The worst performing mutual funds of 2023: are you invested in these funds?
This article shows the funds and categories of mutual funds which have been the worst performers in 2023.
The worst performing mutual funds of 2023: are you invested in these funds?
Posted on 03 Jan 2024
Author: Sayan Sircar
Tags: 
Mutual Funds
23 mins read
Mutual Funds
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This article shows the funds and categories of mutual funds which have been the worst performers in 2023.
If you are unhappy with the performance of your mutual funds, you can get a free Mutual Fund Portfolio review.
This article is a part of our detailed article series on the worst performing mutual funds in India. Ensure you have read the other parts here:
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Which are the high-risk and underperforming mutual funds that can be avoided by investors?
This article categorizes mutual funds based on relative performance, highlighting those offering lower returns at higher risk which can be potentially avoided by investors.
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The worst performing mutual funds of 2024: are you invested in these funds?
This article shows the funds and categories of mutual funds which have been the worst performers in 2024.
-
The worst performing equity mutual funds post-COVID: are you invested in these funds?
This article shows the funds and categories of mutual funds which have been the worst performers in since the 2020 market crash caused by COVID.
-
Worst mutual funds of 4th June 2024: which mutual funds fell the most on election results day?
This article lists all the mutual funds that fell the most due to market volatility on 4th June 2024.
-
Are you invested in these worst-performing mutual funds?
This article lists mutual funds with the worst historical performance over 3, 5, 10, 15, and 20 years.
-
The worst performing mutual funds of 2022: are you invested in these funds?
This article shows the funds and categories of mutual funds which have been the worst performers in 2022.
-
The worst performing mutual funds of 2021: are you invested in these funds?
This article shows the funds and categories of mutual funds which have been the worst performers in 2021.
Disclaimer: Fund names in this article do not constitute as recommendations to either enter or exit those funds.
📚 Table of Contents
- Worst performing types of funds
- Funds: worst performing debt mutual funds
- Category: Liquid Fund
- Category: Overnight Fund
- Category: Banking and PSU Fund
- Category: Ultra Short Duration Fund
- Category: Short Duration Fund
- Category: Money Market Fund
- Category: Gilt Fund
- Category: Dynamic Bond
- Category: Low Duration Fund
- Category: Corporate Bond Fund
- Category: Medium Duration Fund
- Category: Medium to Long Duration Fund
- Category: Credit Risk Fund
- Category: Floater Fund
- Category: Long Duration Fund
- Category: Gilt Fund with 10 year constant duration
- Funds: worst performing equity mutual funds
- Funds: worst performing hybrid mutual funds
- Funds: worst performing international mutual funds
Note: Domestic index funds tracking broad indices like the Nifty 50 or Sensex will generally not be found in a table of worst performing mutual funds. Since index funds give “average” return, their position will always be above the worst performers in their respective category. For the same reason, they will not be found in the best performing fund lists as well.
The fund categories in this article are as per AMFI classification. The performance figures are from AMFI website. All funds in this article are of the Direct Growth Category: Do not make this mistake when investing in mutual funds.
