The study aimed to analyse the risk and returns of family, non-family, and PSU indices in the Indian stock market and assess their volatility. The findings suggest that family indices are a stable investment option with consistent risk and positive returns, while the non-family index provides moderate returns with relatively stable risk. In contrast, the PSU index is a risky investment option with significant variations in returns and risk values. The study also suggests that the family index may not be a reliable predictor of NIFTY performance, and the PSU index has lower returns and higher risk compared to family and non-family indices. The insights provided by this study can be useful for investors in making informed investment decisions in the Indian stock market.