Best Index Funds in India (2026)
Live · updated 2026-09-16 Ranked by data, refreshed from daily NAVs
This is the complete, data-ranked list of indexss we track - every Direct-Growth scheme in the category with a meaningful track record, ordered by long-term quality (King Score). This page is recomputed from NAV data every day, so it cannot go stale, and every fund on it links to a full research page with returns, risk, SIP outcomes, holdings and manager track record.
Index funds do not try to beat the market - they buy it. A Nifty 50 index fund simply holds the same 50 stocks in the same weights as the index, which is why fees are a fraction of active funds and why there are no manager-risk surprises. Over long periods, low cost plus no mistakes has proven a formidable combination worldwide.
Since every Nifty 50 fund holds the same stocks, picking between them comes down to execution: expense ratio, tracking difference (how far the fund's return drifts from the index it copies) and size. Our ranking rewards exactly that consistency. Note that this list spans funds tracking different indices - a Nifty 50 fund and a Midcap 150 fund are different products with different risk, so compare like with like using the fund pages.
Tap any column heading to sort. Every fund name links to its full review.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SBI CRISIL IBX SDL Index - September 2027 Fund | 83 | 80 | 1.7% | 2.9% | 6.2% | 7.5% | n/a | n/a | 0.98 | 7.7% | -0.4% |
| 2 | Baroda BNP Paribas Nifty SDL December 2026 Index Fund | 79 | 80 | 1.5% | 2.9% | 5.9% | 7.4% | n/a | n/a | 1.15 | 7.3% | -0.4% |
| 3 | ICICI Prudential Nifty SDL Sep 2027 Index Fund | 84 | 78 | 1.7% | 2.9% | 6.2% | 7.5% | n/a | n/a | 1.0 | 7.8% | -3.8% |
| 4 | Axis CRISIL IBX SDL May 2027 Index Fund | 82 | 78 | 1.6% | 3.0% | 6.3% | 7.5% | n/a | n/a | 1.07 | 7.8% | -3.6% |
| 5 | Mirae Asset Nifty SDL Jun 2027 Index Fund | 82 | 78 | 1.6% | 3.0% | 6.2% | 7.5% | n/a | n/a | 1.05 | 7.8% | -3.6% |
| 6 | Kotak Nifty SDL Apr 2027 Top 12 Equal Weight Index Fund | 79 | 77 | 1.5% | 2.8% | 6.2% | 7.4% | n/a | n/a | 1.09 | 7.7% | -3.6% |
| 7 | Tata Nifty G-Sec Dec 2029 Index Fund | 60 | 77 | 0.7% | 2.1% | 5.1% | 7.6% | n/a | n/a | 0.62 | 7.8% | -1.1% |
| 8 | Aditya Birla Sun Life Crisil IBX Gilt-Apr-2029 Index Fund | 59 | 77 | 0.7% | 2.1% | 5.0% | 7.5% | n/a | n/a | 0.59 | 8.3% | -1.0% |
| 9 | HDFC Nifty G-Sec Apr 2029 Index Fund | 59 | 77 | 0.7% | 2.2% | 5.0% | 7.5% | n/a | n/a | 0.59 | 7.6% | -0.9% |
| 10 | ICICI Prudential Nifty Pharma Index Fund | 98 | 76 | 8.1% | 15.8% | 17.2% | 18.9% | n/a | n/a | 0.78 | 22.2% | -16.6% |
| 11 | SBI CRISIL IBX Gilt Index - April 2029 Fund | 59 | 76 | 0.7% | 2.1% | 5.0% | 7.5% | n/a | n/a | 0.56 | 8.2% | -1.1% |
| 12 | Tata Nifty SDL Plus AAA PSU Bond Dec 6040 Index Fund | 76 | 75 | 1.5% | 2.7% | 5.7% | 7.4% | n/a | n/a | 0.93 | 7.8% | -2.3% |
| 13 | Kotak Nifty Financial Services Ex-Bank Index Fund | 50 | 75 | -1.0% | 5.1% | 3.3% | 14.9% | n/a | n/a | 0.4 | n/a | -17.1% |
| 14 | Edelweiss MSCI India Domestic & World Healthcare 45 Index Fund | 98 | 74 | 8.3% | 15.0% | 18.9% | 18.5% | 13.3% | n/a | 0.94 | 17.3% | -16.3% |
| 15 | Motilal Oswal S&P 500 Index Fund | 97 | 74 | 1.8% | 17.4% | 25.3% | 25.6% | 17.8% | n/a | 1.14 | 15.2% | -19.9% |
The category returns: 1 month to 10 years𝕏 Share this statWhatsApp
Over the last 1 year, the category averaged 1.2% - the best, ICICI Prudential NASDAQ 100 Index Fund, returned 30.9% while the weakest managed -18.0%. That spread is why picking within the category matters. Over 10 years the average compounding rate is 11.1% a year, which turned ₹1 lakh into about ₹286,500.
