In this paper, we use data envelopment analysis (DEA) to evaluate the relative performance of 41 open-end funds from 2015 to 2018 in China market. By comparison, it is found that the traditional performance measurement index based on investment return rate and DEA model have both similarities and differences in evaluating relative performance of fund. The fund performance evaluation system established by DEA model includes many estimators such as risk reward, fund behavior and growth liquidity.

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... It could accomplish more comprehensive performance evaluation results than traditional performance analysis methods. In addition, this paper uses DEA-Malmquist super-efficiency to analyze the potential micro and macro factors that influence the relative performance of fund. The result shows that there may be an optimal interval between relative performance of fund and its size. The current investors of open-end funds are mainly small and medium-sized investors and the participation of institutional investors is low. Increasing the percentage of institutional investors could have a positive impact on the fund's relative performance. This paper brings perspectives and suggestions for investors, fund managers and market supervisors to further improve the efficiency of open-end fund and its relative performance.