Last Updated on August 11, 2022 at 8:53 pm
The freefincal Equity Mutual Fund Performance Screener (December 2021) is now available. Use it to screen for consistently performing equity mutual funds. You can screen based on fund category & benchmark and spot mutual funds with a higher return than a benchmark at a lower risk. Inside, you get discounted links to our two courses: How to get people to pay for your skills (aka earn from skills) and the lectures on goal-based portfolio management.
Use this screener file to quickly find best-performing equity funds among 300 equity funds that have consistently outperformed category benchmarks/indices with adequate downside protection (better performance when the index is down) and upside performance (better performance when the index is up).
Note: Always check the history of a fund. See if its investment mandate was different in the past. If that is the case, then past performance does not matter!
What does this Equity Mutual Fund Performance Screener cover?
It gives you three outputs:
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
- Rolling return outperformance consistency: over every possible 1Y,2Y,3Y,4Y, 5Y period, the fund returns are compared with category benchmark returns. Higher the outperformance consistency, the better. Suppose 876 fund returns were compared with 876 benchmark returns, and the fund has beaten the benchmark 675 times. The consistency score will be 675/876 ~ 77%.
- Upside performance consistency over every possible 1Y,2Y,3Y,4Y, 5Y: Higher the better. A score of 70% means, 7 out of 10 times, the fund performed better than the category benchmark when the benchmark was moving up. This is a measure of reward.
- Downside performance consistency over every possible 1Y,2Y,3Y,4Y, 5Y: Higher the better. A score of 60% means, 6 out of 10 times, the fund performed better than the category benchmark when the benchmark was moving down. This is a measure of risk protection.
When to use this mutual fund screener
I recommend using this file only after completing the following steps: Define need and duration —-> Decide asset allocation (use this tool) —-> Decide product category (use this guideline for mutual funds) —-> Then apply this screener for equity funds. Since the debt mutual fund space is continually shifting, and a qualitative search is necessary, I believe it is dangerous to build a debt mutual fund screener and, therefore, will not. If you open the screener file, you see column headings such as this. 
You know the fund category; benchmark; Fund name; no of 1Y returns of the benchmark(index); no of 1Y returns of the fund; no of times the fund 1Y return is above index 1Y return; the 1Y rolling return consistency; upside performance consistency and downside protection consistency. These columns are repeated for 2Y,3Y,4Y and 5Y. Now you can screen by filtering out funds that have return outperformance consistency of >=70%, a downside protection consistency >= 70% and so on. You can do this manually with the excel filter buttons on the macro buttons, as shown below. 
Benchmarks Used
These are benchmarks closest to the fund type and are used by many funds in each category.
| Category | Benchmark |
| Aggressive Hybrid Fund | Nifty 100 TRI and CRISIL 65:35 Aggressive Hybrid Index |
| Contra Fund | Nifty 100 TRI |
| Dividend Yield Fund | Nifty 100 TRI |
| Large Cap Fund | Nifty 100 TRI |
| ELSS | Nifty 100 TRI |
| Focussed Fund | Nifty Largemidcap 250 TRI |
| Large & Mid Cap Fund | Nifty Largemidcap 250 TRI |
| Multi-Cap Fund | Nifty Largemidcap 250 TRI |
| Sectoral/ Thematic | Nifty Largemidcap 250 TRI |
| Value Fund | Nifty Largemidcap 250 TRI |
| Mid Cap Fund | NiftyMidcap150TRI |
| Small Cap Fund | NiftyMidcap150TRI |
NIfty Largemidcap 250 has 50% of Nifty 100 and 50% of Nifty Midcap 150.
Screen for funds with higher than benchmark return with lower risk
Reward measure: Rolling returns outperformance consistency.
Rolling returns are a simple way to estimate how consistently a fund has outperformed a benchmark. Take the case of Quantum Long Term Equity (the fund in the graph below) and BSE Large Cap (index in the chart below). Bet 31st Aug 2008 and 13th Oct 2017, there are 991, 7-year duration. If the return for each of these durations is plotted for the fund and index together, we will get a graph like this.
The corresponding entries in the screener sheet would be as below (this is an example):
Notice that out of the 991 fund returns, all of them are higher than the chosen index. Thus the rolling return outperformance consistency over seven years =
= 991/991 = 100%. Naturally, the higher the rolling return outperformance consistency, the better.
Reward and Risk measure: Upside Performance & Downside Capture
If you wish to understand how these are calculated, please read this first: An introduction to Downside and Upside Capture Ratios and then proceed to this one, for example. For some funds, a high downside capture consistency will lead to better returns, and for some funds, a high upside capture consistency will lead to better returns. The screener can help distinguish between the two types of performers. Recommend read: What is mutual fund downside protection, and why is it important?
How to use the Equity Mutual Fund Performance Screener
There are multiple ways to screen for mutual funds. I will discuss two examples. If you are investing with a clear strategy, you should be clear about what category fund to choose. So the first step is to select the category. You can either use the macro buttons (top right), Or you can do this manually: 
Then, method A: Set the 3Y and 5Y rolling return outperformance consistency to be above 70% or so. That should give you a nice shortlist to choose from. Then among these, you can visually look for funds with the right downside protection consistency and pick one. Method B: Look for funds with above 70% downside protection consistency over 3Y and 5Y and choose one. Remember, never set narrow filters and do not be too demanding. Wanting to select the fund with the best past performance is plain immaturity. Your screening criteria should yield 5-6 funds at all times. Why should I use this screener? Why can I look at trailing returns and screen? Trailing returns are 3Y or 5Y returns calculated with the last business date (3Y and 5Y prior). This is just one data point to consider. Here we find a lot more to determine consistency.
Excess Risk vs Excess Return Screener
Here you can screen for funds with excess return > 0 in the last 1,2,3,4,5 year trailing periods. This means the fund return is greater than the index return. You can also add excess risk < 0 filters for the same periods. This means that the fund risk is less than the index risk. Hence the excess risk is negative. Both screenshots are shown below.
The above screenshot is for excess return >0, and the one below is excess risk < 0
The idea here is to find funds that have beat the index in terms of higher returns (excess return >0) and lower risk (excess risk <0) in the last 1,2,3,4,5 year periods. You can relax it to 3/4/5 year periods if you wish.
How to screen for the best equity funds
Important Information
- This screener (December 2021) costs Rs. 150 and is meant for individual, personal use only.
- Inside, you get a discounted link to our two courses: How to get people to pay for your skills (aka earn from skills) and the lectures on goal-based portfolio management.
- The cost is only for the December 2021 screener and only for the data in the sheet.
- You will get a zipped file. It has one excel file with macros. If you wish to use the automated screener, you will have to enable macros. If macros are disabled or you want to use them on Google sheets or elsewhere, the plain data will still be available. The plain data file can be used on any spreadsheet.
- While freefincal will do its best to publish updated screener sheets each month, it cannot guarantee the same.
- The file does not contain any buy or sell recommendations and only has the above-mentioned data.
- Enough care and effort have been put in to weed out errors. However, we cannot guarantee that the sheet is free of error.
- The buyer will have to do their own research about using the information in the spreadsheet. No recommendations or assistance is included in the sheet and will not be provided separately.
- We will not provide any further help or assistance in using the sheet.
- The sheet purchased is for personal use only should not be shared with others privately or publicly. By clicking, you agree to the terms in the important information section above.
Are you living outside India? You can pay via this Paypal link (5 USD) and send a mail to freefincal at Gmail.
Want a debt fund screener? Get the latest Debt mutual fund screener.
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 7000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 2,500 investors and advisors use this!
Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)