HDFC Gold ETF Fund of Fund vs HDFC Multi-Asset Active FOF
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Gold ETF Fund of Fund is a Fund of Funds fund and HDFC Multi-Asset Active FOF is a Fund of Funds fund. In the 3 years to 30-10-2026, HDFC Gold ETF Fund of Fund (Direct) returned 30.3% a year and HDFC Multi-Asset Active FOF (Direct) returned 12.4% a year. HDFC Gold ETF Fund of Fund charges 0.20% a year and HDFC Multi-Asset Active FOF 0.14% (Direct plans). Their portfolios overlap 12.0%: they hold 1 of the same security.
HDFC Gold ETF Fund of Fund
Fund of Funds
- 3 year return
- 30.3%
- Expense ratio
- 0.20%
- NAV
- ₹43.45
HDFC Multi-Asset Active FOF
Fund of Funds
- 3 year return
- 12.4%
- Expense ratio
- 0.14%
- NAV
- ₹20.06
Which is better, HDFC Gold ETF Fund of or HDFC Multi-Asset Active FOF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- HDFC Gold ETF Fund of returned more over 5 years: 22.7% a year against 12.0%.
- HDFC Gold ETF Fund of returned more over 3 years: 30.3% a year against 12.4%.
- HDFC Multi-Asset Active FOF costs less: 0.14% a year against 0.20% (Direct plans).
- HDFC Multi-Asset Active FOF swung less over 3 years: a standard deviation of 7.6% a year against 21.7%.
- HDFC Multi-Asset Active FOF fell less in its worst fall since 05-05-2021: −8.8% against −24.8%.
- HDFC Gold ETF Fund of is the larger fund: ₹12,013 Cr against ₹5,956 Cr.
- Their portfolios overlap 12.0%: 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 | HDFC Gold ETF Fund of Fund | HDFC Multi-Asset Active FOF |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Fund of Funds | Fund of Funds |
| AUM | ₹12,013 Cr (30-09-2026) | ₹5,956 Cr (30-09-2026) |
| NAV | ₹43.45 (Direct) | ₹20.06 (Direct) |
| Expense ratio (Direct) | 0.20% | 0.14% |
| Expense ratio (Regular) | 0.47% | 1.12% |
| Riskometer | High | High |
| Benchmark | Gold Index | 50% NIFTY 50 TRI + 40% NIFTY Composite Debt Index + 10% Gold derived as per regulatory norms |
| Launch date | 01-11-2011 | 05-05-2021 |
| Minimum investment | Rs. 100 and any amount thereafter. | ₹100 |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal | Ihab Dalwai, Bhagyesh Kagalkar, Anil Bamboli |
| Exit load | In respect of each purchase/switch in of units- an Exit Load of 1% is payable if Units are redeemed/switched out within 15 days from the date of allotment. No Exit Load is payable if Units are redeemed/switched-out on or after 15 days from the date of allotment | In respect of each purchase / switch-in of Units, upto 15% of the units may be redeemed without any exit load from the date of allotment. Any redemption in excess of the above limit shall be subject to the following exit load: - Exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment of units. - No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment. |
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: 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 |
|---|---|---|---|---|---|---|---|
| HDFC Gold ETF Fund of Fund (Direct) | −5.30% | −1.84% | −6.67% | +15.70% | +30.29% | +22.67% | +15.38% |
| HDFC Multi-Asset Active FOF (Direct) | −0.71% | −3.33% | −0.06% | −0.03% | +12.43% | +11.98% | -- |
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: Year-wise Returns
| Year | Gold ETF Fund ofHDFC Gold ETF Fund of | Multi-Asset Active FOFHDFC Multi-Asset Active FOF |
|---|---|---|
| 2026to date | +4.55% | −1.51% |
| 2025 | +71.81% | +14.91% |
| 2024 | +19.31% | +15.21% |
| 2023 | +14.47% | +22.45% |
| 2022 | +13.08% | +10.37% |
| 2021 | −5.09% | -- |
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 614 of them, one for each trading day from 06-05-2024 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.
