Over the last three decades, the Indian mutual sector has seen enormous growth in terms of both resource mobilization and Assets Under Management (AUM). Before making an investment decision, investors evaluate the mutual fund's performance and this performance of mutual funds causes the mutual fund sector to expand. In this study, we attempted to examine and present empirical data on the risk adjusted performances of select Indian equity mutual funds. We have used monthly return data of thirty-three mutual funds. The select funds are equity based funds from various categories. We have measured Sharpe ratio, Treynor ratio, and Jensen Alpha as risk adjusted return and as well raw return for the selected mutual funds and assigned ranks to individual funds based on such performances. We also calculated Standard Deviation, Beta, and R Squared to measure the risk associated with the selected funds. We observed empirically that all of the performance measurements of the funds behave identically. Sundaram Mid Cap Fund, ASL MNC Fund Regular, HDFC Capital Builder Fund, and ICICI Long Term Equity Tax Saving Fund are the best-performing funds throughout the study period with a moderate amount of risks, whereas HDFC Growth Opportunity Fund and SBI Magnum Equity ESG Regular, Baroda Multi cap Fund, and Sundaram Select Focus fund are the poorest performers.

KEYWORDS: Mutual Fund, Performances, Standard Deviation, Sharpe Ratio, Treynor Ratio, Jensen Alpha.