CIPIX vs. KMKNX

Last updated Jun 4, 2026

CIPIX (Champlain Mid Cap Fund Institutional Class) and KMKNX (Kinetics Market Opportunities Fund No Load Class) are both Mid Cap Growth Equities funds. Both are actively managed. Over the past 10 years, CIPIX returned 9.21%/yr vs 19.45%/yr for KMKNX. A 0.54 correlation means they provide meaningful diversification when combined. CIPIX charges 0.84%/yr vs 1.40%/yr for KMKNX.

Performance

CIPIX vs. KMKNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Champlain Mid Cap Fund Institutional Class (CIPIX) 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, CIPIX achieves a 0.29% return, which is significantly lower than KMKNX's 10.78% return. Over the past 10 years, CIPIX has underperformed KMKNX with an annualized return of 9.21%, while KMKNX has yielded a comparatively higher 19.45% annualized return.

CIPIX

• 1D: -0.38%
• 1M: 7.50%
• YTD: 0.29%
• 6M: -0.17%
• 1Y: 0.53%
• 3Y*: 5.68%
• 5Y*: 1.09%
• 10Y*: 9.21%

KMKNX

• 1D: -0.44%
• 1M: -8.85%
• YTD: 10.78%
• 6M: 7.36%
• 1Y: -0.78%
• 3Y*: 32.82%
• 5Y*: 15.13%
• 10Y*: 19.45%

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

CIPIX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIPIX Champlain Mid Cap Fund Institutional Class	0.29%	1.66%	5.93%	15.66%	-26.32%	24.78%	29.40%	26.56%	3.65%	13.98%
KMKNX Kinetics Market Opportunities Fund No Load Class	10.78%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%

Correlation

The correlation between CIPIX and KMKNX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.54

The correlation between CIPIX and KMKNX shifts across timeframes, from 0.39 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CIPIX vs. KMKNX — Risk / Return Rank

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

CIPIX

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

KMKNX

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

CIPIX vs. KMKNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Champlain Mid Cap Fund Institutional Class (CIPIX) 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.

	CIPIX	KMKNX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	0.01	+0.06
Sortino ratio: Return per unit of downside risk	0.20	0.17	+0.03
Omega ratio: Gain probability vs. loss probability	1.02	1.02	0.00
Calmar ratio: Return relative to maximum drawdown	0.07	0.01	+0.06
Martin ratio: Return relative to average drawdown	0.18	0.03	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIPIX vs. KMKNX - Sharpe Ratio Comparison

The current CIPIX Sharpe Ratio is 0.07, which is higher than the KMKNX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of CIPIX 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

	CIPIX	KMKNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	0.01	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.58	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.83	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.55	0.00

Drawdowns

CIPIX vs. KMKNX - Drawdown Comparison

The maximum CIPIX drawdown since its inception was -33.84%, smaller than the maximum KMKNX drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for CIPIX and KMKNX.

Drawdown Indicators

	CIPIX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-33.84%	-65.47%	+31.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.65%	-16.99%	+2.34%
Max Drawdown (3Y) Largest decline over 3 years	-22.70%	-28.27%	+5.57%
Max Drawdown (5Y) Largest decline over 5 years	-33.02%	-31.47%	-1.55%
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	-31.47%	-2.37%
Current Drawdown Current decline from peak	-9.86%	-18.76%	+8.90%
Average Drawdown Average peak-to-trough decline	-7.30%	-15.28%	+7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	6.89%	-1.26%

Volatility

CIPIX vs. KMKNX - Volatility Comparison

The current volatility for Champlain Mid Cap Fund Institutional Class (CIPIX) is 3.97%, while Kinetics Market Opportunities Fund No Load Class (KMKNX) has a volatility of 5.22%. This indicates that CIPIX 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

	CIPIX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	5.22%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	10.98%	19.34%	-8.36%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	23.11%	-8.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	26.39%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	23.63%	-4.76%

CIPIX vs. KMKNX - Expense Ratio Comparison

CIPIX has a 0.84% expense ratio, which is lower than KMKNX's 1.40% expense ratio.

Dividends

CIPIX vs. KMKNX - Dividend Comparison

CIPIX's dividend yield for the trailing twelve months is around 17.18%, more than KMKNX's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIPIX Champlain Mid Cap Fund Institutional Class	17.18%	17.23%	7.33%	0.31%	1.39%	9.92%	4.49%	4.01%	6.57%	0.14%	4.28%	8.40%
KMKNX Kinetics Market Opportunities Fund No Load Class	0.60%	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 CIPIX and KMKNX in my portfolio?

CIPIX and KMKNX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIPIX or KMKNX?

KMKNX has higher volatility (5.22%) compared to CIPIX (3.97%). In terms of maximum drawdown, CIPIX dropped -33.84% vs KMKNX's -65.47%.

Which has better risk-adjusted returns?

CIPIX currently has the higher Sharpe Ratio (0.07 vs 0.01), 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.