Kotak MSCI India ETF vs SBI 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 SBI Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, Kotak MSCI India ETF returned −8.0% and SBI Arbitrage Fund (Direct) returned 6.6%. Kotak MSCI India ETF charges 0.24% a year and SBI Arbitrage Fund 1.47%. Their portfolios overlap 54.6%: they hold 142 of the same securities.
Which is better, Kotak MSCI India ETF or SBI Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI Arbitrage returned more over 1 year: 6.6% against −8.0%.
- Kotak MSCI India ETF costs less: 0.24% a year against 1.47%.
- SBI Arbitrage fell less in its worst fall since 25-02-2025: −0.5% against −14.6%.
- Kotak MSCI India ETF holds more in large companies: 80.6% of the fund in large caps against 61.8%.
- SBI Arbitrage is the larger fund: ₹46,309 Cr against ₹1,749 Cr.
- Their portfolios overlap 54.6%: 142 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 | SBI Arbitrage Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | SBI Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹1,749 Cr (30-09-2026) | ₹46,309 Cr (30-09-2026) |
| NAV | ₹28.23 | ₹39.08 (Direct) |
| Expense ratio (Direct) | Not available | 1.47% |
| Expense ratio (Regular) | Not available | 1.99% |
| Riskometer | Very High | Low |
| Benchmark | MSCI India TRI | Nifty 50 Arbitrage Index |
| Launch date | 19-02-2025 | 03-11-2006 |
| 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 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar | Neeraj Kumar - Equity, Ardhendu Bhattacharya |
| Exit load | NIL | Exit load of 0.25%, if redeemed within 15 Days. |
Kotak MSCI India ETF vs SBI 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% | -- | -- | -- |
| SBI Arbitrage Fund (Direct) | +0.56% | +1.53% | +3.22% | +6.59% | +7.24% | +6.83% | +6.24% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
Category average: the average of the 39 Arbitrage funds, same plan type.
Kotak MSCI India ETF vs SBI Arbitrage: Year-wise Returns
| Year | Kotak MSCI India ETFKotak MSCI India ETF | SBI ArbitrageSBI Arbitrage |
|---|---|---|
| 2026to date | −8.95% | +5.39% |
| 2025 | -- | +7.05% |
| 2024 | -- | +8.11% |
| 2023 | -- | +7.98% |
| 2022 | -- | +5.09% |
| 2021 | -- | +4.43% |
Kotak MSCI India ETF vs SBI 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
SBI 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% |
| SBI Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6% | 6.5% | 6.1% | 7.0% |
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 SBI 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% |
| SBI ArbitrageSBI Arbitrage Fund (Direct) | ₹2,10,000 | ₹2,22,559 | ₹12,559 | 6.5% |
Kotak MSCI India ETFKotak MSCI India ETF
SBI ArbitrageSBI 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 SBI 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 | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −8.03% | +6.59% |
| Standard deviation | 14.22% | 1.46% |
| Sharpe ratio | -0.93 | 0.92 |
| Sortino ratio | -1.24 | 1.41 |
| Maximum drawdown | −14.6% (31-03-2026) | −0.5% (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 | SBI Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.02% | +6.84% |
| Standard deviation | 13.78% | 1.07% |
| Sharpe ratio | -0.10 | 0.74 |
| Sortino ratio | -0.14 | 1.11 |
