• Vipul Ashok Kale
• Daksh Khandelwal
• Dr. Dipak S. Gaywala

Using a multi-criteria approach integrating various aspects of performance evaluation, including calculations over different time periods and three dimensions, is suggested. Fundamental analysis is crucial for analyzing company performance before investing in equity and mutual funds, both of which are subject to market risk. This exploratory study evaluates the performance of selected equity shares and mutual fund schemes based on risk and return, using secondary data collected from published sources over a three-year period. The sample includes top companies in terms of market capitalization and open-ended equity diversified direct funds from different AMC's. Non-probability judgmental sampling is used, and statistical and financial tools are employed for evaluation. The study found that equity share schemes have higher risk and higher returns compared to mutual fund schemes, which have lower risk and lower returns. The analysis of selected equity shares involved evaluating returns, standard deviation, alpha, beta, and performance ratios such as Sharpe, Treynor, and Jensen ratio. The analysis of selected mutual funds showed that Kotakbluechip and Axis blue-chip funds had the highest returns over different time periods. A multi-criteria approach integrating various aspects of performance evaluation is recommended, emphasizing the importance of fundamental analysis before investing in equity or mutual funds, which are subject to market risk.

Sharpe, Treynor and Jensen Model.

"“THE STUDY ON INVESTMENT OPTION WITH SPECIAL REFERENCE TO MUTUAL FUND AND DIRECT EQUITY”", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 2, page no.f314-f317, February-2023, Available :http://www.jetir.org/papers/JETIR2302535.pdf

"“THE STUDY ON INVESTMENT OPTION WITH SPECIAL REFERENCE TO MUTUAL FUND AND DIRECT EQUITY”", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 2, page no. ppf314-f317, February-2023, Available at : http://www.jetir.org/papers/JETIR2302535.pdf