When people compare mutual funds, they often look at returns first. A fund that gave 18% returns may look better than a fund that gave 15%. But there is one important question that many investors miss: Did the fund actually perform better than its benchmark? This is where Alpha in Mutual Funds becomes useful. Alpha helps investors understand whether a mutual fund manager added value compared with the fund’s benchmark, after considering the level of risk taken. In simple words, it can help you see whether a fund truly outperformed or simply benefited from a rising market. For example, imagine…