IRGJX vs. KMKAX

Last updated Jun 5, 2026

IRGJX (Voya Russell Mid Cap Growth Index Portfolio) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, IRGJX returned 12.14%/yr vs 19.55%/yr for KMKAX. A 0.58 correlation means they provide meaningful diversification when combined. IRGJX charges 0.40%/yr vs 1.65%/yr for KMKAX.

Performance

IRGJX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Russell Mid Cap Growth Index Portfolio (IRGJX) 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, IRGJX achieves a 3.66% return, which is significantly lower than KMKAX's 14.46% return. Over the past 10 years, IRGJX has underperformed KMKAX with an annualized return of 12.14%, while KMKAX has yielded a comparatively higher 19.55% annualized return.

IRGJX

• 1D: -1.03%
• 1M: 3.23%
• YTD: 3.66%
• 6M: 2.09%
• 1Y: 5.62%
• 3Y*: 15.72%
• 5Y*: 6.46%
• 10Y*: 12.14%

KMKAX

• 1D: 3.43%
• 1M: -6.04%
• YTD: 14.46%
• 6M: 10.51%
• 1Y: 3.57%
• 3Y*: 34.00%
• 5Y*: 15.62%
• 10Y*: 19.55%

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

IRGJX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRGJX Voya Russell Mid Cap Growth Index Portfolio	3.66%	8.53%	21.54%	25.34%	-26.82%	12.16%	34.60%	34.39%	-5.13%	24.67%
KMKAX Kinetics Market Opportunities Fund	14.46%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%

Correlation

The correlation between IRGJX and KMKAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 5, 2009	0.58

Over the past year, the correlation between IRGJX and KMKAX has dropped to 0.34 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Return for Risk

IRGJX vs. KMKAX — Risk / Return Rank

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

IRGJX

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

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.

IRGJX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Russell Mid Cap Growth Index Portfolio (IRGJX) 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.

	IRGJX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	0.38	0.10	+0.28
Sortino ratio: Return per unit of downside risk	0.65	0.30	+0.34
Omega ratio: Gain probability vs. loss probability	1.07	1.04	+0.04
Calmar ratio: Return relative to maximum drawdown	0.42	0.14	+0.28
Martin ratio: Return relative to average drawdown	1.19	0.34	+0.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IRGJX vs. KMKAX - Sharpe Ratio Comparison

The current IRGJX Sharpe Ratio is 0.38, which is higher than the KMKAX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of IRGJX 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

	IRGJX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	0.10	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.59	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.83	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.54	+0.12

Drawdowns

IRGJX vs. KMKAX - Drawdown Comparison

The maximum IRGJX drawdown since its inception was -38.65%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for IRGJX and KMKAX.

Drawdown Indicators

	IRGJX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.65%	-65.57%	+26.92%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-17.04%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-25.37%	-28.45%	+3.08%
Max Drawdown (5Y) Largest decline over 5 years	-38.65%	-31.56%	-7.09%
Max Drawdown (10Y) Largest decline over 10 years	-38.65%	-31.56%	-7.09%
Current Drawdown Current decline from peak	-2.29%	-16.28%	+13.99%
Average Drawdown Average peak-to-trough decline	-6.83%	-15.51%	+8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	6.98%	-1.93%

Volatility

IRGJX vs. KMKAX - Volatility Comparison

The current volatility for Voya Russell Mid Cap Growth Index Portfolio (IRGJX) is 4.27%, while Kinetics Market Opportunities Fund (KMKAX) has a volatility of 6.45%. This indicates that IRGJX 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

	IRGJX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	6.45%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	12.71%	19.51%	-6.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	23.37%	-6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.10%	26.43%	-3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.09%	23.65%	-1.56%

IRGJX vs. KMKAX - Expense Ratio Comparison

IRGJX has a 0.40% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

IRGJX vs. KMKAX - Dividend Comparison

IRGJX's dividend yield for the trailing twelve months is around 13.52%, more than KMKAX's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRGJX Voya Russell Mid Cap Growth Index Portfolio	13.52%	14.29%	0.35%	0.42%	12.03%	3.55%	5.50%	10.03%	13.76%	0.83%	0.96%	0.91%
KMKAX Kinetics Market Opportunities Fund	0.53%	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 IRGJX and KMKAX in my portfolio?

IRGJX and KMKAX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRGJX or KMKAX?

KMKAX has higher volatility (6.45%) compared to IRGJX (4.27%). In terms of maximum drawdown, IRGJX dropped -38.65% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

IRGJX currently has the higher Sharpe Ratio (0.38 vs 0.10), 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.