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The mutual fund market offers a variety of mutual fund schemes catering to the needs of investors depending on their ability to take risk and understanding the risk-return relationship. This study examined the performance of equity mutual fund schemes in India in relation to their respective benchmarks for a period of 5 years employing various measures such as Sharpe ratio and linear regression. Risk adjusted returns are calculated for both market index and mutual funds. The volatility of the mutual funds is analysed using beta coefficient which further helps to determine the risk tolerance of mutual funds.