HDFC Gold ETF Fund of Fund (Direct)
HDFC Multi-Asset Active FOF (Direct)
to
Jul 2024Dec 2021
to
Dec 2024May 2022
to
May 2025Oct 2022
to
Oct 2025Mar 2023
to
Mar 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Gold ETF Fund of | 0.0 | 0.0 | 0.0 | 16.3 | 21.8 | 15.3 | 46.6 | 25.3% | 23.3% | 11.5% | 44.2% |
| HDFC Multi-Asset Active FOF | 0.0 | 0.0 | 0.0 | 18.9 | 80.8 | 0.3 | 0.0 | 16.4% | 16.7% | 11.9% | 20.2% |
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 05-05-2021. Past returns do not promise future returns.
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: 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 03-05-2021 to 30-10-2026: 66 instalments, ₹6,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Gold ETF Fund ofHDFC Gold ETF Fund of Fund (Direct) | ₹6,60,000 | ₹13,14,253 | ₹6,54,253 | 25.2% |
| HDFC Multi-Asset Active FOFHDFC Multi-Asset Active FOF (Direct) | ₹6,60,000 | ₹9,02,395 | ₹2,42,395 | 11.3% |
HDFC Gold ETF Fund ofHDFC Gold ETF Fund of Fund (Direct)
HDFC Multi-Asset Active FOFHDFC Multi-Asset Active FOF (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.
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Gold ETF Fund of Fund (Direct) | HDFC Multi-Asset Active FOF (Direct) |
|---|---|---|
| Return (CAGR) | +15.70% | −0.03% |
| Standard deviation | 31.62% | 9.36% |
| Sharpe ratio | 0.33 | -0.56 |
| Sortino ratio | 0.45 | -0.76 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.8% (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 | HDFC Gold ETF Fund of Fund (Direct) | HDFC Multi-Asset Active FOF (Direct) |
|---|---|---|
| Return (CAGR) | +30.29% | +12.43% |
| Standard deviation | 21.69% | 7.56% |
| Sharpe ratio | 1.12 | 0.85 |
| Sortino ratio | 1.57 | 1.17 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.8% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 30-10-2023 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.
| Measure | HDFC Gold ETF Fund of Fund (Direct) | HDFC Multi-Asset Active FOF (Direct) |
|---|---|---|
| Return (CAGR) | +22.67% | +11.98% |
| Standard deviation | 18.07% | 7.38% |
| Sharpe ratio | 0.93 | 0.84 |
| Sortino ratio | 1.33 | 1.15 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.8% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 29-10-2021 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 | HDFC Gold ETF Fund of Fund (Direct) | HDFC Multi-Asset Active FOF (Direct) |
|---|---|---|
| Return (CAGR) | +10.40% | +13.46% |
| Standard deviation | 15.09% | 7.26% |
| Sharpe ratio | 0.29 | 1.09 |
| Sortino ratio | 0.41 | 1.51 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.8% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 01-01-2013 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.
HDFC Gold ETF Fund of Fund (Direct)
HDFC Multi-Asset Active FOF (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Gold ETF Fund of Fund (Direct) | −24.8% | 29-01-2026 | 23-03-2026 | Not yet | -- | −21.4% |
| HDFC Multi-Asset Active FOF (Direct) | −8.8% | 29-01-2026 | 23-03-2026 | 03-08-2026 | 4 months | −5.3% |
From daily values since 05-05-2021, 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.
HDFC Gold ETF Fund of Fund (Direct)
HDFC Multi-Asset Active FOF (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Gold ETF Fund of Fund (Direct)
HDFC Multi-Asset Active FOF (Direct)
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Gold ETF Fund of Fund (Direct)
HDFC Multi-Asset Active FOF (Direct)
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Gold ETF Fund of Fund, September 2026; HDFC Multi-Asset Active FOF, September 2026
Holdings in common
- Overlap
- 12.0%
- Held by both
- 1
- Only in HDFC Gold ETF Fund of
- 0
- Only in HDFC Multi-Asset Active FOF
- 17
| Security | % of HDFC Gold ETF Fund of | % of HDFC Multi-Asset Active FOF |
|---|---|---|
| HDFC Gold Exchange Traded Fund | 100.12% | 11.96% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.0% means 12.0% 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 HDFC Gold ETF Fund of Fund
Every holding of this fund is also held by the other.
