Passive Mutual Funds in India
Updated June 2026 · 860 active funds · data from AMFI NAVs
Passive mutual funds aim to track a benchmark rather than beat it. Instead of a manager picking stocks or bonds, the scheme replicates a published index, holds another fund, or trades on an exchange to mirror a basket. On FindMF, this category groups four SEBI scheme types: Index Funds (open-ended schemes mirroring a stated index), ETFs (exchange-listed units that trade like shares), domestic Fund of Funds (FoFs that invest in other Indian mutual funds), and overseas FoFs (which route money into foreign indices and funds). Risk and return depend entirely on what is being tracked: an equity index fund carries full equity-market risk, while a debt or gold ETF behaves like its underlying asset. The common thread is low cost, rules-based exposure, and no active stock-selection bet. Investors use passive funds as low-fee core holdings, for SIPs, or to gain a slice of a specific market cheaply. FindMF computes returns, volatility, drawdown, and tracking-related metrics from AMFI-published NAVs using one disclosed methodology, with no recommendations and no commissions.
Who it suits: Cost-conscious, long-horizon investors who want rules-based market exposure rather than an active manager's stock-picking bet.
45% of the 520 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | Mirae Asset NYSE FANG + ETF Fund of Fund Mirae Asset | +40.73% | +46.68% | +30.99% | 0.94 | -43.7% | - | ₹2.1K Cr |
| 2 | Motilal Oswal Nasdaq 100 Fund of Fund Motilal Oswal | +76.36% | +40.06% | +25.72% | 0.76 | -30.4% | 0.19% | ₹6.0K Cr |
| 3 | Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund Mirae Asset | +69.79% | +39.98% | - | 1.50 | -27.2% | 0.14% | ₹378 Cr |
| 4 | Mirae Asset NYSE FANG + ETF Mirae Asset | +33.92% | +37.86% | +26.50% | 0.84 | -43.6% | - | ₹3.3K Cr |
| 5 | Mirae Asset S&P 500 Top 50 ETF Fund of Fund Mirae Asset | +43.52% | +36.59% | - | 0.96 | -29.9% | 0.02% | ₹755 Cr |
| 6 | Navi NASDAQ100 US Specific Equity Passive FOF Navi | +50.29% | +33.20% | - | 0.84 | -25.1% | 0.19% | ₹1.0K Cr |
| 7 | ICICI Prudential NASDAQ 100 Index Fund ICICI Prudential | +50.61% | +33.14% | - | 0.72 | -30.0% | 0.52% | ₹2.7K Cr |
| 8 | Motilal Oswal Nasdaq 100 ETF (MOFN100) Motilal Oswal | +50.78% | +33.05% | - | - | - | - | ₹11.3K Cr |
| 9 | Kotak US Specific Equity Passive FOF Kotak Mahindra | +46.66% | +32.04% | +22.08% | 0.78 | -29.1% | 0.54% | ₹3.7K Cr |
| 10 | Invesco India - Invesco EQQQ Nasdaq - 100 ETF Fund of Fund Invesco | +46.39% | +32.00% | - | 1.05 | -23.0% | 0.47% | ₹401 Cr |
| 11 | Aditya Birla Sun Life US Equity Passive FOF Aditya Birla Sun Life | +46.42% | +31.86% | - | 0.68 | -28.9% | 0.26% | ₹443 Cr |
| 12 | Axis NASDAQ 100 US Specific Equity Passive FOF Axis | +45.78% | +31.43% | - | 1.46 | -23.0% | 0.29% | ₹189 Cr |
| 13 | CPSE ETF Nippon India | +3.21% | +31.26% | +29.27% | 1.20 | -28.0% | - | ₹25.6K Cr |
| 14 | Edelweiss US Technology Equity Fund of Fund Edelweiss | +40.87% | +31.15% | +17.52% | 0.47 | -45.3% | 0.70% | ₹3.5K Cr |
| 15 | Motilal Oswal Nasdaq Q50 ETF Motilal Oswal | +67.22% | +30.84% | - | 0.43 | -31.0% | - | ₹134 Cr |
| 16 | ICICI Prudential Strategic Metal and Energy Equity Fund of Fund ICICI Prudential | +61.95% | +30.42% | - | 0.86 | -24.3% | 0.23% | ₹217 Cr |
| 17 | UTI Nifty 500 Value 50 Index Fund UTI | +13.35% | +29.87% | - | 1.11 | -22.6% | 0.69% | ₹603 Cr |
| 18 | Motilal Oswal BSE Enhanced Value ETF Motilal Oswal | +7.62% | +29.87% | - | 1.05 | -21.8% | - | ₹136 Cr |
| 19 | Motilal Oswal BSE Enhanced Value Index Fund Motilal Oswal | +7.43% | +29.34% | - | 1.03 | -21.8% | 0.60% | ₹1.5K Cr |
| 20 | PGIM India Emerging Markets Equity Fund of Fund PGIM India | +45.24% | +28.85% | +5.26% | 0.08 | -48.0% | 0.54% | ₹1.2K 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
What is the difference between an Index Fund and an ETF?
Both track an index, but an Index Fund is a regular open-ended mutual fund you buy and redeem at end-of-day NAV directly from the AMC, with no demat account needed. An ETF is listed on the exchange and trades intraday like a share, so you need a demat and broking account and your buy/sell price can differ from NAV depending on market liquidity. FindMF lists both as separate sub-categories and computes NAV-based returns for each.
Are passive funds always cheaper than active funds?
Passive funds generally carry lower expense ratios because there is no active research team selecting securities. Index funds and ETFs in India often cost a fraction of comparable active funds. However, costs vary across the category, and FoFs can carry an extra layer of fees. Compare each fund's stated expense ratio and, for index-trackers, how closely it has followed its benchmark. FindMF shows the disclosed expense ratio and NAV-derived metrics so you can compare like-for-like.
How does FindMF measure a passive fund's performance?
FindMF computes trailing returns, volatility, Sharpe, Sortino, maximum drawdown, and (where a benchmark series is available) alpha and beta from AMFI-published daily NAVs, using one transparent methodology documented on our Methodology page. We apply minimum-history thresholds and exclude the current partial month. We do not recommend funds or label any scheme 'best' - we describe the category and present the numbers.