Kotak MSCI India ETF vs Motilal Oswal Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Kotak MSCI India ETF is an ETF fund and Motilal Oswal Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, Kotak MSCI India ETF returned −8.0% and Motilal Oswal Arbitrage Fund (Direct) returned 7.0%. Kotak MSCI India ETF charges 0.24% a year and Motilal Oswal Arbitrage Fund 0.99%. Their portfolios overlap 45.1%: they hold 92 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 MSCI India ETF 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 −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 0.99%.
- Motilal Oswal Arbitrage fell less in its worst fall since 25-02-2025: −0.4% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 53.6%.
- Motilal Oswal Arbitrage is the larger fund: ₹3,434 Cr against ₹1,749 Cr.
- Their portfolios overlap 45.1%: 92 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 MSCI India ETF | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Motilal Oswal Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹1,749 Cr (30-09-2026) | ₹3,434 Cr (30-09-2026) |
| NAV | ₹28.23 | ₹11.37 (Direct) |
| Expense ratio (Direct) | Not available | 0.99% |
| Expense ratio (Regular) | Not available | 1.98% |
| Riskometer | Very High | Low |
| Benchmark | MSCI India TRI | Nifty 50 Arbitrage TRI |
| Launch date | 19-02-2025 | 23-12-2024 |
| Minimum investment | 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 | ₹500 |
| Lock in | None | None |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Vishal Ashar, Atul Mehra, Rakesh Shetty |
| Exit load | NIL | 0.25% - If redeemed within 30 days from the day of allotment. Nil - If redeemed after 30 days from the date of allotment. |
Kotak MSCI India ETF 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 MSCI India ETF | +0.29% | −5.98% | −3.50% | −8.03% | -- | -- | -- |
| 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 MSCI India ETF vs Motilal Oswal Arbitrage: Year-wise Returns
| Year | Kotak MSCI India ETFKotak MSCI India ETF | Motilal Oswal ArbitrageMotilal Oswal Arbitrage |
|---|---|---|
| 2026to date | −8.95% | +5.62% |
| 2025 | -- | +7.46% |
Kotak MSCI India ETF vs Motilal Oswal Arbitrage: 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 MSCI India ETF
Motilal Oswal Arbitrage Fund (Direct)
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 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% |
| Motilal Oswal Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.1% | 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 25-02-2025. Past returns do not promise future returns.
Kotak MSCI India ETF 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 25-02-2025 to 30-10-2026: 21 instalments, ₹2,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak MSCI India ETFKotak MSCI India ETF | ₹2,10,000 | ₹2,04,302 | −₹5,698 | −3.0% |
| Motilal Oswal ArbitrageMotilal Oswal Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,23,294 | ₹13,294 | 6.9% |
Kotak MSCI India ETFKotak MSCI India ETF
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 MSCI India ETF 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 MSCI India ETF | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.03% | +6.98% |
| Standard deviation | 14.22% | 1.39% |
| Sharpe ratio | -0.93 | 1.24 |
| Sortino ratio | -1.24 | 1.88 |
| Maximum drawdown | −14.6% (31-03-2026) | −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 MSCI India ETF | Motilal Oswal Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.02% | +7.14% |
| Standard deviation | 13.78% | 1.16% |
| Sharpe ratio | -0.10 | 1.37 |
| Sortino ratio | -0.14 | 2.08 |
| Maximum drawdown | −14.6% (31-03-2026) | −0.4% (06-08-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 25-02-2025 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 MSCI India ETF
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 MSCI India ETF | −14.6% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.1% |
