This study presents a comprehensive comparative analysis of mutual fund schemes within the market by examining equity, debt, and hybrid funds, with an emphasis on their risk-adjusted performance. Utilizing secondary data that are from 2014–2024, the research employs various Financial Metrics , including Alpha, Beta, Standard Deviation, Sharpe ratio, and Treynor ratio to assess the performance of 10 mutual funds across each category. The findings indicate that certain equity funds, particularly the Parag Parikh Flexi Cap Fund, demonstrate superior performance, characterized by high alpha and low volatility, whereas others exhibit underperformance. In the debt segment, the Aditya Birla Sun Life Medium Term Fund distinguishes itself through Strong risk-adjusted returns, despite typically lower return profiles associated with lower-risk instruments. And, in the hybrid category, funds such as the ICICI Prudential Equity & Debt Fund provide remarkable value addition in comparison to benchmarks.