Kotak Arbitrage Fund vs Nippon India Arbitrage Fund
Kotak Arbitrage Fund and Nippon India Arbitrage Fund are both Arbitrage funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.45% vs +7.30%, 5-year CAGR +6.99% vs +6.84%, volatility 0.59% vs 0.55%, maximum drawdown −0.57% vs −0.62%. Their portfolios overlap by -38.8% (163 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
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Nippon India Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹43.6844 | ₹31.2737 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 7 Jan 2013 | 3 Jan 2013 |
| Track record | 13.8 yrs | 13.8 yrs |
| Fund size (AUM) | ₹21,471 Cr | ₹17,216 Cr |
| Securities held | 215 | 176 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| 1 month | +0.54% | +0.54% |
| 3 months | +1.60% | +1.61% |
| 6 months | +3.32% | +3.32% |
| 1 year | +6.80% | +6.76% |
| 3 years (CAGR) | +7.45% | +7.30% |
| 5 years (CAGR) | +6.99% | +6.84% |
| 7 years (CAGR) | +6.36% | +6.27% |
| 10 years (CAGR) | +6.46% | +6.47% |
| Since launch (CAGR) | +7.07% | +7.07% |
| SIP return (XIRR, 5 years) ⓘ | +7.28% | +7.15% |
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
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.74% | +5.69% |
| 2025 | +7.06% | +6.94% |
| 2024 | +8.47% | +8.23% |
| 2023 | +8.01% | +7.85% |
| 2022 | +5.14% | +4.94% |
| 2021 | +4.56% | +4.54% |
Risk
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.59% | 0.55% |
| Downside volatility ⓘ | 0.35% | 0.33% |
| Sharpe ratio ⓘ | 1.60 | 1.44 |
| Sortino ratio ⓘ | 2.72 | 2.42 |
| Maximum drawdown ⓘ | −0.57% | −0.62% |
| Recovery from that fall | 2 months | 0 months |
| Current fall from peak | 0.00% | −0.02% |
| Rolling 1-year return: worst | +3.63% | +3.66% |
| Rolling 1-year return: median | +6.88% | +6.99% |
| Rolling 1-year return: best | +10.71% | +10.33% |
| Share of 1-year periods with a loss | 0.00% | 0.00% |
Against each fund's benchmark
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Mutual Fund Units | 21.75% | 23.60% |
| Debt | 5.76% | 4.35% |
| Cash & equivalents | 1.36% | 4.03% |
| Equity | -40.36% | 68.02% |
Market-cap split (share of fund assets)
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Large Cap | -28.42% | 51.72% |
| Mid Cap | -11.35% | 13.71% |
| Small Cap | -0.59% | 2.59% |
| Unclassified | 0.00% | 0.00% |
Concentration
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Top 10 holdings | 26.86% | 46.67% |
| Effective number of stocks ⓘ | 52.1 | 24 |
| Securities held | 215 | 176 |
Portfolio overlap: -38.8%
163 companies are held by both funds; by weight, -38.8% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Kotak Arbitrage | Nippon India Arbitrage |
|---|---|---|
| Small Industries Development Bank of India | 1.36% | 0.42% |
| Small Industries Development Bank of India | 0.19% | 0.17% |
| Bank of Baroda | 0.06% | 0.14% |
| Punjab National Bank | 0.13% | 0.03% |
| ICICI Bank Limited | 0.00% | 4.21% |
| Tata Steel Ltd. | 0.00% | 1.35% |
| Bharti Airtel Limited | 0.00% | 0.91% |
| Adani Power Limited | 0.00% | 0.29% |
| Hindalco Industries Limited | 0.00% | 0.76% |
| TVS Motor Company Ltd. | 0.00% | 0.72% |
| JSW Steel Limited | 0.00% | 1.81% |
| Bank of Baroda | 0.00% | 0.45% |
| Indian Oil Corporation Limited | 0.00% | 0.32% |
| Maruti Suzuki India Limited | 0.00% | 1.42% |
| Samvardhana Motherson International Limited | 0.00% | 0.07% |
Top 10 holdings
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%
Nippon India Arbitrage
- Nippon India Money Market Fund Dir Pl-Growth-Gr Op15.46%
- Nippon India Ultra Short Duration Fund- Dr Gr Op8.14%
- Reliance Industries Limited4.83%
- HDFC Bank Limited4.62%
- ICICI Bank Limited4.21%
- Axis Bank Limited2.45%
- State Bank of India2.02%
- JSW Steel Limited1.81%
- Bajaj Finance Limited1.71%
- Maruti Suzuki India Limited1.42%
Sector exposure
| Kotak Arbitrage | Nippon India Arbitrage | |
|---|---|---|
| Unclassified | 0.00% | 23.60% |
| Mutual Fund | 21.75% | 0.00% |
| Banks | -7.15% | 20.12% |
| Petroleum Products | -3.79% | 5.31% |
| Finance | -3.92% | 5.21% |
| Ferrous Metals | -0.73% | 4.32% |
| Automobiles | -1.33% | 3.68% |
| CRISIL A1+ | 3.48% | 3.16% |
| Pharmaceuticals & Biotechnology | -2.48% | 3.04% |
| Telecom - Services | -1.87% | 2.85% |
| Power | -1.93% | 2.35% |
| CARE A1+ | 2.19% | 1.08% |
| Industrial Products | -1.29% | 1.64% |
| Cement & Cement Products | -0.68% | 1.53% |
Questions people ask
What is the difference between Kotak Arbitrage and Nippon India Arbitrage returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +6.80% vs +6.76%; 3-year CAGR +7.45% vs +7.30%; 5-year CAGR +6.99% vs +6.84%; 10-year CAGR +6.46% vs +6.47%. Past returns do not indicate future returns.
How do Kotak Arbitrage and Nippon India Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.59% vs 0.55%; Sharpe ratio 1.60 vs 1.44; Sortino ratio 2.72 vs 2.42; maximum drawdown −0.57% vs −0.62%; beta — vs —.
How much do Kotak Arbitrage and Nippon India Arbitrage overlap?
By weight, -38.8% of the two portfolios is invested in the same companies; 163 stocks are held by both, the largest shared positions being Small Industries Development Bank of India, Small Industries Development Bank of India, Bank of Baroda. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Kotak Arbitrage and Nippon India Arbitrage?
Kotak Arbitrage: large cap -28.4%, mid cap -11.4%, small cap -0.6%. Nippon India Arbitrage: large cap 51.7%, mid cap 13.7%, small cap 2.6% (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.
More comparisons
Kotak Arbitrage vs
All Arbitrage comparisons → · Compare up to six funds yourself → · Every fund in this category → · All comparisons →
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 6 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.