |
| PG ELECTROPLAST LTD | 0.14% | 0.54% |
| TATA CONSULTANCY SERVICES LTD. | 0.53% | 0.13% |
| Bajaj Auto Ltd. | 0.52% | 0.13% |
| Supreme Industries Limited | 0.13% | 0.33% |
| ANGEL ONE LIMITED | 0.13% | 0.36% |
| ETERNAL LIMITED | 0.13% | 0.43% |
| BANDHAN BANK LIMITED | 0.27% | 0.12% |
| Bharat Electronics Ltd. | 0.12% | 0.53% |
| Central Depository Services (India) Ltd | 0.12% | 0.40% |
| AMBUJA CEMENTS LTD. | 0.44% | 0.10% |
| Aurobindo Pharma Ltd. | 0.39% | 0.10% |
| BIOCON LTD. | 0.32% | 0.10% |
| HDFC ASSET MANAGEMENT COMPANY LTD. | 0.28% | 0.10% |
| Grasim Industries Ltd. | 0.09% | 0.29% |
| Hindalco Industries Ltd. | 1.31% | 0.08% |
| Coforge Limited | 0.78% | 0.08% |
| Lupin Ltd. | 0.59% | 0.08% |
| INDIAN HOTELS CO LTD | 0.52% | 0.08% |
| Asian Paints(India) Ltd. | 0.08% | 0.18% |
| Pidilite Industries Ltd. | 0.08% | 0.09% |
| Info Edge India Ltd. | 0.59% | 0.07% |
| Varun Beverages Limited | 0.46% | 0.07% |
| Indian Energy Exchange Ltd. | 0.12% | 0.07% |
| APL Apollo Tubes Ltd | 0.61% | 0.06% |
| SBI Life Insurance Company Ltd | 0.15% | 0.06% |
| NBCC (India) Ltd | 0.06% | 0.09% |
| GAIL (India) Ltd. | 0.44% | 0.05% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.43% | 0.05% |
| Max Financial Services Ltd | 0.07% | 0.05% |
| ADANI ENERGY SOLUTIONS LTD. | 0.72% | 0.04% |
| INOX WIND LIMITED | 0.04% | 0.87% |
| polycab India Limited | 0.04% | 0.04% |
| Adani Ports and Special Economic Zone Limited | 0.04% | 0.10% |
| TATA CONSUMER PRODUCTS LTD. | 0.67% | 0.03% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.44% | 0.03% |
| BHARAT FORGE LTD. | 0.36% | 0.03% |
| Oil And Natural Gas Corporation Ltd. | 0.11% | 0.03% |
| HINDUSTAN PETROLEUM CORPORATION LTD. | 0.44% | 0.02% |
| Alkem Laboratories Ltd. | 0.39% | 0.02% |
| Tube Investments Of India Ltd. | 0.32% | 0.02% |
| CG Power and Industrial Solutions Ltd. | 0.02% | 2.37% |
| NTPC LTD | 0.64% | 0.01% |
| TITAN COMPANY LTD. | 0.31% | 0.01% |
| Glenmark Pharmaceuticals Ltd | 0.30% | 0.01% |
| Radico Khaitan Ltd. | 0.24% | 0.01% |
| United Spirits Ltd | 0.09% | 0.01% |
| Dabur India Ltd. | 0.01% | 0.01% |
| Hero MotoCorp Ltd. | 0.01% | 0.07% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.2% means 34.2% 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 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 Motilal Oswal Arbitrage Fund
| Security | % of fund |
|---|---|
| Motilal Oswal Liquid Fund - Direct Growth | 7.13% |
| AU Small Finance Bank Limited | 3.07% |
| Motilal Oswal Ultra Short Term Fund (MOFUSTF) -Direct Plan- Growth | 2.07% |
| RBL Bank Limited | 0.77% |
| IndusInd Bank Limited | 0.75% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Arbitrage | Motilal Oswal Arbitrage |
|---|---|---|
| Equity | 71.1% | 71.3% |
| Debt | 5.8% | 14.3% |
| Cash and others | 23.1% | 14.4% |
Market cap of stocks
| Market cap | Kotak Arbitrage | Motilal Oswal Arbitrage |
|---|---|---|
| Large Cap | 52.1% | 53.6% |
| Mid Cap | 16.4% | 13.5% |
| Small Cap | 2.6% | 4.2% |
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 | Motilal Oswal Arbitrage |
|---|---|---|
| Banks | 14.4% | 19.4% |
| Finance | 5.7% | 10.5% |
| Automobiles | 3.4% | 7.1% |
| Telecom - Services | 3.4% | 5.3% |
| Petroleum Products | 4.6% | 4.6% |
| Pharmaceuticals and Biotechnology | 4.2% | 0.0% |
| Electrical Equipment | 1.2% | 4.2% |
| Power | 3.9% | 0.3% |
| IT - Software | 3.8% | 0.5% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Arbitrage vs Motilal Oswal Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Arbitrage Fund | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.31% | 0.99% |
| Base expense ratio (Direct) | 0.33% | 0.10% |
| Total expense ratio (Regular) | 2.89% | 1.98% |
| Base expense ratio (Regular) | 0.83% | 1.00% |
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
Compare Kotak Arbitrage with
Kotak Arbitrage Fund vs Motilal Oswal Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak Arbitrage Fund and Motilal Oswal Arbitrage Fund?
Both are Arbitrage funds, run by Kotak Mahindra Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 34.2%. Kotak Arbitrage Fund charges 2.31% a year and Motilal Oswal Arbitrage Fund 0.99%.
Which has given higher returns, Kotak Arbitrage Fund or Motilal Oswal Arbitrage Fund?
Over 1 year: Kotak Arbitrage Fund +6.75%, Motilal Oswal Arbitrage Fund +6.98%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Arbitrage Fund or Motilal Oswal Arbitrage Fund?
Motilal Oswal Arbitrage Fund charges less: 0.99% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Arbitrage Fund and Motilal Oswal Arbitrage Fund overlap?
34.2%. They hold 108 of the same securities, the largest shared ones being RELIANCE, AXISBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak Arbitrage Fund or Motilal Oswal Arbitrage Fund?
On SEBI's riskometer, Kotak Arbitrage Fund is rated Low and Motilal Oswal Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.38% and 1.39% a year.
Can I invest in both Kotak Arbitrage Fund and Motilal Oswal Arbitrage Fund?
Yes. 34.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Arbitrage Fund and Motilal Oswal Arbitrage Fund?
Kotak Arbitrage Fund: Hiten Shah. Motilal Oswal Arbitrage Fund: Vishal Ashar, Atul Mehra, Rakesh Shetty.
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.