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Best Performing KiwiSaver Funds

Discover the best performing KiwiSaver funds, understand the different fund types and their purposes, how to choose a KiwiSaver fund, and why long-term wealth matters.
Updated 30 September 2025

Summary
  • ​Our trusted guide outlines the top-performing KiwiSaver funds over the last five years. These are the funds that have "paid the most money" (over these five years).
  • Whether you have $500 or $50,000+ in your KiwiSaver, our guide is designed to help you cut through the complexity and inform you about the top-performing funds.
  • There are funds that, over the 10 years to 31 March 2025, have returned an average annual return of over 12%. This is an exceptional result, and we're thrilled to know hundreds of thousands of New Zealanders are benefiting from such funds.
​
To help you know what's available, our guide covers:
​​Important: Our trusted guide, How Much Do You Need to Retire Comfortably in New Zealand, explains what you need to know should this be of interest.
Why have we published this guide?
  • KiwiSaver is your ticket to building long-term wealth, with over 3 million Kiwis and NZD 120 billion invested as of March 2025.
  • Markets go up, down and up; KiwiSaver is a long-term investment. With the government changes announced in May 2025 that increased contribution rates, more money (from employers and members like you) is being invested in it.
  • We recognise that every New Zealander has unique needs for their KiwiSaver; our purpose is to outline the various fund types available and explain why people invest in them. This way, you can better understand what's right for you.
  • Depending on your age, NZ Super may not be available when you retire as it becomes more unaffordable for the government; we want to ensure everyone is in the best KiwiSaver, given the value it offers over time. ​

​Warning: Unrealistic KiwiSaver Returns Don’t Last Long Term
  1. Claims of KiwiSaver funds delivering 18%+, 20%+, or 30%+ returns year after year are not realistic. 
  2. Some KiwiSaver funds might spike with dazzling numbers over 3-6 months when markets surge, but holding those extreme gains long term just isn’t realistic.
  3. When someone touts a fund with sky-high returns, stay sharp: check 3-year and 5-year averages for a solid track record. Long-term is the real game, where steady growth builds your wealth over decades.
  4. Our KiwiSaver resources focus on 5- and 10-year returns, highlighting funds that consistently “make money” for New Zealanders.

Important: General Disclaimer
  • MoneyHub provides this guide for informational and journalistic purposes only and does not constitute personal financial advice, investment advice, or a recommendation to buy, sell, or hold any financial product, including KiwiSaver funds, investment funds or other investment options.
  • The funds or schemes highlighted on MoneyHub are selected based on historical performance data (e.g., from Morningstar or similar sources), fees, structure, and general market observations. Past performance is not a guarantee of future results.
  • Any opinions, preferences, or "favourite" designations reflect the editorial views of MoneyHub and are not guarantees of future performance. Past results are not indicative of future returns, and all investments carry inherent risks, including the potential for capital loss.
  • MoneyHub is not a financial adviser under the Financial Markets Conduct Act 2013, and we are not regulated by the Financial Markets Authority (FMA) to provide personalised financial advice. Readers should seek independent advice from a qualified, licensed financial adviser or use official tools before making any investment decisions. We strongly recommend considering your personal circumstances, risk tolerance, and financial goals, and consulting a professional to assess suitability.
  • The information in this guide is based on historical data and may become outdated as a result. We do not accept liability for any loss or damage (including consequential loss) arising from reliance on this content, errors, omissions, or changes in market conditions. While we strive for accuracy, market data and fund performance can fluctuate. We encourage regular review of official fund reports or consultation with providers to ensure accurate information. 
  • MoneyHub may have commercial arrangements with certain schemes or providers for general promotional purposes. However, fund selections are based on merit and editorial judgment, not payment. For the latest details, contact the relevant fund provider directly.

Why Long-Term Wealth Matters – A Message from MoneyHub Founder Christopher Walsh

"As MoneyHub's Head of Research, I am proud to stand behind this guide and explain our approach to spotlighting the KiwiSaver funds that have made 'the most money' for their investors.

Our passion is empowering every New Zealander, whether you're starting out with $1,000 (or have a KiwiSaver balance of $10,000+), to build serious wealth for your future, whether it's a first home, a secure retirement, or a legacy of financial freedom.

We've zeroed in on top-performing funds that have "made money" over the long term by delivering standout results. These are the wealth-builders we're thrilled to celebrate. 

