The rule behind "best"
"Best" is not one thing, so this post fixes a rule and applies it the same way in every category of this series. Of the 15 multi asset funds with a 3-year record, 8 are open to new money, hold at least ₹1,000 crore (average AUM, July–September 2026) and have a 5-year record. They are ranked by 3-year compounded annual return, Direct plan, Growth option, from NAVs to 27 October 2026. On that rule the leader is Quant Multi Asset Allocation Fund at 21.49% a year, against a category median of 13.48%. The same fund tops the list with no filter applied.
A multi asset fund must hold at least 10% in each of at least three asset classes, typically equity, debt and gold or silver. The mix of asset classes is the manager's call, so two funds in the same category can hold very different amounts of equity, debt and metal.
The top five
| Fund | 1 year | 3 years | 5 years | 10 years | Expense ratio | AUM (₹ crore) |
|---|---|---|---|---|---|---|
| Quant Multi Asset Allocation Fund | 8.96% | 21.49% | 17.85% | 18.24% | 1.13% | 6,467 |
| Nippon India Multi Asset Allocation Fund | 3.13% | 17.81% | 13.49% | – | 0.48% | 17,454 |
| SBI Multi Asset Allocation Fund | 2.27% | 13.64% | 12.22% | 11.50% | 0.66% | 20,580 |
| UTI Multi Asset Allocation Fund | −3.40% | 13.48% | 11.94% | 10.65% | 0.89% | 6,968 |
| Axis Multi Asset Allocation Fund | 1.40% | 13.21% | 7.73% | 11.29% | 1.20% | 2,553 |
| Category median | 2.27% | 13.48% | 12.08% | – | – | – |
Returns of a year or more are compounded annual rates. Quant Multi Asset Allocation Fund leads the median by 8.01 points a year over three years, and Nippon India Multi Asset Allocation Fund follows at 17.81%.
Risk: what the lead cost
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio |
|---|---|---|---|
| Quant Multi Asset Allocation Fund | 11.4% | −12.5% | 1.31 |
| Nippon India Multi Asset Allocation Fund | 10.1% | −10.8% | 1.12 |
| SBI Multi Asset Allocation Fund | 8.1% | −8.6% | 0.89 |
Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| Quant Multi Asset Allocation Fund | 12.19% | 17.60% |
| Nippon India Multi Asset Allocation Fund | 10.01% | 14.68% |
| SBI Multi Asset Allocation Fund | 7.68% | 12.16% |
| Category median | 7.49% | 11.36% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
Same rule, different crowns
3 different funds take the five measures below, which is the point: the answer depends on what you ask.
| Measure | Fund | Value |
|---|---|---|
| Best 1-year return | Quant Multi Asset Allocation Fund | 8.96% |
| Best 5-year return | Quant Multi Asset Allocation Fund | 17.85% |
| Lowest expense ratio | Nippon India Multi Asset Allocation Fund | 0.48% |
| Lowest volatility | HDFC Multi Asset Allocation Fund | 7.7% |
| Highest Sharpe ratio | Quant Multi Asset Allocation Fund | 1.31 |
Only eight multi asset funds in the category pass the screen of at least ₹1,000 crore of AUM and a 5-year record, because most are young. The leader is about 3.7 points a year ahead of second place; before assuming that gap repeats, open the fund page and check what the portfolio held.
More in this series
Best large cap fund · Best mid cap fund · Best small cap fund · Best flexi cap fund · Best ELSS fund · Best aggressive hybrid fund · Best large and mid cap fund · Best short duration fund · Best gilt fund
What this ranking cannot tell you
It looks backward over a single window. It ignores the fund house, the manager's tenure, the portfolio and its overlap with what you already own. Past returns do not predict future ones, and a fund's rank can change with the next month's NAV. For any fund here, open its page to see the full record, and use the compare tool to set two side by side. This is a data read-out, not advice to buy or sell.
Frequently asked questions
Which is the best multi asset fund in India in 2026?
On this rule (open-ended, at least ₹1,000 crore AUM, a 5-year record, ranked by 3-year return, Direct plan, Growth option), Quant Multi Asset Allocation Fund, at 21.49% a year to 27 October 2026, against a category median of 13.48%. A different rule can give a different answer.
Does the best multi asset fund by 3-year return also lead over 1 and 5 years?
Yes, Quant Multi Asset Allocation Fund also leads the eligible funds over one year (8.96%) and five years (17.85%).
Which multi asset fund has the lowest expense ratio?
Nippon India Multi Asset Allocation Fund, at 0.48% for the Direct plan among the eligible funds. Quant Multi Asset Allocation Fund charges 1.13%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
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