MUMBAI: Gold ETFs have emerged as the best performers among fund categories in the six months to October 6, while technology schemes have been bruised by the roller coaster movement of the market.

Quantum Gold Fund yielded an absolute return of 9.22 per cent followed by UTI Gold ETF at 9.11 per cent. Gold Benchmark ETF ranked third with a return of 9.10 per cent followed by Kotak Gold ETF at 9.08 per cent. Reliance Gold ETF stood fifth.

In the equity technology scheme category, Kotak Tech was the worst performer for the six month period under consideration with a negative return of 29.16 per cent while Franklin Infotech was relatively better off with a negative return of 19.75 per cent.

Talking on the poor performance of the technology schemes, Dhirendra Kumar, head, Value Research, said, “The US financial crisis has impacted Indian technology business. Consequently, technology stocks are down. However, not every scheme in technology sector is as bad as Kotak Tech.”

Among diversified equity schemes, UTI Dividend Yield posted a negative return of 13.21 per cent against a negative return of 14.19 per cent by HDFC Top 200, which ranked fifth out of top five.

On sectoral basis, equity pharma schemes proved to be much safer bets with UTI Pharma & Healthcare being on the top with six month absolute return of 2.09 per cent. Magnum Pharma was fifth with a negative return of 12.28 per cent.

Commented Rakesh Goyal, head – distribution, Bonanza Portfolio, “In this market turmoil, it is reasonable to go for gold ETFs as a ‘safer bet’. However, for long term purpose, it will be a sagacious decision to go for diversified large cap schemes where one can start generating returns in 1-2 years from now.”