In India capital market provide various investment avenues to the investors, to help them to invest in various industries and to ensure the profitable return. Mutual fund ensures the minimum risks and maximum return to the investors among various financial products. Growth and developments of various mutual funds products in the Indian capital market has proved to be one of the most catalytic instruments in generating momentous investment growth in the capital market. Considering this, close monitoring and evaluation of mutual funds has become essential. Therefore, selecting profitable mutual funds for investment is a very important issue. This study, basically, deals with the equity mutual funds that are offered for investment by the various fund houses in India, This study mainly focused on the performance of selected equity large and mid cap mutual fund schemes in terms of risk - return relationship. The main objectives of this research work are to analysis financial performance of selected mutual fund schemes through the statistical parameters such as (alpha, beta, standard deviation, sharpe ratio).