FGSKX vs. KMKAX

Last updated Jun 4, 2026

FGSKX (Federated Hermes MDT Mid Cap Growth Fund Class R6) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, FGSKX returned 15.43%/yr vs 19.14%/yr for KMKAX. A 0.58 correlation means they provide meaningful diversification when combined. FGSKX charges 0.84%/yr vs 1.65%/yr for KMKAX.

Performance

FGSKX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Mid Cap Growth Fund Class R6 (FGSKX) 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, FGSKX achieves a 1.77% return, which is significantly lower than KMKAX's 10.66% return. Over the past 10 years, FGSKX has underperformed KMKAX with an annualized return of 15.43%, while KMKAX has yielded a comparatively higher 19.14% annualized return.

FGSKX

• 1D: -0.82%
• 1M: 2.77%
• YTD: 1.77%
• 6M: 2.76%
• 1Y: 5.71%
• 3Y*: 20.12%
• 5Y*: 11.31%
• 10Y*: 15.43%

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)

FGSKX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGSKX Federated Hermes MDT Mid Cap Growth Fund Class R6	1.77%	10.90%	33.36%	27.45%	-24.38%	22.74%	35.92%	28.35%	-3.00%	24.68%
KMKAX Kinetics Market Opportunities Fund	10.66%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%

Correlation

The correlation between FGSKX and KMKAX is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 13, 2006	0.58

The correlation between FGSKX and KMKAX shifts across timeframes, from -0.03 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FGSKX vs. KMKAX — Risk / Return Rank

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

FGSKX

FGSKX Risk / Return Rank: 5
FGSKX Sharpe Ratio Rank: 5
FGSKX Sortino Ratio Rank: 5
FGSKX Omega Ratio Rank: 5
FGSKX Calmar Ratio Rank: 5
FGSKX Martin Ratio Rank: 5

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.

FGSKX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Mid Cap Growth Fund Class R6 (FGSKX) 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.

	FGSKX	KMKAX	Difference
Sharpe ratio Return per unit of total volatility	0.34	-0.00	+0.34
Sortino ratio Return per unit of downside risk	0.61	0.16	+0.46
Omega ratio Gain probability vs. loss probability	1.08	1.02	+0.06
Calmar ratio Return relative to maximum drawdown	0.41	-0.00	+0.41
Martin ratio Return relative to average drawdown	1.12	-0.01	+1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGSKX vs. KMKAX - Sharpe Ratio Comparison

The current FGSKX Sharpe Ratio is 0.34, which is higher than the KMKAX Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of FGSKX 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

	FGSKX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	-0.00	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.57	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.81	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.53	-0.09

Drawdowns

FGSKX vs. KMKAX - Drawdown Comparison

The maximum FGSKX drawdown since its inception was -55.05%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for FGSKX and KMKAX.

Drawdown Indicators

	FGSKX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.05%	-65.57%	+10.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.01%	-17.04%	+3.03%
Max Drawdown (3Y) Largest decline over 3 years	-24.47%	-28.45%	+3.98%
Max Drawdown (5Y) Largest decline over 5 years	-35.68%	-31.56%	-4.12%
Max Drawdown (10Y) Largest decline over 10 years	-37.16%	-31.56%	-5.60%
Current Drawdown Current decline from peak	-3.32%	-19.06%	+15.74%
Average Drawdown Average peak-to-trough decline	-10.86%	-15.51%	+4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	6.92%	-1.84%

Volatility

FGSKX vs. KMKAX - Volatility Comparison

The current volatility for Federated Hermes MDT Mid Cap Growth Fund Class R6 (FGSKX) is 3.52%, while Kinetics Market Opportunities Fund (KMKAX) has a volatility of 5.22%. This indicates that FGSKX experiences smaller price fluctuations and is considered to be less risky than KMKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGSKX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	5.22%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	13.96%	19.33%	-5.37%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	23.12%	-6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	26.39%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	23.63%	-1.25%

FGSKX vs. KMKAX - Expense Ratio Comparison

FGSKX has a 0.84% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

FGSKX vs. KMKAX - Dividend Comparison

FGSKX's dividend yield for the trailing twelve months is around 5.27%, more than KMKAX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGSKX Federated Hermes MDT Mid Cap Growth Fund Class R6	5.27%	5.37%	4.70%	0.00%	2.52%	28.15%	7.60%	8.72%	15.47%	14.82%	0.89%	26.74%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGSKX and KMKAX in my portfolio?

FGSKX and KMKAX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGSKX or KMKAX?

KMKAX has higher volatility (5.22%) compared to FGSKX (3.52%). In terms of maximum drawdown, FGSKX dropped -55.05% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

FGSKX currently has the higher Sharpe Ratio (0.34 vs -0.00), 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.