Motilal Oswal Arbitrage Fund vs SBI BSE 100 ETF
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Motilal Oswal Arbitrage Fund is an Arbitrage fund and SBI BSE 100 ETF is a mutual fund. In the year to 30-10-2026, Motilal Oswal Arbitrage Fund (Direct) returned 7.0% and SBI BSE 100 ETF (Regular) returned −9.1%. Motilal Oswal Arbitrage Fund charges 0.99% a year and SBI BSE 100 ETF 0.16%. Their portfolios overlap 43.7%: they hold 72 of the same securities.
Motilal Oswal Arbitrage Fund
Arbitrage
- 1 year return
- 7.0%
- Expense ratio
- 0.99%
- NAV
- ₹11.37
Which is better, Motilal Oswal 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.
- Motilal Oswal Arbitrage returned more over 1 year: 7.0% against −9.1%.
- SBI BSE 100 ETF costs less: 0.16% a year against 0.99%.
- Motilal Oswal Arbitrage fell less in its worst fall since 27-12-2024: −0.4% against −15.0%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 53.6%.
- Motilal Oswal Arbitrage is the larger fund: ₹3,434 Cr against ₹9 Cr.
- Their portfolios overlap 43.7%: 72 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 | Motilal Oswal Arbitrage Fund | SBI BSE 100 ETF |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | SBI Mutual Fund |
| Category | Arbitrage | Not available |
| AUM | ₹3,434 Cr (30-09-2026) | ₹9 Cr (30-09-2026) |
| NAV | ₹11.37 (Direct) | ₹272.01 (Regular) |
| Expense ratio (Direct) | 0.99% | Not available |
| Expense ratio (Regular) | 1.98% | 0.16% |
| Riskometer | Low | Not available |
| Benchmark | Nifty 50 Arbitrage TRI | Not available |
| Launch date | 23-12-2024 | Not available |
| Minimum investment | ₹500 | Not available |
| Lock in | None | Not available |
| Fund managers | Vishal Ashar, Atul Mehra, Rakesh Shetty | Not available |
| Exit load | 0.25% - If redeemed within 30 days from the day of allotment. Nil - If redeemed after 30 days from the date of allotment. | Not available |
Motilal Oswal 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Arbitrage Fund (Direct) | +0.48% | +1.54% | +3.30% | +6.98% | -- | -- | -- |
| 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% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Motilal Oswal Arbitrage vs SBI BSE 100 ETF: Year-wise Returns
| Year | Motilal Oswal ArbitrageMotilal Oswal Arbitrage | SBI BSE 100 ETFSBI BSE 100 ETF |
|---|---|---|
| 2026to date | +5.62% | −9.80% |
| 2025 | +7.46% | +10.33% |
| 2024 | -- | +13.11% |
| 2023 | -- | +23.07% |
| 2022 | -- | +5.85% |
| 2021 | -- | +26.33% |
Motilal Oswal 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 1-year holding period, 206 of them, one for each trading day from 29-12-2025 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.
Motilal Oswal Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
to
Jan 2026Mar 2025
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2% | 7.2% | 6.7% | 7.6% | 74% |
| SBI BSE 100 ETF | 49.0 | 20.0 | 13.8 | 16.2 | 1.0 | 0.0 | 0.0 | 1.9% | 0.4% | −10.5% | 16.3% | 0% |
| BSE 100 TRI | 47.6 | 22.3 | 12.1 | 17.0 | 1.0 | 0.0 | 0.0 | 1.9% | 0.5% | −10.3% | 15.3% | -- |
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 27-12-2024. Past returns do not promise future returns.
Motilal Oswal 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 27-12-2024 to 30-10-2026: 23 instalments, ₹2,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal ArbitrageMotilal Oswal Arbitrage Fund (Direct) | ₹2,30,000 | ₹2,45,995 | ₹15,995 | 6.9% |
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹2,30,000 | ₹2,22,741 | −₹7,259 | −3.2% |
Motilal Oswal ArbitrageMotilal Oswal 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.
Motilal Oswal 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 | Motilal Oswal Arbitrage Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +6.98% | −9.05% |
| Standard deviation | 1.39% | 13.91% |
| Sharpe ratio | 1.24 | -1.03 |
| Sortino ratio | 1.88 | -1.36 |
| Maximum drawdown | −0.4% (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 | Motilal Oswal Arbitrage Fund (Direct) | SBI BSE 100 ETF (Regular) |
|---|---|---|
| Return (CAGR) | +7.14% | +10.40% |
| Standard deviation | 1.16% | 15.99% |
| Sharpe ratio | 1.37 | 0.30 |
| Sortino ratio | 2.08 | 0.40 |
| Maximum drawdown | −0.4% (06-08-2026) | −38.2% (23-03-2020) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.44% |
From daily NAVs, 27-12-2024 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.
