Mahindra Manulife Arbitrage Fund vs SBI BSE 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Mahindra Manulife Arbitrage Fund is an Arbitrage fund and SBI BSE 100 ETF is a mutual fund. In the 3 years to 30-10-2026, Mahindra Manulife Arbitrage Fund (Direct) returned 6.4% a year and SBI BSE 100 ETF (Regular) returned 8.8% a year. Mahindra Manulife Arbitrage Fund charges 1.15% a year and SBI BSE 100 ETF 0.16%. Their portfolios overlap 40.9%: they hold 31 of the same securities.
Mahindra Manulife Arbitrage Fund
Arbitrage
- 3 year return
- 6.4%
- Expense ratio
- 1.15%
- NAV
- ₹13.90
Which is better, Mahindra Manulife Arbitrage or SBI BSE 100 ETF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- SBI BSE 100 ETF returned more over 5 years: 7.6% a year against 5.9%.
- SBI BSE 100 ETF returned more over 3 years: 8.8% a year against 6.4%.
- SBI BSE 100 ETF costs less: 0.16% a year against 1.15%.
- Mahindra Manulife Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 13.5%.
- Mahindra Manulife Arbitrage fell less in its worst fall since 25-08-2020: −0.5% against −16.7%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 59.3%.
- Mahindra Manulife Arbitrage is the larger fund: ₹138 Cr against ₹9 Cr.
- Their portfolios overlap 40.9%: 31 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 | Mahindra Manulife Arbitrage Fund | SBI BSE 100 ETF |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | SBI Mutual Fund |
| Category | Arbitrage | Not available |
| AUM | ₹138 Cr (30-09-2026) | ₹9 Cr (30-09-2026) |
| NAV | ₹13.90 (Direct) | ₹272.01 (Regular) |
| Expense ratio (Direct) | 1.15% | Not available |
| Expense ratio (Regular) | 1.91% | 0.16% |
| Riskometer | Low | Not available |
| Benchmark | Nifty 50 Arbitrage TRI | Not available |
| Launch date | 24-08-2020 | Not available |
| Minimum investment | ₹1,000 | Not available |
| Lock in | None | Not available |
| Fund managers | Mitul Doshi, Navin Matta, Rahul Pal | Not available |
| Exit load | Exit load of 0.25%, if redeemed within 30 days. | Not available |
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: 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 |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Arbitrage Fund (Direct) | +0.56% | +1.45% | +3.03% | +6.26% | +6.42% | +5.89% | -- |
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: Year-wise Returns
| Year | Mahindra Manulife ArbitrageMahindra Manulife Arbitrage | SBI BSE 100 ETFSBI BSE 100 ETF |
|---|---|---|
| 2026to date | +5.07% | −9.80% |
| 2025 | +6.20% | +10.33% |
| 2024 | +6.97% | +13.11% |
| 2023 | +6.65% | +23.07% |
| 2022 | +4.04% | +5.85% |
| 2021 | +3.67% | +26.33% |
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of SBI BSE 100 ETF
Rolling returns
Every 3-year holding period, 782 of them, one for each trading day from 25-08-2023 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.
Mahindra Manulife Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
to
Nov 2023Jun 2021
to
Jun 2024Dec 2021
to
Dec 2024Jul 2022
to
Jul 2025Jan 2023
to
Jan 2026Jul 2023
to
Jul 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife Arbitrage | 0.0 | 13.7 | 86.3 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9% | 6.1% | 4.4% | 6.7% | 0% |
| SBI BSE 100 ETF | 0.0 | 0.0 | 6.3 | 40.4 | 47.5 | 5.8 | 0.0 | 15.1% | 15.3% | 6.8% | 23.2% | 1% |
| BSE 100 TRI | 0.0 | 0.0 | 5.6 | 39.5 | 48.0 | 6.9 | 0.0 | 15.3% | 15.5% | 7.0% | 23.4% | -- |
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 100 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 25-08-2020. Past returns do not promise future returns.
