A COMPARATIVE ANALYSIS OF PERFORMANCE OF SELECT LARGE CAP EQUITY AND INDEX MUTUAL FUND SCHEMES IN INDIA

The present study investigates the past performance of open-ended, growth-oriented, direct plans of large cap equity and index schemes for 1 year, 3 years and 5 years period. S&P BSE 100 and NIFTY 50 were used as Benchmark indices for Large Cap Equity and Index Schemes, respectively. The historical performance of the selected schemes was evaluated based on Weighted Average Return, Mean, Standard Deviation, Alpha, Beta, Sharpe, Tracking Error and Coefficient of Determination (r²); the results of the study will be useful to investors in taking better investment decisions. The return analysis has revealed that none (0%) of the selected index schemes have delivered weighted average returns below NIFTY 50 index whereas 5 out of 10 large cap schemes have delivered above BSE 100 index returns. As per risk-return analysis, UTI NIFTY Index Fund is advisable to aggressive investors (for those willing to take higher risk for superior returns) whereas Franklin India Index Fund-NSE Nifty Plan is suitable for risk-averse investors (those looking for risk free returns). Similarly, Axis Blue Chip Fund and JM Large Cap Fund are suited to aggressive and conservative investors, respectively.