HDFC Gold ETF Fund of Fund vs HDFC Multi Asset Allocation Fund
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 Allocation Fund is a Multi Asset 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 Allocation Fund (Direct) returned 11.1% a year. HDFC Gold ETF Fund of Fund charges 0.20% a year and HDFC Multi Asset Allocation Fund 1.01% (Direct plans). Their portfolios overlap 11.7%: 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 Allocation Fund
Multi Asset
- 3 year return
- 11.1%
- Expense ratio
- 1.01%
- NAV
- ₹81.63
Which is better, HDFC Gold ETF Fund of or HDFC 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.
- HDFC Gold ETF Fund of returned more over 5 years: 22.7% a year against 10.2%.
- HDFC Gold ETF Fund of returned more over 3 years: 30.3% a year against 11.1%.
- HDFC Gold ETF Fund of costs less: 0.20% a year against 1.01% (Direct plans).
- HDFC Multi Asset Allocation swung less over 3 years: a standard deviation of 7.6% a year against 21.7%.
- HDFC Gold ETF Fund of fell less in its worst fall since 01-01-2013: −24.8% against −27.1%.
- HDFC Gold ETF Fund of is the larger fund: ₹12,013 Cr against ₹5,782 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 | HDFC Gold ETF Fund of Fund | HDFC Multi Asset Allocation Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | HDFC Mutual Fund |
| Category | Fund of Funds | Multi Asset |
| AUM | ₹12,013 Cr (30-09-2026) | ₹5,782 Cr (30-09-2026) |
| NAV | ₹43.45 (Direct) | ₹81.63 (Direct) |
| Expense ratio (Direct) | 0.20% | 1.01% |
| Expense ratio (Regular) | 0.47% | 2.02% |
| Riskometer | High | Very High |
| Benchmark | Gold Index | 65% Nifty 50 TRI + 22.5% Nifty Composite Debt Index + 10% Domestic Price of Gold + 2.5% Domestic Price of Silver |
| Launch date | 01-11-2011 | 17-08-2005 |
| Minimum investment | Rs. 100 and any amount thereafter. | ₹100 |
| Lock in | None | None |
| Fund managers | Nandita Menezes, Arun Agarwal | Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal |
| 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 | Exit Load for units in excess of 15% of the investment,1% will be charged for redemption within 12 months. |
HDFC Gold ETF Fund of vs HDFC 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 |
|---|---|---|---|---|---|---|---|
| HDFC Gold ETF Fund of Fund (Direct) | −5.30% | −1.84% | −6.67% | +15.70% | +30.29% | +22.67% | +15.38% |
| HDFC Multi Asset Allocation Fund (Direct) | −0.73% | −3.58% | −1.86% | −2.29% | +11.12% | +10.21% | +10.99% |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | +12.56% | +12.92% |
Category average: the average of the 37 Multi Asset funds, same plan type.
HDFC Gold ETF Fund of vs HDFC Multi Asset Allocation: Year-wise Returns
| Year | Gold ETF Fund ofHDFC Gold ETF Fund of | Multi Asset AllocationHDFC Multi Asset Allocation |
|---|---|---|
| 2026to date | +4.55% | −3.74% |
| 2025 | +71.81% | +14.45% |
| 2024 | +19.31% | +14.82% |
| 2023 | +14.47% | +19.43% |
| 2022 | +13.08% | +5.77% |
| 2021 | −5.09% | +19.65% |
HDFC Gold ETF Fund of vs HDFC Multi Asset Allocation: Rolling Returns
Every holding period of both funds
Rolling returns
Every 3-year holding period, 2,668 of them, one for each trading day from 01-01-2016 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 Allocation Fund (Direct)
to
Nov 2016Sept 2015
to
Sept 2018Jul 2017
to
Jul 2020May 2019
to
May 2022Mar 2021
to
Mar 2024Dec 2022
to
Dec 2025
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 | 10.6 | 22.5 | 14.7 | 19.5 | 17.4 | 4.6 | 10.7 | 11.7% | 10.9% | −7.9% | 44.2% |
| HDFC Multi Asset Allocation | 0.6 | 3.8 | 29.3 | 35.9 | 28.3 | 2.0 | 0.2 | 12.1% | 12.8% | −3.6% | 26.7% |
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 01-01-2013. Past returns do not promise future returns.
HDFC Gold ETF Fund of vs HDFC 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 01-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC Gold ETF Fund ofHDFC Gold ETF Fund of Fund (Direct) | ₹16,60,000 | ₹53,91,673 | ₹37,31,673 | 15.7% |
| HDFC Multi Asset AllocationHDFC Multi Asset Allocation Fund (Direct) | ₹16,60,000 | ₹38,35,886 | ₹21,75,886 | 11.3% |
HDFC Gold ETF Fund ofHDFC Gold ETF Fund of Fund (Direct)
HDFC Multi Asset AllocationHDFC 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.
