The present study examines the relationship between investors' emotions and the risk and performance of investment funds. This study is an applied study in terms of its nature and descriptive method and in terms of its purpose, and since in the present study the current state of the variables has been analyzed using information collection through past information, it is included in the category of descriptive and post-event studies. In the course of conducting this study, two hypotheses were formulated and 48 funds were selected through systematic exclusion sampling for a 5-year period between 1398 and 1402 and the data related to the research variables were analyzed after collection in Excel software using Stata statistical software. The results of the hypothesis test showed: The general results of the first hypothesis showed that there is a relationship between investors' emotions and the risk of investment funds with different criteria and there is no relationship with some criteria. Since the relationship between investor sentiment and the risk of investment funds with different criteria indicates the existence of a relationship and the absence of a relationship, it can be argued that investors make different decisions when examining the risk of investment funds with different criteria. There is also a significant direct relationship between investor sentiment and the performance of investment funds.