FoFFoF DomesticDirectGrowthVery High

Zerodha Multi Asset Passive FoF

Q: What is the NAV of Zerodha Multi Asset Passive FoF?

As of 05 Oct 2026, the NAV of Zerodha Multi Asset Passive FoF is ₹11.04 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Zerodha Multi Asset Passive FoF delivered?

Zerodha Multi Asset Passive FoF has returned +5.19% over 1 year and +8.47% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF charges an expense ratio of 0.23% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF's largest holdings are Zerodha Nifty Midcap 150 ETF (32.2%), Zerodha Nifty 100 ETF (28.6%), Zerodha Gold ETF (24.8%) and Zerodha Nifty 8-13 Yr G-Sec ETF (14.8%). Holdings are disclosed monthly and change over time.

Q: How risky is Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.2% and its worst peak-to-trough fall in our sample was -12.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What is the benchmark of Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF is benchmarked against the 60% Nifty 200 TRI + 15% CRISIL 10 year Gilt Index + 25% Domestic prices of Physical Gold. Its alpha and beta on this page are measured against that index.

Q: Who manages Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF is managed by Kedarnath Mirajkar at Zerodha.

Q: How is Zerodha Multi Asset Passive FoF taxed?

Zerodha Multi Asset Passive FoF is a non-equity fund (a fund-of-funds, gold, international or balanced-hybrid scheme). Since FY 2025-26 it's no longer taxed like a pure-debt fund: gains on units held more than 2 years are long-term, taxed at 12.5% (no indexation, no ₹1.25 lakh exemption); units held 2 years or less are taxed at your income-tax slab rate.

Zerodha Mutual Fund · Best Domestic Fund of Funds

NAV

₹11.04

+0.21% 1D

as of 05 Oct 2026

This is the Direct plan of Zerodha Multi Asset Passive FoF — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+4.20%absolute

52-week rangePrev NAV ₹11.02

Latest ₹11.04

Low ₹10.3247th percentile of its 52-week rangeHigh ₹11.86

Scorecard

★★★☆☆3/5 vs 118 of 155 FoF Domestic peers1Y

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within FoF Domestic (same plan and option). Based on a 1-year record — this fund is too young for a 3-year CAGR, so its performance is ranked on 1Y against the same peers. 118 of the 155 FoF Domestic funds in this cohort carry the full record the stars need, so they are the ones ranked against.

Performance—

Not enough FoF Domestic peers to rank yet

RiskLow

Volatility 13.2% vs 17.7% category avg

CostAverage

0.2% expense vs 0.2% category avg

Consistency—

Not enough history for a rolling 3Y view

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Less volatile than its FoF Domestic peers (13.2% vs 17.7%)

Concerns

Trails the FoF Domestic average on 1M/3M/6M/1Y — 1Y by 7.13pp

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.23%

Category 0.23%0.00%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

—

Category —

Excess return per unit of total volatility (rf = 6.5%)

—

Category 0.72

Scheme Info

Definitions

Plan

Direct · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

Exit Load

None

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹100

60% Nifty 200 TRI + 15% CRISIL 10 year Gilt Index + 25% Domestic prices of Physical Gold

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

20 Aug 2025

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-4.89%

Absolute return over the last 3 months (not annualized)

-3.36%

Absolute return over the last 6 months (not annualized)

+4.07%

Absolute return since 1 Jan of this year (not annualized)

-0.83%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+5.19%

3-year annualized return (CAGR)

—

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+8.47%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

13.16%

Excess return per unit of total volatility (rf = 6.5%)

—

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

—

Largest peak-to-trough decline over full history

-12.66%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

—

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

—

How much of the fund's movement Nifty 500 TRI explains

—

Excess return per unit of beta (market risk)

—

Active return over the benchmark per unit of tracking error

—

Annualized std dev of fund-minus-benchmark returns

—

Fund's share of benchmark gains in up months (100 = matches index)

—

Fund's share of benchmark losses in down months (lower is better)

—

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (FoF Domestic)

Period	Fund	Category avg.	Diff
1M abs	-4.89%	-3.38%	-1.51%
3M abs	-3.36%	-1.35%	-2.01%
6M abs	+4.07%	+4.89%	-0.82%
1Y CAGR	+5.19%	+12.32%	-7.13%
3Y CAGR	—	+19.75%	—
5Y CAGR	—	+13.12%	—

Category average across peers in FoF Domestic (154 of 155 carry a figure for at least one period), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 155 peers in FoF Domestic

