Motilal Oswal Gold and Silver Passive FoF leads gold fund-of-funds mutual funds in three-month returns; delivers 9.0% gain
Motilal Oswal Gold and Silver Passive FoF delivered 9.0% returns over the last three months and 36.8% CAGR over three years, according to ACE MF data on June 23.
Alpha Desk
June 24, 2026 / 10:36 IST
Among gold fund-of-funds mutual funds that meet the screen used for this ranking, Motilal Oswal Gold and Silver Passive FoF is at the top on three-month returns. The fund delivered 9.0 percent, ahead of ICICI Pru Gold ETF FOF at 8.4 percent and Axis Gold Fund at 8.1 percent.
The ranking considers only schemes with assets under management of at least Rs 1,500 crore. Among the top five funds that meet this criterion, SBI Gold has the largest corpus at Rs 16,532.9 crore.
The benchmark comparison is also important. Motilal Oswal Gold and Silver Passive FoF was ahead of its benchmark by 49.1 percentage points on a one-year basis, with the benchmark returning 10.1%. It was also ahead of its benchmark by 35.0 percentage points on a three-year basis, with the benchmark returning 1.7%.
A different fund moves to the top when the six-month window is used. SBI Gold leads this comparison with 5.2 percent.
The same scheme also stays ahead on the one-year return chart. Motilal Oswal Gold and Silver Passive FoF delivered 59.2 percent over this period.
There is no change at the top when the three-year window is considered. Motilal Oswal Gold and Silver Passive FoF remains ahead with 36.8 percent.
The variation across return windows shows why rankings can look different depending on the period being considered. A short-term leader may not always be the same as the fund that has done well over a longer horizon.
Table: Top 5 gold fund-of-funds funds by three-month return
| Fund name | 3-month return (%) | AUM (Rs crore) | 1-month return (%) | 6-month return (%) | 1-year return (%) | 3-year return (%) |
|---|---|---|---|---|---|---|
| Motilal Oswal Gold and Silver Passive FoF | 9.0 | 2,863.1 | -10.8 | 4.8 | 59.2 | 36.8 |
| ICICI Pru Gold ETF FOF | 8.4 | 6,855.8 | -9.0 | 4.8 | 43.2 | 33.4 |
| Axis Gold Fund | 8.1 | 3,092.3 | -9.2 | 4.0 | 42.6 | 32.7 |
| HDFC Gold ETF FoF | 7.8 | 12,121.2 | -8.9 | 5.1 | 43.5 | 33.3 |
| SBI Gold | 7.7 | 16,532.9 | -8.9 | 5.2 | 43.6 | 33.4 |
Note: The ranking considers only schemes with minimum assets under management of Rs 1,500 crore. Returns and AUM are according to ACE MF data on June 23. One-year and three-year returns are CAGR; one-month, three-month and six-month returns are absolute returns. AUM is in Rs crore.
What is a gold fund-of-funds fund?
Funds in the fofs – gold category should be assessed against schemes with similar investment mandates. Return comparisons across unrelated categories may not be meaningful because risk, asset allocation and portfolio strategy can differ sharply.