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In present study performance evaluation of selected mutual funds is carried out through risk-return analysis, Treynor’s ratio, Sharpe’s ratio, Jensen’s measure and Fama’s measure. The data used in the study is daily closing NAVs for the period from 1st January 2010 to 31st December 2013. The schemes selected for study consist of three public-sponsored, three private-sponsored and three private (foreign)-sponsored mutual fund schemes. The results of performance evaluation measures suggest that out of nine, three schemes namely Franklin India Tax shield-Growth. HSBC Tax Saver Equity Fund – Growth and ING Tax Savings Fund Growth schemes, performs better in comparison to benchmark index according to all the measures applied in the study and among these Franklin India Tax shield-Growth fund is the best performer. Overall it can be concluded that the private foreign companies sponsored mutual fund scheme performance is better than public and private companies–sponsored mutual fund schemes.