The National Pension System (NPS) has emerged as one of India's most significant retirement savings schemes, offering market-linked investment opportunities through multiple asset classes and professionally managed pension funds. Evaluating the performance of these funds is essential for investors seeking optimal risk-adjusted returns. This study examines the comparative performance of Tier I and Tier II schemes under the National Pension System across Equity (Scheme E), Corporate Debt (Scheme C), and Government Securities (Scheme G). The research is based on secondary data collected from the official National Pension System website covering ten years of performance for ten Pension Fund Managers. Risk-adjusted performance was assessed using the Sharpe Ratio, while paired sample t-tests were employed to examine significant differences between Tier I and Tier II returns. Pearson correlation analysis was further conducted to evaluate the relationship among different schemes. The empirical findings reveal that Scheme E Tier I generated significantly higher returns than Scheme E Tier II, indicating superior performance in equity investments. In contrast, no statistically significant differences were observed between Tier I and Tier II returns for Corporate Debt (Scheme C) and Government Securities (Scheme G), suggesting comparable investment performance across these asset classes. The correlation analysis demonstrates strong positive relationships between Tier I and Tier II within the same asset category, whereas relatively weaker correlations among different asset classes highlight the diversification benefits available under NPS. Overall, the study concludes that while equity-oriented Tier I schemes offer relatively better return potential, debt and government security schemes provide stable and consistent performance across both tiers. The findings provide useful insights for investors, pension fund managers, and policymakers in designing effective long-term retirement investment strategies.