Factor-Based Analysis — Now Simplified

Most investors track how much return their mutual fund delivers. But very few understand why the fund is delivering those returns. Factor-Based Analysis is a smart way to decode fund performance.

What Is Factor-Based Analysis?

Factor-based analysis breaks down your mutual fund’s return to uncover what really drives its performance. Instead of just looking at past returns, it examines how the fund behaves across well-established factors such as:

• Market (broad market movements)
• Size (small-cap vs large-cap stocks)
• Value (cheap vs expensive stocks)
• Profitability (high vs low-profit firms)
• Investment style (conservative vs aggressive reinvestment)
• Momentum (recent winners vs losers)

These factors, documented extensively in academic and practitioner research, help identify the true style of a fund—and whether its performance is due to strategy, tilt, or skill.

How It Works

You don’t need to be a statistician or fund analyst to use this tool.

✅ Upload the daily NAVs of any Indian mutual fund
✅ Choose the regression model you want to run:

• CAPM (single factor)
• Fama-French 3 Factor + Momentum
• Fama-French 5 Factor + Momentum

✅ Click Analyze — and let the engine do the math

✅ Receive an automatic interpretation of the results, so you don’t need to know how to read regression coefficients or p-values.

Get Deeper Insights

With this tool, you’ll uncover:

• Whether your fund tilts toward value, momentum, or quality
• How sensitive your fund is to market volatility
• Whether the fund’s returns are largely due to known styles—or something truly unique

Ready to Try It?

Click below to run a free factor-based analysis on your fund. Just upload a CSV with the daily NAV data for a period of your liking, choose the model, and let the insights flow.

👉 Launch Factor-Based Analysis Tool

No data is stored. Your uploaded file is processed securely and is never retained.

Factor Data Source

This tool uses monthly long-short factor returns developed by Rajan Raju. This dataset can be freely accessed at https://invespar.com/research

The construction methodology behind the Invespar Indian Factor Library has been described below,

Raju, Rajan, Four and Five-Factor Models in the Indian Equities Market (March 10, 2022). Available at  SSRN: https://ssrn.com/abstract=4054146