CHAPTER-IV

DATA ANALYSIS AND

INTERPRETATION
DATA: The basic objective of the present study is to evaluate the
performance of selected mutual funds in India.
UTI MUTUAL FUNDS (EQUITY FUNDS – GROWTH):
UTI MUTUAL FUNDS NIFTY
DATE OPEN CLOS RR OPEN CLOS RR
E E
1 Mar 2014 to 30 Jun2014 69.21 85.4 23.39 6729.5 6696 -0.49
1 July 2014 to 30 Sep 2014 86.44 91.94 6.36 7629 7721 1.21
1 Oct 2014 to 31 Dec 91.81 98.58 7.37 7990.4 8322 4.15
2014
1 Jan 2015 to 31 Mar 2015 99.14 102.94 3.83 8272.8 8809 6.48
1 Apr 2015 to 30 Jun 2015 104.11 101.6 -2.41 8953.9 8182 -8.63
1 July 2015 to 30 Sep 2015 102.69 100.46 -2.17 8376.3 8533 1.87
1 Oct 2015 to 31 Dec 2015 101.01 99.9 -1.10 7992.1 8066 0.92
1 Jan 2016 to 31 Mar 2016 100.3 96.62 -3.67 7938.5 7564 -4.72
1 Apr 2016 to 30 Jun 2016 96.47 104.25 8.06 7718.1 7850 1.71
1 July 2016 to 30 Sep 104.81 109.83 4.79 8313.1 8639 3.91
2016
1 Oct 2016 to 31 Dec 2016 111.86 101.04 -9.67 8666.2 8626 -0.47
1 Jan 2017 to 31 Mar 2017 100.84 114.61 13.66 8210.1 8561 4.28
1 Apr 2017 to 30 Jun 2017 114.83 118.22 2.95 9220.6 9304 0.91
1 July 2017 to 30 Sep 2017 119.54 121.85 1.93 9588 10077 5.10
1 Oct 2017 to 31 Dec 2017 122.52 131.45 7.29 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 130.39 128.5 -1.45 10532 11028 4.71
1 Apr 2018 to 30 Jun 2018 130.68 138.5 5.98 10152 10739 5.79
1 July 2018 to 30 Sep 2018 138.54 134.83 -2.68 10732 11357 5.82
1 Oct 2018 to 31 Dec 2018 135.36 136.08 0.53 11752 10930 -6.99
1 Jan 2019 to 31 Mar 2019 136.28 140.46 3.07 10843 11514 6.19
AVG 3.30 AVG 1.93
S.D 6.90 S.D 4.22
VAR 47.60 VAR 17.83
 close
160
140 140.46
131.45 138.5 136.08
134.83
120 121.85 128.5
118.22
114.61
102.94 109.83
104.25
100 91.9498.58 101.6
100.4699.996.62 101.04
85.4
80
60
40
20
Axis Title

0
1 4 14 14 15 15 15 15 16 1 6 16 16 17 17 17 17 18 18 18 18 19
20 20 20 r 20 20 20 20 r 20 20 20 20 r 20 20 20 20 r 20 20 20 20 r 20
ne pe ec a un pe c a un pe ec a un pe ec a un pe c a
J u 0 S 1 D 1 M 0 J 0 S De 1 M 0 J 0 S 1 D 1 M 0 J 0 S 1 D 1 M 0 J 0 S De 1 M
30 o 3 o 3 o 3 to 3 o 3 31 o 3 to 3 o 3 o 3 o 3 to 3 o 3 o 3 o 3 to 3 o 3 31 o 3
to 4 t 4 t 5 t 5 5
t to 6 t 6 t t
6 7t 7 7
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t to 9 t
0 14 201 201 01 201 201 01 5 0 1 201 016 201 01 201 0 1 201 0 1 201 201 01 8 01
2 y 2 2 2 2 t 2 2 2 2 2
ch ul ct an Apr uly ct a n Apr ly c an Apr uly ct a n Apr uly ct an
a r 1 J 1 O 1 J 1 1 J 1 O 1 J 1 1 Ju 1 O 1 J 1 1 J 1 O 1 J 1 1 J 1 O 1 J
M
1

close

(covar . rp , rm) (6 .54 )

