Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
Motilal Oswal Nifty 100 ETF is an ETF fund and Zerodha Arbitrage Fund is an Arbitrage fund. Motilal Oswal Nifty 100 ETF charges 0.68% a year and Zerodha Arbitrage Fund 2.31%. Their portfolios overlap 34.0%: they hold 29 of the same securities.
Which is better, Motilal Oswal Nifty 100 ETF or Zerodha 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 Nifty 100 ETF costs less: 0.68% a year against 2.31%.
- Zerodha Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −8.8%.
- Motilal Oswal Nifty 100 ETF holds more in large companies: 98.0% of the fund in large caps against 47.0%.
- Zerodha Arbitrage is the larger fund: ₹47 Cr against ₹16 Cr.
- Their portfolios overlap 34.0%: 29 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 Nifty 100 ETF | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Zerodha Mutual Fund |
| Category | ETF | Arbitrage |
| AUM | ₹16 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹24.13 | ₹10.12 (Direct) |
| Expense ratio (Direct) | Not available | 2.31% |
| Expense ratio (Regular) | Not available | Not available |
| Riskometer | Very High | Low |
| Benchmark | Nifty 100 TRI | Nifty 50 Arbitrage TRI |
| Launch date | 16-10-2025 | 18-08-2026 |
| Minimum investment | Ongoing Basis: On Exchange: Investors can buy/sell units of the Scheme in round lots of 1 unit and in multiples thereof. Directly with the Mutual Fund: For Eligible investors: Transactions must be in multiple of unit creation size and the execution value | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | None | None |
| Fund managers | Swapnil Mayekar, Dishant Mehta, Rakesh Shetty | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
Motilal Oswal Nifty 100 ETF vs Zerodha 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Nifty 100 ETF | +1.00% | −5.44% | −3.26% | −9.06% | -- | -- | -- |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage: Year-wise Returns
| Year | Motilal Oswal Nifty 100 ETFMotilal Oswal Nifty 100 ETF | Zerodha ArbitrageZerodha Arbitrage |
|---|---|---|
| 2026to date | −9.75% | -- |
Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of Motilal Oswal Nifty 100 ETF
Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Nifty 100 ETF | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −7.74% | +6.28% |
| Standard deviation | 13.84% | 1.82% |
| Sharpe ratio | -0.94 | 0.56 |
| Sortino ratio | -1.25 | 0.82 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.3% (04-09-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.41% | -- |
From daily NAVs, 16-10-2025 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.
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 Nifty 100 ETF
Zerodha Arbitrage Fund (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Nifty 100 ETF | −8.8% | 25-08-2026 | 08-10-2026 | Not yet | -- | −6.0% |
| Zerodha Arbitrage Fund (Direct) | −0.3% | 31-08-2026 | 04-09-2026 | 18-09-2026 | 14 days | −0.0% |
| Nifty 100 TRI | −8.7% | 25-08-2026 | 08-10-2026 | Not yet | -- | −5.9% |
From daily values since 20-08-2026, the first day every fund has.
Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Nifty 100 ETF, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 34.0%
- Held by both
- 29
- Only in Motilal Oswal Nifty 100 ETF
- 71
- Only in Zerodha Arbitrage
- 22
| Security | % of Motilal Oswal Nifty 100 ETF | % of Zerodha Arbitrage |
|---|---|---|
| HDFC Bank Limited | 8.41% | 8.18% |
| ICICI Bank Limited | 7.34% | 4.36% |
| Bharti Airtel Limited | 4.14% | 2.50% |
| Axis Bank Limited | 2.73% | 2.30% |
| Reliance Industries Limited | 6.15% | 2.16% |
| Infosys Limited | 2.72% | 1.96% |
| ITC Limited | 1.96% | 2.04% |
| Tata Steel Limited | 1.18% | 2.06% |
| Bajaj Finance Ltd | 2.03% | 1.08% |
| HCL Technologies Limited | 1.00% | 1.05% |
| State Bank of India | 3.07% | 0.92% |
| Tata Consultancy Services Limited | 1.62% | 0.79% |
| Coal India Limited | 0.79% | 2.21% |
| Trent Limited | 0.68% | 2.02% |
| TVS Motor Company Limited | 0.75% | 0.62% |
| Tata Power Company Limited | 0.47% | 0.89% |
| Tata Motors Passenger Vehicles Limited | 0.46% | 1.94% |
| Divi's Laboratories Limited | 0.92% | 0.40% |
| GAIL (India) Limited | 0.36% | 1.30% |
| Bank of Baroda | 0.33% | 2.45% |
| HDFC Asset Management Company Limited | 0.36% | 0.29% |
| Cummins India Limited | 0.50% | 0.20% |
| Bajaj Auto Limited | 0.92% | 0.17% |
| Canara Bank | 0.31% | 0.17% |
| Adani Power Limited | 0.66% | 0.16% |
| Pidilite Industries Limited | 0.35% | 0.16% |
| Union Bank of India | 0.26% | 0.16% |
| Nestle India Limited | 0.73% | 0.14% |
| Power Finance Corporation Limited | 0.37% | 0.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 34.0% means 34.0% 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 Motilal Oswal Nifty 100 ETF
| Security | % of fund |
|---|---|
| Larsen & Toubro Limited | 3.41% |
| Kotak Mahindra Bank Ltd | 2.38% |
| Mahindra & Mahindra Limited | 2.04% |
| Eternal Limited | 1.80% |
| Sun Pharmaceutical Industries Limited | 1.49% |
Largest holdings only in Zerodha Arbitrage Fund
| Security | % of fund |
|---|---|
| HSBC Liquid Fund - Direct Growth | 12.88% |
| 364 Days Treasury Bill 12-Aug-2027 | 10.17% |
| The Federal Bank Limited | 3.91% |
| Crompton Greaves Consumer Electricals Limited | 2.78% |
| IDFC First Bank Limited | 2.59% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Nifty 100 ETF | Zerodha Arbitrage |
|---|---|---|
| Equity | 100.0% | 68.5% |
| Debt | 0.0% | 10.2% |
| Cash and others | -0.0% | 21.4% |
Market cap of stocks
| Market cap | Motilal Oswal Nifty 100 ETF | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 98.0% | 47.0% |
| Mid Cap | 2.0% | 16.4% |
| 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 | Motilal Oswal Nifty 100 ETF | Zerodha Arbitrage |
|---|---|---|
| Banks | 25.1% | 28.2% |
| Petroleum Products | 7.0% | 2.2% |
| IT - Software | 6.7% | 5.4% |
| Automobiles | 6.4% | 2.9% |
| Finance | 6.2% | 3.8% |
| Telecom - Services | 4.4% | 4.8% |
| Retailing | 3.0% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Nifty 100 ETF | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 2.31% |
| Base expense ratio (Direct) | 0.00% | 0.20% |
| Base expense ratio (Regular) | 0.45% | 0.00% |
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
Motilal Oswal Nifty 100 ETF vs Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Nifty 100 ETF and Zerodha Arbitrage Fund?
Motilal Oswal Nifty 100 ETF is an ETF fund, Zerodha Arbitrage Fund is an Arbitrage fund, run by Motilal Oswal Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 34.0%. Motilal Oswal Nifty 100 ETF charges 0.68% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, Motilal Oswal Nifty 100 ETF or Zerodha Arbitrage Fund?
Motilal Oswal Nifty 100 ETF charges less: 0.68% a year against 2.31%. These are the total expense ratios reported to AMFI.
How much do Motilal Oswal Nifty 100 ETF and Zerodha Arbitrage Fund overlap?
34.0%. They hold 29 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Nifty 100 ETF or Zerodha Arbitrage Fund?
On SEBI's riskometer, Motilal Oswal Nifty 100 ETF is rated Very High and Zerodha Arbitrage Fund Low. Over their common history, the standard deviation of daily returns was 13.84% and 1.82% a year.
Can I invest in both Motilal Oswal Nifty 100 ETF and Zerodha Arbitrage Fund?
Yes. 34.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Motilal Oswal Nifty 100 ETF and Zerodha Arbitrage Fund?
Motilal Oswal Nifty 100 ETF: Swapnil Mayekar, Dishant Mehta, Rakesh Shetty. Zerodha Arbitrage Fund: Kedarnath Mirajkar.
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.