Axis Arbitrage Fund vs Kotak Arbitrage Fund
Axis Arbitrage Fund and Kotak Arbitrage Fund are both Arbitrage funds. As of 4 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.29% vs +7.42%, 5-year CAGR +6.85% vs +6.98%, volatility 0.59% vs 0.62%, maximum drawdown −0.64% vs −0.57%. Their portfolios overlap by -37% (149 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Fund house | Axis Mutual Fund | Kotak Mahindra Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹22.1094 | ₹43.6440 |
| NAV date | 4 Nov 2026 | 4 Nov 2026 |
| Launched (first NAV) | 21 Aug 2014 | 7 Jan 2013 |
| Track record | 12.2 yrs | 13.8 yrs |
| Fund size (AUM) | ₹10,168 Cr | ₹21,471 Cr |
| Securities held | 170 | 215 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| 1 month | +0.46% | +0.51% |
| 3 months | +1.41% | +1.44% |
| 6 months | +3.34% | +3.43% |
| 1 year | +6.60% | +6.70% |
| 3 years (CAGR) | +7.29% | +7.42% |
| 5 years (CAGR) | +6.85% | +6.98% |
| 7 years (CAGR) | +6.23% | +6.35% |
| 10 years (CAGR) | +6.44% | +6.45% |
| Since launch (CAGR) | +6.70% | +7.07% |
| SIP return (XIRR, 5 years) ⓘ | +7.11% | +7.26% |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.53% | +5.64% |
| 2025 | +7.06% | +7.06% |
| 2024 | +8.26% | +8.47% |
| 2023 | +7.68% | +8.01% |
| 2022 | +4.95% | +5.14% |
| 2021 | +4.61% | +4.56% |
Risk
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.59% | 0.62% |
| Downside volatility ⓘ | 0.38% | 0.38% |
| Sharpe ratio ⓘ | 1.36 | 1.50 |
| Sortino ratio ⓘ | 2.10 | 2.42 |
| Maximum drawdown ⓘ | −0.64% | −0.57% |
| Recovery from that fall | 0 months | 2 months |
| Current fall from peak | −0.11% | −0.07% |
| Rolling 1-year return: worst | +3.49% | +3.63% |
| Rolling 1-year return: median | +6.89% | +6.88% |
| Rolling 1-year return: best | +9.11% | +10.71% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Equity | 69.68% | -40.36% |
| Debt | 17.22% | 5.76% |
| Mutual Fund Units | 13.06% | 21.75% |
| Cash & equivalents | 0.07% | 1.36% |
Market-cap split (share of fund assets)
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Large Cap | 54.44% | -28.42% |
| Mid Cap | 12.05% | -11.35% |
| Small Cap | 3.19% | -0.59% |
| Unclassified | 0.00% | 0.00% |
Concentration
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Top 10 holdings | 37.91% | 26.86% |
| Effective number of stocks ⓘ | 33.1 | 52.1 |
| Securities held | 170 | 215 |
Portfolio overlap: -37%
149 companies are held by both funds; by weight, -37% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Axis Arbitrage | Kotak Arbitrage |
|---|---|---|
| Small Industries Development Bank of India | 1.29% | 1.36% |
| Bank of Baroda | 1.20% | 0.07% |
| ICICI Bank Limited | 3.83% | 0.00% |
| Bharat Heavy Electricals Limited | 2.64% | 0.00% |
| Bharti Airtel Limited | 2.22% | 0.00% |
| Tata Steel Ltd. | 1.83% | 0.00% |
| Adani Enterprises Limited | 1.31% | 0.00% |
| Bharat Electronics Limited | 1.30% | 0.00% |
| Canara Bank | 1.19% | 0.00% |
| Hindalco Industries Limited | 1.16% | 0.00% |
| JSW Steel Limited | 1.04% | 0.00% |
| Adani Power Limited | 1.01% | 0.00% |
| Manappuram Finance Limited | 0.87% | 0.00% |
| Biocon Ltd. | 0.78% | 0.00% |
| Varun Beverages Limited | 0.72% | 0.00% |
Top 10 holdings
Axis Arbitrage
- Axis Money Market Fund - Direct Plan - Growth Option13.06%
- HDFC Bank Limited4.06%
- ICICI Bank Limited3.83%
- Reliance Industries Limited3.77%
- Bharat Heavy Electricals Limited2.64%
- State Bank of India2.63%
- Bharti Airtel Limited2.22%
- Canara Bank (10/02/2027)1.92%
- National Bank for Agriculture and Rural Development1.91%
- Small Industries Dev Bank of India (04/02/2027)1.87%
Kotak Arbitrage
- Kotak Money Market Fund Direct Growth9.78%
- Kotak Savings Fund Direct Growth4.98%
- Kotak Low Duration Fund Direct Growth3.86%
- Kotak Liquid Direct Growth3.13%
- HDFC Bank Limited (15/02/2027)1.94%
- Small Industries Development Bank of India1.36%
- National Bank For Agriculture and Rural Development (17/02/2027)0.97%
- Canara Bank0.39%
- National Bank For Agriculture and Rural Development0.26%
- Small Industries Development Bank of India0.19%
Sector exposure
| Axis Arbitrage | Kotak Arbitrage | |
|---|---|---|
| Mutual Fund | 0.00% | 21.75% |
| Banks | 18.61% | -7.15% |
| CRISIL A1+ | 14.33% | 3.48% |
| Unclassified | 13.06% | 0.00% |
| Finance | 6.25% | -3.92% |
| Telecom - Services | 4.48% | -1.87% |
| Petroleum Products | 4.27% | -3.79% |
| Ferrous Metals | 3.83% | -0.73% |
| Pharmaceuticals & Biotechnology | 3.64% | -2.48% |
| Electrical Equipment | 3.41% | -0.24% |
| Industrial Products | 2.58% | -1.29% |
| Power | 2.49% | -1.93% |
| CARE A1+ | 1.93% | 2.19% |
| Diversified FMCG | 1.94% | -1.38% |
Questions people ask
What is the difference between Axis Arbitrage and Kotak Arbitrage returns?
As of 4 Nov 2026, Direct plan Growth option: 1-year return +6.60% vs +6.70%; 3-year CAGR +7.29% vs +7.42%; 5-year CAGR +6.85% vs +6.98%; 10-year CAGR +6.44% vs +6.45%. Past returns do not indicate future returns.
How do Axis Arbitrage and Kotak Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.59% vs 0.62%; Sharpe ratio 1.36 vs 1.50; Sortino ratio 2.10 vs 2.42; maximum drawdown −0.64% vs −0.57%; beta — vs —.
How much do Axis Arbitrage and Kotak Arbitrage overlap?
By weight, -37% of the two portfolios is invested in the same companies; 149 stocks are held by both, the largest shared positions being Small Industries Development Bank of India, Bank of Baroda, ICICI Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Axis Arbitrage and Kotak Arbitrage?
Axis Arbitrage: large cap 54.4%, mid cap 12.1%, small cap 3.2%. Kotak Arbitrage: large cap -28.4%, mid cap -11.4%, small cap -0.6% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Axis Arbitrage vs
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 4 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.