We have not focused on quarterly or yearly market swings - KiwiSaver isn't a short-term game. Markets move up and down daily, monthly, and yearly, but your KiwiSaver investing journey spans decades, maybe 20 or even 40+ years. A dip today doesn't derail your goal; it's the steady, powerful growth over time that piles up your dollars.

While some funds shine brightly, we've dug deeper to uncover strong alternatives across the board. Our companion guides--ANZ vs Milford, ANZ vs Pathfinder, ANZ vs Simplicity, and more, examine 10-year returns and key details.

Our favourite KiwiSaver funds guide lists popular options such as Kernel, Simplicity, Booster, Pathfinder, Pie Funds and others. This way, you see the full picture: top performers and solid contenders, all designed to make your KiwiSaver grow". ​
Christopher Walsh
MoneyHub Founder and
​Head of Research 

Understanding KiwiSaver Fund Types

KiwiSaver funds blend income investments (such as cash, bonds, dividend-paying shares, and term deposits) and growth assets, including (shares in expanding companies and property). There are five common types of funds available:
  • Conservative Funds: Low risk, steady gains. A popular choice for short-term goals (1-3 years) like a first home deposit or for those retiring and wanting to keep their balance away from everyday ups and downs.
  • Moderate Funds: Modest risk, gentle growth. A common pick for medium-term goals (3-5 years) where every dollar counts.
  • Balanced Funds: Fair risk, solid gains. A popular fit for medium-term plans (5-10 years).
  • Growth Funds: Raised risk (in the short-term), higher rewards. A strong choice for long-term aims (10+ years) or for those ready to handle market ups and downs for bigger gains. Arguably, growth funds should be a top consideration for every New Zealander investing in KiwiSaver for the long term, given how effective they are in delivering top returns and bigger balances.
  • High Growth (Aggressive) Funds: Top risk, huge potential. A popular option for long-term goals (10-15+ years). Like Growth funds, High Growth (Aggressive) Funds are designed to "pay the most money" over the long term. ​

How to Choose a KiwiSaver Fund

The "best" fund isn't just the highest return (e.g. the KiwiSaver fund that "gives you the most money") - it's the one that fits you. We suggest considering this checklist:

1) Your Goal and Timeframe:
  • First Home Withdrawal in less than three years: Most New Zealanders will pick a moderate fund for stability to avoid the risk of a big dip when you need that deposit.
  • Retirement: 3-45+ years away? Growth or high-growth funds are designed to turbocharge your KiwiSaver.

2) Risk Comfort
  • Are you nervous about drops? Conservative keeps it steady, but it also keeps your KiwiSaver balance low (compared to growth and aggressive funds).
  • Okay with swings? Growth or aggressive funds will move up and down. This behaviour is normal, as sharemarkets around the world move every second. Maximum wealth creation is the goal.

3) Fees
  • We publish after-fee returns, which are the profits made from the fund minus the fees charged by the KiwiSaver fund, representing the increase in your KiwiSaver balance. However, it's good to be aware of fees - our guide explains more.

4) Values Matter
  • If you care about ethics, look for funds that avoid investments in fossil fuels, weapons, or animal harm. Our guide to ethical KiwiSaver fund managers explains more.

5) Performance Context
  • Look for long-term performance; markets fluctuate frequently, but KiwiSaver is a 40+ year investment for younger New Zealanders. Time and risk pay off when you're in the right KiwiSaver fund.

The Best Performing KiwiSaver Funds - Five Year Returns to 31 March 2025

Important:
  • No single KiwiSaver fund is "best" for everyone - your perfect pick depends on your goals, timeline, and risk comfort.
  • Our Favourite KiwiSaver Funds guide explores a range of trusted options that help grow wealth.
  • We have used 5-year performance rather than 10-year data because many KiwiSaver funds have launched in the last five to seven years, so they haven't existed long enough to show a 10-year return.
  • While five-year returns provide a solid snapshot of medium-term performance, 10-year returns offer a more complete view of how a fund performs across market cycles.
  • When comparing funds, we suggest considering both 5-year performance and provider reputation, especially if the fund doesn't yet have a 10-year track record.