Largest holdings only in HDFC Multi-Asset Active FOF
| Security | % of fund |
|---|---|
| HDFC Large Cap Fund - Direct Plan - Growth Option | 19.20% |
| HDFC Flexi Cap Fund - Direct Plan- Growth Option | 17.52% |
| HDFC Short Term Fund - Growth Option - Direct Plan | 9.05% |
| HDFC Corporate Bond Fund - Growth Option - Direct Plan | 7.88% |
| HDFC Small Cap Fund - Direct Plan- Growth Option | 6.01% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Gold ETF Fund of | HDFC Multi-Asset Active FOF |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 100.0% | 100.0% |
HDFC Gold ETF Fund of vs HDFC Multi-Asset Active FOF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Gold ETF Fund of Fund | HDFC Multi-Asset Active FOF |
|---|---|---|
| Total expense ratio (Direct) | 0.20% | 0.14% |
| Base expense ratio (Direct) | 0.17% | 0.12% |
| Total expense ratio (Regular) | 0.47% | 1.12% |
| Base expense ratio (Regular) | 0.40% | 0.95% |
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.
HDFC Gold ETF Fund of Fund vs HDFC Multi-Asset Active FOF: Frequently Asked Questions
What is the difference between HDFC Gold ETF Fund of Fund and HDFC Multi-Asset Active FOF?
HDFC Gold ETF Fund of Fund is a Fund of Funds fund, HDFC Multi-Asset Active FOF is a Fund of Funds fund, run by HDFC Mutual Fund. Their portfolios overlap 12.0%. HDFC Gold ETF Fund of Fund charges 0.20% a year and HDFC Multi-Asset Active FOF 0.14%.
Which has given higher returns, HDFC Gold ETF Fund of Fund or HDFC Multi-Asset Active FOF?
Over 1 year: HDFC Gold ETF Fund of Fund +15.70%, HDFC Multi-Asset Active FOF −0.03%. Over 3 years: HDFC Gold ETF Fund of Fund +30.29% a year, HDFC Multi-Asset Active FOF +12.43% a year. Over 5 years: HDFC Gold ETF Fund of Fund +22.67% a year, HDFC Multi-Asset Active FOF +11.98% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Gold ETF Fund of Fund or HDFC Multi-Asset Active FOF?
HDFC Multi-Asset Active FOF charges less: 0.14% a year against 0.20%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Gold ETF Fund of Fund and HDFC Multi-Asset Active FOF overlap?
12.0%. They hold 1 of the same securities, the largest shared ones being HDFCGOLD. From each fund's latest monthly portfolio.
Which is riskier, HDFC Gold ETF Fund of Fund or HDFC Multi-Asset Active FOF?
On SEBI's riskometer, HDFC Gold ETF Fund of Fund is rated High and HDFC Multi-Asset Active FOF High. Over 3 years, the standard deviation of daily returns was 21.69% and 7.56% a year.
Which is better for SIP, HDFC Gold ETF Fund of Fund or HDFC Multi-Asset Active FOF?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹11,74,969 in HDFC Gold ETF Fund of Fund (XIRR 26.1% a year) and ₹8,07,865 in HDFC Multi-Asset Active FOF (XIRR 11.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both HDFC Gold ETF Fund of Fund and HDFC Multi-Asset Active FOF?
Yes. 12.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Gold ETF Fund of Fund and HDFC Multi-Asset Active FOF?
HDFC Gold ETF Fund of Fund: Nandita Menezes, Arun Agarwal. HDFC Multi-Asset Active FOF: Ihab Dalwai, Bhagyesh Kagalkar, Anil Bamboli.
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.