Returns at Chile's pension fund managers (AFP) have two faces in 2026. According to the Superintendencia de Pensiones (SP), over the last 12 months (November 2025 to October 2026) Fund A gained +8.43% in real terms and Fund B +5.32%, while Fund C was flat at 0.00%, Fund D lost 3.87% and Fund E, the most conservative, fell 7.01%. October brought some relief: Fund E rose +3.16% in the month and Fund D +1.76%.
This article gathers the real return of each fund at the seven managers (Capital, Cuprum, Habitat, Modelo, PlanVital, ProVida and Uno), with the official October 2026 figure, the year to date, the last 12 months and the long-term average. It is not a recommendation: past returns do not guarantee future ones, and the right fund depends on each member's age and tolerance for risk.
View the data as a table
| Fund A, last 12 months | +8.43% |
| Fund E, last 12 months | -7.01% |
| Fund E in October 2026 | +3.16% |
| Pension assets, September 30 | US$ 235.5 bn |
AFP returns in 2026: the five funds at a glance
Chile's multi-fund system runs from A (riskiest) to E (most conservative). The difference lies in how much each invests in equities and how much in bonds and deposits (fixed income). In 2026 that difference explained almost everything: foreign stocks lifted Funds A and B, while fixed income, hit by rising interest rates, dragged down Funds D and E.
| Fund | October 2026 | Jan-Oct 2026 | Last 12 months | Annual average Sep 2002-Oct 2026 |
|---|---|---|---|---|
| Fund A | -0.30% | +8.29% | +8.43% | +5.87% |
| Fund B | -0.03% | +5.22% | +5.32% | +5.02% |
| Fund C | +0.97% | -0.54% | 0.00% | +4.18% |
| Fund D | +1.76% | -4.73% | -3.87% | +3.34% |
| Fund E | +3.16% | -7.56% | -7.01% | +2.70% |
Source: Superintendencia de Pensiones (Chile's pension regulator), real returns of pension funds deflated by the UF, October 2026. Real return (net of the change in the UF, Chile's inflation-indexed unit), system average. Fund C also shows an average real return of 7.08% a year since July 1981.
Which AFP has performed best in each fund
In Fund A, the highest real return over the last 12 months came from Cuprum (+8.96%), followed by ProVida (+8.79%) and Capital (+8.71%); the lowest was Habitat (+7.61%). In Fund C, Capital and Cuprum tied at the top with +0.27%, while Modelo came in at -1.26%.
In Fund E every manager lost money. The smallest drop was at Habitat (-6.61%) and the largest at Modelo (-8.18%). The gap between the best and worst AFP was 1.35 points in Fund A and 1.57 points in Fund E: the fund type mattered far more than the manager.
AFP returns by fund and by manager: the full table
The table below lets you sort and search all 35 AFP-fund combinations, plus the system average. The SP reports no average since 2002 for Modelo and Uno.
| Capital | A | -0.22% | 8.52% | 8.71% | 5.88% |
| Capital | B | 0.04% | 5.48% | 5.74% | 5.06% |
| Capital | C | 0.96% | -0.38% | 0.27% | 4.12% |
| Capital | D | 1.65% | -4.90% | -4.00% | 3.35% |
| Capital | E | 3.26% | -7.85% | -7.13% | 2.83% |
| Cuprum | A | -0.44% | 8.80% | 8.96% | 5.87% |
| Cuprum | B | -0.14% | 5.98% | 6.19% | 5.07% |
| Cuprum | C | 0.70% | -0.27% | 0.27% | 4.27% |
| Cuprum | D | 1.54% | -4.35% | -3.46% | 3.50% |
| Cuprum | E | 3.08% | -7.67% | -6.96% | 2.71% |
| Habitat | A | -0.31% | 7.42% | 7.61% | 5.92% |
| Habitat | B | -0.03% | 4.43% | 4.52% | 5.13% |
| Habitat | C | 1.21% | -0.48% | 0.15% | 4.42% |
| Habitat | D | 2.07% | -4.40% | -3.50% | 3.59% |
| Habitat | E | 3.25% | -7.09% | -6.61% | 2.90% |
| Modelo | A | -0.12% | 8.35% | 8.26% | No data |
