Kotak Arbitrage Fund vs WhiteOak Capital Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Arbitrage Fund and WhiteOak Capital Arbitrage Fund are both Arbitrage funds. In the year to 30-10-2026, Kotak Arbitrage Fund (Direct) returned 6.8% and WhiteOak Capital Arbitrage Fund (Direct) returned 7.1%. Kotak Arbitrage Fund charges 2.31% a year and WhiteOak Capital Arbitrage Fund 2.35% (Direct plans). Their portfolios overlap 41.8%: they hold 132 of the same securities.
WhiteOak Capital Arbitrage Fund
Arbitrage
- 1 year return
- 7.1%
- Expense ratio
- 2.35%
- NAV
- ₹11.60
Which is better, Kotak Arbitrage or WhiteOak Capital Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- WhiteOak Capital Arbitrage returned more over 1 year: 7.1% against 6.8%.
- Kotak Arbitrage costs less: 2.31% a year against 2.35% (Direct plans).
- WhiteOak Capital Arbitrage fell less in its worst fall since 10-09-2024: −0.4% against −0.5%.
- Kotak Arbitrage is the larger fund: ₹75,275 Cr against ₹2,623 Cr.
- Their portfolios overlap 41.8%: 132 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 | WhiteOak Capital Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | WhiteOak Capital Mutual Fund |
| Category | Arbitrage | Arbitrage |
| AUM | ₹75,275 Cr (30-09-2026) | ₹2,623 Cr (30-09-2026) |
| NAV | ₹43.60 (Direct) | ₹11.60 (Direct) |
| Expense ratio (Direct) | 2.31% | 2.35% |
| Expense ratio (Regular) | 2.89% | 3.13% |
| Riskometer | Low | Low |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 Arbitrage TRI |
| Launch date | 29-09-2005 | 09-09-2024 |
| Minimum investment | ₹100 | ₹500 |
| Lock in | None | None |
| Fund managers | Hiten Shah | Ramesh Mantri, Piyush Baranwal, Ashish Agrawal, Bhavin Patadia |
| Exit load | Exit load of 0.25% if redeemed within 30 days | Exit Load for units in excess of 10% of the investment,0.25% will be charged for redemption within 7 days. |
Kotak Arbitrage vs WhiteOak Capital 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% |
| WhiteOak Capital Arbitrage Fund (Direct) | +0.73% | +1.54% | +3.28% | +7.07% | -- | -- | -- |
| 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 WhiteOak Capital Arbitrage: Year-wise Returns
| Year | KotakKotak Arbitrage | WhiteOak CapitalWhiteOak Capital Arbitrage |
|---|---|---|
| 2026to date | +5.53% | +5.72% |
| 2025 | +7.06% | +7.43% |
| 2024 | +8.47% | -- |
| 2023 | +8.01% | -- |
| 2022 | +5.14% | -- |
| 2021 | +4.56% | -- |
Kotak Arbitrage vs WhiteOak Capital Arbitrage: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 279 of them, one for each trading day from 10-09-2025 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)
WhiteOak Capital Arbitrage Fund (Direct)
to
Oct 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
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 | 6.9% | 6.9% | 6.2% | 7.5% |
| WhiteOak Capital Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 6.6% | 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 10-09-2024. Past returns do not promise future returns.
