1. The fact is that the reported return data already accounted for net expense ratio. So a fund performance is reported return + net expense ratio. Though it is easy to figure out 1 year performance this way, 5 year or 10 years performance is hard to calculate (because net expense ratio might be different over time).
2. do not compare apple to oranges. Different type of fund (growth vs. value vs. sector) have different cycles, so it is important to decide what kind of fund you invest based on your risk tolerance, and then compare performance of funds of same category.
3. Take a look at ETF, there might be a similar ETF that meets your investment need that are cheaper than mutual fund.
1）在TIAA里， 要是选一个Mutual funds, 有好几个因素要考虑，其中有一个叫做Gross/ NetExpense Ratio, 这个数字应该是越大越该买对吧？， 但是要是把它和 一年， 5年， 十年的回报比教的话，那个应该更重要呢？
2）还有个问题， 为什么在TIAA的statement 里， 我看不到Stocks 的trading cost? 我在卖出时需要考虑这个 cost 吗？谢谢！
ratio 越大， 就说明支出越低， 难道不好吗？在TIAA里的 钱本来就是受到Fidelity 间接控制的， 为什么要转？ 转了有何好处？ 要转不容易，是 401和403b.
1. The fact is that the reported return data already accounted for net expense ratio. So a fund performance is reported return + net expense ratio. Though it is easy to figure out 1 year performance this way, 5 year or 10 years performance is hard to calculate (because net expense ratio might be different over time).
2. do not compare apple to oranges. Different type of fund (growth vs. value vs. sector) have different cycles, so it is important to decide what kind of fund you invest based on your risk tolerance, and then compare performance of funds of same category.
3. Take a look at ETF, there might be a similar ETF that meets your investment need that are cheaper than mutual fund.
Expense Ratio 是基金管理公司从基金收费的比例，是从你（基金投资）身上扒的皮。一般来说越低对你越好，越高对基金管理公司越好。许多研究都说收费高低与Gross回报没多大影响，所以一般来说收费低些对基金投资人更有利些。
如果你在基金管理公司开的账户，买卖他们自己的基金：
先看看是否no-load。目前大部分开发式共同基金都是no-load，但也可能有老式的仍然有load，也就是进去时斩一刀（front load)，或出来时斩一刀（back-load)，或者进出各斩一刀。
2004年后，大部分开放式共同基金都限制短期进出。如果买了很快卖掉，会收一笔短期交易费，以避免所谓mutual fund arbitrage。
如果你在security broker买卖其他公司的共同基金（比如在Charles Swab开账户，买Fidelity 共同基金），有可能每一笔交易都收固定的交易费，比如几十美刀。也有可能不收。
如果你买卖的是ETFs (exchange traded fund)，那就与交易股票差不多。目前竞争激烈，都不收佣金，但隐含费用是买入、卖出差价。
但是考虑到Retum Ratio的话, 上面那个数字尽供参考，实际上没多大用处。
我的资金主要在TIAA， 现在开始在TD Ameritrade放点， 刚刚开始，请多指教。