To be able to invest directly in bonds, there are several obstacles facing individual investors. These constraints typically include limited knowledge, information, time, and money. One alternative financial instruments that could be an option investor is a mutual fund. In its development, mutual funds began to apply Islamic principles in running their business strategy, where there is a difference in the portfolio management process, ie, there is a screening process (screening) assets into portfolios. The results of this study, that based on the Sharpe Index, in 2008, 2009, and 2011, the performance of Islamic mutual funds is better than the performance of conventional mutual funds. Meanwhile, in 2010, the conventional mutual fund performance is better than the performance of Islamic mutual funds. Based on the Treynor Index, in 2008, 2009, and 2011, the performance of conventional mutual funds is better than the performance of Islamic mutual funds. Meanwhile, in 2010, the performance of Islamic mutual funds is better than the performance of conventional mutual funds. Based on the Jensen Index, in the year 2008-2011, the performance of Islamic mutual funds is better than the performance of conventional mutual funds.