BQMGX vs. KMKNX

Last updated Jun 5, 2026

BQMGX (Bright Rock Mid Cap Growth Fund) and KMKNX (Kinetics Market Opportunities Fund No Load Class) are both Mid Cap Growth Equities funds. Over the past 10 years, BQMGX returned 8.77%/yr vs 19.85%/yr for KMKNX. A 0.56 correlation means they provide meaningful diversification when combined. BQMGX charges 1.07%/yr vs 1.40%/yr for KMKNX.

Performance

BQMGX vs. KMKNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bright Rock Mid Cap Growth Fund (BQMGX) and Kinetics Market Opportunities Fund No Load Class (KMKNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BQMGX achieves a -3.06% return, which is significantly lower than KMKNX's 14.60% return. Over the past 10 years, BQMGX has underperformed KMKNX with an annualized return of 8.77%, while KMKNX has yielded a comparatively higher 19.85% annualized return.

BQMGX

• 1D: -0.17%
• 1M: 0.22%
• YTD: -3.06%
• 6M: -4.04%
• 1Y: -2.98%
• 3Y*: 5.07%
• 5Y*: 2.93%
• 10Y*: 8.77%

KMKNX

• 1D: 3.45%
• 1M: -6.02%
• YTD: 14.60%
• 6M: 10.65%
• 1Y: 3.84%
• 3Y*: 34.33%
• 5Y*: 15.91%
• 10Y*: 19.85%

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

BQMGX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BQMGX Bright Rock Mid Cap Growth Fund	-3.06%	-0.29%	14.16%	13.00%	-19.44%	23.02%	19.62%	32.05%	-6.68%	22.16%
KMKNX Kinetics Market Opportunities Fund No Load Class	14.60%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%

Correlation

The correlation between BQMGX and KMKNX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.56

The correlation between BQMGX and KMKNX shifts across timeframes, from 0.40 (3 years) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BQMGX vs. KMKNX — Risk / Return Rank

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

BQMGX

BQMGX Risk / Return Rank: 2
BQMGX Sharpe Ratio Rank: 2
BQMGX Sortino Ratio Rank: 2
BQMGX Omega Ratio Rank: 2
BQMGX Calmar Ratio Rank: 2
BQMGX Martin Ratio Rank: 2

KMKNX

KMKNX Risk / Return Rank: 3
KMKNX Sharpe Ratio Rank: 3
KMKNX Sortino Ratio Rank: 4
KMKNX Omega Ratio Rank: 4
KMKNX Calmar Ratio Rank: 4
KMKNX 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.

BQMGX vs. KMKNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bright Rock Mid Cap Growth Fund (BQMGX) and Kinetics Market Opportunities Fund No Load Class (KMKNX). 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.

	BQMGX	KMKNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.11	-0.38
Sortino ratio: Return per unit of downside risk	-0.30	0.32	-0.62
Omega ratio: Gain probability vs. loss probability	0.97	1.04	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.28	0.16	-0.43
Martin ratio: Return relative to average drawdown	-0.66	0.38	-1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BQMGX vs. KMKNX - Sharpe Ratio Comparison

The current BQMGX Sharpe Ratio is -0.27, which is lower than the KMKNX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of BQMGX and KMKNX, 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

	BQMGX	KMKNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	0.11	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.60	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.84	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.55	-0.05

Drawdowns

BQMGX vs. KMKNX - Drawdown Comparison

The maximum BQMGX drawdown since its inception was -36.05%, smaller than the maximum KMKNX drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for BQMGX and KMKNX.

Drawdown Indicators

	BQMGX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-36.05%	-65.47%	+29.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-16.99%	+5.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-28.27%	+9.55%
Max Drawdown (5Y) Largest decline over 5 years	-25.92%	-31.47%	+5.55%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-31.47%	-4.58%
Current Drawdown Current decline from peak	-8.96%	-15.96%	+7.00%
Average Drawdown Average peak-to-trough decline	-5.87%	-15.28%	+9.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	6.94%	-2.04%

Volatility

BQMGX vs. KMKNX - Volatility Comparison

The current volatility for Bright Rock Mid Cap Growth Fund (BQMGX) is 3.38%, while Kinetics Market Opportunities Fund No Load Class (KMKNX) has a volatility of 6.46%. This indicates that BQMGX experiences smaller price fluctuations and is considered to be less risky than KMKNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BQMGX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	6.46%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	19.52%	-10.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	23.37%	-11.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	26.43%	-9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	23.65%	-5.67%

BQMGX vs. KMKNX - Expense Ratio Comparison

BQMGX has a 1.07% expense ratio, which is lower than KMKNX's 1.40% expense ratio.

Dividends

BQMGX vs. KMKNX - Dividend Comparison

BQMGX's dividend yield for the trailing twelve months is around 4.25%, more than KMKNX's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BQMGX Bright Rock Mid Cap Growth Fund	4.25%	4.12%	5.99%	0.00%	5.90%	8.05%	5.27%	3.50%	0.00%	0.08%	1.07%	5.80%
KMKNX Kinetics Market Opportunities Fund No Load Class	0.58%	0.66%	0.81%	0.87%	1.36%	1.56%	0.26%	0.33%	9.13%	0.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BQMGX and KMKNX in my portfolio?

BQMGX and KMKNX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BQMGX or KMKNX?

KMKNX has higher volatility (6.46%) compared to BQMGX (3.38%). In terms of maximum drawdown, BQMGX dropped -36.05% vs KMKNX's -65.47%.

Which has better risk-adjusted returns?

KMKNX currently has the higher Sharpe Ratio (0.11 vs -0.27), 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.