TGFRX vs. FSMAX

Last updated Apr 1, 2026

Compare and contrast key facts about Tanaka Growth Fund (TGFRX) and Fidelity Extended Market Index Fund (FSMAX).

TGFRX is managed by Tanaka. It was launched on Dec 30, 1998. FSMAX is managed by Fidelity.

Performance

TGFRX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tanaka Growth Fund (TGFRX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

TGFRX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TGFRX Tanaka Growth Fund	-3.59%	39.56%	17.98%	50.24%	-22.62%	26.54%	50.87%	18.78%	-25.18%	7.28%
FSMAX Fidelity Extended Market Index Fund	-4.54%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Returns By Period

In the year-to-date period, TGFRX achieves a -3.59% return, which is significantly higher than FSMAX's -4.54% return. Over the past 10 years, TGFRX has outperformed FSMAX with an annualized return of 13.08%, while FSMAX has yielded a comparatively lower 10.54% annualized return.

TGFRX

• 1D: -1.92%
• 1M: -9.89%
• YTD: -3.59%
• 6M: 1.02%
• 1Y: 26.15%
• 3Y*: 28.80%
• 5Y*: 10.69%
• 10Y*: 13.08%

FSMAX

• 1D: -1.03%
• 1M: -7.76%
• YTD: -4.54%
• 6M: -4.39%
• 1Y: 16.77%
• 3Y*: 13.78%
• 5Y*: 3.66%
• 10Y*: 10.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TGFRX vs. FSMAX - Expense Ratio Comparison

TGFRX has a 2.19% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

TGFRX

Tanaka Growth Fund

FSMAX

Fidelity Extended Market Index Fund

Return for Risk

TGFRX vs. FSMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TGFRX

TGFRX Risk / Return Rank: 74
TGFRX Sharpe Ratio Rank: 74
TGFRX Sortino Ratio Rank: 80
TGFRX Omega Ratio Rank: 70
TGFRX Calmar Ratio Rank: 87
TGFRX Martin Ratio Rank: 61

FSMAX

FSMAX Risk / Return Rank: 35
FSMAX Sharpe Ratio Rank: 33
FSMAX Sortino Ratio Rank: 36
FSMAX Omega Ratio Rank: 33
FSMAX Calmar Ratio Rank: 36
FSMAX Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TGFRX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tanaka Growth Fund (TGFRX) and Fidelity Extended Market Index Fund (FSMAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TGFRX	FSMAX	Difference
Sharpe ratio Return per unit of total volatility	1.31	0.72	+0.59
Sortino ratio Return per unit of downside risk	2.02	1.16	+0.87
Omega ratio Gain probability vs. loss probability	1.26	1.16	+0.10
Calmar ratio Return relative to maximum drawdown	2.24	0.95	+1.30
Martin ratio Return relative to average drawdown	5.75	3.91	+1.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGFRX vs. FSMAX - Sharpe Ratio Comparison

The current TGFRX Sharpe Ratio is 1.31, which is higher than the FSMAX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of TGFRX and FSMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TGFRX	FSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	0.72	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.16	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.35	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.41	-0.39

Correlation

The correlation between TGFRX and FSMAX is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TGFRX vs. FSMAX - Dividend Comparison

TGFRX's dividend yield for the trailing twelve months is around 13.51%, more than FSMAX's 0.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TGFRX Tanaka Growth Fund	13.51%	13.02%	6.89%	0.00%	0.11%	7.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSMAX Fidelity Extended Market Index Fund	0.60%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%

Drawdowns

TGFRX vs. FSMAX - Drawdown Comparison

The maximum TGFRX drawdown since its inception was -95.35%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for TGFRX and FSMAX.

Drawdown Indicators

	TGFRX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-95.35%	-50.55%	-44.80%
Max Drawdown (1Y) Largest decline over 1 year	-16.01%	-14.64%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-95.35%	-36.31%	-59.04%
Max Drawdown (10Y) Largest decline over 10 years	-95.35%	-50.55%	-44.80%
Current Drawdown Current decline from peak	-92.80%	-10.26%	-82.54%
Average Drawdown Average peak-to-trough decline	-31.67%	-12.29%	-19.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.21%	3.54%	+3.67%

Volatility

TGFRX vs. FSMAX - Volatility Comparison

Tanaka Growth Fund (TGFRX) has a higher volatility of 11.19% compared to Fidelity Extended Market Index Fund (FSMAX) at 6.01%. This indicates that TGFRX's price experiences larger fluctuations and is considered to be riskier than FSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TGFRX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.19%	6.01%	+5.18%
Volatility (6M) Calculated over the trailing 6-month period	23.73%	13.07%	+10.66%
Volatility (1Y) Calculated over the trailing 1-year period	34.96%	22.79%	+12.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	793.45%	22.32%	+771.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	561.16%	30.19%	+530.97%