Nippon India ETF Nifty 100 vs NJ Arbitrage Fund
Direct Plan, Growth option · Data as on 30-10-2026
Nippon India ETF Nifty 100 is a mutual fund and NJ Arbitrage Fund is an Arbitrage fund. In the 3 years to 30-10-2026, Nippon India ETF Nifty 100 (Direct) returned 8.5% a year and NJ Arbitrage Fund (Direct) returned 6.8% a year. Nippon India ETF Nifty 100 charges 0.52% a year and NJ Arbitrage Fund 1.05% (Direct plans). Their portfolios overlap 44.3%: they hold 43 of the same securities.
Nippon India ETF Nifty 100
- 3 year return
- 8.5%
- Expense ratio
- 0.52%
- NAV
- ₹254.51
Which is better, Nippon India ETF Nifty 100 or NJ Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India ETF Nifty 100 returned more over 3 years: 8.5% a year against 6.8%.
- NJ Arbitrage returned more over 1 year: 6.5% against −9.2%.
- Nippon India ETF Nifty 100 costs less: 0.52% a year against 1.05% (Direct plans).
- NJ Arbitrage swung less over 3 years: a standard deviation of 1.3% a year against 13.7%.
- NJ Arbitrage fell less in its worst fall since 02-08-2022: −0.7% against −17.4%.
- Nippon India ETF Nifty 100 holds more in large companies: 97.9% of the fund in large caps against 71.5%.
- Their portfolios overlap 44.3%: 43 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 | Nippon India ETF Nifty 100 | NJ Arbitrage Fund |
|---|---|---|
| Fund house | Nippon India Mutual Fund | NJ Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹336 Cr (30-09-2026) | Not available |
| NAV | ₹254.51 (Direct) | ₹13.25 (Direct) |
| Expense ratio (Direct) | 0.52% | 1.05% |
| Expense ratio (Regular) | Not available | 1.64% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 01-08-2022 |
| Minimum investment | Not available | ₹5,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Dhaval Patel, Viral Shah, Jaimin Ilavia |
| Exit load | Not available | Nil |
Nippon India ETF Nifty 100 vs NJ 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 |
|---|---|---|---|---|---|---|---|
| Nippon India ETF Nifty 100 (Direct) | +1.00% | −5.42% | −3.21% | −9.15% | +8.51% | +6.66% | +10.87% |
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Nippon India ETF Nifty 100 vs NJ Arbitrage: Year-wise Returns
| Year | Nippon India ETF Nifty 100Nippon India ETF Nifty 100 | NJ ArbitrageNJ Arbitrage |
|---|---|---|
| 2026to date | −9.70% | +5.24% |
| 2025 | +9.67% | +6.37% |
| 2024 | +12.32% | +7.68% |
| 2023 | +20.63% | +7.41% |
| 2022 | +4.38% | -- |
| 2021 | +25.74% | -- |
Nippon India ETF Nifty 100 vs NJ Arbitrage: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of Nippon India ETF Nifty 100
Rolling returns
Every 3-year holding period, 305 of them, one for each trading day from 04-08-2025 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.
Nippon India ETF Nifty 100 (Direct)
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
to
Sept 2025Nov 2022
to
Nov 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India ETF Nifty 100 | 0.0 | 0.0 | 19.7 | 77.0 | 3.3 | 0.0 | 0.0 | 12.0% | 12.7% | 6.5% | 15.7% | 0% |
| NJ Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1% | 7.1% | 6.7% | 7.3% | 0% |
| Nifty 100 TRI | 0.0 | 0.0 | 13.8 | 73.4 | 12.8 | 0.0 | 0.0 | 12.6% | 13.3% | 7.1% | 16.3% | -- |
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 Nifty 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 02-08-2022. Past returns do not promise future returns.
Nippon India ETF Nifty 100 vs NJ 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 01-08-2022 to 30-10-2026: 51 instalments, ₹5,10,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Nippon India ETF Nifty 100Nippon India ETF Nifty 100 (Direct) | ₹5,10,000 | ₹5,58,734 | ₹48,734 | 4.3% |
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹5,10,000 | ₹5,88,823 | ₹78,823 | 6.7% |
Nippon India ETF Nifty 100Nippon India ETF Nifty 100 (Direct)
NJ ArbitrageNJ 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.
