NPS returns 2026: Tata tops 1-year equity performance, ICICI leads over 5 years; check full rankings
The National Pension System (NPS) is one of India’s most popular retirement savings products, but unlike fixed-income schemes, its returns are market-linked. While investors can choose their preferred pension fund manager, the performance of these managers has varied across asset classes and time periods.
Data from NPS Trust as on 1 August 2026 shows that equity funds witnessed the widest divergence in returns over the past year, while government securities and corporate debt funds delivered relatively stable performance. The numbers also underline that there is no single fund manager that has consistently topped every category, making periodic performance reviews an important part of long-term retirement planning.
Tata tops short-term equity returns, ICICI shines over the long term
Among equity schemes under Tier-I accounts, Tata Pension Fund emerged as the best performer over both one year and three years, delivering returns of 4.19% and 12.47%, respectively. However, over a five-year period, ICICI Prudential Pension Fund moved ahead with the highest return of 12.57%.
The data also highlights how returns can differ significantly across equity fund managers. While Tata Pension Fund generated a positive return of 4.19% over the past year, DSP Pension Fund posted a return of -5.57%, creating a gap of nearly 10 percentage points between the best and worst-performing equity managers. Axis Pension Fund also reported a negative one-year return of -0.76%.
Debt funds deliver greater stability
Compared with equity schemes, returns from government securities and corporate debt funds remained tightly clustered across pension fund managers.
In the government securities category, Aditya Birla Sun Life Pension Fund topped the one-year chart with a return of 3.17%, while UTI Pension Fund delivered the highest three-year return of 7.17%. Over five years, Aditya Birla Sun Life and UTI shared the top spot with returns of 6.59% each.
Corporate debt funds also displayed limited variation. UTI Pension Fund led the one-year category with a return of 5.83%, while HDFC Pension Fund emerged as the top performer over both three years (8.07%) and five years (7.00%).
The performance data shows that fund rankings can change depending on the investment horizon and asset class. While Tata Pension Fund has led equity returns in the short term, ICICI Prudential has delivered the strongest five-year equity performance. HDFC has dominated the corporate debt category over longer periods, whereas UTI and Aditya Birla Sun Life have been among the leading performers in government securities.
