This study analyzes the performance and cash flow of domestic equity funds during the Covid-19 crisis. The results of this study are as follows. First, during the high volatility stock market period(the crash, recovery period), funds underperform the market index, but the outperformance of funds emerge in the period of the bull market. Second, the size factor is the main factor that discriminates the fund’s performance. Third, there is a positive(+) relationship between previous performance and performance during a crisis. Fourth, during the recovery and the bull market period, funds with higher fund fees generate more returns. Fifth, funds with good previous performance experience higher cash inflow during the crash period, while there is no significant relationship with the previous performance during the recovery period and the bull market period.