Aviva Fund Review 2026: Which Funds Performed Best?

• 57 Aviva funds were analysed using performance data to 30 October 2026.

• 42 had enough comparable performance history to receive a Yodelar Rating.

• Only 5 funds, or 11.9%, received a 4 or 5 star Yodelar Rating.

• 33 funds, or 78.6%, received a 1 or 2 star Yodelar Rating.

• Aviva International Index Tracking and Aviva Multi Asset Core V were the only 5 star Yodelar Rated funds.

• Aviva International Index Tracking returned 77.31% over 5 years, compared with 45.93% for the average IA Global fund.

Aviva is one of the UK's best known pension and investment fund providers, but the performance of its funds varies considerably.

Of the 42 Aviva funds with a Yodelar Rating, only 5 achieved 4 or 5 stars, while 33 received a 1 or 2 star rating. There were some strong performers, including Aviva International Index Tracking and Aviva Multi Asset Core V, but a large proportion of the range delivered much weaker results when compared with funds investing in similar areas.

For investors with an Aviva pension or investment fund, this is an important distinction. Two people can both invest through Aviva but hold completely different funds and experience very different results. This review looks at the strongest and weakest performers, how they compared with their sector peers and what Aviva investors should understand about the funds they hold.

How Aviva Funds Rated

Yodelar Ratings compare the historic performance of each fund with other funds in the same Investment Association sector. This provides a more meaningful comparison because funds investing in different areas can have very different objectives and levels of risk.

A global equity fund, for example, is compared with other global equity funds, while a bond fund is assessed against comparable bond investments. This helps identify whether a fund has delivered competitive results for the type of investment it represents.

Of the 42 Aviva funds with a Yodelar Rating:

Source: hub.yodelar.com. Performance to 30 October 2026. The funds above do not all have the same investment approach or level of risk. Past performance is not a reliable indicator of future performance.

How Yodelar Rates Fund Performance

Only 11.9% of the rated Aviva funds achieved a 4 or 5 star Yodelar Rating, while 78.6% received 1 or 2 stars.

To put those figures into context, 16.8% of all 4,248 funds rated by Yodelar achieved a 4 or 5 star rating, compared with 11.9% of the Aviva funds reviewed. At the weaker end, 62.5% of all funds rated by Yodelar received 1 or 2 stars, compared with 78.6% of Aviva funds.

Aviva therefore had a smaller proportion of highly rated funds and a considerably larger proportion of lower rated funds than the overall group of funds rated by Yodelar. This does not mean investors should avoid Aviva, but it does show why each fund needs to be assessed on its own performance rather than judged by the provider name.

Source: hub.yodelar.com. Performance to 30 October 2026. Past performance is not a reliable indicator of future performance. Yodelar Ratings measure historic performance against funds in the same Investment Association sector and do not assess personal suitability.

Which Aviva Funds Performed Best?

Only five Aviva funds achieved a 4 or 5 star Yodelar Rating.

Source: hub.yodelar.com. Performance to 30 October 2026. The funds above do not all have the same investment approach or level of risk. Past performance is not a reliable indicator of future performance.

Aviva International Index Tracking

Aviva International Index Tracking produced one of the strongest records in the Aviva range. The fund returned 77.31% over 5 years, compared with an average of 45.93% for the Investment Association (IA) Global sector, placing it 59th from 426 funds.

Its performance was also competitive over shorter periods. Over 3 years the fund returned 74.94%, ranking 61st from 483 funds, while its latest 1 year return of 15.46% ranked 85th from 543.

The fund therefore remained within the stronger group of IA Global funds across all three periods and received a 5 star Yodelar Rating.

It is also notable that International Index Tracking follows an index based approach, meaning it aims to closely follow the performance of a broad market index rather than relying on a fund manager to select individual companies. This gave the fund broad exposure to global markets and helped it benefit from the strong performance of many of the world's largest companies over the periods analysed. While this does not mean index funds will always outperform actively managed funds, International Index Tracking ranked ahead of a large proportion of funds within the IA Global sector.

Aviva Multi Asset Core V

Aviva Multi Asset Core V was the other Aviva fund to receive a 5 star Yodelar Rating.

Over 5 years the fund returned 62.83%, compared with an average of 27.06% for the IA Volatility Managed sector, ranking 4th from 166 funds. Its 3 year result was even stronger, with growth of 68.27% placing it 1st from 184 funds.

