This research paper presents a comparative analysis of risk and returns between conventional investments (equities, bonds, and real estate) and Systematic Investment Plans (SIPs) in Mumbai, focusing on historical performance, volatility, and risk-adjusted returns over a 10-year period (2013-2023). The study reveals that conventional equity investments yielded an average annual return of 12%, with a standard deviation of 18%, indicating higher volatility compared to SIPs, which provided a more stable average return of 10% with a reduced volatility of 9%. The risk-adjusted returns, measured by the Sharpe ratio, were higher for SIPs at 0.95 compared to 0.65 for equities, suggesting that SIPs offer better returns for each unit of risk. These findings emphasize the advantages of SIPs for risk-averse investors looking for steady growth with lower volatility.