KiwiSaver annual returns vary significantly from year to year, especially for growth-oriented funds. This page tracks approximate industry-average annual returns by fund type from 2008 to 2025, giving context for how different funds have behaved across different market conditions.
Important: These Are Approximate Industry Averages
The figures below represent approximate median annual returns across the NZ KiwiSaver industry by fund type, sourced from publicly available data including Sorted.org.nz, Morningstar, and provider disclosures. Individual provider returns vary. Always check your specific provider’s performance data in their fund updates or via the Sorted KiwiSaver Fund Finder.
Returns are after fees, before tax.
Annual Returns Table: Growth, Balanced, and Conservative Funds (2008–2025)
| Year | Growth fund | Balanced fund | Conservative fund | Key event |
|---|---|---|---|---|
| 2008 | –26% | –15% | –4% | Global Financial Crisis (GFC) |
| 2009 | +20% | +13% | +8% | GFC recovery begins |
| 2010 | +11% | +9% | +7% | Steady recovery |
| 2011 | –1% | +2% | +5% | European debt crisis |
| 2012 | +16% | +12% | +8% | Strong rebound |
| 2013 | +25% | +16% | +8% | Bull market momentum |
| 2014 | +12% | +9% | +6% | Solid gains |
| 2015 | +4% | +4% | +4% | China slowdown concerns |
| 2016 | +11% | +9% | +5% | Post-Brexit, Trump election recovery |
| 2017 | +18% | +12% | +6% | Strong global equity gains |
| 2018 | –3% | –1% | +2% | Global market sell-off, rising rates |
| 2019 | +24% | +16% | +9% | Exceptional year |
| 2020 | +5% | +4% | +3% | COVID-19 crash then strong recovery |
| 2021 | +20% | +12% | +3% | Post-COVID stimulus, equities surge |
| 2022 | –15% | –10% | –5% | Inflation, rising interest rates |
| 2023 | +15% | +9% | +6% | Recovery from 2022 |
| 2024 | +17% | +11% | +5% | Strong global equities |
| 2025 (est.) | +8% (partial) | +5% (partial) | +3% (partial) | Data through mid-2025 |
Figures are approximate median estimates for illustrative purposes. Individual providers vary significantly from these averages.
What the Data Shows
Growth Is Volatile but Rewarding
Growth funds have had wide swings: –26% in 2008, +25% in 2013, –15% in 2022, +24% in 2019. Over the full 17+ year period, compounded growth fund returns have significantly outperformed balanced and conservative funds — but required tolerating sharp short-term losses.
Conservative Funds Avoid the Worst Falls
In 2008, growth funds fell 26% while conservative funds fell only 4%. In 2022, conservative funds fell 5% vs 15% for growth. The trade-off: conservative funds miss the big recovery years too — delivering 8–9% in 2019 vs 24% for growth.
2022 Was Unusual — Even Conservative Funds Fell
The 2022 market environment (rising interest rates) was unusual because bonds fell alongside equities. This meant conservative funds (heavily weighted to bonds) also posted negative returns — typically they provide a buffer against equity falls.
Cumulative Impact: $10,000 Invested in 2008
Using the approximate annual returns above and assuming reinvestment:
| Fund type | $10,000 in 2008 → value in 2024 (approx.) |
|---|---|
| Growth | ~$52,000 |
| Balanced | ~$36,000 |
| Conservative | ~$23,000 |
Illustrative only — assumes full compounding at median returns; real outcomes vary by provider, timing, and fees.
Key Historical Market Events for KiwiSaver
- 2008–09 GFC: The first major test for KiwiSaver (scheme launched in 2007). Growth funds fell 26%, alarming early members. Most who stayed recovered fully by 2012.
- 2020 COVID: Rapid crash in March 2020 (global markets fell 30%+ in weeks), then a very fast recovery. KiwiSaver members who switched to conservative in March 2020 locked in losses and missed the recovery.
- 2022: The most difficult year for balanced/conservative investors since 2008 — rising interest rates made bonds fall alongside equities. No “safe” asset class in 2022 for traditional KiwiSaver portfolios.
What This Means for Your KiwiSaver
- Don’t time the market: Members who switched to conservative during downturns (2008, 2020, 2022) typically underperformed those who held growth funds long-term.
- Fund type matters far more than provider selection: The difference between growth and conservative over 17 years ($52k vs $23k on $10k) dwarfs the difference between providers in the same category.
- Short investment horizon = different rules: If you’re accessing KiwiSaver within 2–3 years (first home or retirement), sequence risk matters — a 26% fall right before access is very significant.