Mutual funds a readymade option to households for portfolio diversification as well as relative risk aversion through collecting & savings in different risk return profile instruments. It’s performance is dependent on the performance of underlying portfolio. For saving investors’ money it becomes necessary to evaluate the performance of mutual funds portfolio, so that investors can judge their investment rationally. Plenty of mutual funds are available in mutual fund where investors can pool their money according to their expecting return. Before investing every investor need to evaluate which fund is giving more returns & which are less risky. Although, it is dependent on the investors who are risk lovers & who risk averse. This paper has evaluated the comparative performance of public & private sector mutual funds in India over past 3 years from 1st November 2013 to 31st October 2016. The study reveals that the private sector mutual funds has performed better as compared to its counterpart in the case of average returns, standard deviation & beta. This paper has used Sharpe’s, Treynor’s Index to evaluate the performance of selected mutual funds.