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Stream/Area:
-
Subject:
-
Paper ID:
IJSREM65558
Volume:
10 |
6 |
Jun 2026
Pages:
1-11
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
Associate Professor & Head, Department of Commerce
Government City College (Autonomous), Hyderabad, Telangana, India
Associate Professor & Head, Department of Commerce
Government City College (Autonomous), Hyderabad, Telangana, India
Mutual fund performance evaluation using risk-adjusted metrics constitutes a fundamental pillar of investment decision-making, particularly in the context of India's rapidly expanding asset management industry, which crossed ₹63 lakh crore in Assets Under Management (AUM) in early 2024 (AMFI, 2024). This study evaluates the short-term risk-adjusted performance of four selected SBI Mutual Fund schemes — SBI Bluechip Fund (Large Cap), SBI Magnum Taxgain Fund (ELSS), SBI Contra Fund, and SBI Global Fund — over a 45-day study window from February 20, 2026, to April 6, 2026, a period characterised by a significant market correction followed by a sharp recovery. Employing three canonical performance evaluation metrics — the Sharpe Ratio, Treynor Ratio, and Jensen's Alpha — against a risk-free rate of 6.5% per annum and the NIFTY 50 as the benchmark index, the study finds that all four funds significantly outperformed the market on risk-adjusted terms. SBI Magnum Taxgain Fund ranks first on both Sharpe (6.51) and Treynor (85.08) ratios, indicating superior risk management relative to both total and systematic risk. SBI Bluechip Fund records the highest Jensen's Alpha (69.31), reflecting maximum fund manager skill in generating abnormal returns above CAPM expectations. SBI Global Fund ranks last on all three metrics, partly attributable to global market headwinds. The study concludes that active fund management in the SBI stable has delivered substantial alpha during this volatile period and offers actionable portfolio allocation insights for retail and institutional investors in India.
KEYWORDS
This study provides a rigorous, data-driven evaluation of the short-term risk-adjusted performance of four SBI Mutual Fund schemes over a volatile 45-day market window characterised by a significant corrective phase and a robust recovery. The principal findings are as follows: all four schemes significantly outperformed the NIFTY 50 benchmark on total period return (8.80%–10.91% vs. 1.58%); SBI Magnum Taxgain Fund ranks first on both Sharpe (6.51) and Treynor (85.08) ratios, identifying it as the most risk-efficient scheme; SBI Bluechip Fund records the highest Jensen's Alpha (69.31), reflecting the greatest manager-attributable excess return; SBI Contra Fund demonstrates balanced performance (2nd on Jensen's Alpha); and SBI Global Fund trails on all three metrics, reflecting the additional uncertainty of international market exposure.
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Publication Date
6/26/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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