Please use the find feature of your browser to locate the funds or categories you are interested in.
Worst performing types of funds
Worst debt funds category-wise
| Category | Fund count | Average | Max | Min |
|---|---|---|---|---|
| Liquid Fund | 32 | 7.07% | 7.24% | 6.73% |
| Overnight Fund | 30 | 6.72% | 7.17% | 6.41% |
| Banking and PSU Fund | 22 | 7.05% | 7.71% | 6.52% |
| Ultra Short Duration Fund | 21 | 7.21% | 7.53% | 6.37% |
| Short Duration Fund | 21 | 7.34% | 8.10% | 6.43% |
| Money Market Fund | 21 | 7.34% | 7.64% | 6.70% |
| Gilt Fund | 21 | 7.55% | 8.83% | 6.06% |
| Dynamic Bond | 20 | 7.28% | 8.62% | 6.25% |
| Low Duration Fund | 19 | 7.37% | 7.73% | 7.05% |
| Corporate Bond Fund | 19 | 7.19% | 7.83% | 6.49% |
| Medium Duration Fund | 14 | 7.35% | 8.04% | 6.34% |
| Medium to Long Duration Fund | 12 | 7.70% | 11.32% | 6.66% |
| Credit Risk Fund | 12 | 8.87% | 16.57% | 6.79% |
| Floater Fund | 10 | 7.78% | 8.46% | 7.32% |
| Long Duration Fund | 5 | 7.78% | 8.30% | 7.32% |
| Gilt Fund with 10 year constant duration | 4 | 7.80% | 7.92% | 7.60% |
Worst equity funds category-wise
| Category | Fund count | Average | Max | Min |
|---|---|---|---|---|
| Sectoral/ Thematic | 108 | 33.92% | 61.50% | 1.67% |
| ELSS | 36 | 29.10% | 39.06% | 19.85% |
| Large Cap Fund | 29 | 25.65% | 33.23% | 18.06% |
| Flexi Cap Fund | 29 | 29.83% | 41.55% | 20.73% |
| Mid Cap Fund | 27 | 39.52% | 49.76% | 22.47% |
| Large & Mid Cap Fund | 27 | 31.84% | 40.01% | 24.18% |
| Focused Fund | 24 | 28.22% | 36.29% | 18.36% |
| Small Cap Fund | 23 | 43.55% | 60.03% | 25.85% |
| Value Fund | 18 | 36.42% | 48.68% | 27.61% |
| Multi Cap Fund | 18 | 34.98% | 41.93% | 23.31% |
| Dividend Yield Fund | 7 | 38.10% | 41.41% | 34.51% |
| Contra Fund | 2 | 33.58% | 36.86% | 30.29% |
Worst hybrid funds category-wise
| Category | Fund count | Average | Max | Min |
|---|---|---|---|---|
| Aggressive Hybrid Fund | 26 | 22.53% | 35.47% | 15.49% |
| Dynamic Asset Allocation or Balanced Advantage | 24 | 20.20% | 32.13% | 15.21% |
| Arbitrage Fund | 24 | 7.62% | 8.07% | 6.65% |
| Equity Savings | 21 | 14.50% | 18.13% | 8.96% |
| Conservative Hybrid Fund | 17 | 11.60% | 15.40% | 8.26% |
| Multi Asset Allocation | 8 | 21.85% | 30.21% | 14.36% |
| Balanced Hybrid Fund | 1 | 18.94% | 18.94% | 18.94% |
Worst “other” funds category-wise
| Category | Fund count | Average | Max | Min |
|---|---|---|---|---|
| FoF Overseas | 48 | 22.64% | 67.00% | -9.46% |
| Index Funds | 121 | 21.16% | 63.34% | 6.81% |
| FoF Domestic | 70 | 19.15% | 93.16% | -5.64% |
| Retirement Fund | 27 | 21.36% | 39.85% | 6.40% |
| Children’s Fund | 6 | 22.70% | 31.47% | 14.72% |
In the sections below, we will pick up up to 3 worst performers in the same category.
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Funds: worst performing debt mutual funds
Category: Liquid Fund
| Fund (category avg = 7.07% | 2023 return |
|---|---|
| Motilal Oswal Liquid Fund | 6.73% |
| Parag Parikh Liquid Fund | 6.73% |
| ITI Liquid Fund Option | 6.84% |
Category: Overnight Fund
| Fund (category avg = 6.72% | 2023 return |
|---|---|
| Groww Overnight Fund | 6.41% |
| ITI Overnight Fund Option | 6.50% |
| Franklin India Overnight Fund | 6.65% |
Category: Banking and PSU Fund
| Fund (category avg = 7.05% | 2023 return |
|---|---|
| Canara Robeco Banking and PSU Debt Fund | 6.52% |
| Edelweiss Banking and PSU Debt Fund | 6.74% |
| Mirae Asset Banking and PSU Fund | 6.79% |
Category: Ultra Short Duration Fund
| Fund (category avg = 7.21% | 2023 return |
|---|---|
| LIC MF Ultra Short Duration Fund | 6.37% |
| Motilal Oswal Ultra Short Term Fund | 6.48% |
| BANK OF INDIA Ultra Short Duration Fund | 6.69% |
Category: Short Duration Fund