Beta = covar . m
=
17 . 83
=0.37

INTERPRETATION:

From the above calculation UTI Mutual Fund is from the year March 2014 to Jan 2019.The
rate of return highest in the quarter of March 2014 to June 2014 with rate of return as 23.39
and the lowest rate of return in the quarter of Oct 2016 to Dec 2016 as -9.67 and from the
above calculation of the overall positive total return of UTI Mutual Fund is 3.30.The Beta
Value 0.37.

( Rp−Rf ) ( 3.30−1.81 )
Treynor’s Ratio = Bp
= 0.37 = 3.67

INTERPRETATION:
Treynor ratio is a measure of returns earned in excess of the risk-free return at a given level
of market risk. It highlights the risk-adjusted returns generated by a mutual fund scheme. This
ratio was given by Jack Treynor thereby expanding the contribution of William Sharpe
towards modern portfolio theory. The calculated Treynor’s ratio is 3.67 which means 3.67
time’s higher market and volatility rate.

(Rp−Rf ) (3 . 30−1 . 81)

Sharpe’s Ratio = σp
= 6 . 90
= 0.19

INTERPRETATION:

Components of the Ratio, when analyzing the Sharpe ratio, the higher the value, the more
excess return investors can expect to receive for the extra volatility they are exposed to by
holding a riskier asset. Similarly, a risk-free asset or a portfolio with no excess return would
have a Sharpe ratio of zero. The calculated Sharpe’s ratio is 0.19 which means 0.19 time’s
higher market and volatility rate.
SBI MUTUAL FUDS (SMALL CAP FUNDS – GROWTH):

SBI MUTUAL FUNDS NIFTY

DATE OPEN CLOSE RR OPEN CLOSE RR
1 Mar 2014 to 30 Jun 2014 14.6 20.02 37.12 6729.5 6696.4 -0.49
1 July 2014 to 30 Sep 2014 20.33 23.99 18.00 7629 7721.3 1.21
1 Oct 2014 to31 Dec 2014 23.61 28.9 22.41 7990.35 8322.2 4.15
1 Jan 2015 to 31 Mar 2015 28.83 29.71 3.05 8272.8 8808.9 6.48

1 Apr 2015 to 30 Jun 2015 30.22 31.05 2.75 8953.85 8181.5 -8.63

1 July 2015 to 30 Sep 2015 31.71 31.64 -0.22 8376.25 8532.9 1.87

1 Oct 2015 to 31 Dec 2015 31.78 34.87 9.72 7992.05 8065.8 0.92

1 Jan 2016 to 31 Mar 2016 34.5 32.1 -6.96 7938.45 7563.6 -4.72

1 Apr 2016 to 30 Jun 2016 31.89 34.37 7.78 7718.05 7849.8 1.71

1 July 2016 to 30 Sep 2016 34.41 38.39 11.57 8313.05 8638.5 3.91

1 Oct 2016 to 31 Dec 2016 38.24 36.05 -5.73 8666.15 8625.7 -0.47

1 Jan 2017 to 31 Mar 2017 36.04 42.34 17.48 8210.1 8561.3 4.28

1 Apr 2017 to 302017 42.48 45.34 6.73 9220.6 9304.1 0.91

1 July 2017 to 30 Sep 2017 45.4 51.24 12.86 9587.95 10077 5.10

1 Oct 2017 to 31 Dec 2017 51.27 65.34 27.44 9893.3 10335 4.47

1 Jan 2018 to 31 Mar 2018 65.45 58.04 -11.32 10531.7 11028 4.71

1 Apr 2018 to 30 Jun 2018 58.18 51.1 -12.17 10151.7 10739 5.79

1 July 2018 to 30 Sep 2018 51.64 47.24 -8.52 10732.4 11357 5.82
1 Oct 2018 to 31 Dec 2018 46.94 49.85 6.20 11751.8 10930 -6.99

