Gold Mutual Funds in India
Updated June 2026 · 52 active funds · data from AMFI NAVs
Gold mutual funds let you invest in gold through a mutual-fund wrapper rather than buying physical metal or a demat-held gold ETF. In India these are usually structured as Gold Fund-of-Funds (FoFs) or gold savings funds that invest almost entirely in units of a gold ETF, which in turn holds physical gold of standard purity in a vault. SEBI classifies them as commodity-linked passive schemes, so there is no stock-picking — the fund simply aims to mirror the domestic gold price, minus a small expense and tracking gap. Risk-return is distinct from equity and debt: gold can be flat or fall for stretches, then rally sharply, and it has historically tended to hold up when equities sell off or the rupee weakens, since gold is priced in dollars. That counter-cyclical behaviour is why investors use gold as a portfolio diversifier and a hedge against inflation and currency depreciation, typically as a modest allocation rather than a core holding. FindMF measures each gold fund against a domestic gold-price (gold-ETF proxy) benchmark and computes its returns, volatility, drawdown, and tracking behaviour directly from AMFI-published NAVs using our disclosed methodology. FindMF covers 52 active gold funds.
Who it suits: Investors wanting convenient SIP-friendly gold exposure as a diversifier and inflation/currency hedge, without a demat account or the storage and purity concerns of physical gold.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | DSP World Gold Mining Overseas Equity Omni FoF DSP | +66.69% | +43.04% | +21.15% | 0.67 | -39.3% | 1.74% | ₹1.9K Cr |
| 2 | UTI Gold ETF Fund of Fund UTI | +48.11% | +33.10% | - | 1.65 | -23.6% | 0.15% | ₹528 Cr |
| 3 | ICICI Prudential Gold ETF ICICI Prudential | +49.42% | +33.06% | +23.07% | 1.08 | -22.2% | - | ₹23.7K Cr |
| 4 | Quantum Gold Savings Fund Quantum | +48.38% | +33.03% | +22.99% | 1.15 | -24.5% | 0.05% | ₹480 Cr |
| 5 | Aditya Birla Sun Life Gold ETF Aditya Birla Sun Life | +49.47% | +33.01% | - | - | - | - | ₹2.7K Cr |
| 6 | Mirae Asset Gold ETF Mirae Asset | +49.17% | +33.00% | - | 1.43 | -22.1% | 0.10% | ₹3.0K Cr |
| 7 | Axis Gold ETF Axis | +49.13% | +33.00% | +23.02% | 1.08 | -22.3% | - | ₹5.0K Cr |
| 8 | Aditya Birla Sun Life Gold Fund Aditya Birla Sun Life | +48.75% | +32.98% | +22.98% | 1.08 | -23.2% | 0.20% | ₹1.6K Cr |
| 9 | KOTAK GOLD ETF Kotak Mahindra | +49.26% | +32.96% | - | - | - | - | ₹14.6K Cr |
| 10 | DSP Gold ETF DSP | +49.27% | +32.93% | - | 1.36 | -22.2% | 0.63% | ₹2.1K Cr |
| 11 | SBI Gold ETF SBI | +49.09% | +32.79% | - | - | - | - | ₹22.8K Cr |
| 12 | ICICI Prudential Gold ETF FOF ICICI Prudential | +47.94% | +32.78% | +22.95% | 1.09 | -25.8% | 0.18% | ₹6.0K Cr |
| 13 | SBI GOLD FUND SBI | +47.82% | +32.76% | +22.99% | 1.13 | -24.7% | 0.25% | ₹14.4K Cr |
| 14 | Nippon India ETF Gold BeES Nippon India | +48.98% | +32.72% | +22.80% | 1.06 | -22.3% | - | ₹53.3K Cr |
| 15 | HDFC Gold ETF HDFC | +49.20% | +32.69% | +22.96% | 1.07 | -22.3% | 0.20% | ₹22.9K Cr |
| 16 | HDFC Gold ETF Fund of Fund HDFC | +47.44% | +32.63% | +22.86% | 1.13 | -24.8% | 0.20% | ₹10.9K Cr |
| 17 | Nippon India Gold Savings Fund Nippon India | +47.44% | +32.58% | +22.68% | 1.06 | -24.4% | 0.05% | ₹6.7K Cr |
| 18 | UTI Gold ETF Fund of Fund - Regular Plan - Growth Opton UTI | +47.55% | +32.55% | - | 1.62 | -23.6% | - | ₹652 Cr |
| 19 | Kotak Gold Fund Kotak Mahindra | +47.75% | +32.54% | +22.69% | 1.17 | -24.1% | 0.71% | ₹6.4K Cr |
| 20 | Invesco India Gold ETF Fund of Fund Invesco | +46.86% | +32.29% | +22.66% | 1.10 | -24.4% | 0.33% | ₹451 Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are gold funds taxed in India?
Gold mutual funds are taxed as debt funds. For units bought on or after 1 April 2023, the whole capital gain is added to your income and taxed at your slab rate, with no holding-period distinction, no special LTCG rate, and no indexation. So a gold FoF held for five years and one held for six months are taxed the same way — at your marginal slab rate on the gain.
What is a reasonable expense ratio for a gold fund, and how should I compare them?
Because gold funds are passive, cost is one of the few things that separates them. A gold FoF carries its own expense plus the underlying ETF's expense, so look at the total cost of ownership. Direct plans are cheaper than regular plans. On FindMF, compare funds on expense ratio alongside tracking gap versus the gold-ETF-proxy benchmark — a lower-cost fund that stays close to the gold price is doing its job.
Do gold funds track the gold price exactly?
Not exactly. A fund-of-funds layer, expenses, and cash held for redemptions create a small tracking difference from spot gold, and rupee-dollar moves affect rupee returns since gold is dollar-priced. FindMF shows each fund's returns next to the domestic gold-price (gold-ETF proxy) benchmark so you can see how closely it has tracked, all computed from AMFI NAVs.
How much of my portfolio should be in gold?
FindMF does not give allocation advice or name 'best' funds. Many portfolio frameworks treat gold as a satellite diversifier in a modest single-digit-to-low-double-digit range, because its main role is to cushion equity drawdowns and hedge currency/inflation rather than maximise return. Use the historical volatility and drawdown figures here to gauge its behaviour before sizing a position.