BAFMX vs. KMKAX

Last updated Jun 4, 2026

BAFMX (Brown Advisory Mid-Cap Growth Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. At a 0.46 correlation, their price movements are largely independent. BAFMX charges 0.79%/yr vs 1.65%/yr for KMKAX.

Performance

BAFMX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown Advisory Mid-Cap Growth Fund (BAFMX) and Kinetics Market Opportunities Fund (KMKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BAFMX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMKAX

• 1D: -0.44%
• 1M: -8.85%
• YTD: 10.66%
• 6M: 7.22%
• 1Y: -1.02%
• 3Y*: 32.50%
• 5Y*: 14.85%
• 10Y*: 19.14%

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

BAFMX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BAFMX Brown Advisory Mid-Cap Growth Fund	-2.65%	3.70%	15.29%	23.21%	-28.12%	6.32%	32.56%	38.63%	-8.59%
KMKAX Kinetics Market Opportunities Fund	10.66%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-6.49%

Correlation

The correlation between BAFMX and KMKAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Nov 19, 2018	0.46

Return for Risk

BAFMX vs. KMKAX — Risk / Return Rank

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

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: 2

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.

BAFMX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown Advisory Mid-Cap Growth Fund (BAFMX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BAFMX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.00	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.53	—

Drawdowns

Drawdown Indicators

	BAFMX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-65.57%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-17.04%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-28.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.56%	—
Current Drawdown Current decline from peak	—	-19.06%	—
Average Drawdown Average peak-to-trough decline	—	-15.51%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.92%	—

Volatility

Volatility by Period

	BAFMX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	23.12%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	26.39%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	23.63%	—

BAFMX vs. KMKAX - Expense Ratio Comparison

BAFMX has a 0.79% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

BAFMX vs. KMKAX - Dividend Comparison

BAFMX's dividend yield for the trailing twelve months is around 75.00%, more than KMKAX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BAFMX Brown Advisory Mid-Cap Growth Fund	75.00%	73.01%	0.00%	0.00%	6.85%	9.92%	0.00%	0.52%	1.14%	0.00%
KMKAX Kinetics Market Opportunities Fund	0.55%	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 BAFMX and KMKAX in my portfolio?

BAFMX and KMKAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.