| Motilal Oswal Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 days | −0.0% |
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 MSCI India ETF
Motilal Oswal Arbitrage Fund (Direct)
Kotak MSCI India ETF vs Motilal Oswal Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak MSCI India ETF, September 2026; Motilal Oswal Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 45.1%
- Held by both
- 92
- Only in Kotak MSCI India ETF
- 73
- Only in Motilal Oswal Arbitrage
- 46
| Security | % of Kotak MSCI India ETF | % of Motilal Oswal Arbitrage |
|---|---|---|
| HDFC BANK LTD. | 6.44% | 5.41% |
| RELIANCE INDUSTRIES LTD. | 5.44% | 4.58% |
| BHARTI AIRTEL LTD. | 3.93% | 3.63% |
| ICICI BANK LTD. | 5.60% | 2.28% |
| AXIS BANK LTD. | 2.25% | 2.53% |
| KOTAK MAHINDRA BANK LTD. | 1.82% | 2.39% |
| BAJAJ FINANCE LTD. | 1.91% | 1.72% |
| Mahindra & Mahindra Ltd. | 2.05% | 1.53% |
| Larsen and Toubro Ltd. | 2.02% | 1.19% |
| Maruti Suzuki India Limited | 1.13% | 1.73% |
| STATE BANK OF INDIA. | 1.41% | 1.11% |
| TVS Motor Company Ltd. | 0.78% | 3.37% |
| Inter Globe Aviation Ltd | 0.75% | 1.74% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 1.30% | 0.74% |
| SHRIRAM FINANCE LIMITED | 1.11% | 0.69% |
| Adani Enterprises Ltd | 0.60% | 1.11% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.55% | 3.49% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 0.55% | 0.88% |
| Bharat Electronics Ltd. | 1.08% | 0.53% |
| One 97 Communications Ltd | 0.51% | 1.10% |
| ITC Ltd. | 0.63% | 0.50% |
| JIO FINANCIAL SERVICES LTD | 0.46% | 0.68% |
| AU SMALL FINANCE BANK LTD. | 0.45% | 3.07% |
| ETERNAL LIMITED | 1.22% | 0.43% |
| Bajaj Finserv Ltd. | 0.53% | 0.43% |
| CG Power and Industrial Solutions Ltd. | 0.43% | 2.37% |
| INDUSIND BANK LTD. | 0.41% | 0.75% |
| HDFC Life Insurance Company Ltd | 0.41% | 0.57% |
| Bharat Heavy Electricals Ltd. | 0.40% | 0.52% |
| Tata Steel Ltd. | 1.10% | 0.35% |
| Indus Towers Ltd. | 0.37% | 0.34% |
| Ashok Leyland Ltd. | 0.34% | 0.97% |
| Cipla Ltd. | 0.54% | 0.32% |
| Suzlon Energy Ltd. | 0.32% | 0.37% |
| JSW Steel Ltd. | 0.61% | 0.31% |
| Infosys Ltd. | 2.41% | 0.30% |
| Grasim Industries Ltd. | 0.66% | 0.29% |
| Vodafone Idea Ltd | 0.27% | 1.34% |
| Cummins India Ltd. | 0.50% | 0.26% |
| Divis Laboratories Ltd. | 0.89% | 0.25% |
| YES BANK LTD. | 0.25% | 0.34% |
| MULTI COMMODITY EXCHANGE OF INDIA LIMITED | 0.33% | 0.24% |
| MUTHOOT FINANCE LTD. | 0.24% | 0.27% |
| Jindal Steel & Power Ltd | 0.32% | 0.23% |
| ADITYA BIRLA CAPITAL LTD | 0.23% | 2.15% |
| Eicher Motors Ltd. | 0.78% | 0.21% |
| Hindustan Unilever Ltd. | 1.06% | 0.19% |
| BANK OF BARODA | 0.19% | 0.25% |
| NMDC Ltd. | 0.19% | 0.26% |
| Asian Paints(India) Ltd. | 0.74% | 0.18% |
| MARICO LTD. | 0.33% | 0.17% |
| GODREJ PROPERTIES LIMITED | 0.18% | 0.17% |
| Supreme Industries Limited | 0.17% | 0.33% |
| Ultratech Cement Ltd. | 0.90% | 0.16% |
| VEDANTA LTD. | 0.28% | 0.16% |
| CANARA BANK | 0.17% | 0.16% |
| Apollo Hospitals Enterprise Ltd. | 0.66% | 0.15% |
| Hindustan Aeronautics Ltd. | 0.62% | 0.14% |
| IDFC FIRST BANK LIMITED | 0.27% | 0.14% |
| TATA CONSULTANCY SERVICES LTD. | 1.33% | 0.13% |
| Bajaj Auto Ltd. | 0.58% | 0.13% |
| FEDERAL BANK LTD. | 0.46% | 0.11% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 0.10% |
| HDFC ASSET MANAGEMENT COMPANY LTD. | 0.35% | 0.10% |
| Aurobindo Pharma Ltd. | 0.35% | 0.10% |
| AMBUJA CEMENTS LTD. | 0.18% | 0.10% |
| Pidilite Industries Ltd. | 0.33% | 0.09% |
| Hindalco Industries Ltd. | 0.97% | 0.08% |
| INDIAN HOTELS CO LTD | 0.48% | 0.08% |
| Lupin Ltd. | 0.37% | 0.08% |
| Hero MotoCorp Ltd. | 0.50% | 0.07% |
| Varun Beverages Limited | 0.44% | 0.07% |
| Info Edge India Ltd. | 0.33% | 0.07% |
| SBI Life Insurance Company Ltd | 0.61% | 0.06% |
| APL Apollo Tubes Ltd | 0.32% | 0.06% |
| Zydus Lifesciences Ltd. | 0.17% | 0.06% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.42% | 0.05% |
