DSMDX vs. KMKAX

Last updated Jun 25, 2026

DSMDX (Driehaus Small/Mid Cap Growth Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, DSMDX returned 7.52%/yr vs 13.68%/yr for KMKAX. At a 0.49 correlation, their price movements are largely independent. DSMDX charges 0.95%/yr vs 1.65%/yr for KMKAX.

Performance

DSMDX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Small/Mid Cap Growth Fund (DSMDX) 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, DSMDX achieves a 19.52% return, which is significantly higher than KMKAX's 7.20% return.

DSMDX

• 1D: -3.44%
• 1M: 1.44%
• YTD: 19.52%
• 6M: 15.87%
• 1Y: 37.00%
• 3Y*: 21.86%
• 5Y*: 7.52%
• 10Y*: —

KMKAX

• 1D: 0.57%
• 1M: -9.24%
• YTD: 7.20%
• 6M: 5.60%
• 1Y: -1.85%
• 3Y*: 31.51%
• 5Y*: 13.68%
• 10Y*: 18.97%

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

DSMDX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSMDX Driehaus Small/Mid Cap Growth Fund	19.52%	9.83%	26.45%	20.71%	-31.46%	17.96%	74.27%
KMKAX Kinetics Market Opportunities Fund	7.20%	-3.31%	83.58%	-7.57%	14.69%	27.69%	31.52%

Correlation

The correlation between DSMDX 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	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.49

Return for Risk

DSMDX vs. KMKAX — Risk / Return Rank

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

DSMDX

DSMDX Risk / Return Rank: 44
DSMDX Sharpe Ratio Rank: 36
DSMDX Sortino Ratio Rank: 31
DSMDX Omega Ratio Rank: 32
DSMDX Calmar Ratio Rank: 62
DSMDX Martin Ratio Rank: 57

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.

DSMDX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Small/Mid Cap Growth Fund (DSMDX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DSMDX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	-0.04	+1.53
Sortino ratio: Return per unit of downside risk	1.99	0.10	+1.89
Omega ratio: Gain probability vs. loss probability	1.26	1.01	+0.24
Calmar ratio: Return relative to maximum drawdown	2.71	-0.05	+2.76
Martin ratio: Return relative to average drawdown	10.11	-0.13	+10.24

DSMDX vs. KMKAX - Sharpe Ratio Comparison

The current DSMDX Sharpe Ratio is 1.49, which is higher than the KMKAX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of DSMDX 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.

Drawdowns

DSMDX vs. KMKAX - Drawdown Comparison

The maximum DSMDX drawdown since its inception was -41.90%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for DSMDX and KMKAX.

Drawdown Indicators

	DSMDX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-65.57%	+23.67%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-20.20%	+5.69%
Max Drawdown (3Y) Largest decline over 3 years	-33.05%	-28.45%	-4.60%
Max Drawdown (5Y) Largest decline over 5 years	-41.90%	-31.56%	-10.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.56%	—
Current Drawdown Current decline from peak	-3.44%	-21.59%	+18.15%
Average Drawdown Average peak-to-trough decline	-15.59%	-15.52%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	7.99%	-4.11%

Volatility

DSMDX vs. KMKAX - Volatility Comparison

Driehaus Small/Mid Cap Growth Fund (DSMDX) has a higher volatility of 10.93% compared to Kinetics Market Opportunities Fund (KMKAX) at 7.08%. This indicates that DSMDX'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

	DSMDX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.93%	7.08%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	21.45%	19.59%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	26.42%	23.81%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.11%	26.50%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.17%	23.70%	+2.47%

DSMDX vs. KMKAX - Expense Ratio Comparison

DSMDX has a 0.95% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

DSMDX vs. KMKAX - Dividend Comparison

DSMDX's dividend yield for the trailing twelve months is around 0.34%, less than KMKAX's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DSMDX Driehaus Small/Mid Cap Growth Fund	0.34%	0.41%	0.33%	0.00%	3.72%	7.93%	1.37%	0.00%	0.00%	0.00%
KMKAX Kinetics Market Opportunities Fund	0.57%	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 DSMDX and KMKAX in my portfolio?

DSMDX 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.

Which is riskier, DSMDX or KMKAX?

DSMDX has higher volatility (10.93%) compared to KMKAX (7.08%). In terms of maximum drawdown, DSMDX dropped -41.90% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

DSMDX currently has the higher Sharpe Ratio (1.49 vs -0.04), 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.