GTSAX vs. KSCOX

Last updated Jun 5, 2026

GTSAX (Invesco Small Cap Growth Fund) and KSCOX (Kinetics Small Cap Opportunities Fund) are both Small Cap Growth Equities funds. Over the past 10 years, GTSAX returned 10.78%/yr vs 19.83%/yr for KSCOX. A 0.66 correlation means they provide meaningful diversification when combined. GTSAX charges 1.14%/yr vs 1.64%/yr for KSCOX.

Performance

GTSAX vs. KSCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Small Cap Growth Fund (GTSAX) and Kinetics Small Cap Opportunities Fund (KSCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GTSAX having a 23.28% return and KSCOX slightly higher at 23.37%. Over the past 10 years, GTSAX has underperformed KSCOX with an annualized return of 10.78%, while KSCOX has yielded a comparatively higher 19.83% annualized return.

GTSAX

• 1D: 0.64%
• 1M: 4.94%
• YTD: 23.28%
• 6M: 19.48%
• 1Y: 41.59%
• 3Y*: 17.64%
• 5Y*: 2.43%
• 10Y*: 10.78%

KSCOX

• 1D: 4.79%
• 1M: -2.57%
• YTD: 23.37%
• 6M: 18.40%
• 1Y: 10.41%
• 3Y*: 27.88%
• 5Y*: 15.43%
• 10Y*: 19.83%

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

GTSAX vs. KSCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSAX Invesco Small Cap Growth Fund	23.28%	5.80%	16.19%	12.66%	-35.61%	5.71%	57.23%	24.30%	-9.16%	24.94%
KSCOX Kinetics Small Cap Opportunities Fund	23.37%	-8.66%	68.42%	-14.77%	31.96%	50.32%	2.30%	27.06%	0.29%	26.23%

Correlation

The correlation between GTSAX and KSCOX 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	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 21, 2000	0.66

Over the past year, the correlation between GTSAX and KSCOX has dropped to 0.40 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

Return for Risk

GTSAX vs. KSCOX — Risk / Return Rank

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

GTSAX

GTSAX Risk / Return Rank: 48
GTSAX Sharpe Ratio Rank: 41
GTSAX Sortino Ratio Rank: 36
GTSAX Omega Ratio Rank: 36
GTSAX Calmar Ratio Rank: 69
GTSAX Martin Ratio Rank: 59

KSCOX

KSCOX Risk / Return Rank: 5
KSCOX Sharpe Ratio Rank: 5
KSCOX Sortino Ratio Rank: 5
KSCOX Omega Ratio Rank: 6
KSCOX Calmar Ratio Rank: 6
KSCOX Martin Ratio Rank: 5

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.

GTSAX vs. KSCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Growth Fund (GTSAX) and Kinetics Small Cap Opportunities Fund (KSCOX). 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.

	GTSAX	KSCOX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	0.35	+1.47
Sortino ratio: Return per unit of downside risk	2.45	0.65	+1.80
Omega ratio: Gain probability vs. loss probability	1.31	1.09	+0.22
Calmar ratio: Return relative to maximum drawdown	3.15	0.49	+2.67
Martin ratio: Return relative to average drawdown	11.53	1.11	+10.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTSAX vs. KSCOX - Sharpe Ratio Comparison

The current GTSAX Sharpe Ratio is 1.82, which is higher than the KSCOX Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of GTSAX and KSCOX, 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

	GTSAX	KSCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	0.35	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.56	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.76	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.59	-0.11

Drawdowns

GTSAX vs. KSCOX - Drawdown Comparison

The maximum GTSAX drawdown since its inception was -63.62%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for GTSAX and KSCOX.

Drawdown Indicators

	GTSAX	KSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-63.62%	-70.09%	+6.47%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-18.82%	+5.40%
Max Drawdown (3Y) Largest decline over 3 years	-29.24%	-33.10%	+3.86%
Max Drawdown (5Y) Largest decline over 5 years	-47.85%	-33.10%	-14.75%
Max Drawdown (10Y) Largest decline over 10 years	-47.85%	-47.09%	-0.76%
Current Drawdown Current decline from peak	-2.76%	-15.36%	+12.60%
Average Drawdown Average peak-to-trough decline	-18.94%	-14.89%	-4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	8.29%	-4.63%

Volatility

GTSAX vs. KSCOX - Volatility Comparison

Invesco Small Cap Growth Fund (GTSAX) and Kinetics Small Cap Opportunities Fund (KSCOX) have volatilities of 7.83% and 7.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTSAX	KSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	7.87%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	18.84%	22.11%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	23.28%	26.31%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.57%	27.91%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.21%	26.16%	-1.95%

GTSAX vs. KSCOX - Expense Ratio Comparison

GTSAX has a 1.14% expense ratio, which is lower than KSCOX's 1.64% expense ratio.

Dividends

GTSAX vs. KSCOX - Dividend Comparison

GTSAX's dividend yield for the trailing twelve months is around 8.47%, more than KSCOX's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTSAX Invesco Small Cap Growth Fund	8.47%	10.45%	0.00%	0.00%	3.60%	38.91%	13.85%	8.96%	9.76%	9.23%	9.35%	10.11%
KSCOX Kinetics Small Cap Opportunities Fund	0.15%	0.18%	3.58%	6.71%	0.00%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GTSAX and KSCOX in my portfolio?

GTSAX and KSCOX 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, GTSAX or KSCOX?

KSCOX has higher volatility (7.87%) compared to GTSAX (7.83%). In terms of maximum drawdown, GTSAX dropped -63.62% vs KSCOX's -70.09%.

Which has better risk-adjusted returns?

GTSAX currently has the higher Sharpe Ratio (1.82 vs 0.35), 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.