| Fund (category avg = 7.34% | 2023 return |
|---|---|
| BANK OF INDIA Short Term Income Fund | 6.43% |
| Groww Short Duration Fund | 6.63% |
| JM Short Duration Fund | 6.98% |
Category: Money Market Fund
| Fund (category avg = 7.34% | 2023 return |
|---|---|
| LIC MF Money Market Fund | 6.70% |
| Union Money Market Fund | 7.03% |
| Baroda BNP Paribas Money Market Fund | 7.09% |
Category: Gilt Fund
| Fund (category avg = 7.55% | 2023 return |
|---|---|
| Franklin India Government Securities Fund | 6.06% |
| HSBC Gilt Fund | 6.91% |
| Edelweiss Government Securities Fund | 6.94% |
Category: Dynamic Bond
| Fund (category avg = 7.28% | 2023 return |
|---|---|
| Groww Dynamic Bond Fund | 6.25% |
| JM Dynamic Bond Fund | 6.66% |
| Union Dynamic Bond Fund | 6.75% |
Category: Low Duration Fund
| Fund (category avg = 7.37% | 2023 return |
|---|---|
| JM Low Duration Fund | 7.05% |
| Invesco India Treasury Advantage | 7.19% |
| LIC MF Low Duration Fund | 7.19% |
Category: Corporate Bond Fund
| Fund (category avg = 7.19% | 2023 return |
|---|---|
| Sundaram Corporate Bond Fund | 6.49% |
| Union Corporate Bond Fund | 6.74% |
| Mirae Asset Corporate Bond Fund | 6.75% |
Category: Medium Duration Fund
| Fund (category avg = 7.35% | 2023 return |
|---|---|
| Sundaram Medium Term Bond Fund | 6.34% |
| Union Medium Duration Fund | 6.98% |
| UTI Medium Duration Fund Option | 7.14% |
Category: Medium to Long Duration Fund
| Fund (category avg = 7.70% | 2023 return |
|---|---|
| BANDHAN Bond Fund - Income Plan | 6.66% |
| UTI Medium to Long Duration Fund | 6.81% |
| HSBC Medium to Long Duration Fund | 6.99% |
Category: Credit Risk Fund
| Fund (category avg = 8.87% | 2023 return |
|---|---|
| BANDHAN Credit Risk Fund | 6.79% |
| HDFC Credit Risk Debt Fund Option | 7.27% |
| HSBC Credit Risk Fund | 7.34% |
Category: Floater Fund
| Fund (category avg = 7.78% | 2023 return |
|---|---|
| UTI Floater Fund | 7.32% |
| Tata Floating Rate Fund | 7.43% |
| Nippon India Floating Rate Fund | 7.50% |
Category: Long Duration Fund
| Fund (category avg = 7.78% | 2023 return |
|---|---|
| ICICI Prudential Long Term Bond Fund | 7.32% |
| Nippon India Nivesh Lakshya Fund | 7.58% |
| Axis Long Duration Fund | 7.72% |
Category: Gilt Fund with 10 year constant duration
| Fund (category avg = 7.80% | 2023 return |
|---|---|
| BANDHAN Government Securities Fund - Constant Maturity | 7.60% |
Funds: worst performing equity mutual funds
Category: Sectoral/ Thematic
| Fund (category avg = 33.92% | 2023 return |
|---|---|
| ITI Banking and Financial Services Fund Option | 16.85% |
| Taurus Banking & Financial Services Fund | 16.88% |
| ICICI Prudential Banking and Financial Services | 18.86% |
Category: ELSS
| Fund (category avg = 29.10% | 2023 return |
|---|---|
| Aditya Birla Sun Life ELSS | 19.85% |
| PGIM India ELSS | 21.26% |
| Axis ELSS | 22.89% |
Category: Large Cap Fund
| Fund (category avg = 25.65% | 2023 return |
|---|---|
| LIC MF Large Cap Fund | 18.06% |
| Axis Bluechip Fund | 18.54% |
| Mirae Asset Large Cap Fund | 19.65% |
Category: Flexi Cap Fund
| Fund (category avg = 29.83% | 2023 return |
|---|---|
| UTI - Flexi Cap Fund | 20.73% |
| Axis Flexi Cap Fund | 21.44% |
| PGIM India Flexi Cap Fund | 21.66% |
Category: Mid Cap Fund
| Fund (category avg = 39.52% | 2023 return |
|---|---|
| PGIM India Midcap Opportunities Fund | 22.47% |
| Axis Midcap Fund | 31.00% |
| UTI Mid Cap Fund | 31.73% |
Category: Large & Mid Cap Fund
| Fund (category avg = 31.84% | 2023 return |
|---|---|
| Tata Large & MId Cap Fund | 24.18% |
| Navi Large & Midcap Fund Option | 25.80% |
| Axis Growth Opportunities Fund | 27.71% |
Category: Focused Fund
| Fund (category avg = 28.22% | 2023 return |
|---|---|
