In recent years,the number of newly established open-ended funds in China is far more than that of closed-ended funds. Under the rapid growth of the quantity,whether open-ended funds can achieve the superior performance than closed-ended funds has attracted a lot of at tention. This paper selects 15 closed-ended funds and 15 open-ended funds,which had been issued earlier and the scale of the issuance is more than two billion. Compared open-ended funds performance of forty-nine weeks, from January 6,2006 to December 29,2006 ,with that of closedended funds in three aspects which are the yield, the risk-adjusted performance and the capabilities of stocks-selection and market-timing. The empirical results show that the closed-ended funds are higher than open-ended funds in the average rate of return and the risk/profit ratio. However,in selecting stocks and market-timing ability,there is no signific