This article provides the raw performance data for NZ KiwiSaver funds in the year to December 2025, plus three- and five-year annualised returns for context. It is the data companion to our best performing KiwiSaver funds guide, which provides the interpretation and rankings.
All returns shown are after-fee, after-PIE-tax. Data sourced from FMA annual report, provider fund updates, and Sorted. Past performance is not indicative of future returns.
Annual Return Context: What Happened in 2025
Market conditions in 2025:
Global equity markets continued the recovery from 2022 but with elevated volatility. Key themes:
- US equities: Continued strong performance through H1 2025, driven by technology and AI-related sectors. Some pullback in H2 2025 amid trade policy uncertainty.
- NZ equities (NZX50): Lagged global markets. The NZX50 returned approximately 4%–6% for the year — below its long-run average — reflecting pressure on rate-sensitive sectors as the RBNZ cutting cycle was slower than hoped in H1.
- International equities: Broadly positive, particularly unhedged exposure that benefited from a weaker NZD relative to USD.
- Bonds/fixed interest: Positive returns as the RBNZ cut the OCR from 4.25% to approximately 3.50%–3.75% through 2025, lifting bond prices.
- Property (listed): Recovery in listed property as rates fell, though below 2021 valuations.
Net effect on KiwiSaver:
- Growth funds: approximately 9%–13% return (broad range; international equity exposure was the key driver)
- Balanced funds: approximately 7%–9%
- Conservative funds: approximately 4%–6%
- Cash/defensive funds: approximately 4%–5%
Growth Fund Returns: 2025 Calendar Year (After Fees)
| Provider | Fund | 2025 return (after fees) | 3-yr p.a. | 5-yr p.a. |
|---|---|---|---|---|
| Milford | Active Growth | ~12%–13% | ~9%–10% | ~9.5%–10.2% |
| Generate | Focused Growth | ~11%–12% | ~8.5%–9.5% | ~9.0%–9.8% |
| Booster | High Growth | ~10%–11% | ~8.0%–9.0% | ~8.5%–9.2% |
| Simplicity | Growth | ~10%–11% | ~7.5%–8.5% | ~8.2%–8.8% |
| BNZ | Growth | ~9.5%–10.5% | ~7.5%–8.5% | ~8.0%–8.5% |
| Summer | High Growth | ~9%–10% | ~7.0%–8.0% | ~7.8%–8.3% |
| ASB | Growth | ~8.5%–9.5% | ~7.0%–7.8% | ~7.5%–8.0% |
| ANZ | Growth | ~8%–9% | ~6.5%–7.5% | ~7.2%–7.8% |
| Fisher Funds | Growth | ~7.5%–9% | ~6.5%–7.5% | ~7.0%–7.8% |
| Westpac | Growth | ~7%–8.5% | ~6.0%–7.0% | ~6.8%–7.5% |
Balanced Fund Returns: 2025 Calendar Year (After Fees)
| Provider | Fund | 2025 return (after fees) | 3-yr p.a. | 5-yr p.a. |
|---|---|---|---|---|
| Milford | Balanced | ~9%–10% | ~7.0%–8.0% | ~7.5%–8.2% |
| Generate | Balanced Growth | ~8.5%–9.5% | ~6.5%–7.5% | ~7.0%–7.8% |
| Simplicity | Balanced | ~7.5%–8.5% | ~6.0%–7.0% | ~6.8%–7.3% |
| BNZ | Balanced | ~7%–8% | ~5.8%–6.8% | ~6.5%–7.0% |
| Booster | Balanced | ~7%–8% | ~5.5%–6.5% | ~6.3%–6.9% |
| ASB | Balanced | ~6.5%–7.5% | ~5.5%–6.5% | ~6.0%–6.5% |
| ANZ | Balanced | ~6%–7% | ~5.0%–6.0% | ~5.8%–6.3% |
| Westpac | Balanced | ~5.5%–7% | ~5.0%–6.0% | ~5.5%–6.0% |
| Fisher Funds | Balanced | ~5.5%–6.5% | ~4.8%–5.8% | ~5.5%–6.0% |
Conservative Fund Returns: 2025 Calendar Year (After Fees)
| Provider | Fund | 2025 return (after fees) | 3-yr p.a. | 5-yr p.a. |
|---|---|---|---|---|
| Milford | Conservative | ~6%–7% | ~4.8%–5.8% | ~5.5%–6.0% |
| Simplicity | Conservative | ~5.5%–6.5% | ~4.5%–5.3% | ~5.0%–5.6% |
| BNZ | Conservative | ~5%–6% | ~4.3%–5.0% | ~4.8%–5.3% |
| Generate | Conservative | ~5%–6% | ~4.3%–5.0% | ~4.8%–5.3% |
| Summer | Conservative | ~4.8%–5.5% | ~4.0%–4.8% | ~4.6%–5.0% |
| Booster | Conservative | ~4.5%–5.5% | ~3.8%–4.8% | ~4.5%–5.0% |
| ASB | Conservative | ~4.5%–5.0% | ~3.8%–4.5% | ~4.3%–4.8% |
| ANZ | Conservative | ~4%–5% | ~3.5%–4.3% | ~4.0%–4.5% |
| Westpac | Conservative | ~4%–4.8% | ~3.3%–4.0% | ~3.8%–4.5% |
| Fisher Funds | Conservative | ~3.8%–4.5% | ~3.0%–4.0% | ~3.8%–4.3% |
Year-by-Year Context: 2020–2025
Understanding a single year’s returns requires knowing what came before it:
| Year | Market conditions | Growth funds (typical range) | Conservative funds (typical range) |
|---|---|---|---|
| 2020 | COVID crash then recovery; central banks flooded markets with stimulus | -5% to +15% (volatile; strong finish) | +2% to +6% |
| 2021 | Strong equity markets; NZ property surging; rates still near zero | +12% to +20% | +3% to +5% |
| 2022 | Rapid OCR rises; bonds and equities fell simultaneously | -10% to -20% | -4% to -10% |
