Treynor, Sharpe and Jensen's ratios are considered to be classic measurements used to analyze open-end equity funds. They are widely used in investment practice and in preparation of ranking of their effectiveness. If investment funds reach approximate rates of return, the measurements which include risks should be the criterion based on which the investors should make their decisions. Normal rate of return does not constitute an adequate measurement of activity effectiveness of open-end equity funds. It is so because its level depends more on the portfolio risk and the prevalent market tendency than on ability to manage the fund efficiently.