This page lists selected KiwiSaver funds from the lowest 5-year after-fee return upwards, by fund type, using each fund’s own figure on Sorted Smart Investor. It is the other end of the KiwiSaver fund returns tables, and one of our KiwiSaver performance guides.
Why “Worst Performing” Requires Context
1. Compare like with like. A conservative fund will usually return less than a growth fund in a rising market; that’s its risk profile, not underperformance. This page compares funds within the same fund type.
2. After-fee returns are what matter. Gross returns (before fees) can look respectable even for expensive funds. After-fee returns are what you actually receive in your account.
3. Short-term underperformance isn’t the same as persistent underperformance. A single bad year can reflect market conditions. A 5-year window shows more, but past returns don’t predict future ones.
How to read performance data fairly is covered in the KiwiSaver fund performance comparison.
Growth Funds: Lowest 5-Year After-Fee Returns
5-year after-fee, after-tax returns from each fund’s page on Sorted Smart Investor, to 30 June 2026. Listed by stated return, lowest first. Fees are approximate annual management fees.
| Fund | Growth fund fee (approx.) | 5-yr after-fee return | As of |
|---|---|---|---|
| Fisher Funds KiwiSaver Plan Growth (ex-Kiwi Wealth) | ~1.13% | 4.46% | 30 Jun 2026 |
| ANZ OneAnswer Growth | ~0.95% | 5.29% | 30 Jun 2026 |
| Booster Growth | ~1.24% + $36/yr | 5.36% | 30 Jun 2026 |
| Westpac Growth | ~0.55% | 6.29% | 30 Jun 2026 |
| Pathfinder Growth | ~1.35% | 6.44% | 30 Jun 2026 |
| Milford Active Growth | ~1.05% base fee + any performance fee | 6.60% | 30 Jun 2026 |
| Booster High Growth (Sorted classes it as aggressive) | ~1.34% + $36/yr | 6.65% | 30 Jun 2026 |
| BNZ Growth | ~0.45% | 6.81% | 30 Jun 2026 |
| Simplicity Growth | 0.23% | 7.23% | 30 Jun 2026 |
The full growth table, including the funds with higher 5-year figures, is in KiwiSaver fund returns.
Fisher Funds results differ by scheme. The Fisher Funds KiwiSaver Plan is the former Kiwi Wealth KiwiSaver Scheme (Fisher Funds acquired Kiwi Wealth in 2022); the 1.13% fee is for its Growth Fund (its Aggressive fund charges 1.23%). Fisher Funds’ original KiwiSaver Scheme growth fund (closed to new investors) returned 3.92% a year after fees and tax over the 5 years to 30 June 2026; its members were due to move into the Fisher Funds KiwiSaver Plan by 6 October 2026. Fisher Funds TWO (the former Tower KiwiSaver Scheme) moved its members into the Plan in June 2026. Your annual statement says which scheme you were in; see the Fisher Funds KiwiSaver review and what happened to Kiwibank KiwiSaver.
Fee level and return position don’t line up neatly. In this table (5 years to 30 June 2026), ANZ’s fee (~0.95%) is mid-range but its return is second-lowest; Booster Growth (~1.24% plus $36 a year) is third-lowest; Westpac’s fee (~0.55%) is among the lower ones but its return is fourth-lowest; Pathfinder, Milford (base fee) and Booster High Growth charge about 1.05% to 1.35% and sit in the middle. Milford estimates its Active Growth fund’s total charges at about 1.44% once performance fees are counted. Whether low-fee funds come out ahead after fees is covered in cheapest vs highest-returning KiwiSaver funds.
Provider details: ANZ KiwiSaver review, Westpac KiwiSaver review.
Conservative Funds: Lowest 5-Year After-Fee Returns
Conservative funds invest mainly in income assets such as cash and fixed interest, so their 5-year returns sit below the growth funds above.
5-year after-fee, after-tax return to 30 June 2026, source: Sorted Smart Investor. Listed by stated return, lowest first.
| Fund | Fee (approx.) | 5-yr after-fee return |
|---|---|---|
| ANZ Conservative | ~0.60% | 1.90% |
| Simplicity Conservative | 0.23% | 2.12% |
| Booster Conservative (closed to new investment since 1 December 2021) | ~0.38% | 2.48% |
| BNZ Conservative | ~0.45% | 2.49% |
| Milford Conservative | ~0.85% | 2.76% |
| ASB Conservative | ~0.40% | 3.05% |
In this table ANZ Conservative has the lowest 5-year figure and ASB Conservative the highest; Milford’s conservative fund (fee ~0.85%) is above Simplicity’s (0.23%) after fees.
Default Providers
Many members are in the fund their employer or IRD’s default allocation placed them in, and the list of default providers has changed over time (most recently from December 2021). Who the default providers are and what that means is in KiwiSaver default funds and providers.
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- The provider's latest fund update: gives the fund's current fees, returns and holdings.
Frequently Asked Questions
Which KiwiSaver funds have the lowest returns? On the 5-year after-fee data to 30 June 2026 (source: Sorted Smart Investor), the Fisher Funds KiwiSaver Plan Growth fund (former Kiwi Wealth), ANZ OneAnswer Growth and Booster Growth have the lowest growth-fund figures on this page, and ANZ Conservative the lowest conservative-fund figure. ANZ’s growth fee (~0.95%) is mid-range among the growth-fund fees on this page. Rankings shift, so re-check current figures.
How much does a fee difference cost over time? A fee is charged every year on the whole balance, so a gap compounds: the KiwiSaver fee comparison works through the dollar cost of different fees over 25 years.
What does switching provider involve? You apply to the new provider, which arranges the transfer; IRD says it takes about 2 weeks, and your old provider may charge a transfer fee. See switching KiwiSaver providers.
What to Read Next
- KiwiSaver Fund Returns NZ: the full return tables
- KiwiSaver Fund Performance Comparison: how to read performance data
- KiwiSaver Fee Comparison: fees by provider and fund type
- Cheapest vs Highest-Returning KiwiSaver Funds: fees vs returns
- Switching KiwiSaver Providers: the steps and timing
- Aggressive KiwiSaver Funds: how the fund type works