1 Jan 2019 to 31 Mar 2019 49.89 47.81 -4.17 10842.9 11514 6.19
AVG 6.70 AVG 1.81
S.D 13.31 S.D 4.33
VAR 168.36 VAR 17.83
 CLOSE
70
65.34
60 58.04
50 51.24 51.1
45.34 47.2449.8547.81
40 42.34
38.39
34.8732.134.37 36.05
30 28.929.71 31.64
31.05
23.99
20.02
20
10
0

CLOSE

(covar . rp , rm) (−1 . 04)

Beta = covar . m
= 17 . 83
= 0.058

INTERPRETATION:

From the above calculation SBI Mutual Fund is from the year March 2014 to Jan 2019.The
rate of return highest in the quarter of March 2014 to June 2014 with rate of return as 37.12
and the lowest rate of return in the quarter of Apr 2018 to Jun 2018 as -12.17 and from the
above calculation of The overall positive total return of SBI Mutual Fund is 6.70.The Beta
Value 0.058.
 ( Rp−Rf ) (6.70−1.81)
Treynor’s Ratio = Bp
= −0.058
= -83.83

INTERPRETATION:

Treynor ratio is a measure of returns earned in excess of the risk-free return at a given level
of market risk. It highlights the risk-adjusted returns generated by a mutual fund scheme. This
ratio was given by Jack Treynor thereby expanding the contribution of William Sharpe
towards modern portfolio theory. The calculated Treynor’s ratio is -83.83 which means
-83.83 time’s higher market and volatility rate.

(Rp−Rf ) (6.70−1.81)
Sharpe’s Ratio = σp
= 6.90
= 0.36

INTERPRETATION:

Components of the Ratio, when analyzing the Sharpe ratio, the higher the value, the more
excess return investors can expect to receive for the extra volatility they are exposed to by
holding a riskier asset. Similarly, a risk-free asset or a portfolio with no excess return would
have a Sharpe ratio of zero. The calculated Sharpe’s ratio is 0.36 which means 0.36 time’s
higher market and volatility rate.
AXIS MUTUAL FUNDS (EQUITY FUNDS –DIRECT PIAN –
GROWTH):

AXIS MUTUAL FUNDS NIFTY

DATE OPEN CLOSE RR OPEN CLOS RR

E
1 March 2014 to 30 June 2014 14.09 17.42 23.63 6729.5 6696.4 -0.49
1 July 2014 to 30 Sep 2014 17.65 18.14 2.78 7629 7721.3 1.21
1 Oct 2014 to 31 Dec 2014 18.06 19.65 8.80 7990.3 8322.2 4.15
5
1 Jan 2015 to 31 Mar 2015 19.77 19.99 1.11 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 20.19 19.89 -1.49 8953.8 8181.5 -8.63
5
1 July 2015 to 30 Sep 2015 20.09 19.35 -3.68 8376.2 8532.9 1.87
5
1 Oct 2015 to 31 Dec 2015 19.39 19.71 1.65 7992.0 8065.8 0.92
5
1 Jan 2016 to 31 Mar 2016 19.79 18.89 -4.55 7938.4 7563.6 -4.72
5
1 Apr 2016 to 30 Jun 2016 18.83 20.31 7.86 7718.0 7849.8 1.71
5
1 July 2016 to 30 Sep 2016 20.41 21.17 3.72 8313.0 8638.5 3.91
5
1 Oct 2016 to 31 Dec 2016 21.62 19.19 -11.24 8666.1 8625.7 -0.47
5

