Kotak BSE Sensex Index Fund vs PGIM India Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak BSE Sensex Index Fund is an Index fund and PGIM India Arbitrage Fund is a mutual fund. Kotak BSE Sensex Index Fund charges 0.31% a year and PGIM India Arbitrage Fund 1.23% (Direct plans). Their portfolios overlap 39.0%: they hold 7 of the same securities.
Which is better, Kotak BSE Sensex Index or PGIM India 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 BSE Sensex Index costs less: 0.31% a year against 1.23% (Direct plans).
- PGIM India Arbitrage fell less in its worst fall since 20-02-2025: −0.5% against −16.1%.
- Kotak BSE Sensex Index holds more in large companies: 100.0% of the fund in large caps against 63.6%.
- PGIM India Arbitrage is the larger fund: ₹98 Cr against ₹25 Cr.
- Their portfolios overlap 39.0%: 7 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 BSE Sensex Index Fund | PGIM India Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | PGIM India Mutual Fund |
| Category | Index | Not available |
| AUM | ₹25 Cr (30-09-2026) | ₹98 Cr (30-09-2026) |
| NAV | ₹9.96 (Direct) | ₹21.31 (Direct) |
| Expense ratio (Direct) | 0.31% | 1.23% |
| Expense ratio (Regular) | 0.48% | 1.90% |
| Riskometer | Very High | Not available |
| Benchmark | BSE SENSEX TRI | Not available |
| Launch date | 17-02-2025 | Not available |
| Minimum investment | ₹100 | Not available |
| Lock in | None | Not available |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Not available |
| Exit load | Nil | Not available |
Kotak BSE Sensex Index vs PGIM India 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 BSE Sensex Index Fund (Direct) | +2.75% | −4.34% | −2.52% | −11.20% | -- | -- | -- |
| PGIM India Arbitrage Fund (Direct) | -- | -- | -- | -- | -- | -- | -- |
Kotak BSE Sensex Index vs PGIM India Arbitrage: Year-wise Returns
| Year | Kotak BSE Sensex IndexKotak BSE Sensex Index | PGIM India ArbitragePGIM India Arbitrage |
|---|---|---|
| 2026to date | −12.07% | -- |
Kotak BSE Sensex Index vs PGIM India Arbitrage: Rolling Returns
Every holding period of both funds, against BSE SENSEX TRI, the benchmark of Kotak BSE Sensex Index Fund
Rolling returns
Every 1-year holding period, 169 of them, one for each trading day from 20-02-2026 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 BSE Sensex Index Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE SENSEX TRI
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 | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak BSE Sensex Index | 83.4 | 8.3 | 4.7 | 3.6 | 0.0 | 0.0 | 0.0 | −4.1% | −5.0% | −12.9% | 11.7% | 0% |
| PGIM India Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.3% | 5.8% | 6.8% | 93% |
| BSE SENSEX TRI | 83.4 | 8.3 | 4.1 | 4.1 | 0.0 | 0.0 | 0.0 | −3.8% | −4.7% | −12.6% | 11.8% | -- |
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. The benchmark is BSE SENSEX TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 20-02-2025. Past returns do not promise future returns.
Kotak BSE Sensex Index vs PGIM India 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 20-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak BSE Sensex IndexKotak BSE Sensex Index Fund (Direct) | ₹2,10,000 | ₹2,00,108 | −₹9,892 | −5.2% |
| PGIM India ArbitragePGIM India Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,22,558 | ₹12,558 | 6.5% |
Kotak BSE Sensex IndexKotak BSE Sensex Index Fund (Direct)
PGIM India ArbitragePGIM India 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 BSE Sensex Index vs PGIM India Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak BSE Sensex Index Fund (Direct) | PGIM India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −11.20% | +6.71% |
| Standard deviation | 13.82% | 1.48% |
| Sharpe ratio | -1.19 | 0.99 |
| Sortino ratio | -1.59 | 1.56 |
| Maximum drawdown | −16.1% (30-03-2026) | −0.5% (06-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.31% | -- |
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 BSE Sensex Index Fund (Direct) | PGIM India Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.03% | +6.12% |
| Standard deviation | 13.17% | 1.08% |
| Sharpe ratio | -0.42 | 0.60 |
| Sortino ratio | -0.58 | 0.90 |
| Maximum drawdown | −16.1% (30-03-2026) | −0.7% (26-03-2020) |
| Beta | 1.00 | -- |
| Alpha | −0.21% | -- |
From daily NAVs, 20-02-2025 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.