| Maximum drawdown | −14.6% (31-03-2026) | −0.7% (25-03-2020) |
| 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
SBI 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% |
| SBI Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
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
SBI Arbitrage Fund (Direct)
Kotak MSCI India ETF vs SBI Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak MSCI India ETF, September 2026; SBI Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 54.6%
- Held by both
- 142
- Only in Kotak MSCI India ETF
- 23
- Only in SBI Arbitrage
- 54
| Security | % of Kotak MSCI India ETF | % of SBI Arbitrage |
|---|---|---|
| RELIANCE INDUSTRIES LTD. | 5.44% | 5.58% |
| HDFC BANK LTD. | 6.44% | 4.92% |
| ICICI BANK LTD. | 5.60% | 2.75% |
| BHARTI AIRTEL LTD. | 3.93% | 2.39% |
| AXIS BANK LTD. | 2.25% | 2.31% |
| BAJAJ FINANCE LTD. | 1.91% | 1.57% |
| STATE BANK OF INDIA. | 1.41% | 3.68% |
| Tata Steel Ltd. | 1.10% | 1.59% |
| Bharat Electronics Ltd. | 1.08% | 1.36% |
| Divis Laboratories Ltd. | 0.89% | 1.09% |
| Larsen and Toubro Ltd. | 2.02% | 0.87% |
| KOTAK MAHINDRA BANK LTD. | 1.82% | 0.85% |
| Tech Mahindra Ltd. | 0.66% | 0.64% |
| ITC Ltd. | 0.63% | 0.93% |
| Hindustan Aeronautics Ltd. | 0.62% | 1.16% |
| JSW Steel Ltd. | 0.61% | 1.58% |
| Maruti Suzuki India Limited | 1.13% | 0.60% |
| Adani Enterprises Ltd | 0.60% | 1.41% |
| Infosys Ltd. | 2.41% | 0.59% |
| Hindustan Unilever Ltd. | 1.06% | 0.56% |
| NTPC LTD | 1.12% | 0.55% |
| SAMVARDHANA MOTHERSON INTERNATIONAL LTD | 0.55% | 0.71% |
| Hindalco Industries Ltd. | 0.97% | 0.54% |
| ADANI POWER LTD | 0.53% | 1.03% |
| Coal India Limited | 0.52% | 0.90% |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD. | 0.55% | 0.49% |
| INDIAN HOTELS CO LTD | 0.48% | 0.70% |
| Adani Ports and Special Economic Zone Limited | 0.83% | 0.46% |
| FEDERAL BANK LTD. | 0.46% | 0.74% |
| JIO FINANCIAL SERVICES LTD | 0.46% | 0.77% |
| SHRIRAM FINANCE LIMITED | 1.11% | 0.45% |
| Mahindra & Mahindra Ltd. | 2.05% | 0.44% |
| Varun Beverages Limited | 0.44% | 0.76% |
| Tata Power Company Ltd. | 0.43% | 0.64% |
| Ultratech Cement Ltd. | 0.90% | 0.42% |
| TATA MOTORS PASSENGER VEHICLES LTD | 0.42% | 0.52% |
| Cummins India Ltd. | 0.50% | 0.41% |
| INDUSIND BANK LTD. | 0.41% | 0.43% |
| TATA CONSUMER PRODUCTS LTD. | 0.41% | 0.62% |
| Bharat Heavy Electricals Ltd. | 0.40% | 0.72% |
| Indus Towers Ltd. | 0.37% | 0.61% |
| Solar Industries India Limited | 0.36% | 0.38% |
| Eicher Motors Ltd. | 0.78% | 0.35% |
| HDFC ASSET MANAGEMENT COMPANY LTD. | 0.35% | 0.36% |
| Aurobindo Pharma Ltd. | 0.35% | 0.34% |
| Power Finance Corporation Ltd. | 0.34% | 0.88% |
| Info Edge India Ltd. | 0.33% | 0.39% |
| MULTI COMMODITY EXCHANGE OF INDIA LIMITED | 0.33% | 0.41% |
| TITAN COMPANY LTD. | 1.30% | 0.32% |
| TORRENT PHARMACEUTICALS LTD. | 0.55% | 0.32% |
| APL Apollo Tubes Ltd | 0.32% | 0.38% |
| Avenue Supermarts Ltd | 0.44% | 0.30% |
| INDIAN OIL CORPORATION LTD. | 0.30% | 0.56% |
| HCL Technologies Ltd. | 0.87% | 0.27% |
| Apollo Hospitals Enterprise Ltd. | 0.66% | 0.27% |
| Bajaj Auto Ltd. | 0.58% | 0.27% |
| HITACHI ENERGY INDIA LTD. | 0.30% | 0.27% |
| IDFC FIRST BANK LIMITED | 0.27% | 0.73% |
| Vodafone Idea Ltd | 0.27% | 1.10% |
| ADITYA BIRLA CAPITAL LTD | 0.23% | 0.31% |
| SUN PHARMACEUTICAL INDUSTRIES LTD. | 1.30% | 0.22% |
