Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF
Direct Plan, Growth option · Data as on 30-10-2026
Zerodha Gold ETF FoF is a Fund of Funds fund and Zerodha Multi Asset Passive FoF is a Fund of Funds fund. In the year to 30-10-2026, Zerodha Gold ETF FoF (Direct) returned 15.7% and Zerodha Multi Asset Passive FoF (Direct) returned 0.1%. Zerodha Gold ETF FoF charges 0.28% a year and Zerodha Multi Asset Passive FoF 0.23% (Direct plans). Their portfolios overlap 24.8%: they hold 1 of the same security.
Zerodha Gold ETF FoF
Fund of Funds
- 1 year return
- 15.7%
- Expense ratio
- 0.28%
- NAV
- ₹18.20
Zerodha Multi Asset Passive FoF
Fund of Funds
- 1 year return
- 0.1%
- Expense ratio
- 0.23%
- NAV
- ₹10.81
Which is better, Zerodha Gold ETF FoF or Zerodha Multi Asset Passive FoF? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Zerodha Gold ETF FoF returned more over 1 year: 15.7% against 0.1%.
- Zerodha Multi Asset Passive FoF costs less: 0.23% a year against 0.28% (Direct plans).
- Zerodha Multi Asset Passive FoF fell less in its worst fall since 20-08-2025: −12.7% against −24.3%.
- Zerodha Gold ETF FoF is the larger fund: ₹387 Cr against ₹188 Cr.
- Their portfolios overlap 24.8%: 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 | Zerodha Gold ETF FoF | Zerodha Multi Asset Passive FoF |
|---|---|---|
| Fund house | Zerodha Mutual Fund | Zerodha Mutual Fund |
| Category | Fund of Funds | Fund of Funds |
| AUM | ₹387 Cr (30-09-2026) | ₹188 Cr (30-09-2026) |
| NAV | ₹18.20 (Direct) | ₹10.81 (Direct) |
| Expense ratio (Direct) | 0.28% | 0.23% |
| Expense ratio (Regular) | Not available | Not available |
| Riskometer | High | Very High |
| Benchmark | Gold Index | 60% Nifty 200 TRI + 15% CRISIL 10 year Gilt Index + 25% Domestic prices of Physical Gold |
| Launch date | 13-11-2024 | 13-08-2025 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Shyam Agarwal, Kedarnath Mirajkar | Kedarnath Mirajkar |
| Exit load | Nil | Nil |
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive 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 |
|---|---|---|---|---|---|---|---|
| Zerodha Gold ETF FoF (Direct) | −5.29% | −1.82% | −6.69% | +15.71% | -- | -- | -- |
| Zerodha Multi Asset Passive FoF (Direct) | −2.56% | −5.12% | −3.82% | +0.12% | -- | -- | -- |
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF: Year-wise Returns
| Year | Gold ETFZerodha Gold ETF FoF | Multi Asset PassiveZerodha Multi Asset Passive FoF |
|---|---|---|
| 2026to date | +4.44% | −2.89% |
| 2025 | +71.95% | -- |
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF: Rolling Returns
Every holding period of both funds
Rolling returns
Every 1-year holding period, 47 of them, one for each trading day from 20-08-2026 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.
Zerodha Gold ETF FoF (Direct)
Zerodha Multi Asset Passive FoF (Direct)
to
Aug 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
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Oct 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Zerodha Gold ETF FoF | 0.0 | 0.0 | 0.0 | 12.8 | 12.8 | 10.6 | 63.8 | 32.7% | 32.2% | 11.2% | 61.2% |
| Zerodha Multi Asset Passive FoF | 8.5 | 25.5 | 29.8 | 19.1 | 17.0 | 0.0 | 0.0 | 8.3% | 8.7% | −1.3% | 18.2% |
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 20-08-2025. Past returns do not promise future returns.
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive 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 01-08-2025 to 30-10-2026: 15 instalments, ₹1,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Zerodha Gold ETF FoFZerodha Gold ETF FoF (Direct) | ₹1,50,000 | ₹1,56,101 | ₹6,101 | 6.2% |
| Zerodha Multi Asset Passive FoFZerodha Multi Asset Passive FoF (Direct) | ₹1,50,000 | ₹1,47,680 | −₹2,320 | −2.3% |
Zerodha Gold ETF FoFZerodha Gold ETF FoF (Direct)
Zerodha Multi Asset Passive FoFZerodha Multi Asset Passive 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.
