Compare the best multi asset allocation funds in India — SBI, Nippon India, Kotak, DSP and UTI. Invests across equity, debt and gold in one fund. Live NAV, returns and risk from RightAdvise database.
Sorted by 5-year CAGR. Click any fund for full analysis — rolling returns, drawdown chart, NAV history and risk ratios.
If you had invested ₹1 lakh 5 years ago in each fund, here is how much it would be worth today. Calculated from 5 years of daily NAV in the RightAdvise database.
💡 What is AAUM? AAUM stands for Average Assets Under Management — the average value of all investor money a fund managed during a specific quarter. Reported to SEBI every quarter via AMFI. More reliable than a single-day AUM snapshot.
| Fund | NAV | AAUM | 1Y Return | 3Y CAGR | 5Y CAGR | 10Y CAGR | Max Drawdown | Sharpe (3Y) |
|---|---|---|---|---|---|---|---|---|
| Nippon India Multi Asset Allocation Fund | ₹25.83 2026-06-11 | ₹12.6K Cr Jan–Mar 2026 | +12.9% | +20.1 % p.a. | +16.2 % p.a. | — | -10.8% | 1.49 |
| UTI Multi Asset Allocation Fund | ₹85.23 2026-06-11 | ₹6.6K Cr Jan–Mar 2026 | +4.4% | +16.8 % p.a. | +14.0 % p.a. | +11.6 % p.a. | -25.0% | 1.22 |
| SBI Multi Asset Allocation Fund | ₹72.59 2026-06-11 | ₹15.2K Cr Jan–Mar 2026 | +11.4% | +17.3 % p.a. | +13.9 % p.a. | +12.3 % p.a. | -17.6% | 1.50 |
| Kotak Multi Asset Allocation Fund | ₹15.92 2026-06-11 | ₹12.1K Cr Jan–Mar 2026 | +18.7% | — | — | — | -13.8% | — |
| DSP Multi Asset Allocation Fund | ₹16.29 2026-06-11 | ₹7.8K Cr Jan–Mar 2026 | +16.6% | — | — | — | -9.7% | — |
As per SEBI, Multi Asset Allocation Funds must invest in at least 3 asset classes with a minimum 10% allocation to each. Typically these funds invest in equity, debt and gold (or gold ETFs). If equity plus gold ETF exposure exceeds 65%, the fund is taxed as equity. Otherwise it may be taxed as debt. Always check the fund's current asset allocation for the applicable tax treatment.
Multi Asset Allocation Funds invest across at least three asset classes — typically equity, debt and gold — in one single fund. The key idea is that these three asset classes tend to behave differently across market cycles. When equities fall, gold often rises (as a safe haven), and high-quality debt provides stability. This natural diversification across uncorrelated assets smooths the return journey compared to a pure equity fund, while potentially delivering better long-term returns than a pure debt fund.
The best multi asset funds in India use systematic allocation models to decide how much to put in equity, debt and gold at any given time. Some maintain fixed allocations (e.g. 65% equity, 20% debt, 15% gold) while others dynamically shift based on valuations. Gold plays a particularly important role — it has historically been negatively correlated with equities during crises, providing a cushion precisely when equity markets fall hardest. For investors who want a truly all-weather, one-stop fund, multi asset allocation funds are worth serious consideration.
Gold has historically been negatively correlated with equity markets during crises — when stocks fell sharply in 2008, 2020 and 2022, gold held up or rose. This negative correlation makes gold a valuable diversifier in a portfolio. Multi asset funds capture this benefit automatically without requiring investors to buy and manage a separate gold fund. The allocation to gold in most multi asset funds ranges from 10% to 25% — enough to cushion equity falls without excessively dragging returns in bull markets.
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