| Period | Average | Median | Best fund | Weakest |
|---|---|---|---|---|
| 1 month | -3.3% | -4.5% | Baroda BNP Paribas Nifty SDL December 2026 Index Fund (0.5%) | -7.9% |
| 3 months | -0.4% | -1.2% | Edelweiss MSCI India Domestic & World Healthcare 45 Index Fund (8.3%) | -6.3% |
| 6 months | 4.3% | 2.6% | Motilal Oswal Nifty Microcap 250 Index Fund (26.6%) | -5.0% |
| 1 year | 1.2% | 3.8% | ICICI Prudential NASDAQ 100 Index Fund (30.9%) | -18.0% |
| 3 years (CAGR) | 9.7% | 7.5% | ICICI Prudential NASDAQ 100 Index Fund (30.0%) | -2.8% |
| 5 years (CAGR) | 8.7% | 6.7% | Motilal Oswal S&P 500 Index Fund (17.8%) | 5.5% |
| 10 years (CAGR) | 11.1% | 11.1% | ICICI Prudential Nifty Next 50 Index Fund (12.4%) | 10.6% |
Averages across every qualifying fund, refreshed daily. Best-fund links open that fund's full review.
What ₹1 lakh became
The same returns, translated into money - at the average pace and at the best fund's pace:
| Held for | Average pace | ₹1 lakh → (average) | ₹1 lakh → (best fund) |
|---|---|---|---|
| 1 year | 1.2% a year | ₹101,200 | ₹130,900 |
| 3 years | 9.7% a year | ₹132,000 | ₹219,700 |
| 5 years | 8.7% a year | ₹151,800 | ₹226,800 |
| 10 years | 11.1% a year | ₹286,500 | ₹321,900 |
Pre-tax, from historical returns. The averages smooth over a very bumpy ride - see the worst-fall column in the ranking above for what the journey involved.
The category by the numbers
| Funds that qualify | 123 |
| Combined assets | ₹182,348 Cr |
| Average 3-year return | 9.7% a year (best 30.0%, weakest -2.8%) |
| Average 5-year return | 8.7% a year |
| Average worst-ever fall | -20.4% (deepest: -46.9%) |
| Average expense ratio (Direct) | 0.25% |
| Largest fund by assets | UTI Nifty 50 Index Fund (₹22,282 Cr) |
Put the risk number in rupees: at the average worst fall of -20.4%, ₹1 lakh temporarily becomes about ₹79,600. That is the stretch every ranked fund's investors had to sit through at some point - the ranking rewards the funds that made that wait worthwhile.
Momentum check: what is hot right now
As of 2026-09-16, 14 of the 123 funds here rate RS 90 or above (top-decile recent momentum versus peers). The strongest momentum belongs to Axis Nifty Smallcap 50 Index Fund (RS 99/99). Average return over the last 3 months: -0.4%; over 6 months: 4.3%. Momentum is a snapshot, not a ranking criterion here - but it tells you whether this corner of the market is currently in favour.
Before you pick a index fund: four checks
- Open the fund's page and look at the worst-fall figure in rupees - decide whether you could genuinely sit through it without selling.
- Check the rolling-return consistency, not just the trailing return: a fund that delivered in most windows beats one lucky streak.
- Compare its expense ratio against the category average shown above - a persistent 0.5% cost gap compounds into lakhs over decades.
- If you already own funds in this category, check the portfolio overlap section on the fund page - two funds owning the same stocks is one bet, not two.
Screen the whole universe by expense ratio, tracking record and size - Direct plans only - and see exactly what a cheaper fund would have been worth over ten years.
How to read the table
RS (1-99) is recent momentum versus category peers - 99 is the hottest right now. King (0-100) is the long-term quality composite this list is ranked by. 3M/6M are recent returns; 3Y and 5Y CAGR are annualised longer records. Sharpe is return earned per unit of volatility - higher means smoother compounding. Roll 3Y is the median of every 3-year holding period in the fund's history, the fairest single return number a fund has. Worst fall is the deepest peak-to-bottom loss ever - the number that tests whether you would have stayed invested. Missing values show as n/a, usually because the fund is too young for that measurement.
The top 10, decoded𝕏 Share this statWhatsApp
- SBI CRISIL IBX SDL Index - September 2027 Fund (Index Funds) - King Score 80/100, RS 83/99 right now. 3-year return 7.5% a year, against a worst-ever fall of 0.4% (₹1 lakh briefly ₹99,600). Median 3-year rolling return 7.7%, sharpe 0.98.
- Baroda BNP Paribas Nifty SDL December 2026 Index Fund (Index Funds) - King Score 80/100, RS 79/99 right now. 3-year return 7.4% a year, against a worst-ever fall of 0.4% (₹1 lakh briefly ₹99,600). Median 3-year rolling return 7.3%, sharpe 1.15.