| GAIL (India) Ltd. | 0.31% | 0.05% |
| polycab India Limited | 0.34% | 0.04% |
| DLF LIMITED | 0.33% | 0.04% |
| ADANI ENERGY SOLUTIONS LTD. | 0.22% | 0.04% |
| Oil And Natural Gas Corporation Ltd. | 0.46% | 0.03% |
| TATA CONSUMER PRODUCTS LTD. | 0.41% | 0.03% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.39% | 0.03% |
| BHARAT FORGE LTD. | 0.37% | 0.03% |
| HINDUSTAN PETROLEUM CORPORATION LTD. | 0.27% | 0.02% |
| Tube Investments Of India Ltd. | 0.19% | 0.02% |
| Alkem Laboratories Ltd. | 0.17% | 0.02% |
| TITAN COMPANY LTD. | 1.30% | 0.01% |
| NTPC LTD | 1.12% | 0.01% |
| United Spirits Ltd | 0.31% | 0.01% |
| Dabur India Ltd. | 0.13% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.1% means 45.1% 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 MSCI India ETF
| Security | % of fund |
|---|---|
| Power Grid Corporation of India Ltd. | 0.87% |
| HCL Technologies Ltd. | 0.87% |
| Tech Mahindra Ltd. | 0.66% |
| TML COMMERCIAL VEHICLES LIMITED | 0.62% |
| Nestle India Ltd. | 0.60% |
Largest holdings only in Motilal Oswal Arbitrage Fund
| Security | % of fund |
|---|---|
| Motilal Oswal Liquid Fund - Direct Growth | 7.13% |
| Motilal Oswal Ultra Short Term Fund (MOFUSTF) -Direct Plan- Growth | 2.07% |
| Steel Authority of India Limited | 1.23% |
| Inox Wind Limited | 0.87% |
| RBL Bank Limited | 0.77% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak MSCI India ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Equity | 100.0% | 71.3% |
| Debt | 0.0% | 14.3% |
| Cash and others | 0.0% | 14.4% |
Market cap of stocks
| Market cap | Kotak MSCI India ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Large Cap | 80.6% | 53.6% |
| Mid Cap | 19.4% | 13.5% |
| Small Cap | 0.0% | 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 MSCI India ETF | Motilal Oswal Arbitrage |
|---|---|---|
| Banks | 20.3% | 19.4% |
| Finance | 6.3% | 10.5% |
| Automobiles | 6.2% | 7.1% |
| IT - Software | 6.6% | 0.5% |
| Petroleum Products | 6.4% | 4.6% |
| Pharmaceuticals and Biotechnology | 5.6% | 0.0% |
| Telecom - Services | 4.7% | 5.3% |
| Electrical Equipment | 2.7% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak MSCI India ETF vs Motilal Oswal Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak MSCI India ETF | Motilal Oswal Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 0.99% |
| Base expense ratio (Direct) | 0.00% | 0.10% |
| Total expense ratio (Regular) | Not available | 1.98% |
| Base expense ratio (Regular) | 0.17% | 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
Kotak MSCI India ETF vs Motilal Oswal Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak MSCI India ETF and Motilal Oswal Arbitrage Fund?
Kotak MSCI India ETF is an ETF fund, Motilal Oswal Arbitrage Fund is an Arbitrage fund, run by Kotak Mahindra Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 45.1%. Kotak MSCI India ETF charges 0.24% a year and Motilal Oswal Arbitrage Fund 0.99%.
Which has given higher returns, Kotak MSCI India ETF or Motilal Oswal Arbitrage Fund?
Over 1 year: Kotak MSCI India ETF −8.03%, 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 MSCI India ETF or Motilal Oswal Arbitrage Fund?
Kotak MSCI India ETF charges less: 0.24% a year against 0.99%. These are the total expense ratios reported to AMFI.
How much do Kotak MSCI India ETF and Motilal Oswal Arbitrage Fund overlap?
45.1%. They hold 92 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Kotak MSCI India ETF or Motilal Oswal Arbitrage Fund?
On SEBI's riskometer, Kotak MSCI India ETF is rated Very High and Motilal Oswal Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 14.22% and 1.39% a year.
Can I invest in both Kotak MSCI India ETF and Motilal Oswal Arbitrage Fund?
Yes. 45.1% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Kotak MSCI India ETF and Motilal Oswal Arbitrage Fund?
Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar. 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.