The fund also remained competitive over the latest year, returning 12.05% and ranking 17th from 189 funds.

Multi asset funds within the IA Volatility Managed sector can operate at different levels of investment risk. Core V's strong sector rankings are therefore useful, but its performance should be considered alongside funds taking a broadly similar level of risk, as comparing it directly with more cautious portfolios would not provide a like for like comparison.

Aviva AI Multi Asset Plus V

Aviva AI Multi Asset Plus V also delivered strong historic results. It returned 57.44% over 5 years, ranking 8th from 166 funds in the IA Volatility Managed sector.

Over 3 years it returned 65.69%, ranking 3rd from 184 funds, while its latest 1 year return of 11.24% placed it 24th from 189.

These results earned the fund a 4 star Yodelar Rating and placed it among the stronger Aviva multi asset funds over each of the periods analysed.

The Performance Gap Between Aviva Funds

One of the clearest examples of the variation within Aviva's range can be seen among its global equity funds.

Aviva International Index Tracking returned 77.31% over 5 years, while Aviva Global Equity Endurance returned 27.60%. Both sit within the IA Global sector, although they follow different investment approaches. International Index Tracking invests broadly across global companies to follow an index, while Global Equity Endurance holds a more concentrated portfolio selected by its fund managers.

Their sector rankings were also very different. International Index Tracking ranked 59th from 426 funds over 5 years, while Global Equity Endurance ranked 303rd.

The comparison therefore does not suggest that the two funds are identical alternatives, but it does highlight the significant differences in performance that can exist between Aviva funds operating within the same broad global equity sector.

Where Aviva Funds Have Struggled

Thirty three of the 42 rated Aviva funds received a 1 or 2 star Yodelar Rating, including 15 funds that received just 1 star.

Several of these funds produced positive growth over the periods analysed but still lagged a significant proportion of comparable funds.

Source: hub.yodelar.com. Performance to 30 October 2026. Past performance is not a reliable indicator of future performance.

Aviva Global Equity Endurance

Aviva Global Equity Endurance returned 27.60% over 5 years, compared with 45.93% for the average IA Global fund. This left the fund more than 18 percentage points behind the sector average and placed it 303rd from 426 funds.

The gap was wider over 3 years. Global Equity Endurance returned 32.79%, compared with 54.87% for the average IA Global fund, ranking 416th from 483.

Over the latest year it returned 4.50%, while the sector average was 8.89%. Although the fund produced positive growth over the longer periods, its returns remained below the IA Global sector average across each period analysed.

Aviva Continental European Equity

Aviva Continental European Equity returned 16.96% over 5 years, compared with an average of 43.86% for the IA Europe Excluding UK sector. The difference was almost 27 percentage points, with the fund ranking 111th from 131.

Its 3 year performance was also weak relative to the sector. The fund returned 28.18%, compared with an average of 50.31%, ranking 122nd from 133 funds.

Over the latest year it returned 2.46%, while the sector average was 6.36%. The fund therefore remained below the sector average across the 1, 3 and 5 year periods analysed.

Aviva UK Listed Equity Unconstrained

Aviva UK Listed Equity Unconstrained returned 21.07% over 5 years, compared with an average of 38.63% for the IA UK All Companies sector, ranking 130th from 188 funds.

Its relative performance weakened further over 3 years, when the fund returned 30.29% compared with 52.41% for the sector and ranked 176th from 193.

Over the latest year it returned 2.57%, compared with 10.62% for the average fund in the sector, placing it 186th from 200.

Across all three periods, the fund ranked towards the weaker end of the IA UK All Companies sector and received a 1 star Yodelar Rating.

Aviva Emerging Markets Local Currency Bond

Aviva Investors Emerging Markets Local Currency Bond also received a 1 star Yodelar Rating.

The fund returned 10.80% over 5 years, compared with an average of 20.59% for the IA Global Emerging Market Bonds Local Currency sector, ranking 24th from 24 funds with a full 5 year history.

Its 3 year return of 11.05% ranked 23rd from 25 funds, while over the latest year it returned 0.56% and ranked 25th from 28.

The fund therefore remained close to the bottom of its sector across each of the periods analysed.

Comparing Aviva Multi Asset Funds

The performance difference between Aviva Multi Asset Core I and Multi Asset Core V is substantial.

