ACWDX vs. KSOAX

Last updated Jun 4, 2026

ACWDX (AMG GW&K Small/Mid Cap Growth Fund) and KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) are both Small Cap Growth Equities funds. Over the past 10 years, ACWDX returned 10.60%/yr vs 18.96%/yr for KSOAX. A 0.60 correlation means they provide meaningful diversification when combined. ACWDX charges 1.00%/yr vs 1.89%/yr for KSOAX.

Performance

ACWDX vs. KSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Small/Mid Cap Growth Fund (ACWDX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWDX achieves a 14.29% return, which is significantly lower than KSOAX's 17.61% return. Over the past 10 years, ACWDX has underperformed KSOAX with an annualized return of 10.60%, while KSOAX has yielded a comparatively higher 18.96% annualized return.

ACWDX

• 1D: 1.28%
• 1M: 3.89%
• YTD: 14.29%
• 6M: 1.86%
• 1Y: 20.80%
• 3Y*: 12.69%
• 5Y*: 5.57%
• 10Y*: 10.60%

KSOAX

• 1D: 0.37%
• 1M: -7.03%
• YTD: 17.61%
• 6M: 13.30%
• 1Y: 3.84%
• 3Y*: 25.58%
• 5Y*: 14.21%
• 10Y*: 18.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWDX vs. KSOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWDX AMG GW&K Small/Mid Cap Growth Fund	14.29%	0.29%	9.27%	21.13%	-22.32%	12.52%	45.63%	20.24%	-5.14%	18.69%
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	17.61%	-8.89%	68.00%	-14.98%	31.64%	49.94%	2.04%	26.72%	0.00%	25.94%

Correlation

The correlation between ACWDX and KSOAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.60

The correlation between ACWDX and KSOAX shifts across timeframes, from 0.42 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ACWDX vs. KSOAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACWDX

ACWDX Risk / Return Rank: 15
ACWDX Sharpe Ratio Rank: 15
ACWDX Sortino Ratio Rank: 12
ACWDX Omega Ratio Rank: 18
ACWDX Calmar Ratio Rank: 18
ACWDX Martin Ratio Rank: 14

KSOAX

KSOAX Risk / Return Rank: 4
KSOAX Sharpe Ratio Rank: 4
KSOAX Sortino Ratio Rank: 4
KSOAX Omega Ratio Rank: 4
KSOAX Calmar Ratio Rank: 4
KSOAX Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACWDX vs. KSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Small/Mid Cap Growth Fund (ACWDX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ACWDX	KSOAX	Difference
Sharpe ratio Return per unit of total volatility	1.07	0.19	+0.88
Sortino ratio Return per unit of downside risk	1.43	0.44	+0.99
Omega ratio Gain probability vs. loss probability	1.22	1.06	+0.16
Calmar ratio Return relative to maximum drawdown	1.52	0.26	+1.26
Martin ratio Return relative to average drawdown	4.11	0.59	+3.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWDX vs. KSOAX - Sharpe Ratio Comparison

The current ACWDX Sharpe Ratio is 1.07, which is higher than the KSOAX Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of ACWDX and KSOAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACWDX	KSOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.19	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.51	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.73	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.53	-0.08

Drawdowns

ACWDX vs. KSOAX - Drawdown Comparison

The maximum ACWDX drawdown since its inception was -38.86%, smaller than the maximum KSOAX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for ACWDX and KSOAX.

Drawdown Indicators

	ACWDX	KSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.86%	-70.21%	+31.35%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-18.84%	+3.85%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-33.28%	+6.64%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-33.28%	+0.54%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	-47.11%	+8.25%
Current Drawdown Current decline from peak	-0.40%	-19.54%	+19.14%
Average Drawdown Average peak-to-trough decline	-10.05%	-15.88%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	8.29%	-2.77%

Volatility

ACWDX vs. KSOAX - Volatility Comparison

AMG GW&K Small/Mid Cap Growth Fund (ACWDX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) have volatilities of 5.94% and 6.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWDX	KSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	6.04%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	21.68%	-3.62%
Volatility (1Y) Calculated over the trailing 1-year period	21.37%	25.88%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.94%	27.84%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	26.13%	-2.74%

ACWDX vs. KSOAX - Expense Ratio Comparison

ACWDX has a 1.00% expense ratio, which is lower than KSOAX's 1.89% expense ratio.

Dividends

ACWDX vs. KSOAX - Dividend Comparison

Neither ACWDX nor KSOAX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWDX AMG GW&K Small/Mid Cap Growth Fund	0.00%	0.00%	0.74%	0.00%	2.04%	58.27%	4.00%	0.00%	0.00%	0.00%	0.00%	0.02%
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	0.00%	0.00%	3.52%	6.72%	0.00%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWDX and KSOAX in my portfolio?

ACWDX and KSOAX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWDX or KSOAX?

KSOAX has higher volatility (6.04%) compared to ACWDX (5.94%). In terms of maximum drawdown, ACWDX dropped -38.86% vs KSOAX's -70.21%.

Which has better risk-adjusted returns?

ACWDX currently has the higher Sharpe Ratio (1.07 vs 0.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.