Nippon India ETF Nifty 100 vs NJ Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Nippon India ETF Nifty 100 (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.15% | +6.46% |
| Standard deviation | 14.03% | 1.83% |
| Sharpe ratio | -1.03 | 0.66 |
| Sortino ratio | -1.36 | 1.02 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.48% | -- |
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 | Nippon India ETF Nifty 100 (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.51% | +6.82% |
| Standard deviation | 13.68% | 1.34% |
| Sharpe ratio | 0.18 | 0.59 |
| Sortino ratio | 0.25 | 0.90 |
| Maximum drawdown | −17.4% (28-02-2025) | −0.7% (31-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.57% | -- |
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 | Nippon India ETF Nifty 100 (Direct) | NJ Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.89% | +6.84% |
| Standard deviation | 15.82% | 1.20% |
| Sharpe ratio | 0.37 | 0.58 |
| Sortino ratio | 0.51 | 0.88 |
| Maximum drawdown | −38.1% (23-03-2020) | −0.7% (31-08-2026) |
| Beta | 0.99 | -- |
| Alpha | −0.83% | -- |
From daily NAVs, 25-03-2013 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.
Nippon India ETF Nifty 100 (Direct)
NJ 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 |
|---|---|---|---|---|---|---|
| Nippon India ETF Nifty 100 (Direct) | −17.4% | 26-09-2024 | 28-02-2025 | Not yet | -- | −11.0% |
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 02-08-2022, 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.
Nippon India ETF Nifty 100 (Direct)
NJ Arbitrage Fund (Direct)
Nifty 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.
Nippon India ETF Nifty 100 (Direct)
NJ Arbitrage Fund (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Nippon India ETF Nifty 100 (Direct) | 98% | 101% | 0.03% |
| NJ Arbitrage Fund (Direct) | 18% | -16% | 13.98% |
From month-end values since 02-08-2022. 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.
Nippon India ETF Nifty 100 vs NJ Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: Nippon India ETF Nifty 100, September 2026; NJ Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 44.3%
- Held by both
- 43
- Only in Nippon India ETF Nifty 100
- 57
- Only in NJ Arbitrage
- 28
| Security | % of Nippon India ETF Nifty 100 | % of NJ Arbitrage |
|---|---|---|
| Reliance Industries Limited | 6.14% | 6.48% |
| HDFC Bank Limited | 8.41% | 5.56% |
| Bharti Airtel Limited | 4.13% | 5.73% |
| ICICI Bank Limited | 7.33% | 3.43% |
| Kotak Mahindra Bank Limited | 2.38% | 7.11% |
| ITC Limited | 1.96% | 2.03% |
| Mahindra & Mahindra Limited | 2.04% | 1.86% |
| Bajaj Finance Limited | 2.03% | 1.60% |
| Sun Pharmaceutical Industries Limited | 1.49% | 4.20% |
| Axis Bank Limited | 2.73% | 1.47% |
| State Bank of India | 3.07% | 1.41% |
| Tata Steel Limited | 1.18% | 1.30% |
| UltraTech Cement Limited | 1.00% | 2.08% |
| Larsen & Toubro Limited | 3.41% | 0.84% |
| Asian Paints Limited | 0.84% | 0.77% |
| Eicher Motors Limited | 0.76% | 1.19% |
| Adani Enterprises Limited | 0.76% | 4.06% |
| Infosys Limited | 2.72% | 0.70% |
| NTPC Limited | 1.19% | 0.68% |
| Adani Power Limited | 0.66% | 1.64% |
| SBI Life Insurance Company Limited | 0.59% | 1.38% |
| Tata Power Company Limited | 0.47% | 0.49% |
| HDFC Life Insurance Company Limited | 0.43% | 0.37% |
| Pidilite Industries Limited | 0.35% | 0.47% |
| Jio Financial Services Limited | 0.55% | 0.35% |
| Bank of Baroda | 0.33% | 1.61% |
| Tata Motors Passenger Vehicles Limited | 0.46% | 0.33% |
| Canara Bank | 0.31% | 3.16% |
| Punjab National Bank | 0.30% | 0.42% |
| Vodafone Idea Limited | 0.28% | 6.08% |
| Divi's Laboratories Limited | 0.91% | 0.28% |
| Hindustan Aeronautics Limited | 0.69% | 0.27% |
| Grasim Industries Limited | 0.89% | 0.26% |
