In this paper, the Performance of 13 open-ended equity small cap schemes related to thirteen private sector mutual funds are evaluated i.e. ABSL Mutual fund, Axis Mutual Fund, DSP Mutual fund, Franklin templeton mutual fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, HSBC Mutual Fund, Nippon India Mutual Fund, Quant Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund and Union Mutual Fund. The study period covers the period from 1stApril 2016 to 31st March 2023. For evaluating the performance of the selected mutual fund schemes, month-wise returns are compared with Benchmark- S&P BSE Small Cap Index return. The rate which has no risk i.e. Risk Free Rate has been taken as average fixed deposit rate of SBI (State bank of India). Further, various different types of statistical tools like average, standard deviation, IRR, beta and the risk adjusted performance measures suggested by Sharpe (1966), Jenson (1968), and Treynor (1965) are employed to evaluate the performance for the above selected period. In this paper SIP and lump-sum investment returns are also compared of the above selected small cap schemes.