Kotak Arbitrage Fund vs NJ Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Arbitrage Fund and NJ Arbitrage Fund are both Arbitrage funds. In the 3 years to 30-10-2026, Kotak Arbitrage Fund (Direct) returned 7.4% a year and NJ Arbitrage Fund (Direct) returned 6.8% a year. Kotak Arbitrage Fund charges 2.31% a year and NJ Arbitrage Fund 1.05% (Direct plans). Their portfolios overlap 31.3%: they hold 59 of the same securities.
Which is better, Kotak Arbitrage 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.
- Kotak Arbitrage returned more over 3 years: 7.4% a year against 6.8%.
- Kotak Arbitrage returned more over 1 year: 6.8% against 6.5%.
- NJ Arbitrage costs less: 1.05% a year against 2.31% (Direct plans).
- Kotak Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 1.3%.
- Kotak Arbitrage fell less in its worst fall since 02-08-2022: −0.5% against −0.7%.
- NJ Arbitrage holds more in large companies: 71.5% of the fund in large caps against 52.1%.
- Their portfolios overlap 31.3%: 59 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 | NJ Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | NJ Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹75,275 Cr (30-09-2026) | Not available |
| NAV | ₹43.60 (Direct) | ₹13.25 (Direct) |
| Expense ratio (Direct) | 2.31% | 1.05% |
| Expense ratio (Regular) | 2.89% | 1.64% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage Index |
| Launch date | 29-09-2005 | 01-08-2022 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Hiten Shah | Dhaval Patel, Viral Shah, Jaimin Ilavia |
| Exit load | Exit load of 0.25% if redeemed within 30 days | Nil |
Kotak Arbitrage 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 |
|---|---|---|---|---|---|---|---|
| Kotak Arbitrage Fund (Direct) | +0.55% | +1.55% | +3.29% | +6.75% | +7.43% | +6.98% | +6.46% |
| 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.
Kotak Arbitrage vs NJ Arbitrage: Year-wise Returns
| Year | KotakKotak Arbitrage | NJNJ Arbitrage |
|---|---|---|
| 2026to date | +5.53% | +5.24% |
| 2025 | +7.06% | +6.37% |
| 2024 | +8.47% | +7.68% |
| 2023 | +8.01% | +7.41% |
| 2022 | +5.14% | -- |
| 2021 | +4.56% | -- |
Kotak Arbitrage vs NJ Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 304 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.
Kotak Arbitrage Fund (Direct)
NJ Arbitrage Fund (Direct)
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.7% | 7.8% | 7.3% | 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% |
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 02-08-2022. Past returns do not promise future returns.
Kotak Arbitrage 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 |
|---|---|---|---|---|
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,96,069 | ₹86,069 | 7.3% |
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,88,823 | ₹78,823 | 6.7% |
Kotak ArbitrageKotak Arbitrage Fund (Direct)
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.
Kotak Arbitrage vs NJ 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) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +6.46% |
| Standard deviation | 1.38% | 1.83% |
| Sharpe ratio | 1.09 | 0.66 |
| Sortino ratio | 1.65 | 1.02 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.7% (31-08-2026) |
| 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) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.43% | +6.82% |
| Standard deviation | 1.10% | 1.34% |
| Sharpe ratio | 1.28 | 0.59 |
| Sortino ratio | 1.96 | 0.90 |
| Maximum drawdown | −0.5% (06-08-2026) | −0.7% (31-08-2026) |
| 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 | Kotak Arbitrage Fund (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.07% | +6.84% |
| Standard deviation | 1.02% | 1.20% |
| Sharpe ratio | 1.00 | 0.58 |
| Sortino ratio | 1.52 | 0.88 |
| Maximum drawdown | −0.6% (03-06-2020) | −0.7% (31-08-2026) |
| 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)
NJ 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% |
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
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.
Kotak Arbitrage Fund (Direct)
NJ 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.
Kotak Arbitrage Fund (Direct)
NJ Arbitrage Fund (Direct)
Kotak Arbitrage vs NJ Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Arbitrage Fund, September 2026; NJ Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 31.3%
- Held by both
- 59
- Only in Kotak Arbitrage
- 135
- Only in NJ Arbitrage
- 12
| Security | % of Kotak Arbitrage | % of NJ Arbitrage |
|---|---|---|
| ICICI BANK LTD. | 4.17% | 3.43% |
| RELIANCE INDUSTRIES LTD. | 3.06% | 6.48% |
| HDFC BANK LTD. | 2.03% | 5.56% |
| AXIS BANK LTD. | 2.94% | 1.47% |
| BHARTI AIRTEL LTD. | 1.45% | 5.73% |
| ADANI POWER LTD | 1.43% | 1.64% |
| STATE BANK OF INDIA. | 1.35% | 1.41% |
| Vodafone Idea Ltd | 1.30% | 6.08% |
| Tata Steel Ltd. | 1.53% | 1.30% |
| BAJAJ FINANCE LTD. | 1.20% | 1.60% |
| ITC Ltd. | 0.85% | 2.03% |
| Coforge Limited | 0.78% | 0.85% |
| Infosys Ltd. | 1.25% | 0.70% |
