There are over 300 KiwiSaver options from around 30 providers. This page sets out how we compare them, what we assess, how we rate them, and the criteria a fund must meet to be on our recommended list.
Our methodology rests on three principles and four core checks. Every fund is compared only to its peers, across meaningful timeframes, on more than last year’s return.
We sort KiwiSaver funds into one of five risk-based categories, based on how their assets are split between growth and income. Every later comparison happens within these categories so we never compare a Growth fund to a Conservative fund for example.
Funds that hold only one asset type, say NZ shares only, or US bonds only, carry concentrated risk that’s rarely the right fit for a KiwiSaver investor, so we don’t put them on our recommended list.
Three principles shape every recommendation we make. They’re deliberately simple.
Within each category, every fund is scored against its peers. So a high mark means better than the alternatives in the same category, not better than every fund in the market.
Past returns don’t guarantee future returns — but they do show how a fund has performed across different market conditions. We focus on 5-10 year windows where available.
Returns alone aren’t enough. We also assess fees, consistency, and how the fund is run — so we recommend funds that are consistently better, not last year’s winner.
A consistent set of checks across four areas. The goal is simple: Recommend funds that have a strong performance track record, fair fees, and are well run.
Returns matter. We compare each fund’s return to its peer group. Funds consistently beating their peers score higher.
The aim is to avoid being swayed by a fund’s latest hot streak.
Fees matter. But the cheapest fund isn’t always the best. We score every fund on its total annual fund charges against its peer group.
The aim is to find funds with fair fees.
Has this fund earned its fee, after fees, versus its peers?
We look at how bumpy the ride has been. We measure how much a fund’s returns change from year to year, and score each fund against the average change of its category. Smaller changes score higher.
The aim is to avoid surprises.
Numbers alone aren’t enough. We also check three practical signals that show whether a fund is well run.
The aim is to find superior funds.
The goal is simple: Recommend funds that have a strong performance track record, fair fees, and are well run.
The right balance changes with risk level. A Defensive investor cares more about a smooth ride than chasing returns; an Aggressive investor cares more about returns than smoothness. We reflect that by weighting the four checks differently for each category:
| Category | Performance | Consistency | Fees | Quality |
|---|---|---|---|---|
| Defensive | 20% | 50% | 20% | 10% |
| Conservative | 30% | 50% | 10% | 10% |
| Balanced | 40% | 40% | 10% | 10% |
| Growth | 50% | 30% | 10% | 10% |
| Aggressive | 60% | 20% | 10% | 10% |
Every fund we analyse is given an overall grade based on how it performs across the four core checks. B or above is the bar to make our recommended list. Funds that don’t clear it are marked Not Recommended (NR).
Stands out against peers overall.
Performs well overall.
Meets our bar to be recommended.
Funds that don’t meet our criteria to be recommended are shown as NR, with no letter grade. Recommended funds (A+, A, B) show their letter grade.
It didn’t score strongly enough against its peers in the same category.
There wasn’t enough of a track record — for example, less than five years of returns.
It sits outside our category framework — a single-sector fund that doesn’t match one of our five categories.
Our primary data source is Morningstar, the global standard for fund analysis. Where there are gaps, we layer in public filings and go direct to providers.
BetterSaver may receive a commission from some KiwiSaver providers if you join or switch through our platform. This does not increase your fund fees.
In practice, there are more funds from providers we could be paid for that don’t make our recommended list than there are on it. The list is driven by our criteria, not commercial arrangements.
Our recommended list includes funds that pay us and funds that don’t; as long as they meet our standards they make the list.
The questions that come up most often. Can’t see yours? Talk to us.