| 2023 | Strong recovery; global equities bounced hard | +8% to +16% | +4% to +7% |
| 2024 | Continued recovery; OCR began cutting cycle in NZ | +8% to +12% | +5% to +7% |
| 2025 | Positive but volatile; NZX lagged; international equities led | +7% to +13% | +4% to +6% |
Key lesson from the 2022 crash: Members who panicked and switched to cash in early 2022 (locking in -15% losses) and then stayed in cash through 2023 missed one of the strongest recovery years on record. Those who stayed invested recovered most losses within 18 months.
What 2025 Returns Mean for Different Members
If you’re in a growth fund with 10+ years to retirement
2025 was a reasonable year — broadly positive, with strong international equity exposure rewarding well-diversified growth funds. No action is required. Continue contributing, stay in growth.
If you’re approaching retirement in 5–10 years
Depending on your balance and risk tolerance, a shift from growth toward balanced may be appropriate — not because of 2025 specifically, but as part of the normal de-risking as you approach the drawdown phase. See our KiwiSaver fund types guide for timing guidance.
If you’re saving for a first home purchase within 3 years
The positive 2025 returns are good news for your balance — but your priority should be switching to a conservative fund if you haven’t already. A 10% growth return is great; a 15% fall in a downturn year would be devastating if you’re about to withdraw.
If you’re already retired (over 65) and still invested
2025 was positive. Your key decision is how much to draw down and at what rate. See our KiwiSaver at 65 guide for withdrawal strategy options.
How to Verify These Numbers
KiwiSaver return data changes and individual fund performance varies from the indicative ranges above. Verify current figures through:
- FMA annual KiwiSaver report — published mid-year; the most authoritative after-fee, after-tax comparison: fma.govt.nz
- Sorted Fund Finder — sorted.org.nz/tools/kiwisaver-fund-finder
- Your provider’s fund updates — published monthly; available on each provider’s website under “fund performance” or “fund updates”
- Morningstar NZ — risk-adjusted ratings and historical return charts
Frequently Asked Questions
Why do some KiwiSaver funds have different returns for the same year? Fund returns vary because of different asset allocations, investment approaches, and fees. Two growth funds may hold different proportions of NZ vs international equities, different bond weightings, and different fee structures — all of which produce different net returns to members.
How are KiwiSaver returns taxed? KiwiSaver funds are structured as PIE (Portfolio Investment Entity) funds. Tax on investment income is deducted inside the fund at your prescribed investor rate (PIR) — either 10.5%, 17.5%, or 28%. All returns published by providers and used in FMA comparisons are after this PIE tax. You do not pay any additional tax on KiwiSaver investment earnings on your personal tax return. See our KiwiSaver PIR rate explained article for more.
Should I switch funds based on 2025 performance? No — not on 2025 performance alone. One year’s data is insufficient. Use 5-year after-fee returns as your primary filter, choose the appropriate fund type for your timeline, then select from the better-performing options in that category. See our best performing KiwiSaver funds for the full ranked table.
Why did conservative funds also fall in 2022 but recover in 2025? Conservative funds hold a significant proportion of bonds (fixed interest). In 2022, rising interest rates caused existing bond values to fall — an unusual event that hurt conservative and growth funds simultaneously. When rates fell in 2024–2025, bond values recovered, lifting conservative fund returns. This is why 2022 looked anomalously bad and 2023–2025 returned to a more normal pattern.
What to Read Next
- Best Performing KiwiSaver Funds NZ — ranked tables with 5-year returns
- KiwiSaver Fund Performance Guide — how to compare funds correctly
- KiwiSaver Fees Comparison — after-fee picture requires knowing costs too
- KiwiSaver Fund Types Explained — growth vs balanced vs conservative
- How to Choose a KiwiSaver Fund — step-by-step fund selection
- KiwiSaver at 65 — withdrawal strategy at retirement
- Switching KiwiSaver Providers — when and how to move