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 BSE Sensex Index Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE SENSEX TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak BSE Sensex Index Fund (Direct) | −16.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −12.6% |
| PGIM India Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | 0.0% |
| BSE SENSEX TRI | −16.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −12.4% |
From daily values since 20-02-2025, 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 BSE Sensex Index Fund (Direct)
PGIM India Arbitrage Fund (Direct)
BSE SENSEX TRI
Against BSE SENSEX TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak BSE Sensex Index Fund (Direct) | 100% | 101% | 0.21% |
| PGIM India Arbitrage Fund (Direct) | 18% | -13% | 14.74% |
From month-end values since 20-02-2025. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Kotak BSE Sensex Index vs PGIM India Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak BSE Sensex Index Fund, September 2026; PGIM India Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 39.0%
- Held by both
- 7
- Only in Kotak BSE Sensex Index
- 23
- Only in PGIM India Arbitrage
- 24
| Security | % of Kotak BSE Sensex Index | % of PGIM India Arbitrage |
|---|---|---|
| HDFC BANK LTD. | 12.53% | 9.64% |
| ICICI BANK LTD. | 11.07% | 9.63% |
| RELIANCE INDUSTRIES LTD. | 9.24% | 9.33% |
| BHARTI AIRTEL LTD. | 6.34% | 5.19% |
| AXIS BANK LTD. | 4.07% | 5.39% |
| TITAN COMPANY LTD. | 2.23% | 0.74% |
| Hindustan Unilever Ltd. | 1.98% | 0.46% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.0% means 39.0% 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 BSE Sensex Index Fund
| Security | % of fund |
|---|---|
| Larsen and Toubro Ltd. | 5.11% |
| STATE BANK OF INDIA. | 4.61% |
| Infosys Ltd. | 4.06% |
| KOTAK MAHINDRA BANK LTD. | 3.53% |
| Mahindra & Mahindra Ltd. | 3.10% |
Largest holdings only in PGIM India Arbitrage Fund
| Security | % of fund |
|---|---|
| PGIM India Liquid Fund | 11.82% |
| 182 DAYS TBILL RED 19-11-2026 | 5.07% |
| Vodafone Idea Ltd. | 5.01% |
| PNB Housing Finance Ltd. | 3.64% |
| VARUN BEVERAGES LIMITED | 3.32% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak BSE Sensex Index | PGIM India Arbitrage |
|---|---|---|
| Equity | 100.0% | 75.0% |
| Debt | 0.0% | 10.3% |
| Cash and others | 0.0% | 14.7% |
Market cap of stocks
| Market cap | Kotak BSE Sensex Index | PGIM India Arbitrage |
|---|---|---|
| Large Cap | 100.0% | 63.6% |
| Mid Cap | 0.0% | 6.3% |
| Small Cap | 0.0% | 5.1% |
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 BSE Sensex Index | PGIM India Arbitrage |
|---|---|---|
| Banks | 35.8% | 30.4% |
| Telecom - Services | 6.3% | 10.2% |
| Petroleum Products | 9.2% | 9.3% |
| IT - Software | 9.2% | 0.0% |
| Construction | 5.1% | 1.0% |
| Finance | 4.2% | 5.1% |
| Capital Markets | 0.0% | 5.0% |
| Diversified FMCG | 4.9% | 0.5% |
| Beverages | 0.0% | 3.3% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak BSE Sensex Index vs PGIM India Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak BSE Sensex Index Fund | PGIM India Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.31% | 1.23% |
| Base expense ratio (Direct) | 0.12% | 0.31% |
| Total expense ratio (Regular) | 0.48% | 1.90% |
| Base expense ratio (Regular) | 0.27% | 0.88% |
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.
Kotak BSE Sensex Index Fund vs PGIM India Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak BSE Sensex Index Fund and PGIM India Arbitrage Fund?
Kotak BSE Sensex Index Fund is an Index fund, PGIM India Arbitrage Fund is a mutual fund, run by Kotak Mahindra Mutual Fund and PGIM India Mutual Fund. Their portfolios overlap 39.0%. Kotak BSE Sensex Index Fund charges 0.31% a year and PGIM India Arbitrage Fund 1.23%.
Which has the lower expense ratio, Kotak BSE Sensex Index Fund or PGIM India Arbitrage Fund?
Kotak BSE Sensex Index Fund charges less: 0.31% a year against 1.23%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak BSE Sensex Index Fund and PGIM India Arbitrage Fund overlap?
39.0%. They hold 7 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both Kotak BSE Sensex Index Fund and PGIM India Arbitrage Fund?
Yes. 39.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
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.