In this paper the performance evaluation of Indian mutual funds in a bear market is carried out through relative performance index, risk-return analysis, Treynor's ratio, Sharp's ratio, Sharp's measure, Jensen's measure, and Fama's measure. The data used is monthly closing NAVs. The source of data is website of Association of Mutual Funds in India (AMFI). 24 schemes were used for analysis. Mean monthly (logarithmic) return and risk of the sample mutual fund schemes during the period were 0.53% and 6.50%, respectively, compared to similar statistics of 0.12% and 7.67% for market portfolio. The results of performance measures suggest that most of the mutual fund schemes in the sample of 24 were able to satisfy investor's expectations by giving excess returns over expected returns based on both premium for systematic risk and total risk.