| GMR AIRPORTS LIMITED | 0.22% | 0.40% |
| ADANI ENERGY SOLUTIONS LTD. | 0.22% | 0.81% |
| One 97 Communications Ltd | 0.51% | 0.21% |
| AU SMALL FINANCE BANK LTD. | 0.45% | 0.21% |
| PUNJAB NATIONAL BANK | 0.21% | 0.78% |
| UNION BANK OF INDIA | 0.21% | 0.37% |
| TATA CONSULTANCY SERVICES LTD. | 1.33% | 0.20% |
| HDFC Life Insurance Company Ltd | 0.41% | 0.19% |
| SRF LTD. | 0.26% | 0.19% |
| BANK OF BARODA | 0.19% | 0.78% |
| NMDC Ltd. | 0.19% | 0.42% |
| Laurus Labs Ltd | 0.55% | 0.18% |
| AMBUJA CEMENTS LTD. | 0.18% | 0.59% |
| GODREJ PROPERTIES LIMITED | 0.18% | 0.24% |
| TVS Motor Company Ltd. | 0.78% | 0.17% |
| GE VERNOVA T&D INDIA LIMITED | 0.43% | 0.17% |
| MACROTECH DEVELOPERS LTD | 0.25% | 0.17% |
| CANARA BANK | 0.17% | 0.89% |
| ETERNAL LIMITED | 1.22% | 0.16% |
| Jindal Steel & Power Ltd | 0.32% | 0.16% |
| Fortis Healthcare India Ltd | 0.30% | 0.16% |
| MUTHOOT FINANCE LTD. | 0.24% | 0.16% |
| Suzlon Energy Ltd. | 0.32% | 0.15% |
| Mphasis Ltd | 0.20% | 0.15% |
| Oil And Natural Gas Corporation Ltd. | 0.46% | 0.14% |
| Ashok Leyland Ltd. | 0.34% | 0.14% |
| GODREJ CONSUMER PRODUCTS LTD. | 0.26% | 0.14% |
| JSW ENERGY LTD. | 0.18% | 0.14% |
| L&T FINANCE LTD | 0.17% | 0.14% |
| Power Grid Corporation of India Ltd. | 0.87% | 0.13% |
| Cipla Ltd. | 0.54% | 0.13% |
| Dabur India Ltd. | 0.13% | 0.18% |
| HINDUSTAN PETROLEUM CORPORATION LTD. | 0.27% | 0.12% |
| BHARAT FORGE LTD. | 0.37% | 0.11% |
| ICICI Lombard General Insurance Company Ltd | 0.31% | 0.11% |
| VEDANTA LTD. | 0.28% | 0.11% |
| Inter Globe Aviation Ltd | 0.75% | 0.10% |
| Lupin Ltd. | 0.37% | 0.10% |
| Asian Paints(India) Ltd. | 0.74% | 0.09% |
| BHARAT PETROLEUM CORPORATION LTD. | 0.39% | 0.09% |
| polycab India Limited | 0.34% | 0.09% |
| MARICO LTD. | 0.33% | 0.09% |
| PHOENIX MILLS LTD. | 0.29% | 0.09% |
| National Aluminium Company Ltd. | 0.22% | 0.09% |
| UPL Ltd | 0.22% | 0.09% |
| Voltas Ltd. | 0.17% | 0.09% |
| Alkem Laboratories Ltd. | 0.17% | 0.09% |
| Bajaj Finserv Ltd. | 0.53% | 0.08% |
| Persistent Systems Limited | 0.43% | 0.08% |
| Supreme Industries Limited | 0.17% | 0.08% |
| SBI Life Insurance Company Ltd | 0.61% | 0.07% |
| BSE LTD | 0.49% | 0.07% |
| PB Fintech Ltd. | 0.29% | 0.07% |
| Oberoi Realty Limited | 0.17% | 0.07% |
| Oil India Limited | 0.15% | 0.07% |
| Hero MotoCorp Ltd. | 0.50% | 0.06% |
| GAIL (India) Ltd. | 0.31% | 0.06% |
| United Spirits Ltd | 0.31% | 0.06% |
| Bosch Limited | 0.25% | 0.06% |
| Bajaj Holdings and Investment Ltd | 0.23% | 0.06% |
| Tube Investments Of India Ltd. | 0.19% | 0.06% |
| TRENT LTD | 0.56% | 0.05% |
| DLF LIMITED | 0.33% | 0.05% |
| REC LTD | 0.28% | 0.05% |
| NHPC Ltd. | 0.19% | 0.05% |
| INDIAN BANK | 0.17% | 0.05% |
| FSN E-Commerce Ventures Ltd. | 0.31% | 0.04% |
| ABB India Ltd. | 0.25% | 0.04% |
| Colgate- Palmolive (India) Ltd. | 0.16% | 0.04% |
| Shree Cement Ltd. | 0.15% | 0.04% |
| ICICI Prudential Life Insurance Co. Ltd. | 0.13% | 0.04% |
| Grasim Industries Ltd. | 0.66% | 0.03% |
| Nestle India Ltd. | 0.60% | 0.03% |
| CG Power and Industrial Solutions Ltd. | 0.43% | 0.03% |
| MANKIND PHARMA LTD | 0.21% | 0.03% |
| Pidilite Industries Ltd. | 0.33% | 0.02% |
| Prestige Estates Projects Limited | 0.20% | 0.02% |
| VISHAL MEGA MART LIMITED | 0.19% | 0.02% |
| Zydus Lifesciences Ltd. | 0.17% | 0.02% |
