KiwiSaver Fund Comparison NZ 2026: All Funds Compared by Returns and Fees
The difference between the best and worst KiwiSaver growth funds over five years is roughly 4% per year in returns. On a $50,000 balance, that gap costs you about $2,000 annually in missed growth. Fees matter too: the cheapest funds charge around 0.25%, while the most expensive charge over 1.50%.
Use the Forge Money KiwiSaver comparison tool to filter and sort every NZ fund by returns, fees, and fund type.
Forge Money's comparisons are based on fees, returns, and fund type — not commercial relationships. See our editorial methodology for how we evaluate products.
How to read this comparison
Every KiwiSaver fund in New Zealand reports its performance to the Disclose Register, which is run by the Companies Office. The returns shown below are after fees and before tax. Your actual return depends on your Prescribed Investor Rate (PIR), which is typically 28% or 33% for salary earners (Disclose Register, Morningstar, December 2025 quarter).
A few things to keep in mind when comparing:
- Past returns don't guarantee future performance. A fund that returned 10% p.a. over five years might return 3% next year.
- Five-year returns are more useful than one-year returns. Short-term performance is noisy. Five years smooths out market cycles.
- Fees are known in advance. You can't predict which fund will have the best returns, but you can see exactly what each fund charges before investing.
- Fund type matters more than provider. A growth fund from any provider will behave very differently from a conservative fund. Compare within the same category.
Top KiwiSaver funds by category
All returns shown are annualised, after fees, before tax, for the five years to 31 December 2025. Fund sizes as at 31 December 2025 (Disclose Register, Morningstar).
Defensive funds
Defensive funds hold mostly cash and bonds (typically 80%+ in income assets). They aim to protect your balance with low volatility.
At this end of the spectrum, fees have an outsized impact. A 0.20% difference in fees can wipe out nearly half the return when gross returns are only around 3%.
Conservative funds
Conservative funds typically hold 70-80% in income assets (cash and bonds) with 20-30% in growth assets (shares and property).
Milford's Conservative Fund had the highest five-year return in this category at a 0.85% annual fee. Simplicity's Conservative Fund returned 3.7% at a 0.31% fee.
Balanced funds
Balanced funds split roughly 40-60% in income assets and 40-60% in growth assets.
The balanced category is the most popular in NZ. Over five years, the gap between the top and bottom funds is smaller than in growth categories, because the fixed income portion anchors returns.
Growth funds
Growth funds typically hold 60-80% in growth assets (shares, property, and sometimes infrastructure) with 20-40% in income assets.
Milford's Active Growth Fund had the highest five-year return in this category at a 1.03% annual fee. Kernel (0.25%) and Simplicity (0.31%) had lower returns at roughly a third of the fee. On a $100,000 balance, the fee difference between 1.03% and 0.25% is $780 per year.
Aggressive funds
Aggressive funds hold 80-100% in growth assets. They have the highest expected long-term returns and the most short-term volatility.
Aggressive funds show the widest spread between top and bottom performers. With 80-100% in shares, the manager's stock selection (or index methodology) has a larger impact than in categories with more bonds.
How fees eat into your returns
Fees are deducted from your returns before you see them. A fund that earns 9% gross but charges 1.10% gives you 7.90% net. A fund that earns 8.5% gross but charges 0.30% gives you 8.20% net. The cheaper fund delivers a better outcome despite lower gross performance.
Here's how fees compound over time on a $50,000 starting balance with $5,000 added per year (assuming 7% gross return before fees):
| Annual fee | Balance after 10 years | Balance after 20 years | Balance after 30 years |
|---|---|---|---|
| 0.25% | $143,800 | $302,500 | $561,200 |
| 0.50% | $141,400 | $294,600 | $540,800 |
| 0.75% | $139,100 | $287,000 | $521,100 |
| 1.00% | $136,800 | $279,600 | $502,200 |
| 1.25% | $134,500 | $272,400 | $484,100 |
The difference between 0.25% and 1.25% in fees is $77,100 over 30 years. That's real money that stays in your fund at lower fee levels, compounding year after year.
After-tax returns
KiwiSaver fund returns are reported before tax. Your actual return depends on your PIR. Most salary earners are on a PIR of 28% or 33% (IRD).
