The number
The median multi-asset allocation fund returned 4.92% in the year to 9 October 2026, and 26 of the 30 funds with a full year of history were positive. Over three years the median is 14.36% a year across 15 funds, and over five years 12.55% across 8. Most of the category is young: 15 of 30 funds have under three years of history.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 9 October 2026. Returns of a year or more are compounded annual rates. SEBI's rule for the category is at least three asset classes with at least 10% in each.
Every fund with a year of history
| Fund | 1 year | 3 years a year | 5 years a year | Worst fall in 3 years |
|---|---|---|---|---|
| Quant Multi Asset Allocation Fund | 11.2% | 22.3% | 18.5% | −12.5% |
| 360 ONE Multi Asset Allocation Fund | 10.8% | — | — | — |
| WhiteOak Capital Multi Asset Allocation Fund | 8.4% | 16.7% | — | −6.1% |
| Bandhan Multi Asset Allocation Fund | 8.2% | — | — | — |
| Bank of India Multi Asset Allocation Fund | 8.0% | — | — | — |
| Kotak Multi Asset Allocation Fund | 7.4% | 17.2% | — | −13.8% |
| DSP Multi Asset Allocation Fund | 6.8% | 17.5% | — | −9.7% |
| Invesco India Multi Asset Allocation Fund | 6.5% | — | — | — |
| Nippon India Multi Asset Allocation Fund | 6.3% | 18.6% | 14.6% | −10.8% |
| Edelweiss Multi Asset Allocation Fund | 6.3% | 7.6% | — | −1.8% |
| Mirae Asset Multi Asset Allocation Fund | 6.2% | — | — | — |
| Mahindra Manulife Multi Asset Allocation Fund | 6.2% | — | — | — |
| Aditya Birla Sun Life Multi Asset Allocation Fund | 5.8% | 15.4% | — | −12.8% |
| HSBC Multi Asset Allocation Fund | 5.4% | — | — | — |
| SBI Multi Asset Allocation Fund | 5.2% | 14.4% | 12.6% | −8.6% |
| Union Multi Asset Allocation Fund | 4.7% | — | — | — |
| Canara Robeco Multi Asset Allocation Fund | 4.2% | — | — | — |
| Axis Multi Asset Allocation Fund | 3.9% | 13.2% | 8.3% | −12.1% |
| Bajaj Finserv Multi Asset Allocation Fund | 3.2% | — | — | — |
| Samco Multi Asset Allocation Fund | 2.6% | — | — | — |
| Shriram Multi Asset Allocation Fund | 2.4% | 10.7% | — | −15.3% |
| Franklin India Multi Asset Allocation Fund | 2.4% | — | — | — |
| Baroda BNP Paribas Multi Asset Fund | 2.2% | 13.7% | — | −11.9% |
| Tata Multi Asset Allocation Fund | 1.4% | 12.2% | 11.3% | −10.3% |
| LIC MF Multi Asset Allocation Fund | 1.0% | — | — | — |
| UTI Multi Asset Allocation Fund | 0.2% | 14.7% | 12.5% | −11.0% |
| Sundaram Multi Asset Allocation Fund | −0.5% | — | — | — |
| ICICI Prudential Multi Asset Allocation Fund | −0.5% | 13.6% | 14.3% | −9.5% |
| HDFC Multi Asset Allocation Fund | −0.7% | 11.4% | 10.3% | −8.9% |
| Quantum Multi Asset Allocation Fund | −2.3% | — | — | — |
A dash means the fund is too young for that period. The last column is the largest peak-to-trough fall in NAV over three years.
Who led, who lagged
Quant Multi Asset Allocation Fund leads on every period shown: 11.2% over a year, 22.3% a year over three and 18.5% a year over five. The next-best three-year figure, Nippon India's 18.6%, is 3.7 points behind it. The gap is not free: Quant's worst three-year fall of 12.5% is about 1.7 points deeper than the median fund's.
WhiteOak Capital's fund stands out for a different reason. It gained 8.4% in a year, 16.7% a year over three, and had a worst fall of only 6.1%, the shallowest apart from Edelweiss's 1.8%, a fund whose three-year return is a much lower 7.6%.
The four that lost money — Quantum, HDFC, ICICI Prudential and Sundaram — lost between 0.5% and 2.3%. HDFC and ICICI Prudential both have five-year records, of 10.3% and 14.3% a year, so the year is the weak spot, not the history.
Against equity and gold
| Benchmark (price) | 1 year | 3 years a year | 5 years a year |
|---|---|---|---|
| Median multi-asset fund | 4.92% | 14.36% | 12.55% |
| Nifty 50 | −10.57% | 4.90% | 4.71% |
| Gold BeES (gold ETF) | 20.97% | 35.92% | 24.80% |
A multi-asset fund's pitch is a smoother ride than equity and some participation in whatever is working. Both showed up in the last year: the median fund finished 15.5 points ahead of the Nifty 50 and 16.0 points behind gold. Over three years it earned 14.36% a year against 4.90% for the Nifty 50, a gap of 9.5 points, while still trailing gold's 35.92% by a wide margin.
The funds' three-year worst fall has a median of 10.8%. For comparison, the median focused equity fund fell 17.8% from peak to trough in the same window, in our focused fund returns post.
What to read from it
Multi-asset funds' results depend heavily on how much gold and equity each one held. The year's spread is 13.5 points between best and worst, so two funds with the same label can behave very differently; the label does not say how much gold or equity a fund holds. The multi-asset comparison of Quant, Nippon India, DSP and Kotak looks at four of the older ones in detail, and the screener can list all 30 with their risk and cost figures.
Gold's gains over this window are history, not a forecast.
Frequently asked questions
How have multi-asset allocation funds performed over the last year?
The median multi-asset fund (Direct plan, Growth option) returned 4.92% in the year to 9 October 2026, across 30 funds with a year of history. Twenty-six were positive. The range ran from -2.3% (Quantum) to 11.2% (Quant).
How do multi-asset funds compare with equity and gold?
They sat between the two. Over a year the Nifty 50 price index fell 10.57% and Gold BeES, a gold ETF, rose 20.97%, against a 4.92% median for multi-asset funds. Over three years the median was 14.36% a year, against 4.90% for the Nifty 50 and 35.92% for Gold BeES.
Are multi-asset funds less volatile than equity funds?
On the history available, yes. The median multi-asset fund's worst fall in the last three years was 10.8%, compared with 17.8% for the median focused equity fund. Only 15 of the 30 funds have a three-year record, so the figure covers half the category.
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
Multi-asset funds returned 7.9% while the Nifty fell
The median multi-asset allocation fund returned 7.85% in the year to 30 September 2026, as the Nifty 50 fell 8.09%. The funds were 15 points apart.
Multi-asset funds: 10.58% in a year, gold did the work
The median multi-asset fund returned 10.58% in the year to 24 July 2026 while the Nifty 50 fell 5.17%. Nearly all of it came in the six months gold rose 68%.
Quant, Nippon, DSP, Kotak multi-asset funds compared
The four multi-asset funds with the best 3-year records made 16.67% to 21.54% a year to 8 October 2026. Their mixes of equity, gold and silver differ widely.