The research highlights the crucial need for a robust framework to assess return efficiency and risk exposure, focusing on an analysis of mutual fund performance. It explores the interrelation among key risk-adjusted performance metrics such as the Sharpe ratio, Treynor ratio, and Jensen's alpha, along with beta and standard deviation, which signify systematic and total risk. 38 Indian value mutual funds were analysed using MoneyControl (Shano, Ganesh, & Mwaura, 2017) secondary data. Regression, correlation, and descriptive statistics were employed. Results indicate risk-adjusted efficiency was moderate to strong, always higher than the average Sharpe, Treynor, and Jensen alpha values. Research demonstrates a strong positive correlation between the Sharpe, Treynor, and Jensen ratios (Lee, Keegan, Piggott, & Swann). Conversely, negative correlations with beta and standard deviation indicate that efficiency diminishes as total and systematic risk increase. Regression analyses indicate that risk variables significantly influence the Sharpe and Treynor indices. Conversely, Jensen's alpha seems to be autonomous, suggesting that it encapsulates the diverse impacts of managerial competence. The results validate the correlation among common risk-performance indicators, refute the null hypothesis of independence, and demonstrate the variability in the influence of market and management factors on these metrics. The report says that SEBI and AMFI should use a framework that has more than one metric to make things clearer. Fund managers should keep getting better at what they do by using methods that are flexible and take risks into account.