- ICICI Prudential Nifty SDL Sep 2027 Index Fund (Index Funds) - King Score 78/100, RS 84/99 right now. 3-year return 7.5% a year, against a worst-ever fall of 3.8% (₹1 lakh briefly ₹96,200). Median 3-year rolling return 7.8%, sharpe 1.0.
- Axis CRISIL IBX SDL May 2027 Index Fund (Index Funds) - King Score 78/100, RS 82/99 right now. 3-year return 7.5% a year, against a worst-ever fall of 3.6% (₹1 lakh briefly ₹96,400). Median 3-year rolling return 7.8%, sharpe 1.07.
- Mirae Asset Nifty SDL Jun 2027 Index Fund (Index Funds) - King Score 78/100, RS 82/99 right now. 3-year return 7.5% a year, against a worst-ever fall of 3.6% (₹1 lakh briefly ₹96,400). Median 3-year rolling return 7.8%, sharpe 1.05.
- Kotak Nifty SDL Apr 2027 Top 12 Equal Weight Index Fund (Index Funds) - King Score 77/100, RS 79/99 right now. 3-year return 7.4% a year, against a worst-ever fall of 3.6% (₹1 lakh briefly ₹96,400). Median 3-year rolling return 7.7%, sharpe 1.09.
- Tata Nifty G-Sec Dec 2029 Index Fund (Index Funds) - King Score 77/100, RS 60/99 right now. 3-year return 7.6% a year, against a worst-ever fall of 1.1% (₹1 lakh briefly ₹98,900). Median 3-year rolling return 7.8%, sharpe 0.62.
- Aditya Birla Sun Life Crisil IBX Gilt-Apr-2029 Index Fund (Index Funds) - King Score 77/100, RS 59/99 right now. 3-year return 7.5% a year, against a worst-ever fall of 1.0% (₹1 lakh briefly ₹99,000). Median 3-year rolling return 8.3%, sharpe 0.59.
- HDFC Nifty G-Sec Apr 2029 Index Fund (Index Funds) - King Score 77/100, RS 59/99 right now. 3-year return 7.5% a year, against a worst-ever fall of 0.9% (₹1 lakh briefly ₹99,100). Median 3-year rolling return 7.6%, sharpe 0.59.
- ICICI Prudential Nifty Pharma Index Fund (Index Funds) - King Score 76/100, RS 98/99 right now. 3-year return 18.9% a year, against a worst-ever fall of 16.6% (₹1 lakh briefly ₹83,400). Median 3-year rolling return 22.2%, sharpe 0.78.
Frequently asked questions
Which is the best index fund right now?
On our data-driven ranking as of 2026-09-16, SBI CRISIL IBX SDL Index - September 2027 Fund scores highest (King Score 80/100). That is a description of its record versus peers, not a recommendation - rankings move as NAVs update, and the right fund depends on your goals and risk tolerance.
Are index funds risky?
The category's numbers answer this better than adjectives: the average fund here has seen a worst-ever fall of -20.4%, and the deepest fall in the category is -46.9%. If a temporary loss of that size would make you sell, this category (or its allocation size in your portfolio) deserves a rethink. Risk here is not hypothetical - it is a matter of record.
What returns have index funds given historically?
Across the 123 funds we track in this category, the average 3-year return is 9.7% a year, with the best at 30.0% and the weakest at -2.8%. Over 5 years the category average is 8.7% a year. These are records, not projections - the next three years owe nothing to the last three.
What is the average 1-year return of index funds right now?
As of 2026-09-16, the 123 qualifying funds averaged 1.2% over the last year (median 3.8%). The best, ICICI Prudential NASDAQ 100 Index Fund, returned 30.9%; the weakest returned -18.0%. One year is weather, not climate - check the 5 and 10 year columns before drawing conclusions.
Which index fund gave the highest return in the last 10 years?
ICICI Prudential Nifty Next 50 Index Fund leads with 12.4% a year over 10 years - ₹1 lakh became about ₹321,900 pre-tax. The average across funds with a 10-year record is 11.1% a year. A decade-long record says a lot about the past and nothing certain about the next decade.
How is this list ranked?
Funds are ordered by King Score - a 0-100 composite of 3-year returns, rolling consistency, worst drawdown and Sharpe, each measured against category peers. The full formulas are public - see our methodology page. No fund pays to be here and rankings cannot be bought.
Should I invest in the #1 fund on this list?
We cannot tell you that - MF Terminal is descriptive research, not investment advice. A top rank says the past record was strong versus peers. Read the fund's full page, check the drawdowns you would have to sit through, and decide against your own horizon.
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All figures pre-tax, from AMFI NAV history. Rankings are descriptive and change with the data. Nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.