1 Jan 2017 to 31 Mar 2017 19.21 21.86 13.79 8210.1 8561.3 4.28
1 Apr 2017 to 30 Jun 2017 22 23.36 6.18 9220.6 9304.1 0.91
1 July 2017 to 30 Sep 2017 23.58 24.99 5.98 9587.9 10077 5.10
5
1 Oct 2017 to 31 Dec 2017 25.12 26.42 5.18 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 26.6 26.19 -1.54 10531. 11028 4.71
7
1 Apr 2018 to 30 Jun 2018 26.61 28.87 8.49 10151. 10739 5.79
7
1 July 2018 to 30 Sep 2018 28.86 28.31 -1.91 10732. 11357 5.82
4
1 Oct 2018 to 31 Dec 2018 28.33 28.99 2.33 11751. 10930 -6.99
8
1 Jan 2019 to 31 Mar 2019 29.06 29.74 2.34 10842. 11514 6.19
 9
AVG 3.47 AVG 1.81
S.D 7.16 S.D 4.22
VAR 51.25 VAR 17.8
3

Chart Title
35
30 28.8728.3128.9929.74
25 26.4226.19
24.99
21.8623.36
20 19.9919.8919.3519.7118.8920.3121.1719.19
19.65 19 20
17.4218.14 16 17 18
15 15
13 14
10 10 11 12
9
7 8
5 4 5 6
2 3
01

CLOSE

(covar . rp , rm) (5.95)

Beta = covar . m
= 17.83
= 0.334

INTERPRETATION:

From the above calculation AXIS Mutual Fund is from the year March 2014 to Jan 2019.The
rate of return highest in the quarterly of March 2014 to June 2014 with rate of return as 23.63
and the lowest rate of return in the quarterly of Oct 2016 to Dec 2016 as -11.24 and from the
above calculation of positive total return of AXIS Mutual Fund is 3.47.The Beta Value as
0.334.
 ( Rp−Rf ) (3.47−1.81)
Treynor’s Ratio = Bp
=
0.334
= 4.97

INTERPRETATION:

Treynor ratio is a measure of returns earned in excess of the risk-free return at a given level
of market risk. It highlights the risk-adjusted returns generated by a mutual fund scheme. This
ratio was given by Jack Treynor thereby expanding the contribution of William Sharpe
towards modern portfolio theory. The calculated Treynor’s ratio is 4.97 which means 4.97
time’s higher market and volatility rate.

(Rp−Rf ) (3.47−1.81)
Sharpe’s Ratio = σp
= 7.16
= 0.23

INTERPRETATION:

Components of the Ratio, when analyzing the Sharpe ratio, the higher the value, the more
excess return investors can expect to receive for the extra volatility they are exposed to by
holding a riskier asset. Similarly, a risk-free asset or a portfolio with no excess return would
have a Sharpe ratio of zero. The calculated Sharpe’s ratio is 0.23 which means 0.23 time’s
higher market and volatility rate.
RELIANCE MUTUAL FUNDS (INCOME FUND-GROWTH):

