This paper aims at assessing the seismic performance of Tuned Mass Dampers (TMDs) based on sets of recorded ground motions. For the simplest configuration of a structure-TMD assembly, in a comprehensive study characteristic response quantities are derived and statistically evaluated. Optimal tuning of TMD parameters is discussed and evaluated. The response reduction by application of a TMD is quantified depending on the structural period, inherent damping of the stand-alone structure, and ratio of TMD mass to structural mass. The effect of detuning on the stroke of the TMD and on the structural response is assessed and quantified. It is verified that a TMD damping coefficient larger than the optimal one reduces the peak deflection of the TMD spring significantly, whereas the response reduction of the main structure remains almost unaffected. Analytical relations for quantifying the effect of a TMD are derived and subsequently evaluated. These relations allow the engineer in practice a fast and yet accurate assessment of the TMD performance.