HDFC Gold ETF Fund of vs HDFC Multi Asset Allocation: 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 Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.70% | −2.29% |
| Standard deviation | 31.62% | 9.51% |
| Sharpe ratio | 0.33 | -0.79 |
| Sortino ratio | 0.45 | -1.05 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.9% (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 Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +30.29% | +11.12% |
| Standard deviation | 21.69% | 7.64% |
| Sharpe ratio | 1.12 | 0.67 |
| Sortino ratio | 1.57 | 0.91 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.9% (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 Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +22.67% | +10.21% |
| Standard deviation | 18.07% | 7.46% |
| Sharpe ratio | 0.93 | 0.59 |
| Sortino ratio | 1.33 | 0.82 |
| Maximum drawdown | −24.8% (23-03-2026) | −8.9% (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 Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.40% | +11.06% |
| Standard deviation | 15.09% | 7.94% |
| Sharpe ratio | 0.29 | 0.63 |
| Sortino ratio | 0.41 | 0.85 |
| Maximum drawdown | −24.8% (23-03-2026) | −27.1% (23-03-2020) |
| 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 Allocation Fund (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 Allocation Fund (Direct) | −27.1% | 20-02-2020 | 23-03-2020 | 23-07-2020 | 4 months | −6.2% |
From daily values since 01-01-2013, 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 Allocation Fund (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 Allocation Fund (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 Allocation Fund (Direct)
HDFC Gold ETF Fund of vs HDFC Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Gold ETF Fund of Fund, September 2026; HDFC Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 11.7%
- Held by both
- 1
- Only in HDFC Gold ETF Fund of
- 0
- Only in HDFC Multi Asset Allocation
- 112
| Security | % of HDFC Gold ETF Fund of | % of HDFC Multi Asset Allocation |
|---|---|---|
| HDFC Gold Exchange Traded Fund | 100.12% | 11.71% |
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 HDFC Gold ETF Fund of Fund
Every holding of this fund is also held by the other.
Largest holdings only in HDFC Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd. | 6.86% |
| Reliance Industries Ltd. | 4.86% |
| ICICI Bank Ltd. | 4.74% |
| Bharti Airtel Ltd. | 2.89% |
| Kotak Mahindra Bank Limited | 2.60% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Gold ETF Fund of | HDFC Multi Asset Allocation |
|---|---|---|
| Equity | 0.0% | 69.1% |
| Debt | 0.0% | 11.2% |
| Cash and others | 100.0% | 19.7% |
Market cap of stocks
| Market cap | HDFC Gold ETF Fund of | HDFC Multi Asset Allocation |
|---|---|---|
| Large Cap | -- | 56.0% |
| Mid Cap | -- | 5.3% |
| Small Cap | -- | 7.8% |
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 | HDFC Gold ETF Fund of | HDFC Multi Asset Allocation |
|---|---|---|
| Banks | 0.0% | 18.0% |
| Petroleum Products | 0.0% | 5.4% |
| Automobiles | 0.0% | 5.3% |
| Pharmaceuticals & Biotechnology | 0.0% | 4.6% |
| IT - Software | 0.0% | 4.1% |
| Telecom - Services | 0.0% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Gold ETF Fund of vs HDFC Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Gold ETF Fund of Fund | HDFC Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.20% | 1.01% |
| Base expense ratio (Direct) | 0.17% | 0.73% |
| Total expense ratio (Regular) | 0.47% | 2.02% |
| Base expense ratio (Regular) | 0.40% | 1.58% |
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
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HDFC Gold ETF Fund of Fund vs HDFC Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between HDFC Gold ETF Fund of Fund and HDFC Multi Asset Allocation Fund?
HDFC Gold ETF Fund of Fund is a Fund of Funds fund, HDFC Multi Asset Allocation Fund is a Multi Asset fund, run by HDFC Mutual Fund. Their portfolios overlap 11.7%. HDFC Gold ETF Fund of Fund charges 0.20% a year and HDFC Multi Asset Allocation Fund 1.01%.
Which has given higher returns, HDFC Gold ETF Fund of Fund or HDFC Multi Asset Allocation Fund?
Over 1 year: HDFC Gold ETF Fund of Fund +15.70%, HDFC Multi Asset Allocation Fund −2.29%. Over 3 years: HDFC Gold ETF Fund of Fund +30.29% a year, HDFC Multi Asset Allocation Fund +11.12% a year. Over 5 years: HDFC Gold ETF Fund of Fund +22.67% a year, HDFC Multi Asset Allocation Fund +10.21% 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 Allocation Fund?
HDFC Gold ETF Fund of Fund charges less: 0.20% a year against 1.01%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Gold ETF Fund of Fund and HDFC Multi Asset Allocation Fund overlap?
11.7%. 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 Allocation Fund?
On SEBI's riskometer, HDFC Gold ETF Fund of Fund is rated High and HDFC Multi Asset Allocation Fund Very High. Over 3 years, the standard deviation of daily returns was 21.69% and 7.64% a year.
Which is better for SIP, HDFC Gold ETF Fund of Fund or HDFC Multi Asset Allocation Fund?
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 ₹7,72,363 in HDFC Multi Asset Allocation Fund (XIRR 9.2% 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 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 HDFC Gold ETF Fund of Fund and HDFC Multi Asset Allocation Fund?
HDFC Gold ETF Fund of Fund: Nandita Menezes, Arun Agarwal. HDFC Multi Asset Allocation Fund: Ihab Dalwai, Anil Bamboli, Bhagyesh Kagalkar, Nandita Menezes, – Mr. Arun Agarwal, Gopal Agrawal.
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.