TRMSX vs. TGFRX

Last updated Aug 4, 2026

TRMSX (T. Rowe Price Mid-Cap Index Fund) and TGFRX (Tanaka Growth Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, TRMSX returned 6.20%/yr vs 14.49%/yr for TGFRX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. TRMSX charges 0.14%/yr vs 2.19%/yr for TGFRX.

Performance

TRMSX vs. TGFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Mid-Cap Index Fund (TRMSX) and Tanaka Growth Fund (TGFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRMSX achieves a 9.69% return, which is significantly lower than TGFRX's 12.86% return.

TRMSX

• 1D: -0.45%
• 1M: -3.27%
• 6M: 8.32%
• YTD: 9.69%
• 1Y: 14.27%
• 3Y*: 16.50%
• 5Y*: 6.20%
• 10Y*: —
• ALL TIME*: 7.82%

TGFRX

• 1D: -1.25%
• 1M: -3.28%
• 6M: 5.78%
• YTD: 12.86%
• 1Y: 42.29%
• 3Y*: 25.49%
• 5Y*: 14.49%
• 10Y*: 14.80%
• ALL TIME*: 7.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TGFRX Tanaka Growth Fund	$0.00	$0.00	$0.00
TRMSX T. Rowe Price Mid-Cap Index Fund	$0.00	$0.00	$0.00

TRMSX vs. TGFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TRMSX T. Rowe Price Mid-Cap Index Fund	9.69%	12.61%	19.98%	29.90%	-28.56%	7.68%
TGFRX Tanaka Growth Fund	12.86%	39.56%	17.98%	50.24%	-22.62%	4.39%

Correlation

The correlation between TRMSX and TGFRX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (All Time) Calculated using the full available price history since May 13, 2021	0.75

The correlation between TRMSX and TGFRX shifts across timeframes, from 0.64 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRMSX vs. TGFRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRMSX

TRMSX Risk / Return Rank: 28
TRMSX Sharpe Ratio Rank: 23
TRMSX Sortino Ratio Rank: 25
TRMSX Omega Ratio Rank: 22
TRMSX Calmar Ratio Rank: 36
TRMSX Martin Ratio Rank: 35

TGFRX

TGFRX Risk / Return Rank: 44
TGFRX Sharpe Ratio Rank: 37
TGFRX Sortino Ratio Rank: 38
TGFRX Omega Ratio Rank: 35
TGFRX Calmar Ratio Rank: 73
TGFRX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRMSX vs. TGFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Index Fund (TRMSX) and Tanaka Growth Fund (TGFRX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRMSX	TGFRX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.25	-0.35
Sortino ratio: Return per unit of downside risk	1.39	1.82	-0.43
Omega ratio: Gain probability vs. loss probability	1.16	1.22	-0.06
Calmar ratio: Return relative to maximum drawdown	1.66	2.50	-0.84
Martin ratio: Return relative to average drawdown	5.46	6.01	-0.55

TRMSX vs. TGFRX - Sharpe Ratio Comparison

The current TRMSX Sharpe Ratio is 0.89, which is comparable to the TGFRX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TRMSX and TGFRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRMSX vs. TGFRX - Drawdown Comparison

The maximum TRMSX drawdown since its inception was -37.34%, smaller than the maximum TGFRX drawdown of -74.43%. Use the drawdown chart below to compare losses from any high point for TRMSX and TGFRX.

Drawdown Indicators

	TRMSX	TGFRX	Difference
Max Drawdown Largest peak-to-trough decline	-37.34%	-74.43%	+37.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-16.01%	+6.50%
Max Drawdown (3Y) Largest decline over 3 years	-26.02%	-61.68%	+35.66%
Max Drawdown (5Y) Largest decline over 5 years	-37.34%	-61.68%	+24.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.68%	—
Current Drawdown Current decline from peak	-4.34%	-30.59%	+26.25%
Average Drawdown Average peak-to-trough decline	-13.51%	-29.60%	+16.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	6.64%	-3.87%

Volatility

TRMSX vs. TGFRX - Volatility Comparison

The current volatility for T. Rowe Price Mid-Cap Index Fund (TRMSX) is 4.05%, while Tanaka Growth Fund (TGFRX) has a volatility of 11.02%. This indicates that TRMSX experiences smaller price fluctuations and is considered to be less risky than TGFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRMSX	TGFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	11.02%	-6.97%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	24.60%	-11.39%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	32.06%	-14.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.11%	62.31%	-39.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.78%	47.55%	-24.77%

TRMSX vs. TGFRX - Expense Ratio Comparison

TRMSX has a 0.14% expense ratio, which is lower than TGFRX's 2.19% expense ratio.

Dividends

TRMSX vs. TGFRX - Dividend Comparison

TRMSX's dividend yield for the trailing twelve months is around 5.91%, less than TGFRX's 11.54% yield.

Position	TTM	2025	2024	2023	2022	2021
TGFRX Tanaka Growth Fund	11.54%	13.02%	6.89%	0.00%	0.11%	7.44%
TRMSX T. Rowe Price Mid-Cap Index Fund	5.91%	6.49%	1.98%	0.86%	1.92%	4.01%

Frequently Asked Questions

Can I hold both TRMSX and TGFRX in my portfolio?

TRMSX and TGFRX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRMSX or TGFRX?

TGFRX has higher volatility (11.02%) compared to TRMSX (4.05%). In terms of maximum drawdown, TRMSX dropped -37.34% vs TGFRX's -74.43%.

Which has better risk-adjusted returns?

TGFRX currently has the higher Sharpe Ratio (1.25 vs 0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.