This article presents a comprehensive analysis of mutual fund scheme performance of HDFC and ICICI Prudential. The study evaluates the returns and risk profiles of various mutual fund schemes, focusing on their growth-oriented characteristics. Using monthly closing Net Asset Values (NAV) data, the study calculates the returns of different schemes during the specified period. The performance of the schemes is benchmarked against relevant market indices to assess their relative success. The evaluation employs widely recognized metrics, including Mean, Standard Deviation and ANOVA to provide a holistic view of each schemes performance. The results shed light on the schemes that outperformed the market, those that faced diversification challenges, and the overall ability of mutual funds to generate positive returns. This analysis is of significant interest to investors, financial professionals and industry stakeholders as it offers insight that can inform better investment decisions and strategy development for navigation the complex financial landscape from 2016-2017 to 2022-2023.