JMGRX vs. LSHAX

Last updated Jun 4, 2026

JMGRX (Janus Enterprise Fund Class I) and LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, JMGRX returned 12.68%/yr vs 17.06%/yr for LSHAX. A 0.69 correlation means they provide meaningful diversification when combined. JMGRX charges 0.76%/yr vs 1.68%/yr for LSHAX.

Performance

JMGRX vs. LSHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Enterprise Fund Class I (JMGRX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMGRX achieves a 6.59% return, which is significantly lower than LSHAX's 26.72% return. Over the past 10 years, JMGRX has underperformed LSHAX with an annualized return of 12.68%, while LSHAX has yielded a comparatively higher 17.06% annualized return.

JMGRX

• 1D: 0.32%
• 1M: 5.54%
• YTD: 6.59%
• 6M: 6.98%
• 1Y: 13.79%
• 3Y*: 12.95%
• 5Y*: 7.27%
• 10Y*: 12.68%

LSHAX

• 1D: 0.86%
• 1M: -10.88%
• YTD: 26.72%
• 6M: 19.50%
• 1Y: 0.59%
• 3Y*: 26.86%
• 5Y*: 13.80%
• 10Y*: 17.06%

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

JMGRX vs. LSHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMGRX Janus Enterprise Fund Class I	6.59%	7.66%	15.28%	18.03%	-15.99%	17.07%	20.43%	35.28%	-0.88%	26.36%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	26.72%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	15.65%

Correlation

The correlation between JMGRX and LSHAX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 14, 2007	0.69

Over the past year, the correlation between JMGRX and LSHAX has dropped to 0.29 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

JMGRX vs. LSHAX — Risk / Return Rank

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

JMGRX

JMGRX Risk / Return Rank: 15
JMGRX Sharpe Ratio Rank: 15
JMGRX Sortino Ratio Rank: 16
JMGRX Omega Ratio Rank: 14
JMGRX Calmar Ratio Rank: 15
JMGRX Martin Ratio Rank: 17

LSHAX

LSHAX Risk / Return Rank: 3
LSHAX Sharpe Ratio Rank: 3
LSHAX Sortino Ratio Rank: 3
LSHAX Omega Ratio Rank: 4
LSHAX Calmar Ratio Rank: 3
LSHAX 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.

JMGRX vs. LSHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Enterprise Fund Class I (JMGRX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). 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.

	JMGRX	LSHAX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.05	+1.04
Sortino ratio: Return per unit of downside risk	1.65	0.33	+1.31
Omega ratio: Gain probability vs. loss probability	1.19	1.04	+0.15
Calmar ratio: Return relative to maximum drawdown	1.32	0.08	+1.25
Martin ratio: Return relative to average drawdown	4.60	0.14	+4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMGRX vs. LSHAX - Sharpe Ratio Comparison

The current JMGRX Sharpe Ratio is 1.09, which is higher than the LSHAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of JMGRX and LSHAX, 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

	JMGRX	LSHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	0.05	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.41	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.56	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.31	+0.30

Drawdowns

JMGRX vs. LSHAX - Drawdown Comparison

The maximum JMGRX drawdown since its inception was -55.48%, smaller than the maximum LSHAX drawdown of -69.03%. Use the drawdown chart below to compare losses from any high point for JMGRX and LSHAX.

Drawdown Indicators

	JMGRX	LSHAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-69.03%	+13.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.39%	-25.71%	+14.32%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-45.79%	+26.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.21%	-45.79%	+21.58%
Max Drawdown (10Y) Largest decline over 10 years	-38.25%	-50.78%	+12.53%
Current Drawdown Current decline from peak	0.00%	-28.74%	+28.74%
Average Drawdown Average peak-to-trough decline	-5.72%	-21.94%	+16.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	14.18%	-10.91%

Volatility

JMGRX vs. LSHAX - Volatility Comparison

The current volatility for Janus Enterprise Fund Class I (JMGRX) is 4.19%, while Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a volatility of 8.41%. This indicates that JMGRX experiences smaller price fluctuations and is considered to be less risky than LSHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMGRX	LSHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	8.41%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	29.96%	-19.40%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	37.15%	-23.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	34.19%	-16.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	30.66%	-11.95%

JMGRX vs. LSHAX - Expense Ratio Comparison

JMGRX has a 0.76% expense ratio, which is lower than LSHAX's 1.68% expense ratio.

Dividends

JMGRX vs. LSHAX - Dividend Comparison

JMGRX's dividend yield for the trailing twelve months is around 7.00%, less than LSHAX's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMGRX Janus Enterprise Fund Class I	7.00%	7.46%	6.97%	7.46%	10.42%	15.91%	8.44%	4.47%	6.42%	1.77%	1.81%	3.63%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	9.15%	11.59%	4.66%	9.40%	1.76%	0.11%	0.53%	0.00%	4.85%	3.94%	1.84%	0.00%

Frequently Asked Questions

Can I hold both JMGRX and LSHAX in my portfolio?

JMGRX and LSHAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMGRX or LSHAX?

LSHAX has higher volatility (8.41%) compared to JMGRX (4.19%). In terms of maximum drawdown, JMGRX dropped -55.48% vs LSHAX's -69.03%.

Which has better risk-adjusted returns?

JMGRX currently has the higher Sharpe Ratio (1.09 vs 0.05), 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.