Sundaram Arbitrage Fund vs Zerodha Nifty 50 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Sundaram Arbitrage Fund is an Arbitrage fund and Zerodha Nifty 50 Index Fund is an Index fund. In the year to 30-10-2026, Sundaram Arbitrage Fund (Direct) returned 6.8% and Zerodha Nifty 50 Index Fund (Direct) returned −10.3%. Sundaram Arbitrage Fund charges 0.97% a year and Zerodha Nifty 50 Index Fund 0.28% (Direct plans). Their portfolios overlap 42.9%: they hold 20 of the same securities.
Sundaram Arbitrage Fund
Arbitrage
- 1 year return
- 6.8%
- Expense ratio
- 0.97%
- NAV
- ₹16.60
Zerodha Nifty 50 Index Fund
Index
- 1 year return
- −10.3%
- Expense ratio
- 0.28%
- NAV
- ₹9.24
Which is better, Sundaram Arbitrage or Zerodha Nifty 50 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Sundaram Arbitrage returned more over 1 year: 6.8% against −10.3%.
- Zerodha Nifty 50 Index costs less: 0.28% a year against 0.97% (Direct plans).
- Sundaram Arbitrage fell less in its worst fall since 17-10-2025: −0.5% against −15.2%.
- Zerodha Nifty 50 Index holds more in large companies: 99.2% of the fund in large caps against 50.3%.
- Sundaram Arbitrage is the larger fund: ₹539 Cr against ₹75 Cr.
- Their portfolios overlap 42.9%: 20 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 | Sundaram Arbitrage Fund | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Fund house | Sundaram Mutual Fund | Zerodha Mutual Fund |
| Category | Arbitrage | Index |
| AUM | ₹539 Cr (30-09-2026) | ₹75 Cr (30-09-2026) |
| NAV | ₹16.60 (Direct) | ₹9.24 (Direct) |
| Expense ratio (Direct) | 0.97% | 0.28% |
| Expense ratio (Regular) | 1.70% | Not available |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 50 TRI |
| Launch date | 01-04-2016 | 14-10-2025 |
| Minimum investment | "New Investor/Existing – Rs.100/- for both Monthly IDCW and Growth Option and any amount thereafter under each Plan/ option." | ₹100 |
| Lock in | None | None |
| Fund managers | Rohit Seksaria, Kumaresh Ramakrishnan | Kedarnath Mirajkar |
| Exit load | W.E.F Dec 31, 2021 Upto 25% of Units purchased/ switchin - NIL In excess of the above: 0.25% if redeemed/ SWP/STP within 15 days from the date of allotment. NIL if redeemed /SWP/STP after 15 days from the date of allotment. For redemption or withdrawal by way of SWP after 365 days from the date of allotment - Nil.Generally, the exit load will be calculated on First in First out (FIFO) basis. | Nil |
Sundaram Arbitrage vs Zerodha Nifty 50 Index: 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 |
|---|---|---|---|---|---|---|---|
| Sundaram Arbitrage Fund (Direct) | +0.59% | +1.56% | +3.29% | +6.83% | +7.22% | -- | -- |
| Zerodha Nifty 50 Index Fund (Direct) | +1.95% | −5.00% | −3.12% | −10.25% | -- | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | -- | -- |
Category average: the average of the 39 Arbitrage funds, same plan type.
Sundaram Arbitrage vs Zerodha Nifty 50 Index: Year-wise Returns
| Year | Sundaram ArbitrageSundaram Arbitrage | Zerodha Nifty 50 IndexZerodha Nifty 50 Index |
|---|---|---|
| 2026to date | +5.57% | −11.01% |
| 2025 | +7.15% | -- |
| 2024 | +7.81% | -- |
| 2023 | +7.38% | -- |
Sundaram Arbitrage vs Zerodha Nifty 50 Index: Rolling Returns
Every holding period of both funds, against Nifty 50 TRI, the benchmark of Zerodha Nifty 50 Index Fund
Sundaram Arbitrage vs Zerodha Nifty 50 Index: 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 01-10-2025 to 30-10-2026: 13 instalments, ₹1,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Sundaram ArbitrageSundaram Arbitrage Fund (Direct) | ₹1,30,000 | ₹1,34,946 | ₹4,946 | 6.6% |
| Zerodha Nifty 50 IndexZerodha Nifty 50 Index Fund (Direct) | ₹1,30,000 | ₹1,23,091 | −₹6,909 | −9.1% |
Sundaram ArbitrageSundaram Arbitrage Fund (Direct)
Zerodha Nifty 50 IndexZerodha Nifty 50 Index 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.