1Y return

+5.19%

Beats 47% · rank #63

3Y return

—

5Y return

—

Sharpe

—

Sortino

—

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹1.20L

Current value

₹1.18L

Absolute

-1.60%

XIRR

-3.46%

Value vs. invested

ValueInvested

12 monthly installments of ₹10,000 into Zerodha Multi Asset Passive FoF, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-0.83%	-7.18%	+6.35%
2025part	+10.49%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

275

Expense ratio

0.23%

AUM

₹163.01Cr

Exit load

Nil

Taxation

Taxed as non-equity

This is a non-equity fund — a fund-of-funds, gold/silver, international or balanced-hybrid scheme. It isn't equity-oriented, but since FY 2025-26 it's no longer taxed like a pure-debt fund either: gains held over 2 years get the 12.5% long-term rate; shorter holdings are taxed at your income-tax slab rate.

Short-term

30%

Held under 2 years

Added to your income at your slab rate

Long-term (LTCG)

12.5%

Held 2 years or more

No indexation, no ₹1.25 L exemption

Your income-tax slab

Sets the short-term (slab-rate) figure above.

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · FoF Domestic

Compare all


Zerodha Multi Asset Passive FoFThis fund Zerodha · Direct · Growth	★★★☆☆ 1Y	+5.19%	—	—	—	0.23%	₹163.01Cr
Mirae Asset NYSE FANG + ETF Fund of Fund Mirae Asset · Direct · Growth	★★★★★	+46.31%	+59.01%	+36.50%	—	0.04%	₹2,418Cr
Mirae Asset S&P 500 Top 50 ETF Fund of Fund Mirae Asset · Direct · Growth	★★★★★	+48.18%	+46.49%	+29.85%	—	0.04%	—
Axis Silver Fund of Fund Axis · Direct · Growth	★★★★★	+51.54%	+46.04%	—	—	0.14%	₹1,209Cr
Nippon India Silver ETF FOF Nippon India · Direct · Growth	★★★★☆	+49.82%	+45.66%	—	—	0.22%	₹4,544Cr
Kotak Silver ETF Fund of Fund Kotak Mahindra · Direct · Growth	★★★★☆	+51.52%	+45.48%	—	—	0.28%	₹981.83Cr

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Other100.39%

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-12.7%29 Jan 2026 → 23 Mar 2026
Fell over 2 months, back to the old high on 24 Aug 2026 — 5 months under water after the low.
-7.1%26 Aug 2026 → 01 Oct 2026
Still below that high — 36 days down, and no recovery yet.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

AMC Profile

Zerodha Mutual Fund, which operates as Zerodha Fund House, is a joint venture between the broker Zerodha and smallcase. It launched its first schemes in 2023 and runs index funds and ETFs only — no active equity schemes.

Launched

19 Dec 2021

Total AUM

₹15,373Cr+11.5% QoQ

Avg AUM · April - June 2026

Website

zerodhafundhouse.com

Fund Managers

KMKedarnath MirajkarManaging since 25 Jul 2025

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

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Fund managers

Kedarnath Mirajkar

Zerodha in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

Frequently asked questions

What is the NAV of Zerodha Multi Asset Passive FoF?

As of 05 Oct 2026, the NAV of Zerodha Multi Asset Passive FoF is ₹11.04 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Zerodha Multi Asset Passive FoF delivered?

Zerodha Multi Asset Passive FoF has returned +5.19% over 1 year and +8.47% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF charges an expense ratio of 0.23% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF's largest holdings are Zerodha Nifty Midcap 150 ETF (32.2%), Zerodha Nifty 100 ETF (28.6%), Zerodha Gold ETF (24.8%) and Zerodha Nifty 8-13 Yr G-Sec ETF (14.8%). Holdings are disclosed monthly and change over time.

How risky is Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.2% and its worst peak-to-trough fall in our sample was -12.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF is benchmarked against the 60% Nifty 200 TRI + 15% CRISIL 10 year Gilt Index + 25% Domestic prices of Physical Gold. Its alpha and beta on this page are measured against that index.

Who manages Zerodha Multi Asset Passive FoF?

Zerodha Multi Asset Passive FoF is managed by Kedarnath Mirajkar at Zerodha.

How is Zerodha Multi Asset Passive FoF taxed?

Zerodha Multi Asset Passive FoF is a non-equity fund (a fund-of-funds, gold, international or balanced-hybrid scheme). Since FY 2025-26 it's no longer taxed like a pure-debt fund: gains on units held more than 2 years are long-term, taxed at 12.5% (no indexation, no ₹1.25 lakh exemption); units held 2 years or less are taxed at your income-tax slab rate.