Motilal Oswal 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 |
|---|---|---|---|---|---|---|
| Motilal Oswal Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 06-08-2026 | 21-08-2026 | 15 days | −0.0% |
| SBI BSE 100 ETF (Regular) | −15.0% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.6% |
| BSE 100 TRI | −15.0% | 02-01-2026 | 30-03-2026 | Not yet | -- | −10.4% |
From daily values since 27-12-2024, 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.
Motilal Oswal Arbitrage Fund (Direct)
SBI BSE 100 ETF (Regular)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Arbitrage Fund (Direct) | 18% | -17% | 15.39% |
| SBI BSE 100 ETF (Regular) | 100% | 100% | 0.02% |
From month-end values since 27-12-2024. 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.
Motilal Oswal Arbitrage vs SBI BSE 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Arbitrage Fund, September 2026; SBI BSE 100 ETF, September 2026
Holdings in common
- Overlap
- 43.7%
- Held by both
- 72
- Only in Motilal Oswal Arbitrage
- 66
- Only in SBI BSE 100 ETF
- 28
| Security | % of Motilal Oswal Arbitrage | % of SBI BSE 100 ETF |
|---|---|---|
| HDFC Bank Limited | 5.41% | 8.26% |
| Reliance Industries Limited | 4.58% | 6.01% |
| Bharti Airtel Limited | 3.63% | 4.18% |
| Axis Bank Limited | 2.53% | 2.68% |
| Kotak Mahindra Bank Ltd | 2.39% | 2.34% |
| ICICI Bank Limited | 2.28% | 7.24% |
| Bajaj Finance Ltd | 1.72% | 1.96% |
| Mahindra & Mahindra Limited | 1.53% | 2.01% |
| Larsen & Toubro Limited | 1.19% | 3.35% |
| Maruti Suzuki India Limited | 1.73% | 1.18% |
| State Bank of India | 1.11% | 3.04% |
| InterGlobe Aviation Limited | 1.74% | 0.85% |
| Adani Enterprises Limited | 1.11% | 0.75% |
| Sun Pharmaceutical Industries Limited | 0.74% | 1.50% |
| TVS Motor Company Limited | 3.37% | 0.73% |
| Shriram Finance Limited | 0.69% | 1.04% |
| One 97 Communications Limited | 1.10% | 0.55% |
| Samvardhana Motherson International Limited | 0.88% | 0.55% |
| Jio Financial Services Limited | 0.68% | 0.55% |
| Cholamandalam Investment and Finance Company Limited | 3.49% | 0.54% |
| Bharat Electronics Limited | 0.53% | 1.07% |
| ITC Limited | 0.50% | 1.94% |
| IndusInd Bank Limited | 0.75% | 0.45% |
| AU Small Finance Bank Limited | 3.07% | 0.44% |
| CG Power and Industrial Solutions Limited | 2.37% | 0.44% |
| Eternal Limited | 0.43% | 1.76% |
| Bajaj Finserv Limited | 0.43% | 0.74% |
| HDFC Life Insurance Company Limited | 0.57% | 0.42% |
| Suzlon Energy Limited | 0.37% | 0.36% |
| Tata Steel Limited | 0.35% | 1.16% |
| Indus Towers Limited | 0.34% | 0.37% |
| Ashok Leyland Limited | 0.97% | 0.33% |
| Cipla Limited | 0.32% | 0.58% |
| JSW Steel Limited | 0.31% | 0.91% |
| Infosys Limited | 0.30% | 2.68% |
| Grasim Industries Limited | 0.29% | 0.87% |
| Yes Bank Limited | 0.34% | 0.28% |
| Cummins India Limited | 0.26% | 0.49% |
| Bank of Baroda | 0.25% | 0.33% |
| Divi's Laboratories Limited | 0.25% | 0.90% |
| Eicher Motors Limited | 0.21% | 0.75% |
| Hindustan Unilever Limited | 0.19% | 1.28% |
| Asian Paints Limited | 0.18% | 0.83% |
| Marico Limited | 0.17% | 0.32% |
| Canara Bank | 0.16% | 0.31% |
| UltraTech Cement Limited | 0.16% | 0.98% |
| Apollo Hospitals Enterprise Limited | 0.15% | 0.63% |
| Hindustan Aeronautics Limited | 0.14% | 0.66% |
| IDFC First Bank Limited | 0.14% | 0.41% |
| Tata Consultancy Services Limited | 0.13% | 1.58% |
| Bajaj Auto Limited | 0.13% | 0.88% |
| The Federal Bank Limited | 0.11% | 0.60% |
| HDFC Asset Management Company Limited | 0.10% | 0.35% |
| Adani Ports and Special Economic Zone Limited | 0.10% | 1.07% |
