This study examines whether the various levels of value-growth investment styles bring impacts on the extreme risk exposure and rate of return adjusted by extreme risk of TSE-listed stocks. We employ three evaluation benchmark factors for value-growth investment styles, which are price-book ratios (PBR), price-sales ratios (PSR), and price-earnings ratios (PER). Moreover, the renowned Value-at-Risk (VaR) and Risk-Adjusted Return On Capital (RAROC) are respectively used as proxies of extreme risk exposure and rate of return adjusted by extreme risk in our investigation. Our ANOVA findings show that the average VaR of various factor levels are not identical significantly for all the three evaluation benchmarks with PER as the champion on their discriminant power. However, the average RAROC of various factor levels are not identical significantly for only the benchmark PSR. In other words, PSR outperform to the other two counterparts PBR and PER on the discriminant power of rate of return adjusted by extreme risk.