The examination of the risk, return, and volatility of the HDFC equities mutual funds assists investors who are looking to invest specifically in the schemes of HDFC equity funds to choose the proper schemes that meet their risk appetite. Mutual funds are one of the greatest investment vehicles for investors. In order to evaluate if HDFC equities mutual funds outperform the market in the short, medium, and long terms, as well as to provide investors and the company with pertinent advice, the study compared the risk and return of several HDFC equity funds available in the market. The study aimed to determine significant difference of annual returns of growth and dividend of HDFC equity funds. The study was carried out with the sample of ten equity mutual funds schemes of HDFC for the period of ten years that is from 2012 to 2021 and focused on net asset value and share prices. The outcome of the study revealed that there is a significant difference in the annual returns of the HDFC growth and dividend equity funds.