Risk and Return Analysis of Mutual Funds in India: Performance Evaluation, Macroeconomic Sensitivity, and the IRRAP Advisory Framework
Keywords: Mutual Fund Performance, Risk-Adjusted Returns, Jensen's Alpha, GARCH, IRRAP, Indian Capital Markets, Retail Advisory
India's mutual fund sector has grown into one of the most dynamic investment ecosystems among major emerging economies, with assets under management crossing INR 67 trillion by the close of the financial year 2024 to 2025. Despite this expansion, the academic literature on Indian mutual fund performance, examined through a rigorous, multi-dimensional risk and return lens, remains incomplete. Most existing studies focus on a single fund category, apply a single performance measure, or cover a period too narrow to capture fund behaviour across full market cycles.
This study evaluates open-ended mutual fund schemes across four SEBI-defined categories, namely large cap equity, mid cap equity, balanced hybrid, and corporate bond, over ten years from April 2015 to March 2025. The analytical approach draws on publicly available NAV data from AMFI and benchmark data from NSE and CRISIL, employing the Sharpe Ratio, Treynor Ratio, Jensen's Alpha, Sortino Ratio, Information Ratio, and M-squared measure alongside panel data regression and GARCH modelling. The study also introduces the Intelligent Risk-Return Advisory Portal (IRRAP), a conceptual yet operationalisable AI-assisted platform designed for retail investors in India who currently lack access to meaningful, personalised investment guidance.
"Risk and Return Analysis of Mutual Funds in India: Performance Evaluation, Macroeconomic Sensitivity, and the IRRAP Advisory Framework", JETNR - JOURNAL OF EMERGING TRENDS AND NOVEL RESEARCH (www.JETNR.org), ISSN:2984-9276, Vol.4, Issue 6, page no.a33-a40, June-2026, Available :https://rjpn.org/JETNR/papers/JETNR2606007.pdf
Volume 4
Issue 6,
June-2026
Pages : a33-a40
Paper Reg. ID: JETNR_234938
Published Paper Id: JETNR2606007
Downloads: 000111
Research Area: Management All
Country: Haldwani, Uttarakhand, India
ISSN: 2984-9276 | IMPACT FACTOR: 9.87 Calculated By Google Scholar | ESTD YEAR: 2023
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 9.87 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: RJPN (IJPublication) Janvi Wave
