Mutual Fund companies are financial intermediaries providing financial services to small investors through mobilization of funds, when the investors invest in a mutual fund; they are buying shares or units of the mutual fund and become a shareholder of the fund. Mutual funds are one of the best investments ever created because they are very cost efficient and very easy to invest in. Thus, the Rupee is generated in the form of big returns to promote financial excellence. In this research paper an attempt is made on a comparative performance analysis of the growth-oriented equity diversified schemes for 5 months prior to outbreak of Covid-19 and 5 months during Covid-19 on the basis of return and risk evaluation. The analysis was achieved by assessing various financial tests like Average Return, Sharpe Ratio, Treynor Ratio, Standard Deviation and Beta. The used data is opening and closing NAVs for five months before Covid-19 effect and five months during Covid-19 pandemic. The source of data is the website of Association of Mutual Funds in India (AMFI) and Money Control and 12 schemes were used for analysis. The study of this paper improves the necessity required before investing in any mutual fund. With the inclination of investment in mutual fund gaining vogue every day. It is also important to study the risk involved and the substantial value of returns incurred through it.