T h i s s t u dy ranks the performaпсе o f c o u n t r y f u n d s w i t h i n th e international context using risk adjusted performance measures, namely Treynor Index, Sharpe Index, and Jensen Index. Results of t h e t h r e e p e r f o rm a n c e m e a su r e s a r e s i m i l a r and c o r r e l a t i o n among these measures are qu ite high. Moreover, the re la t io n between risk measures and performance measures i s tested . Only,Treynor M e a sure seems t o b e s e n s i t i v e t o s y s t e m a t i c r i s k , /9. Oth er measures are in s e n s it iv e to both systematic risk and standard d e v i a t i on o f r et ur n s .