Sundaram Arbitrage vs Zerodha Nifty 50 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Sundaram Arbitrage Fund (Direct) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.83% | −10.25% |
| Standard deviation | 1.59% | 13.60% |
| Sharpe ratio | 1.00 | -1.14 |
| Sortino ratio | 1.55 | -1.52 |
| Maximum drawdown | −0.5% (06-08-2026) | −15.2% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.28% |
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 | Sundaram Arbitrage Fund (Direct) | Zerodha Nifty 50 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.67% | −9.31% |
| Standard deviation | 1.09% | 13.43% |
| Sharpe ratio | 0.72 | -1.08 |
| Sortino ratio | 1.09 | -1.45 |
| Maximum drawdown | −0.5% (06-08-2026) | −15.2% (30-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.29% |
From daily NAVs, 03-01-2022 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.
Sundaram Arbitrage Fund (Direct)
Zerodha Nifty 50 Index Fund (Direct)
Nifty 50 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Sundaram Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.0% |
| Zerodha Nifty 50 Index Fund (Direct) | −15.2% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.7% |
| Nifty 50 TRI | −15.1% | 02-01-2026 | 30-03-2026 | Not yet | -- | −11.6% |
From daily values since 17-10-2025, 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.
Sundaram Arbitrage Fund (Direct)
Zerodha Nifty 50 Index Fund (Direct)
Nifty 50 TRI
Against Nifty 50 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Sundaram Arbitrage Fund (Direct) | 21% | -14% | 16.32% |
| Zerodha Nifty 50 Index Fund (Direct) | 99% | 100% | 0.15% |
From month-end values since 17-10-2025. 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.
Sundaram Arbitrage vs Zerodha Nifty 50 Index: Portfolio Overlap
From each fund's latest monthly portfolio: Sundaram Arbitrage Fund, September 2026; Zerodha Nifty 50 Index Fund, September 2026
Holdings in common
- Overlap
- 42.9%
- Held by both
- 20
- Only in Sundaram Arbitrage
- 36
- Only in Zerodha Nifty 50 Index
- 30
| Security | % of Sundaram Arbitrage | % of Zerodha Nifty 50 Index |
|---|---|---|
| HDFC Bank Ltd | 7.96% | 10.44% |
| Reliance Industries Ltd | 7.56% | 7.63% |
| ICICI Bank Ltd | 5.27% | 9.10% |
| Bharti Airtel Ltd | 4.42% | 5.13% |
| Axis Bank Ltd | 2.87% | 3.39% |
| Bajaj Finance Ltd | 6.16% | 2.52% |
| Larsen & Toubro Ltd | 2.46% | 4.23% |
| ITC Ltd | 1.84% | 2.43% |
| Mahindra & Mahindra Ltd | 1.40% | 2.53% |
| Eternal Ltd (Previously Zomato Ltd) | 1.38% | 2.23% |
| Hindalco Industries Ltd | 1.42% | 1.31% |
| Kotak Mahindra Bank Ltd | 1.21% | 2.95% |
| Tata Steel Ltd | 0.70% | 1.47% |
| Tech Mahindra Ltd | 0.56% | 0.93% |
| Jio Financial Services Ltd | 0.49% | 0.68% |
| Adani Ports and Special Economic Zone Ltd | 0.40% | 1.35% |
| Maruti Suzuki India Ltd | 0.23% | 1.49% |
| Coal India Ltd | 0.19% | 0.98% |
| Cipla Ltd | 0.06% | 0.73% |
| Bharat Electronics Ltd | 0.02% | 1.34% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 42.9% means 42.9% 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 Sundaram Arbitrage Fund
| Security | % of fund |
|---|---|
| Sundaram Money Market Fund-Direct Plan - Growth | 9.58% |
