The Indian Mutual Fund Industry is segmented and grounded on asset classes (Debt-Oriented Schemes, Equity-Oriented Schemes, Money Market Funds, ETFs and FoFs) and sources of funds (banks, retail investors, Indian institutional investors, FIIs, insurance companies, and other sources). The Average Assets Under Management (AAUM) of the Indian Mutual Fund Industry for the month of February 2022 lay at 39,87,990 crore. The AUM of the Indian MF Industry has raised from 7.20 trillion as on September 30, 2012 to 38.42 trillion as on September 30, 2022 further than 5 fold expansion in a span of 10 years. The MF Industry's AUM has raised from 20.40 trillion as of September 30, 2017 to 38.42 trillion as of September 30, 2022, around a 2-fold expansion in a span of 5 years. The entire number of accounts (or folios, as per mutual fund parlance) as of September 30, 2022, was at 13.81 crore (138.1 million), while the number of folios under equity, hybrid, and solution-oriented schemes, wherein the utmost investment is from the retail segment, stood at around 11.03 crore (110.3 million). The Indian mutual fund industry over the years noted a dramatic improvement in terms of volume as well as quality of the product and service offerings. In this paper, equity, debt, and hybrid mutual fund performance evaluation is measured through statistical ratios like standard deviation, beta, Sharpe's ratio, Jensen's alpha, and Treynor's ratio. All the ratios were calculated based on the daily returns over the last 3 years. The data was taken from the websites, and the yearly return was calculated on the basis of NAV. The results were obtained from a sample of 8 equity funds, 8 debt funds, and 8 hybrid funds. It was found that an investor must take the risk ratios into consideration before investing.