| Ambuja Cements Limited | 0.18% | 0.77% |
| Power Grid Corporation of India Limited | 0.91% | 0.17% |
| Hindalco Industries Limited | 1.06% | 0.14% |
| Tata Consumer Products Limited | 0.48% | 0.13% |
| Solar Industries India Limited | 0.37% | 0.13% |
| InterGlobe Aviation Limited | 0.87% | 0.10% |
| Torrent Pharmaceuticals Limited | 0.55% | 0.08% |
| Titan Company Limited | 1.47% | 0.07% |
| JSW Steel Limited | 0.93% | 0.04% |
| Shriram Finance Limited | 1.07% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.3% means 44.3% 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 Nippon India ETF Nifty 100
| Security | % of fund |
|---|---|
| Eternal Limited | 1.79% |
| Tata Consultancy Services Limited | 1.62% |
| Hindustan Unilever Limited | 1.29% |
| Maruti Suzuki India Limited | 1.20% |
| Adani Ports and Special Economic Zone Limited | 1.09% |
Largest holdings only in NJ Arbitrage Fund
| Security | % of fund |
|---|---|
| 364 Days Tbill (MD 03/12/2026) | 2.61% |
| 364 Days Tbill (MD 29/10/2026) | 2.55% |
| 182 Days Tbill (MD 08/10/2026) | 2.13% |
| Biocon Limited | 2.01% |
| 364 Days Tbill (MD 02/10/2026) | 1.28% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Nippon India ETF Nifty 100 | NJ Arbitrage |
|---|---|---|
| Equity | 99.9% | 80.4% |
| Debt | 0.0% | 14.6% |
| Cash and others | 0.1% | 5.1% |
Market cap of stocks
| Market cap | Nippon India ETF Nifty 100 | NJ Arbitrage |
|---|---|---|
| Large Cap | 97.9% | 71.5% |
| Mid Cap | 2.0% | 6.9% |
| Small Cap | 0.0% | 1.9% |
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 | Nippon India ETF Nifty 100 | NJ Arbitrage |
|---|---|---|
| Banks | 25.1% | 26.8% |
| Telecom - Services | 4.4% | 12.1% |
| Petroleum Products | 7.0% | 6.5% |
| IT - Software | 6.7% | 1.6% |
| Pharmaceuticals & Biotechnology | 4.3% | 6.6% |
| Automobiles | 6.3% | 3.4% |
| Finance | 6.2% | 2.5% |
| Metals & Minerals Trading | 0.8% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Nippon India ETF Nifty 100 vs NJ Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Nippon India ETF Nifty 100 | NJ Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.52% | 1.05% |
| Base expense ratio (Direct) | 0.43% | 0.25% |
| Total expense ratio (Regular) | Not available | 1.64% |
| Base expense ratio (Regular) | 0.00% | 0.75% |
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
Nippon India ETF Nifty 100 vs NJ Arbitrage Fund: Frequently Asked Questions
What is the difference between Nippon India ETF Nifty 100 and NJ Arbitrage Fund?
Nippon India ETF Nifty 100 is a mutual fund, NJ Arbitrage Fund is an Arbitrage fund, run by Nippon India Mutual Fund and NJ Mutual Fund. Their portfolios overlap 44.3%. Nippon India ETF Nifty 100 charges 0.52% a year and NJ Arbitrage Fund 1.05%.
Which has given higher returns, Nippon India ETF Nifty 100 or NJ Arbitrage Fund?
Over 1 year: Nippon India ETF Nifty 100 −9.15%, NJ Arbitrage Fund +6.46%. Over 3 years: Nippon India ETF Nifty 100 +8.51% a year, NJ Arbitrage Fund +6.82% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Nippon India ETF Nifty 100 or NJ Arbitrage Fund?
Nippon India ETF Nifty 100 charges less: 0.52% a year against 1.05%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Nippon India ETF Nifty 100 and NJ Arbitrage Fund overlap?
44.3%. They hold 43 of the same securities, the largest shared ones being RELIANCE, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is better for SIP, Nippon India ETF Nifty 100 or NJ Arbitrage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,70,236 in Nippon India ETF Nifty 100 (XIRR 0.0% a year) and ₹4,09,321 in NJ Arbitrage Fund (XIRR 6.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Nippon India ETF Nifty 100 and NJ Arbitrage Fund?
Yes. 44.3% 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.