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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Kinetics Market Opportunities Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Kinetics Market Opportunities Fund (KMKAX) has returned 20.74% so far this year and 6.16% over the past 12 months. Looking at the last ten years, KMKAX has achieved an annualized return of 20.63%, outperforming the S&P 500 Index benchmark, which averaged 12.16% per year.
Kinetics Market Opportunities Fund
- 1D
- -4.58%
- 1M
- -7.38%
- YTD
- 20.74%
- 6M
- 11.41%
- 1Y
- 6.16%
- 3Y*
- 31.46%
- 5Y*
- 14.75%
- 10Y*
- 20.63%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Feb 2, 2006, KMKAX's average daily return is +0.06%, while the average monthly return is +1.22%. At this rate, your investment would double in approximately 4.8 years.
Historically, 57% of months were positive and 43% were negative. The best month was Nov 2024 with a return of +30.0%, while the worst month was Oct 2008 at -22.5%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, KMKAX closed higher 53% of trading days. The best single day was Jun 10, 2024 with a return of +10.9%, while the worst single day was Mar 9, 2020 at -9.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 9.98% | 18.53% | -7.38% | 20.74% | |||||||||
| 2025 | 11.74% | 2.21% | -3.71% | 0.40% | -3.23% | -0.97% | -1.76% | -0.78% | 1.62% | -0.27% | -6.38% | -1.18% | -3.31% |
| 2024 | -1.48% | 12.36% | 7.95% | -5.41% | 7.38% | 5.85% | 11.71% | -0.29% | 2.89% | 20.55% | 29.99% | -20.43% | 83.58% |
| 2023 | -6.83% | -6.63% | 0.23% | -6.40% | -6.95% | 3.70% | 6.55% | 10.35% | -1.90% | 3.44% | -2.23% | 0.63% | -7.57% |
| 2022 | -9.41% | 5.30% | 6.63% | -3.31% | 1.49% | -8.16% | 13.13% | -1.93% | -3.63% | 16.74% | 6.94% | -6.29% | 14.69% |
| 2021 | 4.59% | 16.40% | 19.75% | -1.16% | -9.01% | 4.01% | -0.63% | -2.42% | -6.46% | 11.58% | -4.00% | -3.63% | 27.69% |
Benchmark Metrics
Kinetics Market Opportunities Fund has an annualized alpha of 6.78%, beta of 0.79, and R² of 0.47 versus S&P 500 Index. Calculated based on daily prices since February 03, 2006.
- This fund captured 112.68% of S&P 500 Index gains but only 93.75% of its losses — a favorable profile for investors.
- R² of 0.47 means the benchmark explains less than half of this fund's behavior — treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 6.78%
- Beta
- 0.79
- R²
- 0.47
- Upside Capture
- 112.68%
- Downside Capture
- 93.75%
Expense Ratio
KMKAX has a high expense ratio of 1.65%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
KMKAX ranks 10 for risk / return — in the bottom 10% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and compare them to a chosen benchmark (S&P 500 Index).
| KMKAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.27 | 0.90 | -0.63 |
Sortino ratioReturn per unit of downside risk | 0.55 | 1.39 | -0.84 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.21 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.25 | 1.40 | -1.15 |
Martin ratioReturn relative to average drawdown | 0.45 | 6.61 | -6.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore KMKAX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Kinetics Market Opportunities Fund provided a 0.50% dividend yield over the last twelve months, with an annual payout of $0.44 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.44 | $0.44 | $0.49 | $0.28 | $0.53 | $0.51 | $0.01 | $0.02 | $1.99 | $0.14 |
Dividend yield | 0.50% | 0.61% | 0.66% | 0.69% | 1.19% | 1.29% | 0.02% | 0.07% | 9.28% | 0.51% |
Monthly Dividends
The table displays the monthly dividend distributions for Kinetics Market Opportunities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.44 | $0.44 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.49 | $0.49 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.28 | $0.28 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.53 | $0.53 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.51 | $0.51 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Kinetics Market Opportunities Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Kinetics Market Opportunities Fund was 65.57%, occurring on Mar 9, 2009. Recovery took 1150 trading sessions.
The current Kinetics Market Opportunities Fund drawdown is 11.68%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -65.57% | Nov 1, 2007 | 339 | Mar 9, 2009 | 1150 | Oct 1, 2013 | 1489 |
| -31.56% | Nov 8, 2022 | 137 | May 25, 2023 | 215 | Apr 4, 2024 | 352 |
| -31.35% | Feb 13, 2020 | 27 | Mar 23, 2020 | 172 | Nov 24, 2020 | 199 |
| -28.45% | Nov 25, 2024 | 265 | Dec 16, 2025 | — | — | — |
| -26.85% | May 10, 2021 | 183 | Jan 27, 2022 | 196 | Nov 4, 2022 | 379 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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