SBI BSE 100 ETF vs TRUSTMF Arbitrage Fund
Direct Plan where a fund has one, Growth option · Data as on 30-10-2026
SBI BSE 100 ETF is a mutual fund and TRUSTMF Arbitrage Fund is an Arbitrage fund. In the year to 30-10-2026, SBI BSE 100 ETF (Regular) returned −9.1% and TRUSTMF Arbitrage Fund (Direct) returned 6.5%. SBI BSE 100 ETF charges 0.16% a year and TRUSTMF Arbitrage Fund 1.42%. Their portfolios overlap 39.7%: they hold 41 of the same securities.
TRUSTMF Arbitrage Fund
Arbitrage
- 1 year return
- 6.5%
- Expense ratio
- 1.42%
- NAV
- ₹10.76
Which is better, SBI BSE 100 ETF or TRUSTMF Arbitrage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- TRUSTMF Arbitrage returned more over 1 year: 6.5% against −9.1%.
- SBI BSE 100 ETF costs less: 0.16% a year against 1.42%.
- TRUSTMF Arbitrage fell less in its worst fall since 01-09-2025: −0.4% against −15.0%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 61.3%.
- TRUSTMF Arbitrage is the larger fund: ₹138 Cr against ₹9 Cr.
- Their portfolios overlap 39.7%: 41 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 | SBI BSE 100 ETF | TRUSTMF Arbitrage Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | Trust Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹9 Cr (30-09-2026) | ₹138 Cr (30-09-2026) |
| NAV | ₹272.01 (Regular) | ₹10.76 (Direct) |
| Expense ratio (Direct) | Not available | 1.42% |
| Expense ratio (Regular) | 0.16% | 2.19% |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage Index |
| Launch date | Not available | 28-08-2025 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | Mihir Vora, Sachin Parekh |
| Exit load | Not available | 0.25% If redeemed / switched out within 7 days from the date of allotment. Nil - if redeemed/switched out after 7 days from the date of allotment. |
SBI BSE 100 ETF vs TRUSTMF 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 |
|---|---|---|---|---|---|---|---|
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| TRUSTMF Arbitrage Fund (Direct) | +0.56% | +1.52% | +3.18% | +6.53% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
SBI BSE 100 ETF vs TRUSTMF Arbitrage: Year-wise Returns
| Year | SBI BSE 100 ETFSBI BSE 100 ETF | TRUSTMF ArbitrageTRUSTMF Arbitrage |
|---|---|---|
| 2026to date | −9.80% | +5.30% |
| 2025 | +10.33% | -- |
| 2024 | +13.11% | -- |
| 2023 | +23.07% | -- |
| 2022 | +5.85% | -- |
| 2021 | +26.33% | -- |
SBI BSE 100 ETF vs TRUSTMF Arbitrage: 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, 39 of them, one for each trading day from 01-09-2026 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.
SBI BSE 100 ETF (Regular)
TRUSTMF Arbitrage Fund (Direct)
BSE 100 TRI
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SBI BSE 100 ETF | 94.9 | 5.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −5.5% | −5.2% | −10.5% | 0.7% | 0% |
| TRUSTMF Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5% | 6.5% | 6.2% | 6.7% | 100% |
| BSE 100 TRI | 94.9 | 5.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −5.4% | −5.0% | −10.3% | 0.8% | -- |
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 01-09-2025. Past returns do not promise future returns.
SBI BSE 100 ETF vs TRUSTMF 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 01-09-2025 to 30-10-2026: 14 instalments, ₹1,40,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| SBI BSE 100 ETFSBI BSE 100 ETF (Regular) | ₹1,40,000 | ₹1,33,664 | −₹6,336 | −7.3% |
| TRUSTMF ArbitrageTRUSTMF Arbitrage Fund (Direct) | ₹1,40,000 | ₹1,45,491 | ₹5,491 | 6.4% |
SBI BSE 100 ETFSBI BSE 100 ETF (Regular)
TRUSTMF ArbitrageTRUSTMF 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.