Here's what a 8% before-tax return looks like after PIR tax:
| PIR | After-tax return | After-tax on $50K balance |
|---|---|---|
| 10.5% | 7.16% | $3,580 |
| 17.5% | 6.60% | $3,300 |
| 28% | 5.76% | $2,880 |
| 33% | 5.36% | $2,680 |
| 39% | 4.88% | $2,440 |
If your PIR is set too high, you're paying more tax than necessary. Check your correct PIR on the IRD website. If you've been on the wrong rate, your provider can adjust it, but IRD won't refund overpaid PIE tax (IRD).
Our comparison methodology
This comparison uses publicly available data from the Disclose Register and Morningstar. Every fund on this page is a registered KiwiSaver scheme licensed by the Financial Markets Authority (FMA).
Returns: Annualised, after fees, before tax. Five-year returns are the primary ranking metric because they capture a meaningful market cycle. One-year returns are shown in the tool but not used for ranking.
Fees: Total fund charges as reported on the Disclose Register. This includes the management fee and any other charges deducted from the fund. It does not include performance fees charged by some active managers (notably Milford and Fisher Funds), which are already reflected in the after-fee return figures.
Fund type classification: Based on the fund's growth/income asset split as reported to the Disclose Register, aligned with FMA's category definitions.
What this comparison does not account for:
- Tax. Your PIR affects your net return. Use the after-tax table above to adjust.
- Future performance. Past returns are not a reliable indicator of future returns.
- Your personal situation. The "best" fund depends on your age, risk tolerance, and when you need the money. See how to choose a KiwiSaver fund.
Worked examples
Example 1: Comparing two growth funds over 20 years
Sam has $30,000 in KiwiSaver and contributes $5,000 per year. Sam is comparing Milford Active Growth (9.2% five-year return, 1.03% fee) and Simplicity Growth (7.8% five-year return, 0.31% fee).
If both funds repeat their five-year returns over 20 years:
| Milford Active Growth | Simplicity Growth | |
|---|---|---|
| Starting balance | $30,000 | $30,000 |
| Annual contribution | $5,000 | $5,000 |
| Return (after fees, before tax) | 9.2% p.a. | 7.8% p.a. |
| Balance after 20 years | ~$412,000 | ~$362,000 |
| Total fees paid (estimated) | ~$43,000 | ~$11,000 |
In this scenario, Milford's higher gross return more than compensates for its higher fees. But the key word is "if." Milford needs to keep outperforming by roughly 1.4% per year after fees to stay ahead of Simplicity. Research from S&P SPIVA shows that most active managers underperform their benchmark over 10+ year periods (S&P Dow Jones Indices, SPIVA NZ Scorecard).
Example 2: Fee impact on a $100,000 balance
Two balanced funds earn the same 6% gross return. Fund A charges 0.31%. Fund B charges 1.05%.
| Fund A (0.31% fee) | Fund B (1.05% fee) | |
|---|---|---|
| Gross return on $100K | $6,000 | $6,000 |
| Fee | $310 | $1,050 |
| Net return | $5,690 | $4,950 |
| Difference | -$740/year |
Over 25 years, compounding at these rates and adding $5,000 per year, Fund A would be ahead by roughly $58,000 purely because of lower fees.
Example 3: Defensive vs growth for a 5-year timeframe
Mia has $40,000 in KiwiSaver and plans to withdraw for a first home in 5 years. She's considering a defensive fund (3.1% return, 0.31% fee) versus staying in her growth fund (8.0% return, 0.25% fee).
| Defensive fund | Growth fund | |
|---|---|---|
| Starting balance | $40,000 | $40,000 |
| Projected balance after 5 years | ~$46,600 | ~$58,800 |
| Best-case scenario | Stable, predictable | Strong markets add more |
| Worst-case scenario | Low return, slight loss possible | 20-30% drop in a bad year |
The growth fund has a higher expected balance, but in a severe downturn, Mia could see her balance drop to $28,000-$32,000 right when she needs it. The defensive fund won't grow much, but it's unlikely to lose significant value. For a 5-year timeframe, the decision depends on how much volatility Mia can tolerate and whether she can delay her purchase if markets fall.
Common questions
What is the best KiwiSaver fund in NZ?
There's no single best fund for everyone. The best fund for you depends on how long until you need the money, your comfort with short-term losses, and how much you're willing to pay in fees. Over five years to December 2025, the top-performing growth funds have been Milford Active Growth (9.2% p.a.) and Generate Growth (8.7% p.a.), but both charge over 1% in fees. Kernel and Simplicity offer lower fees with solid returns. See how to choose the right fund for a decision framework.
