ADNPX vs. KMKAX

Last updated Jun 5, 2026

ADNPX (American Beacon ARK Transformational Innovation Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, ADNPX returned -5.88%/yr vs 15.62%/yr for KMKAX. At a 0.43 correlation, their price movements are largely independent. ADNPX charges 1.39%/yr vs 1.65%/yr for KMKAX.

Performance

ADNPX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon ARK Transformational Innovation Fund (ADNPX) and Kinetics Market Opportunities Fund (KMKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADNPX achieves a 2.13% return, which is significantly lower than KMKAX's 14.46% return.

ADNPX

• 1D: -2.41%
• 1M: 1.84%
• YTD: 2.13%
• 6M: -4.79%
• 1Y: 35.43%
• 3Y*: 23.61%
• 5Y*: -5.88%
• 10Y*: —

KMKAX

• 1D: 3.43%
• 1M: -6.04%
• YTD: 14.46%
• 6M: 10.51%
• 1Y: 3.57%
• 3Y*: 34.00%
• 5Y*: 15.62%
• 10Y*: 19.55%

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

ADNPX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADNPX American Beacon ARK Transformational Innovation Fund	2.13%	35.66%	8.19%	67.46%	-66.37%	-22.90%	147.19%	31.93%	-3.50%	65.99%
KMKAX Kinetics Market Opportunities Fund	14.46%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	45.05%

Correlation

The correlation between ADNPX and KMKAX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.43

Return for Risk

ADNPX vs. KMKAX — Risk / Return Rank

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

ADNPX

ADNPX Risk / Return Rank: 13
ADNPX Sharpe Ratio Rank: 14
ADNPX Sortino Ratio Rank: 15
ADNPX Omega Ratio Rank: 13
ADNPX Calmar Ratio Rank: 13
ADNPX Martin Ratio Rank: 10

KMKAX

KMKAX Risk / Return Rank: 3
KMKAX Sharpe Ratio Rank: 3
KMKAX Sortino Ratio Rank: 3
KMKAX Omega Ratio Rank: 3
KMKAX Calmar Ratio Rank: 3
KMKAX Martin Ratio Rank: 3

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.

ADNPX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon ARK Transformational Innovation Fund (ADNPX) and Kinetics Market Opportunities Fund (KMKAX). 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.

	ADNPX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	0.10	+0.91
Sortino ratio: Return per unit of downside risk	1.57	0.30	+1.27
Omega ratio: Gain probability vs. loss probability	1.18	1.04	+0.14
Calmar ratio: Return relative to maximum drawdown	1.19	0.14	+1.05
Martin ratio: Return relative to average drawdown	2.77	0.34	+2.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADNPX vs. KMKAX - Sharpe Ratio Comparison

The current ADNPX Sharpe Ratio is 1.02, which is higher than the KMKAX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of ADNPX and KMKAX, 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

	ADNPX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.10	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.59	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.54	-0.19

Drawdowns

ADNPX vs. KMKAX - Drawdown Comparison

The maximum ADNPX drawdown since its inception was -79.98%, which is greater than KMKAX's maximum drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for ADNPX and KMKAX.

Drawdown Indicators

	ADNPX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-79.98%	-65.57%	-14.41%
Max Drawdown (1Y) Largest decline over 1 year	-30.04%	-17.04%	-13.00%
Max Drawdown (3Y) Largest decline over 3 years	-38.99%	-28.45%	-10.54%
Max Drawdown (5Y) Largest decline over 5 years	-76.39%	-31.56%	-44.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.56%	—
Current Drawdown Current decline from peak	-47.09%	-16.28%	-30.81%
Average Drawdown Average peak-to-trough decline	-34.71%	-15.51%	-19.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.90%	6.98%	+5.92%

Volatility

ADNPX vs. KMKAX - Volatility Comparison

American Beacon ARK Transformational Innovation Fund (ADNPX) has a higher volatility of 9.55% compared to Kinetics Market Opportunities Fund (KMKAX) at 6.45%. This indicates that ADNPX's price experiences larger fluctuations and is considered to be riskier than KMKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADNPX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.55%	6.45%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	24.96%	19.51%	+5.45%
Volatility (1Y) Calculated over the trailing 1-year period	35.24%	23.37%	+11.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.02%	26.43%	+18.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.63%	23.65%	+15.98%

ADNPX vs. KMKAX - Expense Ratio Comparison

ADNPX has a 1.39% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

ADNPX vs. KMKAX - Dividend Comparison

ADNPX has not paid dividends to shareholders, while KMKAX's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADNPX American Beacon ARK Transformational Innovation Fund	0.00%	0.00%	0.00%	0.00%	9.67%	31.49%	0.39%	3.31%	6.56%	3.64%
KMKAX Kinetics Market Opportunities Fund	0.53%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%

Frequently Asked Questions

Can I hold both ADNPX and KMKAX in my portfolio?

ADNPX and KMKAX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADNPX or KMKAX?

ADNPX has higher volatility (9.55%) compared to KMKAX (6.45%). In terms of maximum drawdown, ADNPX dropped -79.98% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

ADNPX currently has the higher Sharpe Ratio (1.02 vs 0.10), 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.