The struggle to survive and maintain investor confidence has been a top area of worry for fund managers against the backdrop of liberalization and private entry into the Indian mutual fund business. For modest investors who lack the time or knowledge to make direct investments choosing to invest in stocks Investing in mutual funds is a viable substitute. When return and risk metrics are taken into account alongside investing objectives, the performance of mutual fund products becomes more complex. In this essay, an effort has been made to examine the performance of a few mutual fund schemes using models and metrics for the riskreturn relationship. Over a 13-year period, from April 1996 to March 2009, a total of 23 plans offered by six private-sector mutual funds and three public-sector mutual funds were examined. The mean return, beta risk, coefficient of determination, Sharpe ratio, Treynor ratio, and Jensen Alpha were used as the foundation for the analysis. According to the overall research, Franklin Templeton and UTI are the best-performing mutual funds, whereas Birla SunLife, HDFC, and LIC mutual funds perform poorly or below average when compared to risk-return relationship models.