HDFC Gold ETF FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 9, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HDFC Gold ETF FoF Direct Growth Plan has a NAV of ₹47.5066 as of 08 Sep 2026 and an AUM of ₹11,197 Cr. Its 1-year, 3-year and 5-year returns are 41.4%, 35.53% and 25.04%, respectively, and the scheme sits in the High Risk category.
Our view is that this fund suits investors who want gold-linked exposure through a fund-of-funds structure and are comfortable with sharp swings. Its recent performance is strong, and the longer-term record remains well above the benchmark, though the portfolio is highly concentrated and therefore needs a patient horizon.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹47.5066 as of 08 Sep 2026 |
| AUM | ₹11,197 Cr |
| Expense Ratio | 0.18% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 1% on or before 15D, Nil after 15D |
| Fund Managers | Arun Agarwal, Nandita Menezes |
The fund is managed by Arun Agarwal and Nandita Menezes.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 1.08% | -3.86% |
| 3M | 0.48% | 1.69% |
| 1Y | 41.4% | -5.72% |
| 3Y | 35.53% | 6.3% |
| 5Y | 25.04% | 6.05% |
The 1-year return is the clearest strength in the record. At 41.4%, the fund has moved much better than the benchmark’s -5.72%, which tells us the recent gold-led cycle has been far more supportive for this strategy than for the benchmark itself.
The 3-year and 5-year numbers also stay comfortably ahead of the benchmark, so the longer story is still positive. Even so, the path has not been linear: the recent 1M and 3M figures show smaller gains, which suggests a cooler short-term phase after the stronger run over the past year.
That mix matters for investor expectations. This is not a smooth equity-style return profile; the fund can move in bursts, and shorter stretches may look muted even when the broader trend remains healthy. The key point is that the fund has maintained a stronger compounding pattern than the benchmark across all tracked horizons.
For investors, the practical takeaway is that the fund’s recent behaviour does not overturn the broader record. Instead, it reinforces that timing matters more here than in many conventional equity funds, because the return pattern is closely tied to movements in gold-linked assets.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD HDFC Gold ETF FoF?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding HDFC Gold ETF FoF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC Gold ETF FoF Direct Growth Plan | 41.4% | 35.53% | 25.04% |
| SBI Silver ETF FOF Direct Growth Plan | 85.6% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 84.34% | 45.67% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 83.09% | Data not available | Data not available |
| Axis Silver FoF Direct Growth Plan | 82.78% | 46.31% | Data not available |
| HDFC Silver ETF FoF Direct Growth Plan | 82.41% | 45.55% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is below the silver-focused peer set listed here, where all five peers with 1-year figures have higher recent returns. That gap reflects the different metal exposure rather than a weakness in the fund’s longer record.
On the 3-year and 5-year view, the fund’s own numbers remain solid, and the peer set is mixed because several peers do not have longer histories available. Among those with data, the HDFC fund’s 3-year return sits slightly below the better silver FoF numbers, but the longer-term comparison is still meaningful because this fund has a full 5-year track record.
Short term, the comparison story is straightforward: silver-linked peers have had a much stronger recent run. Over longer periods, this fund still shows a consistent and positive compounding pattern, which makes the peer table useful for context rather than a direct substitute for the fund’s own role.
Source data date: as of 08 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Gold Exchange Traded Fund | Domestic Mutual Funds Units – Gold | 100.05% |
The portfolio is effectively a single-holding structure, with HDFC Gold Exchange Traded Fund accounting for 100.05% of the disclosed holding list. That makes the exposure straightforward to read, but it also means the fund’s outcome is likely to be shaped almost entirely by one underlying gold ETF.
Because there is only one disclosed holding, there is no weight fall-off across a basket of positions. In practical terms, the portfolio is not spread across multiple contributors, so diversification within the disclosed holding list is absent and the fund’s path may closely track the underlying gold ETF it owns.
With a total of 1 disclosed holding, the structure is highly concentrated rather than distributed across a long tail. That concentration may simplify understanding the fund, but it also means the holding profile can add little internal balance if the underlying gold ETF itself moves sharply.
Source data date: as of 08 Sep 2026
Who should invest
This fund may suit investors with a higher tolerance for volatility and a medium-to-long investment horizon. The High Risk label fits a strategy whose return pattern can change meaningfully over short periods, even though the 3-year and 5-year numbers remain strong.
The key trade-off is that you get direct participation in a gold-linked strategy through a concentrated fund structure, but you must accept uneven short-term behaviour and benchmark-relative swings. Investors who want portfolio diversification through a non-equity sleeve may find the fund useful, while those seeking stable month-to-month movement may be less comfortable.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 1% if units are sold on or before 15 days; nil after 15 days.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of HDFC Gold ETF FoF Direct Growth Plan?
The current NAV is ₹47.5066 as of 08 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 41.4%, 35.53% and 25.04%, respectively.
How does the fund compare with its benchmark?
It has outpaced the benchmark across 1-year, 3-year and 5-year periods. The gap is especially large over 1 year, where the fund is positive while the benchmark is negative.
How does it compare with the peer funds listed here?
Its 1-year return is lower than the silver-focused peer funds shown here, but its own 3-year and 5-year track record remains strong. The comparison is best read as a difference in metal exposure and return pattern, not as a simple like-for-like substitute.
Is there a minimum SIP amount?
No minimum SIP amount is stated here.
Who manages the fund and what is the exit load?
The fund is managed by Arun Agarwal and Nandita Menezes. The exit load is 1% if units are sold on or before 15 days, and nil after 15 days.
Bottom line
HDFC Gold ETF FoF Direct Growth Plan shows a stronger medium- and long-term record than its benchmark, while the recent 1-year result is also notably strong. The peer comparison tells a different short-term story, with silver FoFs showing much higher recent returns, but the fund still stands out for its own consistent longer-horizon compounding. Its High Risk profile and single-holding structure make it a concentrated gold-linked allocation rather than a broad diversification tool.
Published on 9 September 2026 at 4:09 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.