| Ashok Leyland Ltd | 6.28% |
| Sundaram Liquid Fund - Direct Growth | 5.61% |
| 364 Days - T Bill - 25/02/2027 | 5.44% |
| NMDC Ltd | 2.80% |
Largest holdings only in Zerodha Nifty 50 Index Fund
| Security | % of fund |
|---|---|
| State Bank of India | 3.81% |
| Infosys Limited | 3.37% |
| Tata Consultancy Services Limited | 2.01% |
| Sun Pharmaceutical Industries Limited | 1.85% |
| Titan Company Limited | 1.82% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Sundaram Arbitrage | Zerodha Nifty 50 Index |
|---|---|---|
| Equity | 70.0% | 100.6% |
| Debt | 11.8% | 0.0% |
| Cash and others | 18.1% | -0.6% |
Market cap of stocks
| Market cap | Sundaram Arbitrage | Zerodha Nifty 50 Index |
|---|---|---|
| Large Cap | 50.3% | 99.2% |
| Mid Cap | 17.7% | 1.4% |
| Small Cap | 2.1% | 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 | Sundaram Arbitrage | Zerodha Nifty 50 Index |
|---|---|---|
| Banks | 18.5% | 29.7% |
| Petroleum Products | 7.6% | 7.6% |
| IT - Software | 0.0% | 7.6% |
| Finance | 7.3% | 5.5% |
| Automobiles | 3.8% | 6.7% |
| Agricultural, Commercial & Construction Vehicles | 6.3% | 0.0% |
| Telecom - Services | 4.4% | 5.1% |
The six largest sectors of each fund's stocks, % of the fund.
Sundaram Arbitrage vs Zerodha Nifty 50 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Sundaram Arbitrage Fund | Zerodha Nifty 50 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.97% | 0.28% |
| Base expense ratio (Direct) | 0.19% | 0.10% |
| Total expense ratio (Regular) | 1.70% | Not available |
| Base expense ratio (Regular) | 0.82% | 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
Sundaram Arbitrage Fund vs Zerodha Nifty 50 Index Fund: Frequently Asked Questions
What is the difference between Sundaram Arbitrage Fund and Zerodha Nifty 50 Index Fund?
Sundaram Arbitrage Fund is an Arbitrage fund, Zerodha Nifty 50 Index Fund is an Index fund, run by Sundaram Mutual Fund and Zerodha Mutual Fund. Their portfolios overlap 42.9%. Sundaram Arbitrage Fund charges 0.97% a year and Zerodha Nifty 50 Index Fund 0.28%.
Which has given higher returns, Sundaram Arbitrage Fund or Zerodha Nifty 50 Index Fund?
Over 1 year: Sundaram Arbitrage Fund +6.83%, Zerodha Nifty 50 Index Fund −10.25%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Sundaram Arbitrage Fund or Zerodha Nifty 50 Index Fund?
Zerodha Nifty 50 Index Fund charges less: 0.28% a year against 0.97%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Sundaram Arbitrage Fund and Zerodha Nifty 50 Index Fund overlap?
42.9%. They hold 20 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, Sundaram Arbitrage Fund or Zerodha Nifty 50 Index Fund?
On SEBI's riskometer, Sundaram Arbitrage Fund is rated Low and Zerodha Nifty 50 Index Fund Very High. Over 1 years, the standard deviation of daily returns was 1.59% and 13.60% a year.
Can I invest in both Sundaram Arbitrage Fund and Zerodha Nifty 50 Index Fund?
Yes. 42.9% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Sundaram Arbitrage Fund and Zerodha Nifty 50 Index Fund?
Sundaram Arbitrage Fund: Rohit Seksaria, Kumaresh Ramakrishnan. Zerodha Nifty 50 Index 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.