RELIANCE MUTUAL FUNDS NIFT

Y
DATE OPEN CLOSE RR OPEN CLOS RR
E
1 March 2014 to 30 June 2014 39.29 40.77 3.77 6729.5 6696.4 -0.49
1 July 2014 to 30 Sep 2014 40.93 41.58 1.59 7629 7721.3 1.21
1 Oct 2014 to 31 Dec 2014 41.59 44.45 6.88 7990.35 8322.2 4.15
1 Jan 2015 to 31 Mar 2015 44.46 45.55 2.45 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 45.66 44.96 -1.53 8953.85 8181.5 -8.63
1 July 2015 to 30 Sep 2015 45.12 47.01 4.19 8376.25 8532.9 1.87
1 Oct 2015 to 31 Dec 2015 46.96 46.78 -0.38 7992.05 8065.8 0.92
1 Jan 2016 to 31 Mar 2016 46.86 47.97 2.37 7938.45 7563.6 -4.72
1 Apr 2016 to 30 Jun 2016 48.14 49.14 2.08 7718.05 7849.8 1.71
1 July 2016 to 30 Sep 2016 49.22 51.93 5.51 8313.05 8638.5 3.91
1 Oct 2016 to 31 Dec 2016 52.27 53.25 1.87 8666.15 8625.7 -0.47
1 Jan 2017 to 31 Mar 2017 53.88 53.21 -1.24 8210.1 8561.3 4.28
1 Apr 2017 to 30 Jun 2017 53.2 54.89 3.18 9220.6 9304.1 0.91
1 July 2017 to 30 Sep 2017 54.64 55.34 1.28 9587.95 10077 5.10
1 Oct 2017 to 31 Dec 2017 55.42 54.56 -1.55 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 54.58 55.04 0.84 10531.7 11028 4.71
1 Apr 2018 to 30 Jun 2018 55.06 54.59 -0.85 10151.7 10739 5.79
1 July 2018 to 30 Sep 2018 54.6 55.44 1.54 10732.4 11357 5.82
1 Oct 2018 to 31 Dec 2018 55.48 57.91 4.38 11751.8 10930 -6.99
1 Jan 2019 to 31 Mar 2019 57.89 58.35 0.79 10842.9 11514 6.19
AVG 1.86 AVG 1.81
S.D 2.28 S.D 4.22
VAR 5.21 VAR 17.83
 Chart Title
70
60
55.3454.5655.0454.5955.4457.9158.35
50 51.9353.2553.2154.89
49.14
47.97
44.4545.5544.9647.0146.78
40.7741.58
40
30
20 18 19 20
11 12 13 14 15 16 17
10 7 8 9 10
3 4 5 6
01 2

Column1

(covar . rp , rm) (−0.48)

Beta = covar . m
= 17.83
= -0.026

INTERPRETATION:

From the above calculation RELIANCE Mutual Fund is from the year March 2014 to Jan
2019.The rate of return highest in the quarterly of Oct 2014 to Dec 2014 with rate of return as
6.88 and the lowest rate of return in the quarterly of Oct 2017 to Dec 2017 as -1.55 and from
the above calculation of positive total return of RELIANCE Mutual Fund is 3.47.The Beta
Value as 0.026.

( Rp−Rf ) (1.86−1.81)
Treynor’s Ratio = Bp
= −0.026
= -1.73

INTERPRETATION:
Treynor ratio is a measure of returns earned in excess of the risk-free return at a given level
of market risk. It highlights the risk-adjusted returns generated by a mutual fund scheme. This
ratio was given by Jack Treynor thereby expanding the contribution of William Sharpe
towards modern portfolio theory. The calculated Treynor’s ratio is -1.73 which means -1.73
time’s higher market and volatility rate.

(Rp−Rf ) (1.86−1.81)
Sharpe’s Ratio = σp
= 2.28
= 0.02

INTERPRETATION:
Components of the Ratio, when analyzing the Sharpe ratio, the higher the value, the more
excess return investors can expect to receive for the extra volatility they are exposed to by
holding a riskier asset. Similarly, a risk-free asset or a portfolio with no excess return would
have a Sharpe ratio of zero. The calculated Sharpe’s ratio is 0.02 which means 0.02 time’s
higher market and volatility rate.
ADITYA BIRAL MUTUAL FUNDS (A.B SUN LIFE INCOME

FUND-REGULAR PLAN-GROWTH):

