SBI BSE 100 ETF vs Zerodha 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 Zerodha Arbitrage Fund is an Arbitrage fund. SBI BSE 100 ETF charges 0.16% a year and Zerodha Arbitrage Fund 2.31%. Their portfolios overlap 37.3%: they hold 37 of the same securities.
Which is better, SBI BSE 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.
- SBI BSE 100 ETF costs less: 0.16% a year against 2.31%.
- Zerodha Arbitrage fell less in its worst fall since 20-08-2026: −0.3% against −8.7%.
- SBI BSE 100 ETF holds more in large companies: 90.2% of the fund in large caps against 47.0%.
- Zerodha Arbitrage is the larger fund: ₹47 Cr against ₹9 Cr.
- Their portfolios overlap 37.3%: 37 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 | Zerodha Arbitrage Fund |
|---|---|---|
| Fund house | SBI Mutual Fund | Zerodha Mutual Fund |
| Category | Not available | Arbitrage |
| AUM | ₹9 Cr (30-09-2026) | ₹47 Cr (30-09-2026) |
| NAV | ₹272.01 (Regular) | ₹10.12 (Direct) |
| Expense ratio (Direct) | Not available | 2.31% |
| Expense ratio (Regular) | 0.16% | Not available |
| Riskometer | Not available | Low |
| Benchmark | Not available | Nifty 50 Arbitrage TRI |
| Launch date | Not available | 18-08-2026 |
| Minimum investment | Not available | Lumpsum: ?5000 and in multiples of ‘any amount’ thereafter SIP: ?1000 and in multiples of ‘any amount’ thereafter. |
| Lock in | Not available | None |
| Fund managers | Not available | Kedarnath Mirajkar |
| Exit load | Not available | Nil |
SBI BSE 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 |
|---|---|---|---|---|---|---|---|
| SBI BSE 100 ETF (Regular) | +0.93% | −5.53% | −2.97% | −9.05% | +8.78% | +7.62% | +11.52% |
| Zerodha Arbitrage Fund (Direct) | +0.62% | -- | -- | -- | -- | -- | -- |
| Arbitrage average | +0.56% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
SBI BSE 100 ETF vs Zerodha Arbitrage: Year-wise Returns
| Year | SBI BSE 100 ETFSBI BSE 100 ETF | Zerodha ArbitrageZerodha Arbitrage |
|---|---|---|
| 2026to date | −9.80% | -- |
| 2025 | +10.33% | -- |
| 2024 | +13.11% | -- |
| 2023 | +23.07% | -- |
| 2022 | +5.85% | -- |
| 2021 | +26.33% | -- |
SBI BSE 100 ETF vs Zerodha Arbitrage: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of SBI BSE 100 ETF
SBI BSE 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 | SBI BSE 100 ETF (Regular) | Zerodha Arbitrage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.40% | +6.28% |
| Standard deviation | 15.99% | 1.82% |
| Sharpe ratio | 0.30 | 0.56 |
| Sortino ratio | 0.40 | 0.82 |
| Maximum drawdown | −38.2% (23-03-2020) | −0.3% (04-09-2026) |
| 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)
Zerodha 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) | −8.7% | 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% |
| BSE 100 TRI | −8.7% | 25-08-2026 | 08-10-2026 | Not yet | -- | −6.0% |
From daily values since 20-08-2026, the first day every fund has.
