"Investment Performance & Risk-Adjusted Measures: An Empirical Study on Open Ended Equity Schemes"
Abstract
The present study is an attempt to analyze the performance of the mutual fund performance context of return, risk and risk-adjusted performance. Daily returns of mutual were used for 49 open-ended growth equity schemes. To measure the performance of mutual fund schemes the Average Return, CAGR, Treynor Ratio (1965) and Sharpe Ratio (1966) have been used in the present study. The results show that 30 out of the 49 schemes were providing higher returns in comparison to the market index, while taking less risk than the market index. In terms of Sharpe Ratio, 30 out of 49 schemes exceeded the Market Index Ratio. While in case of Treynor Ratio 33 out of 49 mutual fund schemes were providing greater risk adjusted return than the Market Index.
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