| Axis Focused 25 Fund Option | 18.36% |
| Mirae Asset Focused Fund | 18.58% |
| Motilal Oswal Focused 25 Fund | 20.19% |
Category: Small Cap Fund
| Fund (category avg = 43.55% | 2023 return |
|---|---|
| PGIM India Small Cap Fund | 25.85% |
| SBI Small Cap Fund | 26.62% |
| Axis Small Cap Fund | 35.57% |
Category: Value Fund
| Fund (category avg = 36.42% | 2023 return |
|---|---|
| Quantum Long Term Equity Value Fund | 27.61% |
| UTI Value Fund Option | 27.63% |
| HDFC Capital Builder | 30.73% |
Category: Multi Cap Fund
| Fund (category avg = 34.98% | 2023 return |
|---|---|
| Sundaram Multi Cap Fund | 23.31% |
| SBI Multicap Fund option | 23.63% |
| Aditya Birla Sun Life Multi-Cap Fund | 29.94% |
Category: Dividend Yield Fund
| Fund (category avg = 38.10% | 2023 return |
|---|---|
| Templeton India Equity Income Fund | 34.51% |
| Sundaram Dividend Yield Fund | 35.70% |
| UTI-Dividend Yield Fund | 36.27% |
Category: Contra Fund
| Fund (category avg = 33.58% | 2023 return |
|---|---|
| Invesco India Contra Fund | 30.29% |
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Funds: worst performing hybrid mutual funds
Category: Aggressive Hybrid Fund
| Fund (category avg = 22.53% | 2023 return |
|---|---|
| Motilal Oswal Equity Hybrid Fund | 15.49% |
| Axis Equity Hybrid Fund Option | 15.56% |
| Tata Hybrid Equity Fund | 17.27% |
Category: Dynamic Asset Allocation or Balanced Advantage
| Fund (category avg = 20.20% | 2023 return |
|---|---|
| LIC MF Balanced Advantage Fund | 15.21% |
| Sundaram Balanced Advantage Fund | 15.81% |
| BANDHAN Balanced Advantage Fund | 16.45% |
Category: Arbitrage Fund
| Fund (category avg = 7.62% | 2023 return |
|---|---|
| Mahindra Manulife Arbitrage Fund | 6.65% |
| BANK OF INDIA Arbitrage Fund | 6.85% |
| ITI Arbitrage Fund Option | 7.15% |
Category: Equity Savings
| Fund (category avg = 14.50% | 2023 return |
|---|---|
| PGIM India Equity Savings Fund | 8.96% |
| BANDHAN Equity Savings Fund | 10.73% |
| Franklin India Equity Savings Fund | 11.14% |
Category: Conservative Hybrid Fund
| Fund (category avg = 11.60% | 2023 return |
|---|---|
| LIC MF Conservative Hybrid Fund | 8.26% |
| ITI Conservative Hybrid Fund Option | 8.95% |
| Navi Regular Savings Fund | 9.03% |
Category: Multi Asset Allocation
| Fund (category avg = 21.85% | 2023 return |
|---|---|
| Axis Multi Asset Allocation Fund | 14.36% |
| Motilal Oswal Multi Asset Fund | 14.96% |
| HDFC Multi-Asset Fund | 19.43% |
Category: Retirement Fund
| Fund (category avg = 21.36% | 2023 return |
|---|---|
| Aditya Birla Sun Life Retirement Fund-The 50s Plus-Debt Plan | 6.40% |
| ICICI Prudential Retirement Fund - Pure Debt | 7.06% |
| Aditya Birla Sun Life Retirement Fund-The 50s Plan | 11.41% |
Category: Children’s Fund
| Fund (category avg = 22.70% | 2023 return |
|---|---|
| Axis Children’s Gift Fund - Lock in | 14.72% |
| Axis Children’s Gift Fund - No Lock in | 14.96% |
| LIC MF Children’s Gift Fund | 22.65% |
Funds: worst performing international mutual funds
| Fund (category avg = 22.64% | 2023 return |
|---|---|
| Edelweiss Greater China Equity Off-shore Fund | -9.46% |
| Axis Greater China Equity Fund of Fund | -7.64% |
| DSP World Agriculture Fund | -4.80% |
Related Articles
- The worst performing mutual funds of 2024: are you invested in these funds?
- The worst performing mutual funds of 2022: are you invested in these funds?
- The worst performing mutual funds of 2021: are you invested in these funds?
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This post titled The worst performing mutual funds of 2023: are you invested in these funds? first appeared on 03 Jan 2024 at https://arthgyaan.com
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