ADITYA BIRLA MUTUAL NIFTY

FUNDS
DATE OPEN CLOSE RR OPEN CLOSE RR
1 Mar 2014 to 30 Jun 2014 53.63 55.94 4.31 6729.5 6696.4 -0.492
1 July 2014 to 30 Sep 2014 56.17 57.24 1.90 7629 7721.3 1.21
1 Oct 2014 to 31 Dec 2014 57.27 61.41 7.23 7990.35 8322.2 4.153
1 Jan 2015 to 31 Mar 2015 61.4 63.1 2.77 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 63.24 62.35 -1.41 8953.85 8181.5 -8.626
1 July 2015 to 30 Sep 2015 62.59 64.92 3.72 8376.25 8532.9 1.87
1 Oct 2015 to 31 Dec 2015 64.86 64.27 -0.91 7992.05 8065.8 0.923
1 Jan 2016 to 31 Mar 2016 69.13 66.06 -4.44 7938.45 7563.6 -4.723
1 Apr 2016 to 30 Jun 2016 66.24 67.68 2.17 7718.05 7849.8 1.707
1 July 2016 to 30 Sep 2016 67.85 72.05 6.19 8313.05 8638.5 3.915
1 Oct 2016 to 31 Dec 2016 72.1 73.52 1.97 8666.15 8625.7 -0.467
1 Jan 2017 to 31 Mar 2017 74.63 73.29 -1.80 8210.1 8561.3 4.278
1 Apr 2017 to 30 Jun 2017 73.27 75.81 3.47 9220.6 9304.1 0.905
1 July 2017 to 30 Sep 2017 75.49 76.43 1.25 9587.95 10077 5.102
1 Oct 2017 to 31 Dec 2017 76.54 75.56 -1.28 9893.3 10335 4.468
1 Jan 2018 to 31 Mar 2018 75.6 75.96 0.48 10531.7 11028 4.71
1 Apr 2018 to 30 Jun 2018 76.2 75.23 -1.27 10151.7 10739 5.789
1 July 2018 to 30 Sep 2018 75.25 76.15 1.20 10732.4 11357 5.816
1 Oct 2018 to 31 Dec 2018 76.18 79.4 4.23 11751.8 10930 -6.989
1 Jan 2019 to 31 Mar 2019 79.35 80.33 1.24 10842.9 11514 6.194
AVG 1.55 AVG 1.811
S.D 2.81 S.D 4.223
VAR 7.92 VAR 17.83
 Chart Title
90
80 79.4 80.33
75.81 76.43 75.56 75.96 75.23 76.15
70 72.05 73.5273.29
64.92 64.27 66.06 67.68
60 57.24 61.41 63.1 62.35
55.94
50
40
30
20 20
16 17 18 19
10 9 10 11 12 13 14 15
5 6 7 8
2 3 4
01
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Mar July Oct Jan Apr July Oct Jan Apr July Oct Jan Apr July Oct Jan Apr July Oct Jan
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019
to to to to to to to to to to to to to to to to to to to to
30 30 31 31 30 30 31 31 30 30 31 31 30 30 31 31 30 30 31 31
Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019

CLOSE

OBJECTIVE 1:

To analyze the risk and return of the selected mutual funds traded in Indian mutual funds
industry.

(covar . rp , rm) (1.71)

Beta = covar . m
= 17.83
= 0.10

INTERPRETATION:

From the above calculation ADLTYA BIRAL Mutual Fund is from the year March 2014 to
Jan 2019.The rate of return highest in the quarterly of Oct 2014 to Dec 2014 with rate of
return as 7.23 and the lowest rate of return in the quarterly of Jan 2017 to Mar 2016 as -4.44
and from the above calculation of positive total return of ADLTYA BIRAL Mutual Fund is
1.55.The Beta Value as 0.10.
OBJECTIVE 2:

To compare the performance the mutual funds using sharpe and Treynor ratios.

( Rp−Rf ) (1.55−1.81)
Treynor’s Ratio = Bp
= 0.10
= -2.71

INTERPRETATION:

Treynor ratio is a measure of returns earned in excess of the risk-free return at a given level
of market risk. It highlights the risk-adjusted returns generated by a mutual fund scheme. This
ratio was given by Jack Treynor thereby expanding the contribution of William Sharpe
towards modern portfolio theory. The calculated Treynor’s ratio is -2.71 which means -2.71
time’s higher market and volatility rate.

(Rp−Rf ) (1.55−1.81)
Sharpe’s Ratio = σp
= 2.81
= -0.09

INTERPRETATION:

Components of the Ratio, when analyzing the Sharpe ratio, the higher the value, the more
excess return investors can expect to receive for the extra volatility they are exposed to by
holding a riskier asset. Similarly, a risk-free asset or a portfolio with no excess return would
have a Sharpe ratio of zero. The calculated Sharpe’s ratio is -0.09 which means -0.09 time’s
higher market and volatility rate.