| Pidilite Industries Limited | 0.09% | 0.34% |
| Hindalco Industries Limited | 0.08% | 1.03% |
| The Indian Hotels Company Limited | 0.08% | 0.49% |
| Lupin Limited | 0.08% | 0.38% |
| Coforge Limited | 0.08% | 0.46% |
| Hero MotoCorp Limited | 0.07% | 0.51% |
| Varun Beverages Ltd | 0.07% | 0.45% |
| Info Edge India Ltd | 0.07% | 0.36% |
| SBI Life Insurance Company Limited | 0.06% | 0.58% |
| GAIL (India) Limited | 0.05% | 0.35% |
| Tata Motors Passenger Vehicles Limited | 0.05% | 0.46% |
| DLF Limited | 0.04% | 0.33% |
| Bharat Petroleum Corporation Limited | 0.03% | 0.45% |
| Tata Consumer Products Limited | 0.03% | 0.47% |
| Oil & Natural Gas Corporation Limited | 0.03% | 0.67% |
| Titan Company Limited | 0.01% | 1.43% |
| NTPC Limited | 0.01% | 1.17% |
| United Spirits Limited | 0.01% | 0.30% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.7% means 43.7% 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 Motilal Oswal Arbitrage Fund
| Security | % of fund |
|---|---|
| Motilal Oswal Liquid Fund - Direct Growth | 7.13% |
| Aditya Birla Capital Limited | 2.15% |
| Motilal Oswal Ultra Short Term Fund (MOFUSTF) -Direct Plan- Growth | 2.07% |
| Vodafone Idea Limited | 1.34% |
| Steel Authority of India Limited | 1.23% |
Largest holdings only in SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| HCL Technologies Ltd. | 0.99% |
| Power Grid Corporation of India Ltd. | 0.91% |
| Coal India Ltd. | 0.78% |
| Tech Mahindra Ltd. | 0.75% |
| Nestle India Ltd. | 0.71% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Arbitrage | SBI BSE 100 ETF |
|---|---|---|
| Equity | 71.3% | 100.0% |
| Debt | 14.3% | 0.0% |
| Cash and others | 14.4% | 0.0% |
Market cap of stocks
| Market cap | Motilal Oswal Arbitrage | SBI BSE 100 ETF |
|---|---|---|
| Large Cap | 53.6% | 90.2% |
| Mid Cap | 13.5% | 9.7% |
| Small Cap | 4.2% | 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 | Motilal Oswal Arbitrage | SBI BSE 100 ETF |
|---|---|---|
| Banks | 19.4% | 26.7% |
| Finance | 10.5% | 5.8% |
| IT - Software | 0.5% | 7.5% |
| Automobiles | 7.1% | 6.5% |
| Petroleum Products | 4.6% | 6.8% |
| Telecom - Services | 5.3% | 4.5% |
| Electrical Equipment | 4.2% | 0.8% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Arbitrage vs SBI BSE 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Arbitrage Fund | SBI BSE 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 0.99% | Not available |
| Base expense ratio (Direct) | 0.10% | 0.00% |
| Total expense ratio (Regular) | 1.98% | 0.16% |
| Base expense ratio (Regular) | 1.00% | 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
Motilal Oswal Arbitrage Fund vs SBI BSE 100 ETF: Frequently Asked Questions
What is the difference between Motilal Oswal Arbitrage Fund and SBI BSE 100 ETF?
Motilal Oswal Arbitrage Fund is an Arbitrage fund, SBI BSE 100 ETF is a mutual fund, run by Motilal Oswal Mutual Fund and SBI Mutual Fund. Their portfolios overlap 43.7%. Motilal Oswal Arbitrage Fund charges 0.99% a year and SBI BSE 100 ETF 0.16%.
Which has given higher returns, Motilal Oswal Arbitrage Fund or SBI BSE 100 ETF?
Over 1 year: Motilal Oswal Arbitrage Fund +6.98%, SBI BSE 100 ETF −9.05%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Arbitrage Fund or SBI BSE 100 ETF?
SBI BSE 100 ETF charges less: 0.16% a year against 0.99%. These are the total expense ratios reported to AMFI.
How much do Motilal Oswal Arbitrage Fund and SBI BSE 100 ETF overlap?
43.7%. They hold 72 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both Motilal Oswal Arbitrage Fund and SBI BSE 100 ETF?
Yes. 43.7% 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.