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Best and worst phases of Gold ETFs: Nippon, ICICI, HDFC, SBI and Kotak compared
6 min read | Updated on May 23, 2026, 11:38 IST
SUMMARY
The strongest performance for all five Gold ETFs came during the latest rally period between 29th January 2025 to 29th January 2026. Returns across funds were almost similar, all crossing the 100% mark.
During the 2013-2014 period, when global gold prices were under pressure, and all large funds moved in the same way, the majority of the significant decline across these ETFs was observed. | Image: Shutterstock.
Gold exchange-traded funds (ETFs) tend to move closely in line with gold prices, and the latest data highlights just how sharp those swings can be.
In fact, whether it is a sharp upswing or a deep drawdown, the movement across all five ETFs has remained tightly aligned with gold itself.
One important thing to note here is how we have chosen these Gold ETFs for comparison. Instead of randomly picking, we have focused on the top Gold ETFs based on AUM.
Before reading further, please note that this is just for informational purposes only and not intended to recommend any of the schemes mentioned below. You should make an investment decision based on your personal financial goals and risk appetite.
When gold turned explosive: 2025-26 rally
The strongest phase across all five ETFs came in the 29-Jan-2025 to 29-Jan-2026 window. Returns were strikingly aligned, all comfortably above the 100% mark.
| ETF | Best 1-Year Return (%) |
|---|---|
| ICICI Prudential Gold ETF | 114.01% |
| Kotak Gold ETF | 113.72% |
| Nippon India ETF Gold BeES | 113.43% |
| SBI Gold ETF | 113.42% |
| HDFC Gold ETF | 113.00% |
What stands out here is not just the magnitude of returns, but the uniformity.
The sharpest fall: 2013-14 correction
On the flip side, the deepest stress period for all funds was the 2013–2014 cycle, when gold went through a meaningful correction phase:
| ETF | Worst 1-Year Return (%) |
|---|---|
| Kotak Gold ETF | -20.02% |
| Nippon India ETF Gold BeES | -19.81% |
| HDFC Gold ETF | -19.78% |
| ICICI Prudential Gold ETF | -19.78% |
| SBI Gold ETF | ~ -19% to -20% |
This phase is a reminder that gold, despite its “safe haven” tag, can go through extended drawdowns when global rates move against it.
What the numbers say about consistency
| ETF | AUM (₹ Cr) | Fund Manager | Launch Date | Fama | Beta | Std Dev | Sharpe | 1 Yr Return | 3 Yr Return | 5 Yr Return | Best Return (Period) | Worst Return (Period) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nippon India Gold BeES | 55,540.20 | Vikram Dhawan | 08-Mar-2007 | 0.25 | 2.95 | 1.66 | 0.13 | 63.31% | 36.20% | 25.04% | 113.43% (29-01-25 to 29-01-26, Year) | -19.81% (28-08-13 to 28-08-14, Year) |
| ICICI Pru Gold ETF | 26,380.80 | Gaurav Chikane | 24-Aug-2010 | 0.25 | 2.85 | 1.67 | 0.13 | 63.77% | 36.54% | 25.40% | 114.01% (29-01-25 to 29-01-26, Year) | -19.78% (28-08-13 to 28-08-14, Year) |
| HDFC Gold ETF | 23,238.85 | Bhagyesh Kagalkar | 13-Aug-2010 | 0.24 | 2.28 | 1.65 | 0.13 | 63.58% | 36.09% | 25.30% | 113.00% (29-01-25 to 29-01-26, Year) | -19.78% (28-08-13 to 28-08-14, Year) |
| SBI Gold ETF | 24,549.53 | Viral Chhadva | 18-May-2009 | 0.24 | 2.85 | 1.65 | 0.13 | 63.42% | 36.14% | 25.22% | 63.42% (1 Yr, 21-May-26) | -19.74% (28-08-13 to 28-08-14, Year) |
| Kotak Gold ETF | 14,339.53 | Abhishek Bisen | 27-Jul-2007 | 0.24 | 1.59 | 1.66 | 0.13 | 113.72% | — | — | 113.72% (29-01-25 to 29-01-26, Year) | -20.02% (28-08-13 to 28-08-14, Year) |
The movements of gold exchange-traded funds (ETFs) are essentially the same. Since all funds track the same underlying asset, when gold rises, they all tend to move higher together, and when it falls, the decline is often similar across funds.
During the 2013-2014 period, when global gold prices were under pressure and all large funds moved in the same way, the majority of the significant decline across these ETFs was observed.
Ultimately, when investors enter and exit the investment is more important than the Gold ETF they choose.
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