HANOVER, NH (ETFguide.com) - Your mutual fund is not connected to a smoke alarm.  Months pass before you realize your assets have burned down to the ground. In this report, we'll focus our data engine on funds that have recently stumbled against the low-fee bellweathers like the Dow Diamonds (NYSEArca: DIA), SPDR S&P 500(NYSEArca: SPY) , the Vanguard 500 Index Investor Fund (Nasdaq: VFINX) and the Vanguard Total Stock Market Index Fund (Nasdaq: VTSMX).

The BlackRock Fundamental Growth A (Nasdaq: MDFGX) has an expense ratio of 1.10% but is now trailing the Vanguard 500 Fund, at 0.16% by half a percent.  The largest give-up goes to The Legg Mason Partners Large Cap Growth B (Nasdaq: SBLBX) and C (Nasdaq: SLCCX) at one and half percent.  SBLBX is also trailing SPY. Along with the fund's board of directors, the Legg Mason fund's shareholders may be in a coma; it has an expense ratio of 1.91%.  C'mon people!   These comparisons are for the approximately ten years between January 1999 and May 30th, 2009.

On the plus side, The Fidelity Advisor Dividend Growth T (Nasdaq: FDGTX) is beating the Vanguard 500 Fund by 3.1%  As a reminder that Morningstar ratings are quixotic, the fund has only one star!  Lawrence Rakers is the portfolio manager. 

Let's go back a month, until the period ending April.  The Columbia Large Cap Core Z (Nasdaq: NSEPX) trailed the 500 fund in April, by a hair, and is now a hair ahead. Although the fund has a 0.90% expense ratio it is doing as well as the low-fee 500 fund.  However, none of the performance is ending up in the shareholder's pocket.  For you philosophers, if the fund has a high fees but doesn't lose to the index, do the fees matter? 

For the winners we have a Fedelity fund again The Fidelity Dividend Growth (Nasdaq: FDGFX).  It's another Lawrence Rakers fund.  The fund has a modest expense ratio of 0.63%. It's also now beating the Total Stock Market Fund.  Will Fidelity get him on the cover of Money Magazine? 

Looking back three months, The American Century Income & Growth A (Nasdaq: AMADX) is losing.  It has two stars from Morningstar and 0.93% expense ratio.  Everyone agrees.  Except Kurt Borgwardt who has been with the fund since 1990. 

A leader is The T. Rowe Price New America Growth (Nasdaq: PRWAX).  It began March with a one percent gain, but is now 2.7% ahead of the 500 Fund.  New America indeed.

Next up, we compare funds to the Total Stock Market Fund (Nasdaq: VTSMX).  As of May, The MFS Core Growth I (Nasdaq: MFCIX) is lagging.  Stephen Pesek has been the manager since 1996 and the fund has four stars.  But with an expense ratio of 0.90% it was only a matter of time before the fund would succumb to an index fund.   Like the Columbia Large Cap Core fund, this fund has absolutely no room for error.

A fund with lower assets, but more dogginess, is The Evergreen Large Company Growth A (Nasdaq: EKJAX).  It's trailing by 3%.  It also has an outdated fee ratio of 1.07%.

April was indeed, the cruelest month, laying 19 funds low.  The largest, The $1 bilion MainStay Large Cap Growth A (Nasdaq: MLAAX) fell by 0.2% but is now 2.1% behind the Vanguard US Total Market fund. The fund has a fat 1.23% expense ratio.  No surprise here.  Another large fund, The Pioneer Value A (Nasdaq: PIOTX) was 1.1% down, but in may is 0.1% up.  Quite a swing, but at least in the right direction.

The UMB Scout Stock (Nasdaq: UMBSX) was down 4% against DIA in April, and 5% in May. It's a 5-star fund with expenses of 0.90%, versus DIA's 0.17%.

A fund ahead is The Neuberger Berman Partners Adv (Nasdaq: NBPBX).  Two stars, but on the rebound.  Was 4.4% up in April and 9.3% ahead in May.  Whatever pitch they swung at the fences with, they connected. 

March's losers include The USAA Growth & Income (Nasdaq: USGRX).  Think Goldman Sachs is all genius?  Check out the Goldman Sachs Growth & Inc A (Nasdaq: GSGRX).  It ain't cheap, 1.16% in annual fees and it ain't winning.

We calculated the winners and losers by looking at how the fund performed against the benchmark funds from January, 1999 to the period end date.  I selected funds on a whim.  You can do fund fee and performance comparisons here.