New Delhi, June 1 -- For investors seeking returns that consistently beat benchmark indices, alpha is one of the most important measures of a fund's performance. It reflects a fund manager's ability to generate excess returns above market returns, making it a key indicator of active management success.

Here are the top five mutual funds with the highest alpha ratios, showcasing schemes that have delivered benchmark-beating performance.

Alpha measures how much returns a fund has generated over the benchmark index returns, let's say the Nifty 50. It simply tells you the efficiency of a fund manager in generating excess returns after adjusting for risk (beta).

The baseline number for alpha is 0, which means that the fund has delivered the...