DSP Gold ETF Fund of Fund vs DSP Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
DSP Gold ETF Fund of Fund is a Fund of Funds fund and DSP Multi Asset Allocation Fund is a Multi Asset fund. In the year to 30-10-2026, DSP Gold ETF Fund of Fund (Direct) returned 15.6% and DSP Multi Asset Allocation Fund (Direct) returned 4.2%. DSP Gold ETF Fund of Fund charges 0.64% a year and DSP Multi Asset Allocation Fund 0.62% (Direct plans). Their portfolios overlap 11.7%: they hold 1 of the same security.
DSP Gold ETF Fund of Fund
Fund of Funds
- 1 year return
- 15.6%
- Expense ratio
- 0.64%
- NAV
- ₹21.92
DSP Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.2%
- Expense ratio
- 0.62%
- NAV
- ₹16.05
Which is better, DSP Gold ETF Fund of or DSP Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- DSP Gold ETF Fund of returned more over 1 year: 15.6% against 4.2%.
- DSP Multi Asset Allocation costs less: 0.62% a year against 0.64% (Direct plans).
- DSP Multi Asset Allocation fell less in its worst fall since 20-11-2023: −9.7% against −25.2%.
- DSP Multi Asset Allocation holds 11.9% of the fund in foreign stocks; DSP Gold ETF Fund of 0.0%.
- DSP Multi Asset Allocation is the larger fund: ₹10,820 Cr against ₹551 Cr.
- Their portfolios overlap 11.7%: 1 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 | DSP Gold ETF Fund of Fund | DSP Multi Asset Allocation Fund |
|---|---|---|
| Fund house | DSP Mutual Fund | DSP Mutual Fund |
| Category | Fund of Funds | Multi Asset |
| AUM | ₹551 Cr (30-09-2026) | ₹10,820 Cr (30-09-2026) |
| NAV | ₹21.92 (Direct) | ₹16.05 (Direct) |
| Expense ratio (Direct) | 0.64% | 0.62% |
| Expense ratio (Regular) | 1.00% | 1.58% |
| Riskometer | Very High | High |
| Benchmark | Gold Index | 40% NIFTY500 TRI + 20% NIFTY Composite Debt Index + 15% Domestic Price of Physical Gold (LBMA) + 5% iCOMDEX Composite In |
| Launch date | 17-11-2023 | 27-09-2023 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Anil Ghelani, Diipesh Shah, Neha Rathi | Aparna Karnik, Shantanu Godambe, Ravi Gehani |
| Exit load | Nil | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 1 months. |
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: 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 |
|---|---|---|---|---|---|---|---|
| DSP Gold ETF Fund of Fund (Direct) | −5.27% | −1.99% | −6.77% | +15.55% | -- | -- | -- |
| DSP Multi Asset Allocation Fund (Direct) | −1.39% | −3.78% | −2.49% | +4.15% | +17.30% | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | -- | -- |
Category average: the average of the 37 Multi Asset funds, same plan type.
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: Year-wise Returns
| Year | Gold ETF Fund ofDSP Gold ETF Fund of | Multi Asset AllocationDSP Multi Asset Allocation |
|---|---|---|
| 2026to date | +4.15% | +0.30% |
| 2025 | +71.88% | +24.73% |
| 2024 | +18.79% | +18.12% |
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 479 of them, one for each trading day from 21-11-2024 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.
DSP Gold ETF Fund of Fund (Direct)
DSP Multi Asset Allocation Fund (Direct)
to
Jan 2025May 2024
to
May 2025Sept 2024
to
Sept 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DSP Gold ETF Fund of | 0.0 | 0.0 | 0.0 | 1.3 | 3.8 | 7.5 | 87.5 | 45.7% | 42.8% | 10.9% | 116.2% |
| DSP Multi Asset Allocation | 0.0 | 1.5 | 3.8 | 23.2 | 36.6 | 21.6 | 13.2 | 18.3% | 17.8% | 4.0% | 34.5% |
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. Every fund is measured over the days all of them have, from 20-11-2023. Past returns do not promise future returns.
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: 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 20-11-2023 to 30-10-2026: 36 instalments, ₹3,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| DSP Gold ETF Fund ofDSP Gold ETF Fund of Fund (Direct) | ₹3,60,000 | ₹5,40,403 | ₹1,80,403 | 28.4% |
| DSP Multi Asset AllocationDSP Multi Asset Allocation Fund (Direct) | ₹3,60,000 | ₹4,28,227 | ₹68,227 | 11.7% |
DSP Gold ETF Fund ofDSP Gold ETF Fund of Fund (Direct)
DSP Multi Asset AllocationDSP Multi Asset Allocation 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.
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | DSP Gold ETF Fund of Fund (Direct) | DSP Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.55% | +4.15% |
| Standard deviation | 31.27% | 10.58% |
| Sharpe ratio | 0.33 | -0.10 |
| Sortino ratio | 0.46 | -0.14 |
| Maximum drawdown | −25.2% (23-03-2026) | −9.7% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
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 | DSP Gold ETF Fund of Fund (Direct) | DSP Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +30.74% | +16.60% |
| Standard deviation | 21.87% | 8.47% |
| Sharpe ratio | 1.13 | 1.25 |
| Sortino ratio | 1.62 | 1.73 |
| Maximum drawdown | −25.2% (23-03-2026) | −9.7% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 20-11-2023 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.
