: This Research aims to analyze the performance of Islamic mutual funds, by measuring the rate of profit (rate of return) earned and risk (risk) that accompanies the investment. In this study, time series or time-series is monthly data are from January 2013 - October 2015. sharia mutual funds that meet the research period consisted of three (3) mutual funds, whereas conventional mutual fund is used as a comparison amounted to 21 funds. The entire funds studied are mixed funds.To calculate the historical performance of mutual funds during the research period used method of time-weighted rate of return and risk (risk) are borne by mutual funds is calculated as the standard deviation of fund performance is concerned. Sharpe method used for comparison once the rating performance of mutual funds based on risk-adjusted return.The results showed that the average return obtained from investments in Islamic mutual funds is almost equal to the average return of conventional mutual funds, while the average risk (risk) that accompanies the Islamic mutual funds are lower than average risk to conventional mutual funds. Sharpe index calculation results with the results that the index is negative, thus ranking the performance of mutual funds based on risk-adjusted return can not be done.