Best way for selection of a Mutual Fund

Dear All,

After having a lots of discussion, i have come across a shortcut route to chose a better mutual fund scheme. One need to compare three parameter as mentioned below.

1. Sharpe Ratio:- Higher the ratio the better is the fund return.
2. Alpha:- Higher the alpha the better the fund return.
3. Standard Deviation:- Lower the SD the better the fund.

There are others factor also which needs to consider but the above three parameter will give a broad understanding.

I would like to check whether my understanding is correct or require any modifications.

Regards,

Amit