DSP Gold ETF Fund of Fund (Direct)
DSP Multi Asset Allocation Fund (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| DSP Gold ETF Fund of Fund (Direct) | −25.2% | 29-01-2026 | 23-03-2026 | Not yet | -- | −21.9% |
| DSP Multi Asset Allocation Fund (Direct) | −9.7% | 29-01-2026 | 23-03-2026 | 21-08-2026 | 5 months | −6.2% |
From daily values since 20-11-2023, 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.
DSP Gold ETF Fund of Fund (Direct)
DSP Multi Asset Allocation Fund (Direct)
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: DSP Gold ETF Fund of Fund, September 2026; DSP Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 11.7%
- Held by both
- 1
- Only in DSP Gold ETF Fund of
- 0
- Only in DSP Multi Asset Allocation
- 84
| Security | % of DSP Gold ETF Fund of | % of DSP Multi Asset Allocation |
|---|---|---|
| DSP Gold ETF | 99.63% | 11.65% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 11.7% means 11.7% 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 DSP Gold ETF Fund of Fund
Every holding of this fund is also held by the other.
Largest holdings only in DSP Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| DSP Nifty 50 Equal Wieght ETF | 5.38% |
| 6.90% GOI 15042065 | 4.08% |
| HDFC Bank Limited | 3.54% |
| Axis Bank Limited | 2.98% |
| ICICI Bank Limited | 2.79% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | DSP Gold ETF Fund of | DSP Multi Asset Allocation |
|---|---|---|
| Equity | 0.0% | 49.5% |
| Debt | 0.0% | 13.7% |
| Cash and others | 100.0% | 36.8% |
Market cap of stocks
| Market cap | DSP Gold ETF Fund of | DSP Multi Asset Allocation |
|---|---|---|
| Large Cap | -- | 28.7% |
| Mid Cap | -- | 4.4% |
| Small Cap | -- | 4.1% |
| Foreign stocks | -- | 11.9% |
| Not on AMFI's list | -- | 0.5% |
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 | DSP Gold ETF Fund of | DSP Multi Asset Allocation |
|---|---|---|
| Banks | 0.0% | 10.8% |
| Foreign Security | 0.0% | 2.8% |
| Petroleum Products | 0.0% | 2.8% |
| Consumer Durables | 0.0% | 2.5% |
| Automobiles | 0.0% | 2.4% |
| IT - Hardware | 0.0% | 2.4% |
The six largest sectors of each fund's stocks, % of the fund.
DSP Gold ETF Fund of vs DSP Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | DSP Gold ETF Fund of Fund | DSP Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.64% | 0.62% |
| Base expense ratio (Direct) | 0.59% | 0.37% |
| Total expense ratio (Regular) | 1.00% | 1.58% |
| Base expense ratio (Regular) | 0.90% | 1.18% |
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
DSP Gold ETF Fund of Fund vs DSP Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between DSP Gold ETF Fund of Fund and DSP Multi Asset Allocation Fund?
DSP Gold ETF Fund of Fund is a Fund of Funds fund, DSP Multi Asset Allocation Fund is a Multi Asset fund, run by DSP Mutual Fund. Their portfolios overlap 11.7%. DSP Gold ETF Fund of Fund charges 0.64% a year and DSP Multi Asset Allocation Fund 0.62%.
Which has given higher returns, DSP Gold ETF Fund of Fund or DSP Multi Asset Allocation Fund?
Over 1 year: DSP Gold ETF Fund of Fund +15.55%, DSP Multi Asset Allocation Fund +4.15%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, DSP Gold ETF Fund of Fund or DSP Multi Asset Allocation Fund?
DSP Multi Asset Allocation Fund charges less: 0.62% a year against 0.64%. These are the Direct plans' total expense ratios reported to AMFI.
How much do DSP Gold ETF Fund of Fund and DSP Multi Asset Allocation Fund overlap?
11.7%. They hold 1 of the same securities, the largest shared ones being GOLDADD. From each fund's latest monthly portfolio.
Which is riskier, DSP Gold ETF Fund of Fund or DSP Multi Asset Allocation Fund?
On SEBI's riskometer, DSP Gold ETF Fund of Fund is rated Very High and DSP Multi Asset Allocation Fund High. Over 1 years, the standard deviation of daily returns was 31.27% and 10.58% a year.
Can I invest in both DSP Gold ETF Fund of Fund and DSP Multi Asset Allocation Fund?
Yes. 11.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages DSP Gold ETF Fund of Fund and DSP Multi Asset Allocation Fund?
DSP Gold ETF Fund of Fund: Anil Ghelani, Diipesh Shah, Neha Rathi. DSP Multi Asset Allocation Fund: Aparna Karnik, Shantanu Godambe, Ravi Gehani.
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.