KAMIX vs. SAPEX

Last updated Apr 1, 2026

Compare and contrast key facts about Kensington Managed Income Fund (KAMIX) and Spectrum Active Advantage Fund (SAPEX).

KAMIX is managed by Advisors Preferred. It was launched on May 30, 2019. SAPEX is managed by Advisors Preferred. It was launched on May 31, 2015.

Performance

KAMIX vs. SAPEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kensington Managed Income Fund (KAMIX) and Spectrum Active Advantage Fund (SAPEX). The values are adjusted to include any dividend payments, if applicable.

KAMIX vs. SAPEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KAMIX Kensington Managed Income Fund	-1.31%	4.32%	4.38%	3.96%	-2.13%
SAPEX Spectrum Active Advantage Fund	-5.79%	15.25%	5.25%	12.11%	-7.26%

Returns By Period

In the year-to-date period, KAMIX achieves a -1.31% return, which is significantly higher than SAPEX's -5.79% return.

KAMIX

• 1D: 0.14%
• 1M: -2.22%
• YTD: -1.31%
• 6M: -0.24%
• 1Y: 3.27%
• 3Y*: 3.87%
• 5Y*: —
• 10Y*: —

SAPEX

• 1D: -0.16%
• 1M: -5.88%
• YTD: -5.79%
• 6M: -2.64%
• 1Y: 10.17%
• 3Y*: 8.47%
• 5Y*: -1.99%
• 10Y*: 4.59%

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

KAMIX vs. SAPEX - Expense Ratio Comparison

KAMIX has a 1.36% expense ratio, which is lower than SAPEX's 1.69% expense ratio.

SAPEX

Spectrum Active Advantage Fund

KAMIX

Kensington Managed Income Fund

Return for Risk

KAMIX vs. SAPEX — Risk / Return Rank

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

KAMIX

KAMIX Risk / Return Rank: 39
KAMIX Sharpe Ratio Rank: 49
KAMIX Sortino Ratio Rank: 38
KAMIX Omega Ratio Rank: 54
KAMIX Calmar Ratio Rank: 30
KAMIX Martin Ratio Rank: 22

SAPEX

SAPEX Risk / Return Rank: 48
SAPEX Sharpe Ratio Rank: 52
SAPEX Sortino Ratio Rank: 48
SAPEX Omega Ratio Rank: 46
SAPEX Calmar Ratio Rank: 51
SAPEX Martin Ratio Rank: 40

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.

KAMIX vs. SAPEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kensington Managed Income Fund (KAMIX) and Spectrum Active Advantage Fund (SAPEX). 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.

	KAMIX	SAPEX	Difference
Sharpe ratio Return per unit of total volatility	0.96	0.99	-0.03
Sortino ratio Return per unit of downside risk	1.22	1.38	-0.15
Omega ratio Gain probability vs. loss probability	1.21	1.19	+0.02
Calmar ratio Return relative to maximum drawdown	0.86	1.24	-0.38
Martin ratio Return relative to average drawdown	2.28	4.20	-1.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KAMIX vs. SAPEX - Sharpe Ratio Comparison

The current KAMIX Sharpe Ratio is 0.96, which is comparable to the SAPEX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of KAMIX and SAPEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KAMIX	SAPEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.99	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.29	+0.33

Correlation

The correlation between KAMIX and SAPEX is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

KAMIX vs. SAPEX - Dividend Comparison

KAMIX's dividend yield for the trailing twelve months is around 5.77%, more than SAPEX's 5.07% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KAMIX Kensington Managed Income Fund	5.77%	4.57%	5.60%	4.15%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SAPEX Spectrum Active Advantage Fund	5.07%	4.77%	2.23%	0.88%	0.00%	33.33%	1.43%	0.74%	3.09%	4.26%	0.17%

Drawdowns

KAMIX vs. SAPEX - Drawdown Comparison

The maximum KAMIX drawdown since its inception was -6.11%, smaller than the maximum SAPEX drawdown of -40.48%. Use the drawdown chart below to compare losses from any high point for KAMIX and SAPEX.

Drawdown Indicators

	KAMIX	SAPEX	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-40.48%	+34.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-7.62%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.48%	—
Current Drawdown Current decline from peak	-2.42%	-22.31%	+19.89%
Average Drawdown Average peak-to-trough decline	-2.24%	-14.52%	+12.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.25%	-1.28%

Volatility

KAMIX vs. SAPEX - Volatility Comparison

The current volatility for Kensington Managed Income Fund (KAMIX) is 1.45%, while Spectrum Active Advantage Fund (SAPEX) has a volatility of 3.32%. This indicates that KAMIX experiences smaller price fluctuations and is considered to be less risky than SAPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAMIX	SAPEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	3.32%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	7.72%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	10.76%	-7.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	14.62%	-10.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	16.75%	-12.95%