To fulfill the hopes of billions of investors, investment funds are required to maximize the value of investments by individual investors. Evaluating the performance of funds vis-a-vis such a goal is significant for both the investors as well as the managers. Various performance reports which are periodically published on the basis of standard measures may not actually reflect the true investment performance of these funds. Time and time again, potential investors are posed with a critical question of choosing the best investment avenue among the mutual funds and ULIPs. The investors being...