Top 5-Year KiwiSaver Fund Performers (to 31 March 2025)

Fund Type
Fund Name
 5-Year Average Return
​(After Fee, Before Tax)
More Details
Conservative
Milford KiwiSaver Conservative Fund
4.8​% p.a.
Milford KiwiSaver Plan Review
Moderate
Milford KiwiSaver Moderate Fund
6.8​% p.a.
​Milford KiwiSaver Plan Review
Balanced
Milford KiwiSaver Balanced Fund
9.4​% p.a.
Milford KiwiSaver Plan Review
Growth
Milford KiwiSaver Active Growth Fund
12.4% p.a.
​Milford KiwiSaver Plan Review
High Growth (Aggressive)
Milford KiwiSaver Aggressive ​Fund
13.5% p.a.
​Milford KiwiSaver Plan Review
Important: Milford Isn't the Only Performer
  • While Milford’s funds lead the tables in the above 5-year performance metrics, they're not the only standout KiwiSaver provider. Many New Zealanders invest in excellent funds offered by Kernel, Simplicity, Booster, Pathfinder, Pie Funds and others - and have seen strong growth over the years.
  • Our Favourite KiwiSaver Funds guide highlights top-performing funds across a wide range of providers, including those with a focus on ethical investing, low fees, or index-based strategies. These funds may not top every return table, but they often strike the right balance of performance, cost, and philosophy, making them popular choices among thousands of KiwiSaver members.​
  • ​Video explainer: MoneyHub Founder Christopher Walsh explains the 31 March 2025 Morningstar KiwiSaver report (published on 1 May 2025) in the video below:
Disclaimer About Future Performance
  • MoneyHub is committed to clarity: past performance of KiwiSaver funds is not a guarantee of future results.
  • While we highlight funds that have “made the most money” over 5 or 10 years, returns can vary due to market shifts, economic conditions, and fund management changes.
  • Your investment may grow, but it also carries risk - values can dip, and you might get back less than you put in.
  • All performance data is sourced from the Morningstar KiwiSaver Survey for 31 March 2025.

Frequently Asked Questions

How do fees impact my KiwiSaver gains?

Strong funds show after-fee returns, meaning the growth you see - say, 10% p.a. for a high growth fund, is what’s left after the provider takes their cut. But fees vary, and high ones (e.g., 1.80% vs 0.25% p.a.) can slash thousands off your long-term gains if the fund underperforms but charges high fees. Our Favourite KiwiSaver Funds guide highlights options balancing low fees and strong growth to maximise your KiwiSaver balance.

Why shouldn't I chase hot funds with record (short-term) returns?

New funds may spike early, posting dazzling returns over 3-6 months when markets boom - think 25% or more in a hot streak. But short bursts don’t prove staying power; markets shift, and untested funds can fizzle fast. Long-term is the KiwiSaver game. 5-year and 10-year track records show consistency through ups and downs. Our Favourite KiwiSaver Funds guide digs into reliable, long-term funds that have performed well to date.

What does "make the most money" mean for KiwiSaver funds?

It's about long-term growth, funds that deliver strong after-fee returns over 5, 10, or even 40+ years. Some high-growth funds accumulate substantial gains. These funds lean heavily on growth assets (shares in growing companies) to boost your balance for retirement or big goals. Check our Favourite KiwiSaver Funds guide for trusted funds from well-regarded providers.

Which funds make the most money over time?

Growth and high-growth (aggressive) funds are the stars for long-term wealth. They take on raised risk, market ups and downs, but are designed to reward you with higher returns.

Why do growth and high-growth funds pay more?

These funds invest primarily in growth assets, shares in expanding companies and property, that have historically outpaced income investments (such as cash, bonds, term deposits, and dividend shares). Over the decades, they ride out dips to deliver top returns, such as 9% or more annually, for some over 10 years. They're a popular choice for 10-15+ year goals, such as New Zealanders in their 20s to 50s who aim big. Our Favourite KiwiSaver Funds guide spotlights options that help achieve this.

Will I lose money chasing the highest returns?

Short-term dips occur, growth and high-growth funds fluctuate with the share market, and values can drop temporarily. But KiwiSaver is a long game: over 10 years, strong performers recover and grow.

How do I find funds that make the most money for me?

Focus on your goal and timeline: Are you aiming for retirement in 3+ years? Growth or high-growth funds shine. Check 5- and 10-year after-fee returns from providers like Kernel, Simplicity, Milford, Booster, Pathfinder, Pie Funds 

Can I trust top funds to keep making money?

No - past performance doesn't guarantee future profits, but long-term strength (e.g., 9%+ over 10 years) arguably indicates a fund's power. ​
Still unsure which KiwiSaver fund suits you?
Disclaimer: The financial products featured on MoneyHub offer a curated comparison that may not encompass all features critical to your unique decision-making process, such as tax implications, risk appetite, or investment timeline, and may not align with your individual financial situation. MoneyHub accepts no liability for losses arising from its use. 

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