• Ms. Vimla Virparia Assistant Professor GSFC University, Vadodara



Mutual Fund, Large Cap Fund, Mid Cap Fund, Small Cap fund, Performance Analysis- Sharpe, Treynоr's & Jensen’s measure, Beta, Standard Deviation.


Mutual fund industry has experienced a drastic growth within the past twenty years. Increase within the number of schemes with increased mobilization of funds in the past few years provide benefits to the importance of the Indian mutual funds industry. Mutual funds have а number of schemes within it, such as large cap, Mid cap and Small cap funds, which makes it hard for the investors tо сhооse the best sсheme out of so many available options.This Study specifically focused on the performance analysis of mutual fund schemes based on the Large cap, Mid cap and Small cap,which helps investors to take  decision based on risk and  returns in current  time. These mutual funds individually using different tools such as Annual returns, Standard Deviation, Beta, Shаrрe's Rаtiо,Treynоr's Rаtiо, Jensen's Аlрhа Rаtiо.


Hsieh, Tebourbi, Wen-mim lu and Nai-ya liu (2020). Mutual fund performance: The decision quality and capital magnet efficiencies. Department of international business administration; 10.1002.

Oliveira, L., Salen, T., Curto, J. D., & Ferreira, N. (2019). Market timing and selectivity: an empirical investigation of European mutual fund performance.Market timing and selectivity: an empirical investigation of European mutual fund performance, (2).

Tchami You, V. S., Asongu, S. A., & Nwachukwu, J. C. (2018). Effects of asymmetric information on market timing in the mutual fund industry. International Journal of Managerial Finance.

NallaBalaKalyan and Santhali Gautami, (2018). A Study on Risk & Return Analysis of the Selected Mutual funds Schemes in India. Jiang, H., & Verardo, M. (2018). Does herding behavior reveal skill? An analysis of mutual fund performance. The Journal of Finance, 73(5), 2229-2269.

Sharma, K., & Joshi, P. (2021). A Comparative Study On Performance Evaluation Of Selected Debt, Equity And Hybrid Mutual Fund Schemes In India. Gap Gyan-A Global Journal Of Social Sciences, 4(2), 34-40.

El Ghoul, S., & Karoui, A. (2017). Does corporate social responsibility affect mutual fund performance and flows? Journal of Banking & Finance, 77, 53-63. Andreu, Saez & Sarto (2017). Mutual fund performance attribution and market timing using portfolio holdings.

Chrétien, S., & Kammoun, M. (2017). Mutual fund performance evaluation and best clienteles. Journal of Financial and Quantitative Analysis, 52(4), 1577- 1604.

Sanjay Sehgal, Sonal Babbar (2017). Evaluating alternative performance benchmarks for the Indian mutual fund industry. Journal of Advances in Management Research; Vol. 14 Iss 2.

Jana Hili Desmond Pace Simon Garima (2016). Equity mutual fund performance Evaluation: An imaginary market perspective. Contemporary Issue in Bank Financial Management; 93-132.

Somaiya, Jayesh. (2022). Effect of Corona Pandemic in Performance Evaluation of selected ELSS Mutual Funds in India.

Carlos, Amparo & Emili (2016). On the robustness of persistence in mutual fund performance. North American journal of economics and finance; 5691-40.

Sharma, K. B. (2020). Performance Analysis of Mutual Fund: A Comparative Study of the Selected Debt Mutual Fund Scheme in India.

Nadine Gatzert (2013). On the relevance of premium payment schemes for the performance of mutual funds with investment guarantees. The Journal of Risk Finance; 14(5):436-452.

Vidal-García, J. (2013). The persistence of European mutual fund performance. Research in International Business and Finance, 28, 45-67.

Ulf Herrmann & Hendrik Scholz (2012). Short-term persistence in hybrid mutual fund performance: the role of style shifting abilities. Journal of banking & finance; 2314-2328.

Tripathi, S., & Japee, D. G. P. (2020). Performance Evaluation of Selected Equity Mutual Funds in India. Gap Gyan-A Global Journal of Social Sciences.

Zhao, X., Wang, S., Yue, W., & Yan, H. (2012). Mutual funds performance evaluation based on endogenous benchmarks. In China's Reality and Global Vision: Management Research and Development in China (pp. 42-63).

Puri, H. (2010). Performance evaluation of balanced mutual fund schemes in

Indian scenario. Paradigm, 14(2), 20-28. Murhadi, W. R. (2010). Performance evaluation of mutual funds in Indonesia. Available at SSRN 1683777.

Bertin, W. J., & Prather, L. (2009). Management structure and the performance of funds of mutual funds. Journal of business research, 62(12), 1364-1369.

Afza, T., & Rauf, A. (2009). Performance evaluation of Pakistani mutual funds. Pakistan economic and social review, 199-214.

Bauer, R., Koedijk, K., & Otten, R. (2005). International evidence on ethical mutual fund performance and investment style. Journal of Banking & Finance, 29(7), 1751-1767.




How to Cite

Virparia, V. (2022). PERFORMANCE ANALYSIS OF MUTUAL FUNDS IN INDIA. International Journal of Management, Public Policy and Research, 1(3), 22–34.