NJ Arbitrage Fund vs Zerodha Nifty 100 ETF
Direct Plan, Growth option · Data as on 30-10-2026
NJ Arbitrage Fund is an Arbitrage fund and Zerodha Nifty 100 ETF is an ETF fund. In the year to 30-10-2026, NJ Arbitrage Fund (Direct) returned 6.5% and Zerodha Nifty 100 ETF (Direct) returned −8.7%. NJ Arbitrage Fund charges 1.05% a year and Zerodha Nifty 100 ETF 0.28% (Direct plans). Their portfolios overlap 44.3%: they hold 43 of the same securities.
Which is better, NJ Arbitrage or Zerodha Nifty 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.
- NJ Arbitrage returned more over 1 year: 6.5% against −8.7%.
- Zerodha Nifty 100 ETF costs less: 0.28% a year against 1.05% (Direct plans).
- NJ Arbitrage fell less in its worst fall since 18-06-2024: −0.7% against −17.2%.
- Zerodha Nifty 100 ETF 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 | NJ Arbitrage Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Fund house | NJ Mutual Fund | Zerodha Mutual Fund |
| Category | Arbitrage | ETF |
| AUM | Not available | ₹165 Cr (30-09-2026) |
| NAV | ₹13.25 (Direct) | ₹10.09 (Direct) |
| Expense ratio (Direct) | 1.05% | 0.28% |
| Expense ratio (Regular) | 1.64% | Not available |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 100 TRI |
| Launch date | 01-08-2022 | 12-06-2024 |
| Minimum investment | ₹5,000 | In creation unit size of 765,000 units and in multiples thereafter |
| Lock in | None | None |
| Fund managers | Dhaval Patel, Viral Shah, Jaimin Ilavia | Kedarnath Mirajkar |
| Exit load | Nil | Not available |
NJ Arbitrage vs Zerodha Nifty 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 |
|---|---|---|---|---|---|---|---|
| NJ Arbitrage Fund (Direct) | +0.52% | +1.47% | +3.12% | +6.46% | +6.82% | -- | -- |
| Zerodha Nifty 100 ETF (Direct) | +1.04% | −5.28% | −2.92% | −8.69% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
NJ Arbitrage vs Zerodha Nifty 100 ETF: Year-wise Returns
| Year | NJ ArbitrageNJ Arbitrage | Zerodha Nifty 100 ETFZerodha Nifty 100 ETF |
|---|---|---|
| 2026to date | +5.24% | −9.32% |
| 2025 | +6.37% | +10.15% |
| 2024 | +7.68% | -- |
| 2023 | +7.41% | -- |
NJ Arbitrage vs Zerodha Nifty 100 ETF: Rolling Returns
Every holding period of both funds, against Nifty 100 TRI, the benchmark of Zerodha Nifty 100 ETF
Rolling returns
Every 1-year holding period, 338 of them, one for each trading day from 18-06-2025 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.
NJ Arbitrage Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
to
Jul 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NJ Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.4% | 6.3% | 5.7% | 6.9% | 75% |
| Zerodha Nifty 100 ETF | 40.8 | 27.5 | 19.2 | 11.8 | 0.6 | 0.0 | 0.0 | 2.2% | 1.3% | −10.5% | 15.2% | 6% |
| Nifty 100 TRI | 40.8 | 27.5 | 18.9 | 12.1 | 0.6 | 0.0 | 0.0 | 2.3% | 1.4% | −10.5% | 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 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 18-06-2024. Past returns do not promise future returns.
NJ Arbitrage vs Zerodha Nifty 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 03-06-2024 to 30-10-2026: 29 instalments, ₹2,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| NJ ArbitrageNJ Arbitrage Fund (Direct) | ₹2,90,000 | ₹3,13,340 | ₹23,340 | 6.3% |
| Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (Direct) | ₹2,90,000 | ₹2,80,663 | −₹9,337 | −2.6% |
NJ ArbitrageNJ Arbitrage Fund (Direct)
Zerodha Nifty 100 ETFZerodha Nifty 100 ETF (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.
