This study aims to determine the return that has been adjusted to the risk of mudharabah deposits owned by BPRS customers and determine the level of ability of BPRS to cover risks that can erode capital. This study uses a quantitative approach. BPRS which are used as sample of this research are BPRS Bangun Drajat Warga. BPRS Barokah Dana Sejahtera, and BPRS Madina Mandiri Sejahtera. The data used is the quarterly financia statement being published on BI website. The data used is secondary data which is time series. Data analysis method uses Value at Risk (VaR) and Risk Adjusted Return On Capital (RAROC). The results of this study indicate that the average VaR value (mean) of the lowest mudharabah time deposit of 1,3,6,12 is owned by BPRS Barokah Dana Sejahtera. It means that BPRS Barokah Danan Sejahtera has the lowest risk value compared to BPRS Bangun Drajat Warga and BPRS Madina Mandiri Sejahtera. Furthermore, the highest average RAROC value is also owned by BPRS Barokah Dana Sejahtera. Shows that BPRS Brokah Dana Sejahtera in managing the risk of future Mudharabah deposits of 1,3,6,12 is very precise so as to produce the highest average RAROC value in 2013-2017 compared to BPRS Build Drajat Warga and BPRS Madina Mandiri Sejahtera.