SBI BSE 100 ETF vs TRUSTMF Arbitrage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | SBI BSE 100 ETF (Regular) | TRUSTMF Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.05% | +6.53% |
| Standard deviation | 13.91% | 1.41% |
| Sharpe ratio | -1.03 | 0.91 |
| Sortino ratio | -1.36 | 1.37 |
| Maximum drawdown | −15.0% (31-03-2026) | −0.4% (17-08-2026) |
| 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 | SBI BSE 100 ETF (Regular) | TRUSTMF Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.40% | +6.47% |
| Standard deviation | 15.99% | 1.33% |
| Sharpe ratio | 0.30 | 0.89 |
| Sortino ratio | 0.40 | 1.34 |
| Maximum drawdown | −38.2% (23-03-2020) | −0.4% (17-08-2026) |
| Beta | 1.00 | -- |
| Alpha | −0.44% | -- |
From daily NAVs, 25-03-2015 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.
SBI BSE 100 ETF (Regular)
TRUSTMF Arbitrage Fund (Direct)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| SBI BSE 100 ETF (Regular) | −15.0% | 02-01-2026 | 31-03-2026 | Not yet | -- | −10.6% |
| TRUSTMF Arbitrage Fund (Direct) | −0.4% | 03-08-2026 | 17-08-2026 | 24-08-2026 | 7 days | −0.1% |
| BSE 100 TRI | −15.0% | 02-01-2026 | 30-03-2026 | Not yet | -- | −10.4% |
From daily values since 01-09-2025, 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.
SBI BSE 100 ETF (Regular)
TRUSTMF Arbitrage Fund (Direct)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| SBI BSE 100 ETF (Regular) | 99% | 100% | 0.02% |
| TRUSTMF Arbitrage Fund (Direct) | 17% | -15% | 16.91% |
From month-end values since 01-09-2025. 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.
SBI BSE 100 ETF vs TRUSTMF Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: SBI BSE 100 ETF, September 2026; TRUSTMF Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 39.7%
- Held by both
- 41
- Only in SBI BSE 100 ETF
- 59
- Only in TRUSTMF Arbitrage
- 16
| Security | % of SBI BSE 100 ETF | % of TRUSTMF Arbitrage |
|---|---|---|
| ICICI Bank Ltd. | 7.24% | 4.09% |
| HDFC Bank Ltd. | 8.26% | 4.08% |
| Reliance Industries Ltd. | 6.01% | 3.83% |
| Bharti Airtel Ltd. | 4.18% | 3.15% |
| Axis Bank Ltd. | 2.68% | 5.61% |
| Larsen & Toubro Ltd. | 3.35% | 2.20% |
| Bajaj Finance Ltd. | 1.96% | 2.61% |
| State Bank of India | 3.04% | 1.51% |
| ITC Ltd. | 1.94% | 1.25% |
| Maruti Suzuki India Ltd. | 1.18% | 3.95% |
| Tata Steel Ltd. | 1.16% | 2.28% |
| Mahindra & Mahindra Ltd. | 2.01% | 1.07% |
| Kotak Mahindra Bank Ltd. | 2.34% | 0.85% |
| Ultratech Cement Ltd. | 0.98% | 0.83% |
| Nestle India Ltd. | 0.71% | 1.57% |
| Apollo Hospitals Enterprise Ltd. | 0.63% | 1.33% |
| Eicher Motors Ltd. | 0.75% | 0.62% |
| Cholamandalam Investment & Finance Co. Ltd. | 0.54% | 0.66% |
| The Indian Hotels Company Ltd. | 0.49% | 0.95% |
| Cummins India Ltd. | 0.49% | 0.48% |
| Titan Company Ltd. | 1.43% | 0.47% |
| Varun Beverages Ltd. | 0.45% | 0.60% |
| IndusInd Bank Ltd. | 0.45% | 0.55% |
| HDFC Life Insurance Company Ltd. | 0.42% | 0.46% |
| IDFC First Bank Ltd. | 0.41% | 0.82% |
| Hindalco Industries Ltd. | 1.03% | 0.38% |
| Interglobe Aviation Ltd. | 0.85% | 0.38% |
| Indus Towers Ltd. | 0.37% | 2.53% |
| Info Edge (India) Ltd. | 0.36% | 0.44% |
| Asian Paints Ltd. | 0.83% | 0.35% |
| HDFC Asset Management Co. Ltd. | 0.35% | 0.65% |
