Mutual Fund is professionally managed investment fund, it is also known for pooling of savings or money, based on the trust who invests the savings of a number of investors who shares a common financial goal, like the capital appreciation and dividend earning. The most important thing is you can diversify your portfolio as per your risk appetite and switch money from debt to equities.  In this study the researcher has done performance evaluation of selected midcap mutual funds of HDFC.  For the study purpose 5 topmost mutual funds has been selected & the whole study is been done on secondary data.  The analysis is done using various statistical tools like average return, standard deviation, beta, Sharpe's ratio, Treynor's ratio & Treynor's ratio. The findings of the study depicts that investors with the age group of 36 to 40 years have more experience and prefer investing in Mutual Funds & investors mostly prefer in investing in Equity based Mutual Funds though it is a risky investment. As per Sharpe's Formula HDFC Hybrid Equity Fund is the best performer and is ranked 1st position amongst the top 5 selected funds.