Compare KiwiSaver Returns - Latest Morningstar Data
Not all KiwiSaver funds are created equal - the difference in returns over 10 years can amount to tens of thousands of dollars at retirement. Compare any fund side by side using the latest Morningstar quarterly report.
Past performance does not guarantee future returns. For personalised advice on whether your fund is the right fit, book a free session with Cam.
What this comparison tool shows
Select up to three funds, choose your time period, and instantly see how they stack up against each other and their category average. New to this data? Read how to interpret the Morningstar returns first.
Independent data source
All returns come from the Morningstar KiwiSaver Survey - the most widely used independent performance report in New Zealand, covering all providers and risk categories.
Annual net returns
All figures are annual net returns after fees have been deducted, averaged over the 3, 5, or 10-year period shown. Compare like-for-like across any funds you choose.
Updated quarterly
Morningstar reports on the quarters ending March, June, September and December, and publishes each edition about a month after the quarter closes. The dated snapshot below tells you exactly which report the figures come from.
Where KiwiSaver returns stand right now
Reporting period: the three months to 30 June 2026. Morningstar published this edition of its quarterly KiwiSaver survey on 30 July 2026. The full report also covers returns over one, three, five and ten years to the same date. The next edition covers the September 2026 quarter and is expected around late October 2026.
Across the quarter the category averages ran from 3.3% for conservative funds up to 11.9% for aggressive funds, and KiwiSaver members finished a combined $10 billion richer from contributions and market returns together. That is a 3.6 times spread in three months between two sets of members who both did nothing wrong. They were simply in funds built for different jobs.
| Category | Best over 5 years | Best over 10 years |
|---|---|---|
| Conservative | QuayStreet, 4.4% | QuayStreet, 4.8% |
| Moderate | Generate, 5.2% | MAS, 5.9% |
| Balanced | QuayStreet, 8.4% | Milford, 8.2% |
| Growth | QuayStreet, 10.1% | Milford, 10.2% |
| Aggressive | SBS, 9.7% | Generate, 11.1% |
Scroll the table sideways to see every column.
Where this data comes from
The figures above are from Morningstar's quarterly KiwiSaver survey, which covers every provider and every risk category and is the most widely referenced independent performance report in New Zealand. Request the current Morningstar KiwiSaver 360 report from Morningstar.
If you would rather go straight to the regulated disclosures, every scheme's quarterly Fund Update, which states that fund's actual return and the fees actually charged, is free on the Disclose Register.
How to read these figures without misleading yourself
The returns are after fund fees, before your tax. The percentages above have already had the fund's annual charges taken out, so they are what the fund actually delivered on the money invested. They have not had your personal tax taken out. KiwiSaver is taxed at your prescribed investor rate (PIR), so two people in the identical fund keep different amounts. They also do not reflect any fixed dollar member fee, because a flat $36 a year cannot be expressed as a percentage that is true for everybody: on a $3,000 balance it is 1.2% of your money, and on a $300,000 balance it is 0.012%. On a small balance the fixed fee can matter more than the percentage does.
Categories have to be compared like for like. Morningstar sorts funds into multisector categories by how much of the fund is held in growth assets such as shares and property. Comparing a conservative fund against an aggressive one and concluding the conservative one is bad is like timing a truck against a motorbike and concluding the truck is broken. In the quarter above, aggressive funds beat conservative funds by 3.6 times. In a falling quarter that ratio inverts, and the same members who felt clever feel sick. The only comparison that tells you something is between funds in the same category.
A quarter is noise. Three months tells you almost nothing about a fund manager and quite a lot about what markets did. The longer columns in the full report, particularly five and ten years, are where a manager's decisions start to show through. Even then, past performance does not guarantee future returns, and the fund that topped a table one year routinely sits mid-table the next.
The single most common mistake Cam sees is someone reading a table like this, seeing a big number next to an aggressive fund, and switching into it without asking when they actually need the money. If you need it for a house in two years, that big number is the wrong target. Buying a first home and investing for retirement call for different answers, and five signs you are in the wrong fund is a faster self-check than any table.
For what a recovering market actually means for a KiwiSaver balance, rather than for a headline, see what the S&P 500 recovery means for your KiwiSaver.
KiwiSaver returns questions
What is the Morningstar KiwiSaver Survey?
The Morningstar KiwiSaver Survey is a quarterly report published by Morningstar, an independent investment research firm. It tracks the performance of KiwiSaver funds across all providers and risk categories, and is the most commonly referenced source of KiwiSaver return data in New Zealand.
What do the returns in this tool represent?
All figures are annual net returns - meaning after fees have been deducted, averaged over the 3, 5, or 10-year period shown. They are sourced directly from the Morningstar KiwiSaver Survey and reflect the performance of each fund up to the date of the most recent report.
How often is this tool updated?
The tool is updated every quarter to reflect the latest Morningstar report. Morningstar reports on the quarters ending March, June, September and December, and publishes each edition about a month after the quarter closes.
Which KiwiSaver fund has the best long-term returns?
Past performance varies by risk category - an aggressive fund will generally show higher long-term returns than a conservative fund, but with more short-term volatility. Within each category, funds like Booster Geared Growth, Milford Active Growth and Generate Focussed Growth have consistently appeared near the top of long-term rankings. Use the comparison tool to see current figures for any fund you are considering.
Should I switch KiwiSaver funds based on past returns?
Past returns are a useful reference point but do not guarantee future performance. Before switching funds, it is worth getting personalised advice that takes into account your age, income, risk tolerance and goals. Cam offers free KiwiSaver advice to New Zealanders - book a session to find out if your current fund is the right fit.
Want to know if your current fund is actually right for you? Try the free KiwiSaver Health Check - 10 quick questions, instant result.
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