| Max Healthcare Institute Ltd. | 0.52% | 0.01% |
| Petronet LNG Ltd. | 0.17% | 0.01% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 54.6% means 54.6% 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 |
|---|---|
| TML COMMERCIAL VEHICLES LIMITED | 0.62% |
| Dr.Reddy's Laboratories Ltd. | 0.49% |
| VEDANTA ALUMINIUM METAL LTD | 0.45% |
| Britannia Industries Ltd. | 0.42% |
| Dixon Technologies India Ltd | 0.38% |
Largest holdings only in SBI Arbitrage Fund
| Security | % of fund |
|---|---|
| SBI Liquid Fund - DIRECT PLAN -Growth Option | 7.25% |
| SBI Money Market Fund - Direct Plan - Growth Option | 7.06% |
| HDFC Bank Ltd. | 2.54% |
| Bank of Baroda | 1.06% |
| Union Bank of India | 1.06% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak MSCI India ETF | SBI Arbitrage |
|---|---|---|
| Equity | 100.0% | 77.2% |
| Debt | 0.0% | 6.5% |
| Cash and others | 0.0% | 16.4% |
Market cap of stocks
| Market cap | Kotak MSCI India ETF | SBI Arbitrage |
|---|---|---|
| Large Cap | 80.6% | 61.8% |
| Mid Cap | 19.4% | 13.2% |
| Small Cap | 0.0% | 2.1% |
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 MSCI India ETF | SBI Arbitrage |
|---|---|---|
| Banks | 20.3% | 20.0% |
| IT - Software | 6.6% | 2.3% |
| Petroleum Products | 6.4% | 6.3% |
| Finance | 6.3% | 5.7% |
| Automobiles | 6.2% | 2.4% |
| Pharmaceuticals and Biotechnology | 5.6% | 0.0% |
| Telecom - Services | 4.7% | 4.1% |
| Power | 3.7% | 4.3% |
| Ferrous Metals | 2.2% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak MSCI India ETF vs SBI Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak MSCI India ETF | SBI Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.47% |
| Base expense ratio (Direct) | 0.00% | 0.34% |
| Total expense ratio (Regular) | Not available | 1.99% |
| Base expense ratio (Regular) | 0.17% | 0.78% |
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 SBI Arbitrage Fund: Frequently Asked Questions
What is the difference between Kotak MSCI India ETF and SBI Arbitrage Fund?
Kotak MSCI India ETF is an ETF fund, SBI Arbitrage Fund is an Arbitrage fund, run by Kotak Mahindra Mutual Fund and SBI Mutual Fund. Their portfolios overlap 54.6%. Kotak MSCI India ETF charges 0.24% a year and SBI Arbitrage Fund 1.47%.
Which has given higher returns, Kotak MSCI India ETF or SBI Arbitrage Fund?
Over 1 year: Kotak MSCI India ETF −8.03%, SBI Arbitrage Fund +6.59%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak MSCI India ETF or SBI Arbitrage Fund?
Kotak MSCI India ETF charges less: 0.24% a year against 1.47%. These are the total expense ratios reported to AMFI.
How much do Kotak MSCI India ETF and SBI Arbitrage Fund overlap?
54.6%. They hold 142 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Kotak MSCI India ETF or SBI Arbitrage Fund?
On SEBI's riskometer, Kotak MSCI India ETF is rated Very High and SBI Arbitrage Fund Low. Over 1 years, the standard deviation of daily returns was 14.22% and 1.46% a year.
Can I invest in both Kotak MSCI India ETF and SBI Arbitrage Fund?
Yes. 54.6% 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 SBI Arbitrage Fund?
Kotak MSCI India ETF: Satish Dondapati, Abhishek Bisen, Jeetu Valechha Sonar. SBI Arbitrage Fund: Neeraj Kumar - Equity, Ardhendu Bhattacharya.
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.