Kotak Arbitrage vs WhiteOak Capital 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak ArbitrageKotak Arbitrage Fund (Direct) | ₹2,60,000 | ₹2,79,973 | ₹19,973 | 6.8% |
| WhiteOak Capital ArbitrageWhiteOak Capital Arbitrage Fund (Direct) | ₹2,60,000 | ₹2,80,660 | ₹20,660 | 7.0% |
Kotak ArbitrageKotak Arbitrage Fund (Direct)
WhiteOak Capital ArbitrageWhiteOak Capital 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 WhiteOak Capital 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) | WhiteOak Capital Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.75% | +7.07% |
| Standard deviation | 1.38% | 1.31% |
| Sharpe ratio | 1.09 | 1.40 |
| Sortino ratio | 1.65 | 2.17 |
| 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) | WhiteOak Capital Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.07% | +7.15% |
| Standard deviation | 1.02% | 1.10% |
| Sharpe ratio | 1.00 | 1.32 |
| Sortino ratio | 1.52 | 2.02 |
| 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)
WhiteOak Capital 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% |
| WhiteOak Capital Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 24-08-2026 | 18 days | −0.1% |
From daily values since 10-09-2024, 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)
WhiteOak Capital Arbitrage Fund (Direct)
Kotak Arbitrage vs WhiteOak Capital Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Arbitrage Fund, September 2026; WhiteOak Capital Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 41.8%
- Held by both
- 132
- Only in Kotak Arbitrage
- 62
- Only in WhiteOak Capital Arbitrage
- 39
| Security | % of Kotak Arbitrage | % of WhiteOak Capital Arbitrage |
|---|---|---|
| RELIANCE INDUSTRIES LTD. | 3.06% | 3.93% |
| ICICI BANK LTD. | 4.17% | 2.32% |
| HDFC BANK LTD. | 2.03% | 5.17% |
| AXIS BANK LTD. | 2.94% | 1.97% |
| BHARTI AIRTEL LTD. | 1.45% | 2.20% |
| Hindalco Industries Ltd. | 1.31% | 1.43% |
| Vodafone Idea Ltd | 1.30% | 3.30% |
| Infosys Ltd. | 1.25% | 1.62% |
| TVS Motor Company Ltd. | 0.94% | 1.24% |
| Coforge Limited | 0.78% | 1.14% |
| Divis Laboratories Ltd. | 0.96% | 0.76% |
| Coal India Limited | 1.18% | 0.73% |
| Maruti Suzuki India Limited | 0.66% | 0.98% |
| NTPC LTD | 0.64% | 0.89% |
| STATE BANK OF INDIA. | 1.35% | 0.62% |
| APL Apollo Tubes Ltd | 0.61% | 0.67% |
| Lupin Ltd. | 0.59% | 0.59% |
| BAJAJ FINANCE LTD. | 1.20% | 0.54% |
| TATA CONSULTANCY SERVICES LTD. | 0.53% | 0.54% |
| Tech Mahindra Ltd. | 0.69% | 0.51% |
| CANARA BANK | 0.55% | 0.51% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.88% | 0.49% |
| IDFC FIRST BANK LIMITED | 0.47% | 0.47% |
| Mahindra & Mahindra Ltd. | 0.46% | 0.51% |
| PB Fintech Ltd. | 0.67% | 0.45% |
| HINDUSTAN PETROLEUM CORPORATION LTD. | 0.44% | 0.49% |
| Jindal Steel & Power Ltd | 0.41% | 0.45% |
| Eicher Motors Ltd. | 0.40% | 0.44% |
| Alkem Laboratories Ltd. | 0.39% | 0.64% |
| SWIGGY LTD | 0.75% | 0.37% |
| BHARAT FORGE LTD. | 0.36% | 0.48% |
| INDIAN OIL CORPORATION LTD. | 0.69% | 0.35% |
| Steel Authority of India Ltd. | 0.35% | 0.90% |
| Ashok Leyland Ltd. | 0.35% | 0.36% |
| Inter Globe Aviation Ltd | 0.34% | 0.72% |
| KOTAK MAHINDRA BANK LTD. | 0.47% | 0.33% |
| HDFC Life Insurance Company Ltd | 0.33% | 0.54% |
| Cummins India Ltd. | 0.82% | 0.32% |
| BIOCON LTD. | 0.32% | 0.93% |
| TITAN COMPANY LTD. | 0.31% | 0.45% |
| MUTHOOT FINANCE LTD. | 0.30% | 0.76% |
| Hindustan Zinc Ltd. | 0.52% | 0.29% |
