عنوان مقاله [English]
نویسندگان [English]چکیده [English]
Investment companies and mutual funds as financial institutions that help amateur investors to invest in securities indirectly, have common specifications. For example, professional management and risk management via portfolio formation could be seen in both institutions. Also, it is expected to manage nonsyematic risk by both of them. the question is that which of two institutions has more appropriate performance.
The objective of this research is conducting a comparative study on risk and return of mutual funds and companies and calculating the risk-adjusted return of these two institutions using Sharp and Trainor criteria. For this purpose, in the time period of March 2009 to March 2012 the obtained results regarding calculated ratios for mutual funds and companies were studied. According to the obtained results calculated by t-test, performance of mutual funds is assessed to be better than investment companies based on Sharp criterion. However, based on Trainor criterion where excess return is adjusted with Beta Index, no meaningful difference has been observed between the two institutions.