Özet:

The purpose of this study is to examine the performance of Islamic equity mutual funds and compare them with their conventional counterparts. As the scope of the study, 3 Islamic (participation) and 39 conventional stock umbrella funds traded in Turkey between the years 2019-2021 were included. Fund performances were analyzed using the gray relational analysis method, which is one of the multi-criteria decision-making methods. Factors selected for gray relational analysis are average return, standard deviation, beta coefficients and besides risk adjusted performance measurements such as Sharpe ratio, Treynor ratio and information ratio. It is concluded that participation stock umbrella funds provide a better risk-return performance than most of their conventional counterparts. Those who consider Islamic values in their security investments can invest in accordance with their beliefs without compromising high returns through participation stock umbrella funds.

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