This study evaluates the performance of selected HDFC Mutual Fund growth schemes—HDFC Top 100 Fund, HDFC Mid-Cap Opportunities Fund, HDFC Small Cap Fund, and HDFC Balanced Advantage Fund—during the period 2019–2024. The research analyzes the risk and returns characteristics of these schemes using secondary data collected from reliable financial sources. Various performance evaluation tools, including NAV analysis, Standard Deviation, Sharpe Ratio, Treynor Ratio, and Jensen’s Alpha, were applied to assess risk-adjusted returns. The findings reveal that the HDFC Mid-Cap Opportunities Fund delivered the best risk-adjusted performance, while the HDFC Top 100 Fund exhibited strong growth and market outperformance. The HDFC Small Cap Fund offered higher return potential with greater risk, whereas the HDFC Balanced Advantage Fund provided stable returns with lower volatility. The study concludes that evaluating both risk and return is essential for making informed investment decisions and selecting suitable mutual fund schemes.