The core concept of value averaging is to periodically increase a particular amount in value for invested mutual funds. Moreover, when value averaging is adopted, the investing amount of each period varies with changing in market conditions and partial investment funds even can be withdrawn in certain circumstances. Accordingly, with using value averaging the average investing cost per fund unit can further reduce, and thus is expected to yield more excellent returns than those resulted from dollar-cost averaging strategy. To this end, this study conducts an empirical study that compares and analyzes the investment performances between value averaging strategy and dollar-cost averaging strategy based on Taiwanese stock mutual funds. Sharpe ratio and Sortino ratio are also taken here as the risk adjusted evaluation indexes. The empirical results show that as expected, the investment performance acquired from value averaging strategy is significantly superior to dollar-cost averaging strategy, especially applying in small-high-tech stock mutual funds with middle and long-term investment. Moreover, market trend, investment style and investing manner selection also comparably influences investment performances. In summary, value averaging strategy indeed is helpful to boost the investment performance and capital return of stock mutual funds. Meantime, the unfixed value averaging strategy is most excellent in performance than other three strategies. Moreover, its performance will be further improved if a better investing mode is arranged in pairs. Besides, performance of growth funds surpasses that of value funds when using value averaging strategy. It is also found that the effects of gain enhancing under bullish market and loss reducing under bearish market trend are provided when value averaging strategy is adopted. This study work found here should be capable of providing fund investors and assets management institutes with a better investment strategy selection.