Open AccessA Comparative Study of Equity Linked Saving Scheme (ELSS) Mutual and Benchmark Market Indices and its Performance Evaluation
Author(s) -
Shekhar V. Sawant,
Filipe Rodrigues e Melo
Publication year - 2022
Publication title -
webology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.259
H-Index - 18
ISSN - 1735-188X
DOI - 10.14704/web/v19i1/web19021
Subject(s) - sharpe ratio , benchmark (surveying) , equity (law) , econometrics , economics , market timing , mutual fund , investment performance , actuarial science , portfolio , computer science , finance , return on investment , microeconomics , geodesy , production (economics) , political science , law , geography
The investment in ELSS mutual fund over last few years has been getting popular over other mutual fund products due to its income tax benefits and returns. It is necessary to assess its performance as compare to benchmark market indices available in the stock market. The present study aims to compare and analyse the performance of both on the basis of quarterly average and in absolute terms. In order to study the same, the risk adjusted measures such Sharpe and Sortino ratios have been calculated and tested by using Annova and welch test. The period of study considered for the study was considered of 10 years from 2009-10 to 2018-19 taking 43 samples of ELSS funds and 7 benchmark market indices. The findings of the study are wherever there is comparison of ELSS with other benchmark market indices null hypothesis has been rejected which implies that there is difference between the both.