| Larsen and Toubro Ltd. | 0.29% | 0.36% |
| TORRENT PHARMACEUTICALS LTD. | 0.63% | 0.27% |
| Info Edge India Ltd. | 0.59% | 0.27% |
| LIC HOUSING FINANCE LTD. | 0.27% | 0.62% |
| Mphasis Ltd | 0.27% | 0.37% |
| VEDANTA LTD. | 0.31% | 0.26% |
| Bajaj Finserv Ltd. | 0.25% | 0.52% |
| Power Finance Corporation Ltd. | 0.80% | 0.24% |
| SHRIRAM FINANCE LIMITED | 0.59% | 0.24% |
| MARICO LTD. | 0.34% | 0.24% |
| Radico Khaitan Ltd. | 0.24% | 0.42% |
| JIO FINANCIAL SERVICES LTD | 0.34% | 0.23% |
| Fortis Healthcare India Ltd | 0.22% | 0.22% |
| ICICI Lombard General Insurance Company Ltd | 0.22% | 0.24% |
| One 97 Communications Ltd | 0.57% | 0.21% |
| Varun Beverages Limited | 0.46% | 0.21% |
| Manappuram Finance Ltd. | 0.21% | 0.34% |
| Life Insurance Corporation Of India | 0.20% | 0.36% |
| ITC Ltd. | 0.85% | 0.19% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.44% | 0.19% |
| Nestle India Ltd. | 0.25% | 0.19% |
| ASTRAL LTD. | 0.19% | 0.22% |
| GE VERNOVA T&D INDIA LIMITED | 0.55% | 0.17% |
| UNION BANK OF INDIA | 0.25% | 0.17% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 0.17% | 0.35% |
| National Aluminium Company Ltd. | 0.17% | 0.28% |
| NMDC Ltd. | 0.41% | 0.16% |
| Crompton Greaves Consumer Electricals Limited | 0.23% | 0.16% |
| SRF LTD. | 0.22% | 0.16% |
| SAGILITY INDIA LTD. | 0.16% | 0.16% |
| Ultratech Cement Ltd. | 0.16% | 0.51% |
| HDFC ASSET MANAGEMENT COMPANY LTD. | 0.28% | 0.15% |
| SBI CARDS & PAYMENT SERVICES PVT. LTD. | 0.15% | 0.48% |
| SBI Life Insurance Company Ltd | 0.15% | 0.65% |
| HCL Technologies Ltd. | 0.15% | 0.48% |
| PG ELECTROPLAST LTD | 0.14% | 0.28% |
| KEI Industries Ltd. | 0.14% | 0.18% |
| Cipla Ltd. | 0.30% | 0.13% |
| PNB HOUSING FINANCE LTD. | 0.29% | 0.13% |
| Container Corporation of India Ltd. | 0.14% | 0.13% |
| Voltas Ltd. | 0.13% | 0.86% |
| INDIAN BANK | 0.13% | 0.43% |
| ANGEL ONE LIMITED | 0.13% | 0.79% |
| ETERNAL LIMITED | 0.13% | 0.46% |
| BSE LTD | 0.12% | 0.58% |
| BANK OF MAHARASHTRA | 0.12% | 0.23% |
| Central Depository Services (India) Ltd | 0.12% | 0.42% |
| Page Industries Ltd | 0.12% | 0.59% |
| Hindustan Unilever Ltd. | 0.57% | 0.11% |
| Supreme Industries Limited | 0.13% | 0.11% |
| Oil And Natural Gas Corporation Ltd. | 0.11% | 0.27% |
| Computer Age Management Services Limited | 0.12% | 0.10% |
| Grasim Industries Ltd. | 0.09% | 0.27% |
| TATA CONSUMER PRODUCTS LTD. | 0.67% | 0.08% |
| Bajaj Auto Ltd. | 0.52% | 0.08% |
| Adani Enterprises Ltd | 0.32% | 0.08% |
| Tube Investments Of India Ltd. | 0.32% | 0.08% |
| Avenue Supermarts Ltd | 0.08% | 0.19% |
| Max Financial Services Ltd | 0.07% | 0.39% |
| PHOENIX MILLS LTD. | 0.07% | 0.19% |
| Bosch Limited | 0.11% | 0.06% |
| TRENT LTD | 0.06% | 0.08% |
| BANK OF BARODA | 0.69% | 0.05% |
| Colgate- Palmolive (India) Ltd. | 0.07% | 0.05% |
| Persistent Systems Limited | 0.05% | 0.30% |
| Oil India Limited | 0.05% | 0.30% |
| L&T FINANCE LTD | 0.05% | 0.21% |
| KALYAN JEWELLERS INDIA LTD. | 0.25% | 0.04% |
| HITACHI ENERGY INDIA LTD. | 0.15% | 0.04% |
| Max Healthcare Institute Ltd. | 0.04% | 0.11% |
| KPIT Technologies Ltd. | 0.04% | 0.46% |
| INOX WIND LIMITED | 0.04% | 0.11% |
| ABB India Ltd. | 0.04% | 0.11% |
| MOTILAL OSWAL FINANCIAL SERVICES LIMITED | 0.04% | 0.12% |
| Solar Industries India Limited | 0.04% | 0.04% |
| polycab India Limited | 0.04% | 0.20% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.43% | 0.03% |
| Amber Enterprises India Ltd | 0.03% | 0.23% |