| Bank of Baroda | 0.33% | 0.64% |
| Canara Bank | 0.31% | 6.38% |
| Punjab National Bank | 0.30% | 1.31% |
| Yes Bank Ltd. | 0.28% | 1.75% |
| Sun Pharmaceutical Industries Ltd. | 1.50% | 0.23% |
| Power Finance Corporation Ltd. | 0.36% | 0.21% |
| Adani Ports and Special Economic Zone Ltd. | 1.07% | 0.12% |
| Eternal Ltd. | 1.76% | 0.11% |
| Indian Oil Corporation Ltd. | 0.38% | 0.05% |
| Power Grid Corporation of India Ltd. | 0.91% | 0.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.7% means 39.7% 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 SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| Infosys Ltd. | 2.68% |
| Tata Consultancy Services Ltd. | 1.58% |
| Hindustan Unilever Ltd. | 1.28% |
| NTPC Ltd. | 1.17% |
| Bharat Electronics Ltd. | 1.07% |
Largest holdings only in TRUSTMF Arbitrage Fund
| Security | % of fund |
|---|---|
| TRUSTMF Liquid Fund-Direct Plan-Growth | 18.59% |
| Kalyan Jewellers India Limited | 2.93% |
| Vodafone Idea Limited | 2.55% |
| Bandhan Bank Limited | 1.91% |
| Astral Limited | 1.73% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI BSE 100 ETF | TRUSTMF Arbitrage |
|---|---|---|
| Equity | 100.0% | 77.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.0% | 23.0% |
Market cap of stocks
| Market cap | SBI BSE 100 ETF | TRUSTMF Arbitrage |
|---|---|---|
| Large Cap | 90.2% | 61.3% |
| Mid Cap | 9.7% | 10.7% |
| Small Cap | 0.0% | 5.0% |
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 | SBI BSE 100 ETF | TRUSTMF Arbitrage |
|---|---|---|
| Banks | 26.7% | 29.5% |
| Telecom - Services | 4.5% | 8.2% |
| IT - Software | 7.5% | 0.0% |
| Petroleum Products | 6.8% | 3.9% |
| Automobiles | 6.5% | 5.6% |
| Finance | 5.8% | 4.5% |
| Consumer Durables | 2.9% | 4.3% |
The six largest sectors of each fund's stocks, % of the fund.
SBI BSE 100 ETF vs TRUSTMF Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI BSE 100 ETF | TRUSTMF Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 1.42% |
| Base expense ratio (Direct) | 0.00% | 0.17% |
| Total expense ratio (Regular) | 0.16% | 2.19% |
| Base expense ratio (Regular) | 0.12% | 0.85% |
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
SBI BSE 100 ETF vs TRUSTMF Arbitrage Fund: Frequently Asked Questions
What is the difference between SBI BSE 100 ETF and TRUSTMF Arbitrage Fund?
SBI BSE 100 ETF is a mutual fund, TRUSTMF Arbitrage Fund is an Arbitrage fund, run by SBI Mutual Fund and Trust Mutual Fund. Their portfolios overlap 39.7%. SBI BSE 100 ETF charges 0.16% a year and TRUSTMF Arbitrage Fund 1.42%.
Which has given higher returns, SBI BSE 100 ETF or TRUSTMF Arbitrage Fund?
Over 1 year: SBI BSE 100 ETF −9.05%, TRUSTMF Arbitrage Fund +6.53%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, SBI BSE 100 ETF or TRUSTMF Arbitrage Fund?
SBI BSE 100 ETF charges less: 0.16% a year against 1.42%. These are the total expense ratios reported to AMFI.
How much do SBI BSE 100 ETF and TRUSTMF Arbitrage Fund overlap?
39.7%. They hold 41 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, RELIANCE. From each fund's latest monthly portfolio.
Can I invest in both SBI BSE 100 ETF and TRUSTMF Arbitrage Fund?
Yes. 39.7% of each fund's money sits in the same holdings, so some 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.