SBI BSE 100 ETF vs Zerodha Arbitrage: Portfolio Overlap
From each fund's latest monthly portfolio: SBI BSE 100 ETF, September 2026; Zerodha Arbitrage Fund, September 2026
Holdings in common
- Overlap
- 37.3%
- Held by both
- 37
- Only in SBI BSE 100 ETF
- 63
- Only in Zerodha Arbitrage
- 14
| Security | % of SBI BSE 100 ETF | % of Zerodha Arbitrage |
|---|---|---|
| HDFC Bank Ltd. | 8.26% | 8.18% |
| ICICI Bank Ltd. | 7.24% | 4.36% |
| Bharti Airtel Ltd. | 4.18% | 2.50% |
| Axis Bank Ltd. | 2.68% | 2.30% |
| Reliance Industries Ltd. | 6.01% | 2.16% |
| Infosys Ltd. | 2.68% | 1.96% |
| ITC Ltd. | 1.94% | 2.04% |
| Tata Steel Ltd. | 1.16% | 2.06% |
| Bajaj Finance Ltd. | 1.96% | 1.08% |
| HCL Technologies Ltd. | 0.99% | 1.05% |
| State Bank of India | 3.04% | 0.92% |
| Tata Consultancy Services Ltd. | 1.58% | 0.79% |
| Coal India Ltd. | 0.78% | 2.21% |
| Trent Ltd. | 0.66% | 2.02% |
| TVS Motor Company Ltd. | 0.73% | 0.62% |
| The Federal Bank Ltd. | 0.60% | 3.91% |
| Tata Motors Passenger Vehicles Ltd. | 0.46% | 1.94% |
| Tata Power Company Ltd. | 0.46% | 0.89% |
| Coforge Ltd. | 0.46% | 1.07% |
| IndusInd Bank Ltd. | 0.45% | 1.08% |
| Persistent Systems Ltd. | 0.44% | 0.56% |
| AU Small Finance Bank Ltd. | 0.44% | 1.95% |
| IDFC First Bank Ltd. | 0.41% | 2.59% |
| Divi's Laboratories Ltd. | 0.90% | 0.40% |
| Indus Towers Ltd. | 0.37% | 2.31% |
| GAIL (India) Ltd. | 0.35% | 1.30% |
| Bank of Baroda | 0.33% | 2.45% |
| HDFC Asset Management Co. Ltd. | 0.35% | 0.29% |
| Cummins India Ltd. | 0.49% | 0.20% |
| Marico Ltd. | 0.32% | 0.20% |
| Bajaj Auto Ltd. | 0.88% | 0.17% |
| Hero MotoCorp Ltd. | 0.51% | 0.17% |
| Canara Bank | 0.31% | 0.17% |
| Adani Power Ltd. | 0.66% | 0.16% |
| Pidilite Industries Ltd. | 0.34% | 0.16% |
| Nestle India Ltd. | 0.71% | 0.14% |
| Power Finance Corporation Ltd. | 0.36% | 0.09% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.3% means 37.3% 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 SBI BSE 100 ETF
| Security | % of fund |
|---|---|
| Larsen & Toubro Ltd. | 3.35% |
| Kotak Mahindra Bank Ltd. | 2.34% |
| Mahindra & Mahindra Ltd. | 2.01% |
| Eternal Ltd. | 1.76% |
| Sun Pharmaceutical Industries Ltd. | 1.50% |
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% |
| Crompton Greaves Consumer Electricals Limited | 2.78% |
| PNB Housing Finance Limited | 2.34% |
| Life Insurance Corporation Of India | 1.89% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | SBI BSE 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 | SBI BSE 100 ETF | Zerodha Arbitrage |
|---|---|---|
| Large Cap | 90.2% | 47.0% |
| Mid Cap | 9.7% | 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 | SBI BSE 100 ETF | Zerodha Arbitrage |
|---|---|---|
| Banks | 26.7% | 28.2% |
| IT - Software | 7.5% | 5.4% |
| Petroleum Products | 6.8% | 2.2% |
| Automobiles | 6.5% | 2.9% |
| Finance | 5.8% | 3.8% |
| Telecom - Services | 4.5% | 4.8% |
| Retailing | 3.3% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
SBI BSE 100 ETF vs Zerodha Arbitrage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | SBI BSE 100 ETF | Zerodha Arbitrage Fund |
|---|---|---|
| Total expense ratio (Direct) | Not available | 2.31% |
| Base expense ratio (Direct) | 0.00% | 0.20% |
| Total expense ratio (Regular) | 0.16% | Not available |
| Base expense ratio (Regular) | 0.12% | 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
SBI BSE 100 ETF vs Zerodha Arbitrage Fund: Frequently Asked Questions
What is the difference between SBI BSE 100 ETF and Zerodha Arbitrage Fund?
SBI BSE 100 ETF is a mutual fund, Zerodha Arbitrage Fund is an Arbitrage fund, run by SBI Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 37.3%. SBI BSE 100 ETF charges 0.16% a year and Zerodha Arbitrage Fund 2.31%.
Which has the lower expense ratio, SBI BSE 100 ETF or Zerodha Arbitrage Fund?
SBI BSE 100 ETF charges less: 0.16% a year against 2.31%. These are the total expense ratios reported to AMFI.
How much do SBI BSE 100 ETF and Zerodha Arbitrage Fund overlap?
37.3%. They hold 37 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Can I invest in both SBI BSE 100 ETF and Zerodha Arbitrage Fund?
Yes. 37.3% 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.