NJ Arbitrage vs Zerodha Nifty 100 ETF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | NJ Arbitrage Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +6.46% | −8.69% |
| Standard deviation | 1.83% | 14.04% |
| Sharpe ratio | 0.66 | -0.99 |
| Sortino ratio | 1.02 | -1.32 |
| Maximum drawdown | −0.7% (31-08-2026) | −14.9% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.01% |
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 | NJ Arbitrage Fund (Direct) | Zerodha Nifty 100 ETF (Direct) |
|---|---|---|
| Return (CAGR) | +6.84% | −0.19% |
| Standard deviation | 1.20% | 13.27% |
| Sharpe ratio | 0.58 | -0.45 |
| Sortino ratio | 0.88 | -0.62 |
| Maximum drawdown | −0.7% (31-08-2026) | −17.2% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.06% |
From daily NAVs, 02-08-2022 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.
NJ Arbitrage Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| NJ Arbitrage Fund (Direct) | −0.7% | 03-08-2026 | 31-08-2026 | 01-09-2026 | 1 days | −0.0% |
| Zerodha Nifty 100 ETF (Direct) | −17.2% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| Nifty 100 TRI | −17.2% | 26-09-2024 | 28-02-2025 | 02-01-2026 | 10 months | −10.1% |
From daily values since 18-06-2024, 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.
NJ Arbitrage Fund (Direct)
Zerodha Nifty 100 ETF (Direct)
Nifty 100 TRI
Against Nifty 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| NJ Arbitrage Fund (Direct) | 19% | -14% | 14.98% |
| Zerodha Nifty 100 ETF (Direct) | 100% | 100% | 0.04% |
From month-end values since 18-06-2024. 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.
NJ Arbitrage vs Zerodha Nifty 100 ETF: Portfolio Overlap
From each fund's latest monthly portfolio: NJ Arbitrage Fund, September 2026; Zerodha Nifty 100 ETF, September 2026
Holdings in common
- Overlap
- 44.3%
- Held by both
- 43
- Only in NJ Arbitrage
- 28
- Only in Zerodha Nifty 100 ETF
- 57
| Security | % of NJ Arbitrage | % of Zerodha Nifty 100 ETF |
|---|---|---|
| Reliance Industries Limited | 6.48% | 6.15% |
| HDFC Bank Limited | 5.56% | 8.41% |
| Bharti Airtel Limited | 5.73% | 4.14% |
| ICICI Bank Limited | 3.43% | 7.34% |
| Kotak Mahindra Bank Limited | 7.11% | 2.38% |
| ITC Limited | 2.03% | 1.96% |
| Mahindra & Mahindra Limited | 1.86% | 2.04% |
| Bajaj Finance Limited | 1.60% | 2.03% |
| Sun Pharmaceutical Industries Limited | 4.20% | 1.49% |
| Axis Bank Limited | 1.47% | 2.73% |
| State Bank of India | 1.41% | 3.07% |
| Tata Steel Limited | 1.30% | 1.18% |
| UltraTech Cement Limited | 2.08% | 1.00% |
| Larsen & Toubro Limited | 0.84% | 3.41% |
| Asian Paints Limited | 0.77% | 0.84% |
| Adani Enterprises Limited | 4.06% | 0.76% |
| Eicher Motors Limited | 1.19% | 0.76% |
| Infosys Limited | 0.70% | 2.72% |
| NTPC Limited | 0.68% | 1.19% |
| Adani Power Limited | 1.64% | 0.66% |
| SBI Life Insurance Company Limited | 1.38% | 0.59% |
| Tata Power Company Limited | 0.49% | 0.47% |
| HDFC Life Insurance Company Limited | 0.37% | 0.43% |
| Pidilite Industries Limited | 0.47% | 0.35% |
| Jio Financial Services Limited | 0.35% | 0.55% |
| Bank of Baroda | 1.61% | 0.33% |
| Tata Motors Passenger Vehicles Limited | 0.33% | 0.46% |
| Canara Bank | 3.16% | 0.31% |
| Punjab National Bank | 0.42% | 0.30% |
| Vodafone Idea Limited | 6.08% | 0.28% |
| Divi's Laboratories Limited | 0.28% | 0.91% |
| Hindustan Aeronautics Limited | 0.27% | 0.69% |
| Grasim Industries Limited | 0.26% | 0.89% |