Source: hub.yodelar.com. Performance to 30 October 2026. The funds above do not all have the same investment approach or level of risk. Past performance is not a reliable indicator of future performance.

Over 5 years, Core V returned 62.83%, compared with 11.81% for Core I. Core V ranked 4th from 166 funds in the IA Volatility Managed sector, while Core I ranked 137th.

However, these funds are designed to operate at different levels of investment risk. Core V has greater exposure to growth assets than Core I and would therefore normally be expected to participate more strongly when equity markets perform well and to experience greater losses when equity markets fall.

The comparison is useful because it highlights the very different results investors can experience across the Aviva multi asset range, but the return figures should not be used to determine which level of risk is appropriate for an individual investor.

Are Aviva Pension Funds Good?

This is a common question among UK investors, but there is no single Aviva pension fund. An Aviva pension can contain a wide range of funds and investment strategies, meaning two people with Aviva pensions can have very different portfolios and very different performance.

One investor could hold Aviva International Index Tracking, which has produced strong historic sector rankings, while another could hold a fund that has remained towards the weaker end of its sector.

The provider may be the same, but the underlying investments  and the investment approach and level of risk can be very different. For anyone reviewing an Aviva pension fund, the first step should therefore be to identify the exact funds held before assessing their performance, risk and charges.

Does A Well Known Provider Mean Better Fund Performance?

Aviva is one of the most recognised financial brands in the UK, but the results from this review show why brand recognition should not be confused with investment performance.

Only 11.9% of the Aviva funds with a Yodelar Rating achieved 4 or 5 stars, while 78.6% received 1 or 2 stars. At the same time, the range includes funds such as International Index Tracking and Multi Asset Core V, which have produced strong historic sector rankings.

This wide spread of results means there is little value in trying to classify Aviva as either a strong or weak fund manager. For investors, the individual funds held within their pension or portfolio are far more relevant.

What Aviva Investors Should Check

Investors with Aviva pensions or investment funds should begin by establishing exactly which funds they own and how those funds have performed against comparable investments.

Performance over 1, 3 and 5 years can help show whether a fund's recent results are consistent with its longer term record, while sector rankings provide useful context on how it has performed against funds investing in similar areas.

Risk also matters, particularly when reviewing Aviva's multi asset funds, where different portfolios are designed for different levels of investment risk. Investors should also understand the charges they are paying and what purpose each fund serves within the wider portfolio.

A 1 or 2 star Yodelar Rating does not automatically mean a fund should be sold, while a 4 or 5 star Yodelar Rating is not a recommendation to buy. The ratings are designed to show how competitive each fund's historic performance has been against comparable investments.

How Does Your Portfolio Compare?

Many investors hold the same pension or investment funds for years without knowing how those funds compare with others investing in the same markets.

Yodelar's portfolio analysis reviews individual holdings using available 1, 3 and 5 year performance and Investment Association sector rankings. It also shows how much of the overall portfolio is invested across the different Yodelar Rating bands and can identify where several holdings may provide similar exposure.

This gives investors a clearer view of what they actually own and how their investments have historically performed. The analysis is factual and does not recommend that an investor buys, sells or switches a fund.

Summary

Aviva's fund range contains some strong performers, but the overall distribution of Yodelar Ratings shows that weaker rated funds make up a significant proportion of the range.

Of the 42 Aviva funds with a Yodelar Rating, only 5 achieved 4 or 5 stars, while 33, representing 78.6%, received 1 or 2 stars. Aviva International Index Tracking and Multi Asset Core V were the only 5 star funds, while Global Equity Endurance, Continental European Equity, UK Listed Equity Unconstrained and Emerging Markets Local Currency Bond produced much weaker results compared with their respective sector peers.

For investors with Aviva pension and investment funds, the important point is that knowing the provider is not enough. Investors need to understand the individual funds they hold, how those funds have performed against appropriate alternatives, the amount of risk being taken and the role each investment plays within the wider portfolio.

Important Risk Warning

This article provides general information and historic performance analysis. It is not personal financial advice or a recommendation to buy, sell or switch an investment.

Past performance is not a reliable indicator of future performance. Yodelar Ratings measure historic performance compared with funds in the same Investment Association sector. They do not assess personal suitability and are not forecasts of future returns.

The value of investments and any income from them can fall as well as rise. Investors may get back less than they invest. Anyone unsure whether an investment is suitable for them should seek personal advice from an FCA authorised financial adviser.