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: 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 25-08-2020 to 30-10-2026: 75 instalments, ₹7,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife ArbitrageMahindra Manulife Arbitrage Fund (Direct) | ₹7,50,000 | ₹9,07,433 | ₹1,57,433 | 6.0% |
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹7,50,000 | ₹9,77,255 | ₹2,27,255 | 8.4% |
Mahindra Manulife ArbitrageMahindra Manulife Arbitrage Fund (Direct)
SBI BSE 100 ETFSBI BSE 100 ETF (Regular)
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.
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Arbitrage Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +6.26% | −9.05% |
| Standard deviation | 1.45% | 13.91% |
| Sharpe ratio | 0.70 | -1.03 |
| Sortino ratio | 1.06 | -1.36 |
| Maximum drawdown | −0.5% (06-08-2026) | −15.0% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.16% |
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 | Mahindra Manulife Arbitrage Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +6.42% | +8.78% |
| Standard deviation | 1.14% | 13.55% |
| Sharpe ratio | 0.35 | 0.20 |
| Sortino ratio | 0.51 | 0.28 |
| Maximum drawdown | −0.5% (06-08-2026) | −16.7% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.18% |
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 | Mahindra Manulife Arbitrage Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +5.89% | +7.62% |
| Standard deviation | 1.07% | 13.90% |
| Sharpe ratio | 0.08 | 0.13 |
| Sortino ratio | 0.12 | 0.18 |
| Maximum drawdown | −0.5% (06-08-2026) | −16.7% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.17% |
From daily NAVs, 29-10-2021 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 | Mahindra Manulife Arbitrage Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +5.47% | +10.40% |
| Standard deviation | 1.05% | 15.99% |
| Sharpe ratio | 0.16 | 0.30 |
| Sortino ratio | 0.23 | 0.40 |
| Maximum drawdown | −0.5% (06-08-2026) | −38.2% (23-03-2020) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.44% |
From daily NAVs, 25-08-2020 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.
Mahindra Manulife Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | 0.0% |
| SBI BSE 100 ETF (Regular) | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.6% |
| BSE 100 TRI | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.4% |
From daily values since 25-08-2020, 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.
Mahindra Manulife Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
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.
Mahindra Manulife Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Mahindra Manulife Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Arbitrage Fund (Direct) | 12% | -16% | 14.49% |
| SBI BSE 100 ETF (Regular) | 100% | 100% | 0.03% |
From month-end values since 25-08-2020. 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.
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Arbitrage Fund, September 2026; SBI BSE 100 ETF, September 2026
Holdings in common
- Overlap
- 40.9%
- Held by both
- 31
- Only in Mahindra Manulife Arbitrage
- 6
- Only in SBI BSE 100 ETF
- 69
| Security | % of Mahindra Manulife Arbitrage | % of SBI BSE 100 ETF |
|---|---|---|
| ICICI Bank Limited | 5.99% | 7.24% |
| HDFC Bank Limited | 5.53% | 8.26% |
| Bharti Airtel Limited | 3.28% | 4.18% |
| Reliance Industries Limited | 2.98% | 6.01% |
| Axis Bank Limited | 4.68% | 2.68% |
| Larsen & Toubro Limited | 2.68% | 3.35% |
| Kotak Mahindra Bank Ltd | 3.40% | 2.34% |
| Bajaj Finance Ltd | 4.81% | 1.96% |
| State Bank of India | 1.88% | 3.04% |
| Tata Steel Limited | 2.80% | 1.16% |
| Hindalco Industries Limited | 4.22% | 1.03% |
| ITC Limited | 1.02% | 1.94% |
| UltraTech Cement Limited | 1.00% | 0.98% |
| Bharat Electronics Limited | 0.76% | 1.07% |
| Bajaj Finserv Limited | 0.72% | 0.74% |
| NTPC Limited | 0.70% | 1.17% |
| Hindustan Aeronautics Limited | 0.76% | 0.66% |
