In the world of VUCA, the economic slowdown, in addition, created a panic across the investors and they are becoming more and more sceptic about putting their money in several investment opportunities present in the market, the most common being the Mutual Funds. The risk-adjusted returns generated by the Mutual Funds, in the recent years, are becoming negative, as reported by various fund houses. The investors are losing confidence in the market and mutual funds sector is facing a drastic slowdown as well. In this situation, if the efficiency of the mutual funds is not evaluated carefully, then the investors will further go into deep trouble and the market will suffer more. Also, from the perspective of fund managers, this efficiency evaluation will help them understand where their fund currently stands and what steps can be taken to improve the same.Mutual Fund is a popular means of investment for both individual and institutional investor.