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Zerodha Gold ETF FoF (Direct) | Zerodha Multi Asset Passive FoF (Direct) |
|---|---|---|
| Return (CAGR) | +15.71% | +0.12% |
| Standard deviation | 30.80% | 13.63% |
| Sharpe ratio | 0.34 | -0.38 |
| Sortino ratio | 0.46 | -0.50 |
| Maximum drawdown | −24.3% (23-03-2026) | −12.7% (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 | Zerodha Gold ETF FoF (Direct) | Zerodha Multi Asset Passive FoF (Direct) |
|---|---|---|
| Return (CAGR) | +35.52% | +6.08% |
| Standard deviation | 24.89% | 12.91% |
| Sharpe ratio | 1.20 | 0.06 |
| Sortino ratio | 1.70 | 0.08 |
| Maximum drawdown | −24.3% (23-03-2026) | −12.7% (23-03-2026) |
| Beta | -- | -- |
| Alpha | -- | -- |
From daily NAVs, 19-11-2024 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.
Zerodha Gold ETF FoF (Direct)
Zerodha Multi Asset Passive FoF (Direct)
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Zerodha Gold ETF FoF (Direct) | −24.3% | 29-01-2026 | 23-03-2026 | Not yet | -- | −21.4% |
| Zerodha Multi Asset Passive FoF (Direct) | −12.7% | 29-01-2026 | 23-03-2026 | 24-08-2026 | 5 months | −8.8% |
From daily values since 20-08-2025, 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.
Zerodha Gold ETF FoF (Direct)
Zerodha Multi Asset Passive FoF (Direct)
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF: Portfolio Overlap
From each fund's latest monthly portfolio: Zerodha Gold ETF FoF, September 2026; Zerodha Multi Asset Passive FoF, September 2026
Holdings in common
- Overlap
- 24.8%
- Held by both
- 1
- Only in Zerodha Gold ETF FoF
- 0
- Only in Zerodha Multi Asset Passive FoF
- 3
| Security | % of Zerodha Gold ETF FoF | % of Zerodha Multi Asset Passive FoF |
|---|---|---|
| ZERODHA GOLD ETF | 100.18% | 24.83% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 24.8% means 24.8% 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 Zerodha Gold ETF FoF
Every holding of this fund is also held by the other.
Largest holdings only in Zerodha Multi Asset Passive FoF
| Security | % of fund |
|---|---|
| Zerodha Nifty Midcap 150 ETF | 31.53% |
| Zerodha Nifty 100 ETF | 28.29% |
| Zerodha Nifty 8-13 Yr G-Sec ETF | 15.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Zerodha Gold ETF FoF | Zerodha Multi Asset Passive FoF |
|---|---|---|
| Equity | 0.0% | 0.0% |
| Debt | 0.0% | 0.0% |
| Cash and others | 100.0% | 100.0% |
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Zerodha Gold ETF FoF | Zerodha Multi Asset Passive FoF |
|---|---|---|
| Total expense ratio (Direct) | 0.28% | 0.23% |
| Base expense ratio (Direct) | 0.23% | 0.18% |
| Base expense ratio (Regular) | 0.00% | 0.00% |
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.
Zerodha Gold ETF FoF vs Zerodha Multi Asset Passive FoF: Frequently Asked Questions
What is the difference between Zerodha Gold ETF FoF and Zerodha Multi Asset Passive FoF?
Zerodha Gold ETF FoF is a Fund of Funds fund, Zerodha Multi Asset Passive FoF is a Fund of Funds fund, run by Zerodha Mutual Fund. Their portfolios overlap 24.8%. Zerodha Gold ETF FoF charges 0.28% a year and Zerodha Multi Asset Passive FoF 0.23%.
Which has given higher returns, Zerodha Gold ETF FoF or Zerodha Multi Asset Passive FoF?
Over 1 year: Zerodha Gold ETF FoF +15.71%, Zerodha Multi Asset Passive FoF +0.12%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Zerodha Gold ETF FoF or Zerodha Multi Asset Passive FoF?
Zerodha Multi Asset Passive FoF charges less: 0.23% a year against 0.28%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Zerodha Gold ETF FoF and Zerodha Multi Asset Passive FoF overlap?
24.8%. They hold 1 of the same securities, the largest shared ones being GOLDCASE. From each fund's latest monthly portfolio.
Which is riskier, Zerodha Gold ETF FoF or Zerodha Multi Asset Passive FoF?
On SEBI's riskometer, Zerodha Gold ETF FoF is rated High and Zerodha Multi Asset Passive FoF Very High. Over 1 years, the standard deviation of daily returns was 30.80% and 13.63% a year.
Can I invest in both Zerodha Gold ETF FoF and Zerodha Multi Asset Passive FoF?
Yes. 24.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Zerodha Gold ETF FoF and Zerodha Multi Asset Passive FoF?
Zerodha Gold ETF FoF: Shyam Agarwal, Kedarnath Mirajkar. Zerodha Multi Asset Passive FoF: Kedarnath Mirajkar.
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.