| Ambuja Cements Limited | 0.77% | 0.18% |
| Power Grid Corporation of India Limited | 0.17% | 0.91% |
| Hindalco Industries Limited | 0.14% | 1.06% |
| Tata Consumer Products Limited | 0.13% | 0.46% |
| Solar Industries India Limited | 0.13% | 0.37% |
| InterGlobe Aviation Limited | 0.10% | 0.87% |
| Torrent Pharmaceuticals Limited | 0.08% | 0.55% |
| Titan Company Limited | 0.07% | 1.47% |
| JSW Steel Limited | 0.04% | 0.93% |
| Shriram Finance Limited | 0.03% | 1.07% |
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 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% |
Largest holdings only in Zerodha Nifty 100 ETF
| Security | % of fund |
|---|---|
| Eternal Limited | 1.80% |
| Tata Consultancy Services Limited | 1.62% |
| Hindustan Unilever Limited | 1.29% |
| Maruti Suzuki India Limited | 1.21% |
| Adani Ports and Special Economic Zone Limited | 1.09% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | NJ Arbitrage | Zerodha Nifty 100 ETF |
|---|---|---|
| Equity | 80.4% | 99.9% |
| Debt | 14.6% | 0.0% |
| Cash and others | 5.1% | 0.1% |
Market cap of stocks
| Market cap | NJ Arbitrage | Zerodha Nifty 100 ETF |
|---|---|---|
| Large Cap | 71.5% | 97.9% |
| Mid Cap | 6.9% | 2.0% |
| Small Cap | 1.9% | 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 | NJ Arbitrage | Zerodha Nifty 100 ETF |
|---|---|---|
| Banks | 26.8% | 25.1% |
| Telecom - Services | 12.1% | 4.4% |
| Petroleum Products | 6.5% | 7.0% |
| IT - Software | 1.6% | 6.7% |
| Pharmaceuticals & Biotechnology | 6.6% | 4.3% |
| Automobiles | 3.4% | 6.4% |
| Finance | 2.5% | 6.2% |
| Metals & Minerals Trading | 4.1% | 0.8% |
The six largest sectors of each fund's stocks, % of the fund.
NJ Arbitrage vs Zerodha Nifty 100 ETF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | NJ Arbitrage Fund | Zerodha Nifty 100 ETF |
|---|---|---|
| Total expense ratio (Direct) | 1.05% | 0.28% |
| Base expense ratio (Direct) | 0.25% | 0.22% |
| Total expense ratio (Regular) | 1.64% | Not available |
| Base expense ratio (Regular) | 0.75% | 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
NJ Arbitrage Fund vs Zerodha Nifty 100 ETF: Frequently Asked Questions
What is the difference between NJ Arbitrage Fund and Zerodha Nifty 100 ETF?
NJ Arbitrage Fund is an Arbitrage fund, Zerodha Nifty 100 ETF is an ETF fund, run by NJ Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 44.3%. NJ Arbitrage Fund charges 1.05% a year and Zerodha Nifty 100 ETF 0.28%.
Which has given higher returns, NJ Arbitrage Fund or Zerodha Nifty 100 ETF?
Over 1 year: NJ Arbitrage Fund +6.46%, Zerodha Nifty 100 ETF −8.69%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, NJ Arbitrage Fund or Zerodha Nifty 100 ETF?
Zerodha Nifty 100 ETF charges less: 0.28% a year against 1.05%. These are the Direct plans' total expense ratios reported to AMFI.
How much do NJ Arbitrage Fund and Zerodha Nifty 100 ETF 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 riskier, NJ Arbitrage Fund or Zerodha Nifty 100 ETF?
On SEBI's riskometer, NJ Arbitrage Fund is rated Low and Zerodha Nifty 100 ETF Very High. Over 1 years, the standard deviation of daily returns was 1.83% and 14.04% a year.
Can I invest in both NJ Arbitrage Fund and Zerodha Nifty 100 ETF?
Yes. 44.3% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages NJ Arbitrage Fund and Zerodha Nifty 100 ETF?
NJ Arbitrage Fund: Dhaval Patel, Viral Shah, Jaimin Ilavia. Zerodha Nifty 100 ETF: 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.