| Modelo | B | -0.03% | 4.29% | 4.16% | No data |
| Modelo | C | 1.06% | -1.47% | -1.26% | No data |
| Modelo | D | 1.48% | -5.13% | -4.58% | No data |
| Modelo | E | 2.78% | -8.45% | -8.18% | No data |
| PlanVital | A | -0.33% | 8.39% | 8.56% | 5.62% |
| PlanVital | B | -0.01% | 5.45% | 5.52% | 4.92% |
| PlanVital | C | 1.07% | -0.40% | 0.08% | 4.05% |
| PlanVital | D | 1.80% | -4.73% | -3.92% | 3.13% |
| PlanVital | E | 3.27% | -7.16% | -6.63% | 2.29% |
| ProVida | A | -0.28% | 8.67% | 8.79% | 5.84% |
| ProVida | B | -0.04% | 5.82% | 5.91% | 4.84% |
| ProVida | C | 0.81% | -0.77% | -0.31% | 3.84% |
| ProVida | D | 1.69% | -5.03% | -4.19% | 3.08% |
| ProVida | E | 3.17% | -7.50% | -7.08% | 2.40% |
| Uno | A | -0.18% | 8.71% | 8.64% | No data |
| Uno | B | 0.02% | 5.66% | 5.65% | No data |
| Uno | C | 0.81% | -0.08% | 0.26% | No data |
| Uno | D | 1.64% | -4.22% | -3.40% | No data |
| Uno | E | 2.94% | -7.26% | -6.70% | No data |
| System | A | -0.30% | 8.29% | 8.43% | 5.87% |
| System | B | -0.03% | 5.22% | 5.32% | 5.02% |
| System | C | 0.97% | -0.54% | 0.00% | 4.18% |
| System | D | 1.76% | -4.73% | -3.87% | 3.34% |
| System | E | 3.16% | -7.56% | -7.01% | 2.70% |
Why Fund E slumped in 2026
The SP explained it in its September report: interest rates on local debt and in the main economies rose in response to inflation signals, driven by the impact of the war in the Middle East on oil prices, and that environment hit Funds B, C, D and E through capital losses on their bonds. When rates rise, the price of bonds already held falls. In September 2026 alone, Fund E fell 4.92% and Fund D 4.19% (SP press release).
Inflation is part of the story: Chile's CPI rose 4.0% between January and September, with fuel prices climbing sharply, as we detail in our piece on Chile's CPI and inflation in 2026. Even so, Fund E's year-to-date loss narrowed from -10.39% at the end of September to -7.56% at the end of October, after the monthly rebound.
AFP returns over the long run: year by year since 2018
One bad year does not define a fund. Fund A lost 20.81% in 2022 and gained 14.89% in 2025; Fund E fell 13.11% in 2021 and rose 7.83% in 2022. The chart shows the real return for each calendar year, with 2026 through October.
View the data as a table
| Fund A | Fund B | Fund C | Fund D | Fund E | |
|---|---|---|---|---|---|
| 2018 | -5.59% | -3.70% | -0.89% | 1.21% | 3.07% |
| 2019 | 17.26% | 14.89% | 14.96% | 13.15% | 9.03% |
| 2020 | 1.74% | 3.38% | 4.32% | 4.12% | 4.47% |
| 2021 | 12.98% | 7.28% | -2.35% | -10.16% | -13.11% |
| 2022 | -20.81% | -15.82% | -9.21% | 0.63% | 7.83% |
| 2023 | 7.18% | 6.06% | 3.04% | -0.04% | -1.31% |
| 2024 | 9.10% | 7.44% | 3.35% | 0.10% | 0.31% |
| 2025 | 14.89% | 13.14% | 12.18% | 10.47% | 8.06% |
| 2026 (Jan-Oct) | 8.29% | 5.22% | -0.54% | -4.73% | -7.56% |
| Year | Fund A | Fund B | Fund C | Fund D | Fund E |
|---|---|---|---|---|---|
| 2018 | -5.59% | -3.70% | -0.89% | +1.21% | +3.07% |
| 2019 | +17.26% | +14.89% | +14.96% | +13.15% | +9.03% |
| 2020 | +1.74% | +3.38% | +4.32% | +4.12% | +4.47% |
| 2021 | +12.98% | +7.28% | -2.35% | -10.16% | -13.11% |
| 2022 | -20.81% | -15.82% | -9.21% | +0.63% | +7.83% |
| 2023 | +7.18% | +6.06% | +3.04% | -0.04% | -1.31% |
| 2024 | +9.10% | +7.44% | +3.35% | +0.10% | +0.31% |
| 2025 | +14.89% | +13.14% | +12.18% | +10.47% | +8.06% |
| 2026 (Jan-Oct) | +8.29% | +5.22% | -0.54% | -4.73% | -7.56% |
Source: Superintendencia de Pensiones, system real return to December of each year (January-December cumulative).