| Asian Paints Limited | 0.61% | 0.83% |
| Jio Financial Services Limited | 1.59% | 0.55% |
| Tata Power Company Limited | 4.09% | 0.46% |
| IndusInd Bank Limited | 1.24% | 0.45% |
| IDFC First Bank Limited | 2.97% | 0.41% |
| Lupin Limited | 0.44% | 0.38% |
| Indus Towers Limited | 1.11% | 0.37% |
| Canara Bank | 2.70% | 0.31% |
| Titan Company Limited | 0.23% | 1.43% |
| InterGlobe Aviation Limited | 0.22% | 0.85% |
| HDFC Life Insurance Company Limited | 0.21% | 0.42% |
| The Indian Hotels Company Limited | 0.16% | 0.49% |
| Infosys Limited | 0.14% | 2.68% |
| JSW Steel Limited | 0.06% | 0.91% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40.9% means 40.9% 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 Mahindra Manulife Arbitrage Fund
| Security | % of fund |
|---|---|
| Mahindra Manulife Utra Short to Short Term Fund Direct Plan -Growth | 14.76% |
| Mahindra Manulife Liquid Fund -Direct Plan -Growth | 10.48% |
| LIC Housing Finance Limited | 1.50% |
| APL Apollo Tubes Limited | 1.39% |
| Life Insurance Corporation Of India | 0.64% |
Largest holdings only in SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Ltd. | 2.01% |
| Eternal Ltd. | 1.76% |
| Tata Consultancy Services Ltd. | 1.58% |
| Sun Pharmaceutical Industries Ltd. | 1.50% |
| Hindustan Unilever Ltd. | 1.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Arbitrage | SBI BSE 100 ETF |
|---|---|---|
| Equity | 67.0% | 100.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 33.0% | 0.0% |
Market cap of stocks
| Market cap | Mahindra Manulife Arbitrage | SBI BSE 100 ETF |
|---|---|---|
| Large Cap | 59.3% | 90.2% |
| Mid Cap | 6.2% | 9.7% |
| Small Cap | 1.5% | 0.0% |
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 | Mahindra Manulife Arbitrage | SBI BSE 100 ETF |
|---|---|---|
| Banks | 28.4% | 26.7% |
| Finance | 8.6% | 5.8% |
| IT - Software | 0.1% | 7.5% |
| Petroleum Products | 3.0% | 6.8% |
| Automobiles | 0.0% | 6.5% |
| Power | 4.8% | 3.2% |
| Telecom - Services | 4.4% | 4.5% |
| Non - Ferrous Metals | 4.2% | 1.0% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Arbitrage Fund | SBI BSE 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.15% | Not available |
| Base expense ratio (Direct) | 0.30% | 0.00% |
| Total expense ratio (Regular) | 1.91% | 0.16% |
| Base expense ratio (Regular) | 0.95% | 0.12% |
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
Mahindra Manulife Arbitrage Fund vs SBI BSE 100 ETF: Frequently Asked Questions
What is the difference between Mahindra Manulife Arbitrage Fund and SBI BSE 100 ETF?
Mahindra Manulife Arbitrage Fund is an Arbitrage fund, SBI BSE 100 ETF is a mutual fund, run by Mahindra Manulife Mutual Fund and SBI Mutual Fund. Their portfolios overlap 40.9%. Mahindra Manulife Arbitrage Fund charges 1.15% a year and SBI BSE 100 ETF 0.16%.
Which has given higher returns, Mahindra Manulife Arbitrage Fund or SBI BSE 100 ETF?
Over 1 year: Mahindra Manulife Arbitrage Fund +6.26%, SBI BSE 100 ETF −9.05%. Over 3 years: Mahindra Manulife Arbitrage Fund +6.42% a year, SBI BSE 100 ETF +8.78% a year. Over 5 years: Mahindra Manulife Arbitrage Fund +5.89% a year, SBI BSE 100 ETF +7.62% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Arbitrage Fund or SBI BSE 100 ETF?
SBI BSE 100 ETF charges less: 0.16% a year against 1.15%. These are the total expense ratios reported to AMFI.
How much do Mahindra Manulife Arbitrage Fund and SBI BSE 100 ETF overlap?
40.9%. They hold 31 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is better for SIP, Mahindra Manulife Arbitrage Fund or SBI BSE 100 ETF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,16,129 in Mahindra Manulife Arbitrage Fund (XIRR 6.3% a year) and ₹7,13,638 in SBI BSE 100 ETF (XIRR 6.1% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Arbitrage Fund and SBI BSE 100 ETF?
Yes. 40.9% of each fund's money sits in the same holdings, so a large part 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.