Individuals are investing their money through a variety of investment techniques in order to produce additional income for themselves. “In the past few years, mutual funds have gained popularity as a very important investing mechanism among small and medium investors. This is due to the fact that mutual funds offer systematic returns that are less hazardous than other investment vehicles. Mutual funds can be divided into three primary types: equity mutual funds, debt mutual funds, and hybrid mutual funds. Each of these groups has their own unique characteristics. In the current study, an attempt is made to explore the performance of two different types of selected equity mutual funds, namely mid-cap equity mutual funds and small-cap equity mutual funds, and to compare the differences and similarities between their respective performances. An analysis and comparison of the performance of eight mid-cap and eight small-cap equity funds is presented in this study. This particular data collection encompasses a time span of four years, beginning on January 1, 2020 and ending on December 31, 2023. For the objective of conducting a performance analysis of the mutual funds that have been chosen, various statistical methods, including alpha, beta, and standard deviation, are utilised. According to the findings of the analysis, the selected mutual funds had a satisfactory performance over the course of the study period; nevertheless, the SmallCap Equity Funds had a more successful performance than the MidCap Equity Funds. The DSP Small Cap Fund had a negative beta throughout the year 2021, which indicates that it did not react in the same manner to the changes that occurred in the market.