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AdvertiseWhich is the best AFP? Returns, fees and size
There is no single "best AFP": it depends on what you look at. On returns, the ranking changes with the fund and the period. On fees, charged as a percentage of taxable pay rather than deducted from returns, the gap is fixed and known. According to the SP, fees in force in October 2026 range from 0.46% at Uno to 1.45% at ProVida (SP, AFP system).
An example with taxable pay of CLP 1,000,000: the monthly fee would be CLP 4,600 at Uno and CLP 14,500 at ProVida, a gap of CLP 9,900 a month. That gap does not depend on the fund chosen.
| AFP | Fee (% of pay) | Fund A 12 months | Fund C 12 months | Fund E 12 months | Assets managed (CLP trillion) |
|---|---|---|---|---|---|
| Uno | 0.46% | +8.64% | +0.26% | -6.70% | 5.3 |
| Modelo | 0.58% | +8.26% | -1.26% | -8.18% | 20.5 |
| PlanVital | 1.16% | +8.56% | +0.08% | -6.63% | 16.1 |
| Habitat | 1.27% | +7.61% | +0.15% | -6.61% | 59.9 |
| Capital | 1.44% | +8.71% | +0.27% | -7.13% | 42.3 |
| Cuprum | 1.44% | +8.96% | +0.27% | -6.96% | 39.7 |
| ProVida | 1.45% | +8.79% | -0.31% | -7.08% | 44.7 |
Sources: fees, SP, October 2026; returns, SP, November 2025 to October 2026; assets as of September 30, 2026, SP monthly investment report. Habitat is the largest manager, with CLP 59.9 trillion, and Uno the smallest, with CLP 5.3 trillion, though it grew the most over 12 months (44.1%). According to the SP, first-time members must join the lowest-fee AFP, which since October 1, 2025 has been Uno.
View the data as a table
| Fund A | Fund B | Fund C | Fund D | Fund E | |
|---|---|---|---|---|---|
| Habitat | 12,389 CLP bn | 11,349 CLP bn | 21,940 CLP bn | 9,180 CLP bn | 5,036 CLP bn |
| ProVida | 6,328 CLP bn | 9,169 CLP bn | 14,594 CLP bn | 11,013 CLP bn | 3,627 CLP bn |
| Capital | 8,923 CLP bn | 9,296 CLP bn | 12,627 CLP bn | 7,260 CLP bn | 4,207 CLP bn |
| Cuprum | 9,966 CLP bn | 9,042 CLP bn | 12,550 CLP bn | 4,524 CLP bn | 3,606 CLP bn |
| Modelo | 3,637 CLP bn | 8,851 CLP bn | 5,099 CLP bn | 1,058 CLP bn | 1,837 CLP bn |
| PlanVital | 2,550 CLP bn | 6,061 CLP bn | 4,426 CLP bn | 1,673 CLP bn | 1,374 CLP bn |
| Uno | 1,115 CLP bn | 2,498 CLP bn | 1,064 CLP bn | 239 CLP bn | 402 CLP bn |
How to read these figures before switching fund or AFP
- Real return already nets out inflation as measured by the UF. A 5% real return means savings gained purchasing power.
- The period matters: one month or one year says little. The average since 2002 ranks the funds from most to least risky (A 5.87% and E 2.70% a year).
- Switching late can be costly: moving to another fund after a fall locks in the loss and may miss a rebound, like Fund E's in October.
- Age counts: from age 56 for men and 51 for women, Fund A cannot be chosen for mandatory savings, and members who do not choose a fund are assigned one by default according to age (SP, multi-funds).
- The fee is certain; returns are not: the fee gap between AFPs is paid every month, while return gaps change from year to year.
Part of Funds A, B and C is invested in stocks on the Santiago Stock Exchange, where banks and business groups are listed. To see who the biggest are, check our ranking of Chile's largest banks.
Several of those groups belong to the families on the list of Chile's richest people according to Forbes.
This information is journalistic and educational, not financial advice. Check the terms and total cost with the institution before signing up.
Frequently asked questions
Which AFP had the highest return in 2026?
It depends on the fund. Between January and October 2026, Cuprum (+8.80%) led Fund A, and in Fund E the smallest loss was at Habitat (-7.09%), according to the Superintendencia de Pensiones.
Which AFP fund has returned the most?
Over the last 12 months, Fund A (+8.43%). Over the long run too: since September 2002 it has averaged 5.87% a year in real terms, against 2.70% for Fund E.
Why did Fund E lose so much?
Because it invests almost entirely in fixed income, and in 2026 interest rates rose in Chile and abroad on inflation signals tied to oil, which pushed bond prices down, according to the SP.
Which AFP is the cheapest?
AFP Uno, with a fee of 0.46% of taxable pay, followed by Modelo (0.58%), according to the SP as of October 2026.