| BANK OF INDIA | 0.19% | 0.02% |
| Ujjivan Small Finance Bank Ltd. | 0.03% | 0.02% |
| MACROTECH DEVELOPERS LTD | 0.02% | 0.11% |
| Indus Towers Ltd. | 0.65% | 0.01% |
| Apollo Hospitals Enterprise Ltd. | 0.35% | 0.01% |
| JSW ENERGY LTD. | 0.27% | 0.01% |
| Oberoi Realty Limited | 0.05% | 0.01% |
| SIEMENS ENERGY INDIA LTD | 0.04% | 0.01% |
| Wipro Ltd. | 0.01% | 0.09% |
| Hero MotoCorp Ltd. | 0.01% | 0.08% |
| BHARAT DYNAMICS LTD. | 0.01% | 0.23% |
| MAZAGOAN DOCK SHIPBUILDERS LTD. | 0.01% | 0.05% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.8% means 41.8% 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 WhiteOak Capital Arbitrage Fund
| Security | % of fund |
|---|---|
| Bandhan Money Market Fund -Direct Plan-Growth | 5.73% |
| WhiteOak Capital Liquid Fund- Direct plan-GR | 5.27% |
| WhiteOak Cap Ultra Short Term Fund- Dir Pl-Gr Op | 2.28% |
| Kotak Mahindra Bank Limited (21/12/2026) | 1.88% |
| The Federal Bank Limited | 1.38% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Equity | 71.1% | 68.4% |
| Debt | 5.8% | 12.9% |
| Cash and others | 23.1% | 18.7% |
Market cap of stocks
| Market cap | Kotak Arbitrage | WhiteOak Capital Arbitrage |
|---|---|---|
| Large Cap | 52.1% | 43.9% |
| Mid Cap | 16.4% | 20.1% |
| Small Cap | 2.6% | 4.4% |
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 | WhiteOak Capital Arbitrage |
|---|---|---|
| Banks | 14.4% | 15.4% |
| Finance | 5.7% | 4.9% |
| IT - Software | 3.8% | 5.5% |
| Telecom - Services | 3.4% | 5.5% |
| Petroleum Products | 4.6% | 5.0% |
| Pharmaceuticals and Biotechnology | 4.2% | 0.0% |
| Power | 3.9% | 1.3% |
| Pharmaceuticals & Biotechnology | 0.0% | 3.7% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Arbitrage vs WhiteOak Capital Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Arbitrage Fund | WhiteOak Capital Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.31% | 2.35% |
| Base expense ratio (Direct) | 0.33% | 0.38% |
| Total expense ratio (Regular) | 2.89% | 3.13% |
| Base expense ratio (Regular) | 0.83% | 1.04% |
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 WhiteOak Capital Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Both are Arbitrage funds, run by Kotak Mahindra Mutual Fund and WhiteOak Capital Mutual Fund. Their portfolios overlap 41.8%. Kotak Arbitrage Fund charges 2.31% a year and WhiteOak Capital Arbitrage Fund 2.35%.
Which has given higher returns, Kotak Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
Over 1 year: Kotak Arbitrage Fund +6.75%, WhiteOak Capital Arbitrage Fund +7.07%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
Kotak Arbitrage Fund charges less: 2.31% a year against 2.35%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Arbitrage Fund and WhiteOak Capital Arbitrage Fund overlap?
41.8%. They hold 132 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak Arbitrage Fund or WhiteOak Capital Arbitrage Fund?
On SEBI's riskometer, Kotak Arbitrage Fund is rated Low and WhiteOak Capital Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 1.38% and 1.31% a year.
Can I invest in both Kotak Arbitrage Fund and WhiteOak Capital Arbitrage Fund?
Yes. 41.8% 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 WhiteOak Capital Arbitrage Fund?
Kotak Arbitrage Fund: Hiten Shah. WhiteOak Capital Arbitrage Fund: Ramesh Mantri, Piyush Baranwal, Ashish Agrawal, Bhavin Patadia.
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.