Mutual Fund companies are financial intermediary providing financial services to small investors through mobilization of their funds, when the investor invests in mutual funds. Mutual fund is one of the finest investment avenue ever created. They are very cost efficient and very simple to invest in capital market. In this research paper an attempt is made on a impact of covid 19 on mutual fund schemes for 1 year prior to outbreak of Covid-19 and 1 year during Covid-19 on the basis of return and risk evaluation. The analysis was achieved by assessing various financial tests like Return of the fund, average, Standard Deviation and Beta. The used data is total average asset management for one year before Covid-19 effect and one year during Covid-19 pandemic. The source of data is the website of Association of Mutual Funds in India and Money Control and four schemes were used for analysis of the funds. It is important to know and study the risk involved in fund and the substantial value of returns incurred through it. The Indian markets have shown good recovery in short span of time in the mutual fund industry and also seen positive growth in the mutual fund investment till the month of December.

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Keywords: Net Asset Value, Covid-19 Pandemic, Average, Mutual Fund, Standard Deviation.