[Nogrod]

I think the fate of the elves should be considered too. Especially the waning and sorrow or Galadriel hit me quite hard, at least when I was younger (nowadays I think I see her in a bit more wider perspective and as a more complex character not to jump out from among the others). They had to give up their land and their love; all they had built and cared for, all which they had sacrificed to defend during the millenia... To pass away before a new and less enchanted time.

That I find tragic. The inevitable wheel of time crushing the old ways, the coming of the era of men and the machine...

Or is it more like anguishing, heart-breaking, sorrowing, romanticising even rather than tragic?

A most tragic individual fate: Turin Turambar (as someone already noted), surely.