In this study, it was aimed to measure and compare the performances of 20 participation funds with the highest portfolio size, selected among the existing participation funds in Turkey, using Sharpe Ratio, Treynor Ratio and Jensen Ratio. In the study, which was conducted using a quantitative research design, the relevant data on the 3-year functioning of participation funds were collected and analyzed. Sharpe Ratio was used to assess risk-adjusted return, Treynor Ratio considered market-related risk, and Jensen’s Alpha measured the performance of funds against expected returns. The results indicated that there were significant differences in the performance of the funds, with variability in all three metrics. The findings revealed that some funds outperformed risk-adjusted, while others exceeded market expectations, highlighting the different strategies employed by fund managers. This research study emphasized the need for potential investors to consider multiple performance measures to make an informed decision. A comparative analysis of these funds would provide valuable information for investors, fund managers and policymakers alike, by shedding light on the characteristics that would contribute to successful fund performance in the context of Turkey’s financial sector.