How do I switch KiwiSaver funds?
Switching is free and takes about 10 business days. To switch to a new provider, contact the new provider directly (most let you apply online) and they handle the transfer. To switch funds within the same provider, log in to your account and change your fund selection. There are no exit fees or switch fees in NZ KiwiSaver (KiwiSaver Act 2006, FMA).
How often can I switch KiwiSaver funds?
There's no legal limit. You can switch as often as you like. However, frequent switching (trying to time the market) tends to hurt returns rather than help them. Most people are better off choosing an appropriate fund type and leaving it alone. Research consistently shows that market timing underperforms a buy-and-hold strategy over the long term (Morningstar, S&P SPIVA).
Are KiwiSaver returns shown before or after fees?
Returns on the Disclose Register and in this comparison are after fees and before tax. This means the management fee has already been deducted from the return figure. To estimate your after-tax return, multiply the return by (1 minus your PIR). For example, an 8% return at a 28% PIR gives roughly 5.76% after tax (Disclose Register).
Do KiwiSaver fees really matter?
Yes. A 0.75% difference in fees on a $100,000 balance costs $750 per year. Over 30 years of compounding, that difference can add up to over $77,000 in lost growth. Lower-fee funds don't need to earn as much in gross returns to deliver the same net result. That said, a higher-fee fund that consistently outperforms by more than its fee premium can still be the better choice. The challenge is that few active funds outperform consistently over 10+ years (S&P SPIVA NZ).
What's the difference between active and passive KiwiSaver funds?
Active funds (like Milford, Fisher Funds, Generate) employ portfolio managers who pick individual investments aiming to beat the market. They charge higher fees, typically 0.85% to 1.20%. Passive funds (like Simplicity, Kernel) track a market index and aim to match the market return. They charge lower fees, typically 0.25% to 0.35%. Over any given 5-year period, some active managers outperform, but over 10-20 years, most do not beat their benchmark after fees (S&P SPIVA, Morningstar).
Can I compare my fund to a benchmark?
Yes. Growth funds are typically benchmarked against a mix of NZX 50 and global share indices. The Disclose Register shows each fund's benchmark. Over five years to December 2025, the S&P/NZX 50 returned approximately 7.5% p.a. and the MSCI World Index returned approximately 11.2% p.a. in NZD terms (S&P Dow Jones Indices, MSCI). A growth fund with 70% in shares should be compared to a weighted blend of these, not to either one alone.
What does "fund size" tell me?
Fund size (assets under management) tells you how much money is invested in that fund. Larger funds are generally more established and can sometimes negotiate lower costs. Very small funds (under $50M) may be newer or less popular, but that doesn't necessarily mean they're worse. The main risk with very small funds is that the provider could merge or close them if they're not economically viable.
How is KiwiSaver taxed?
KiwiSaver funds are structured as Portfolio Investment Entities (PIEs). Your returns are taxed at your PIR, not your marginal income tax rate. PIR rates are 10.5%, 17.5%, 28%, 33%, or 39%, based on your income over the previous two years. Most salary earners are on 28% or 33%. The advantage of PIE tax is that the maximum rate for most people is lower than their marginal income tax rate (IRD).
Should I switch to the fund with the highest returns?
Not necessarily. The fund with the highest returns over the past five years took on more risk to achieve those returns. If you're close to retirement or planning a first home withdrawal, a high-growth fund may not be appropriate. Also, past outperformance doesn't predict future outperformance. The more useful approach is to choose the right fund type for your timeframe and then compare fees within that category. See KiwiSaver fund types explained for more on this.
What to do next
- Understand the different KiwiSaver fund types and what each one invests in
- Figure out which fund type suits your situation based on your age and goals
- Check how your KiwiSaver contribution rate affects your take-home pay
- Calculate your take-home pay after PAYE, ACC, and KiwiSaver
Last updated: 28 March 2026. Sources: Disclose Register (disclose-register.companiesoffice.govt.nz), Morningstar, Sorted Smart Investor (smartinvestor.sorted.org.nz), S&P SPIVA NZ Scorecard, IRD (ird.govt.nz), FMA (fma.govt.nz). Fund returns are after fees and before tax, for the five years to 31 December 2025. This is educational content, not financial advice.
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This is educational content, not financial advice.