Measurement of Risk and Return Spillovers Effects among Sensex and Equity Based Mutual Funds in India
Pramod Kumar Patjoshi1, Girija Nandini2

1Dr. Pramod Kumar Patjoshi*, School of Management, Centurion University of Technology and Management, Bhubaneswar, Odisha, India.
1Dr.Girija Nandini, School of Management, Centurion University of Technology and Management, Bhubaneswar, Odisha, India.
Manuscript received on March 15, 2020. | Revised Manuscript received on March 24, 2020. | Manuscript published on March 30, 2020. | PP: 4478-4484 | Volume-8 Issue-6, March 2020. | Retrieval Number: F8744038620/2020©BEIESP | DOI: 10.35940/ijrte.F8744.038620

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Abstract: A mutual fund is a unique and significant investment avenue provided by different financial institutions. Mutual funds mobilize money from numerous investors and invest in various financial securities in the stock market. It is a professionally managed investment avenue, which is related to market risk. It has seen an incredible development in the mutual fund sector in India during the last few decades. This paper has examined the performance of the selected equity-based mutual funds schemes by analysing their risk and returns in India. This paper also examined the risk and returns spillovers effects among Sensex and equity-based mutual funds in India. A total of eighteen schemes offered by six companies operating in India have been examined over the span of six years from 1st January 2013 to 31st December 2018. The study is related to secondary data and for analysing the data daily Net Asset Values (NAVs) of selected schemes have been collected from different websites. For analysing and measurement of risk and return spillovers effects among Sensex and equity based mutual funds in Indian mutual funds, different methods like descriptive statistics and correlation have applied. For testing the hypothesis, t-test has been applied and found that there is no significant difference between daily returns of Sensex and other sample mutual fund schemes indices daily returns at a 5% degree of significance.
Keywords: Mutual funds, NAVs, Risk, Return, Schemes, Large-cap, Midcap, Small cap.
Scope of the Article: Simulation Optimization and Risk Management.