| BANK OF BARODA | 0.69% | 1.61% |
| NTPC LTD | 0.64% | 0.68% |
| YES BANK LTD. | 0.56% | 1.25% |
| CANARA BANK | 0.55% | 3.16% |
| IDFC FIRST BANK LIMITED | 0.47% | 0.58% |
| KOTAK MAHINDRA BANK LTD. | 0.47% | 7.11% |
| Mahindra & Mahindra Ltd. | 0.46% | 1.86% |
| AMBUJA CEMENTS LTD. | 0.44% | 0.77% |
| Eicher Motors Ltd. | 0.40% | 1.19% |
| Steel Authority of India Ltd. | 0.35% | 1.20% |
| JIO FINANCIAL SERVICES LTD | 0.34% | 0.35% |
| HDFC Life Insurance Company Ltd | 0.33% | 0.37% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.43% | 0.33% |
| BIOCON LTD. | 0.32% | 2.01% |
| Adani Enterprises Ltd | 0.32% | 4.06% |
| Larsen and Toubro Ltd. | 0.29% | 0.84% |
| Divis Laboratories Ltd. | 0.96% | 0.28% |
| Indus Towers Ltd. | 0.65% | 0.27% |
| LIC HOUSING FINANCE LTD. | 0.27% | 0.43% |
| BANDHAN BANK LIMITED | 0.27% | 0.77% |
| Hindustan Aeronautics Ltd. | 0.35% | 0.27% |
| Tata Power Company Ltd. | 0.25% | 0.49% |
| Crompton Greaves Consumer Electricals Limited | 0.23% | 0.25% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 0.17% | 4.20% |
| PUNJAB NATIONAL BANK | 0.17% | 0.42% |
| Ultratech Cement Ltd. | 0.16% | 2.08% |
| SBI Life Insurance Company Ltd | 0.15% | 1.38% |
| Hindalco Industries Ltd. | 1.31% | 0.14% |
| TATA CONSUMER PRODUCTS LTD. | 0.67% | 0.13% |
| Indian Energy Exchange Ltd. | 0.12% | 0.48% |
| GODREJ PROPERTIES LIMITED | 0.40% | 0.11% |
| One 97 Communications Ltd | 0.57% | 0.10% |
| Inter Globe Aviation Ltd | 0.34% | 0.10% |
| Grasim Industries Ltd. | 0.09% | 0.26% |
| GMR AIRPORTS LIMITED | 0.09% | 0.11% |
| United Spirits Ltd | 0.09% | 0.21% |
| Asian Paints(India) Ltd. | 0.08% | 0.77% |
| Pidilite Industries Ltd. | 0.08% | 0.47% |
| TORRENT PHARMACEUTICALS LTD. | 0.63% | 0.08% |
| TITAN COMPANY LTD. | 0.31% | 0.07% |
| Solar Industries India Limited | 0.04% | 0.13% |
| SBI CARDS & PAYMENT SERVICES PVT. LTD. | 0.15% | 0.04% |
| JSW Steel Ltd. | 0.74% | 0.04% |
| SHRIRAM FINANCE LIMITED | 0.59% | 0.03% |
| UPL Ltd | 0.27% | 0.03% |
| Dabur India Ltd. | 0.01% | 0.43% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.3% means 31.3% 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 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 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% |
| 364 Days Tbill (MD 02/10/2026) | 1.28% |
| 364 Days Tbill (MD 25/02/2027) | 1.25% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Arbitrage | NJ Arbitrage |
|---|---|---|
| Equity | 71.1% | 80.4% |
| Debt | 5.8% | 14.6% |
| Cash and others | 23.1% | 5.1% |
Market cap of stocks
| Market cap | Kotak Arbitrage | NJ Arbitrage |
|---|---|---|
| Large Cap | 52.1% | 71.5% |
| Mid Cap | 16.4% | 6.9% |
| Small Cap | 2.6% | 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 | Kotak Arbitrage | NJ Arbitrage |
|---|---|---|
| Banks | 14.4% | 26.8% |
| Telecom - Services | 3.4% | 12.1% |
| Pharmaceuticals & Biotechnology | 0.0% | 6.6% |
| Petroleum Products | 4.6% | 6.5% |
| Finance | 5.7% | 2.5% |
| Pharmaceuticals and Biotechnology | 4.2% | 0.0% |
| Metals & Minerals Trading | 0.0% | 4.1% |
| Power | 3.9% | 3.0% |
| IT - Software | 3.8% | 1.6% |
| Automobiles | 3.4% | 3.4% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Arbitrage vs NJ Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Arbitrage Fund | NJ Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.31% | 1.05% |
| Base expense ratio (Direct) | 0.33% | 0.25% |
| Total expense ratio (Regular) | 2.89% | 1.64% |
| Base expense ratio (Regular) | 0.83% | 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
Compare Kotak Arbitrage with
Kotak Arbitrage Fund vs NJ Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak Arbitrage Fund and NJ Arbitrage Fund?
Both are Arbitrage funds, run by Kotak Mahindra Mutual Fund and NJ Mutual Fund. Their portfolios overlap 31.3%. Kotak Arbitrage Fund charges 2.31% a year and NJ Arbitrage Fund 1.05%.
Which has given higher returns, Kotak Arbitrage Fund or NJ Arbitrage Fund?
Over 1 year: Kotak Arbitrage Fund +6.75%, NJ Arbitrage Fund +6.46%. Over 3 years: Kotak Arbitrage Fund +7.43% 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, Kotak Arbitrage Fund or NJ Arbitrage Fund?
NJ Arbitrage Fund charges less: 1.05% a year against 2.31%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Arbitrage Fund and NJ Arbitrage Fund overlap?
31.3%. They hold 59 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak Arbitrage Fund or NJ Arbitrage Fund?
On SEBI's riskometer, Kotak Arbitrage Fund is rated Low and NJ Arbitrage Fund Low. Over 3 years, the standard deviation of daily returns was 1.10% and 1.34% a year.
Which is better for SIP, Kotak Arbitrage Fund 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 ₹4,12,666 in Kotak Arbitrage Fund (XIRR 7.0% 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 Kotak Arbitrage Fund and NJ Arbitrage Fund?
Yes. 31.3% 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 NJ Arbitrage Fund?
Kotak Arbitrage Fund: Hiten Shah. 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.