Capital market provides a variety of investment opportunity to the investors which help them to invest. Mutual fund ensures the minimum risks and maximum return to the investors among various financial alternatives. Consequently, close surveillance and evaluation of mutual funds has become crucial. For that reason, choosing profitable mutual funds for investment is a very important issue. This study is deals with the performance evaluation of selected large-cap mutual funds in India based on risk-return and risk-adjusted return performance measurements. To evaluate risk-return performance, return, Beta and Standard deviation have been considered. To evaluate risk-adjusted Performance, widely used performance measure indexes like Sharpe’s performance Index, Treynor’s performance Index and Sortino’s performance Index have been used. Period during five years of 2011-12 to 2015-16 has been considered. Total nine mutual funds have been taken for the study. From the analysis, it has been concluded that performance of selected large-cap mutual funds in India remains better in comparison than that of the category return.