KMKAX vs. KMKNX

Last updated Apr 2, 2026

Compare and contrast key facts about Kinetics Market Opportunities Fund (KMKAX) and Kinetics Market Opportunities Fund No Load Class (KMKNX).

KMKAX is managed by Kinetics. It was launched on Jan 31, 2006. KMKNX is an actively managed fund by Kinetics. It was launched on Jan 31, 2006.

Performance

KMKAX vs. KMKNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund (KMKAX) and Kinetics Market Opportunities Fund No Load Class (KMKNX). The values are adjusted to include any dividend payments, if applicable.

KMKAX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	22.43%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%
KMKNX Kinetics Market Opportunities Fund No Load Class	22.52%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%

Returns By Period

The year-to-date returns for both investments are quite close, with KMKAX having a 22.43% return and KMKNX slightly higher at 22.52%. Both investments have delivered pretty close results over the past 10 years, with KMKAX having a 20.79% annualized return and KMKNX not far ahead at 21.10%.

KMKAX

• 1D: 1.40%
• 1M: -7.66%
• YTD: 22.43%
• 6M: 11.30%
• 1Y: 6.24%
• 3Y*: 32.07%
• 5Y*: 14.91%
• 10Y*: 20.79%

KMKNX

• 1D: 1.41%
• 1M: -7.64%
• YTD: 22.52%
• 6M: 11.44%
• 1Y: 6.51%
• 3Y*: 32.40%
• 5Y*: 15.19%
• 10Y*: 21.10%

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

KMKAX vs. KMKNX - Expense Ratio Comparison

KMKAX has a 1.65% expense ratio, which is higher than KMKNX's 1.40% expense ratio.

KMKAX

Kinetics Market Opportunities Fund

KMKNX

Kinetics Market Opportunities Fund No Load Class

Return for Risk

KMKAX vs. KMKNX — Risk / Return Rank

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

KMKAX

KMKAX Risk / Return Rank: 11
KMKAX Sharpe Ratio Rank: 11
KMKAX Sortino Ratio Rank: 12
KMKAX Omega Ratio Rank: 10
KMKAX Calmar Ratio Rank: 13
KMKAX Martin Ratio Rank: 10

KMKNX

KMKNX Risk / Return Rank: 11
KMKNX Sharpe Ratio Rank: 11
KMKNX Sortino Ratio Rank: 12
KMKNX Omega Ratio Rank: 11
KMKNX Calmar Ratio Rank: 14
KMKNX Martin Ratio Rank: 9

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.

KMKAX vs. KMKNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and Kinetics Market Opportunities Fund No Load Class (KMKNX). 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.

	KMKAX	KMKNX	Difference
Sharpe ratio Return per unit of total volatility	0.31	0.32	-0.01
Sortino ratio Return per unit of downside risk	0.60	0.62	-0.01
Omega ratio Gain probability vs. loss probability	1.08	1.08	0.00
Calmar ratio Return relative to maximum drawdown	0.41	0.43	-0.02
Martin ratio Return relative to average drawdown	0.76	0.79	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMKAX vs. KMKNX - Sharpe Ratio Comparison

The current KMKAX Sharpe Ratio is 0.31, which is comparable to the KMKNX Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of KMKAX and KMKNX, 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

	KMKAX	KMKNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	0.32	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.58	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.90	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.58	-0.01

Correlation

The correlation between KMKAX and KMKNX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

KMKAX vs. KMKNX - Dividend Comparison

KMKAX's dividend yield for the trailing twelve months is around 0.50%, less than KMKNX's 0.54% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	0.50%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%
KMKNX Kinetics Market Opportunities Fund No Load Class	0.54%	0.66%	0.81%	0.87%	1.36%	1.56%	0.26%	0.33%	9.13%	0.64%

Drawdowns

KMKAX vs. KMKNX - Drawdown Comparison

The maximum KMKAX drawdown since its inception was -65.57%, roughly equal to the maximum KMKNX drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for KMKAX and KMKNX.

Drawdown Indicators

	KMKAX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-65.57%	-65.47%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-19.64%	-19.52%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	-31.47%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-31.47%	-0.09%
Current Drawdown Current decline from peak	-10.45%	-10.15%	-0.30%
Average Drawdown Average peak-to-trough decline	-15.53%	-15.29%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.65%	10.58%	+0.07%

Volatility

KMKAX vs. KMKNX - Volatility Comparison

Kinetics Market Opportunities Fund (KMKAX) and Kinetics Market Opportunities Fund No Load Class (KMKNX) have volatilities of 7.05% and 7.07%, 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

	KMKAX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	7.07%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	17.86%	17.87%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	24.60%	24.61%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	26.44%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	23.39%	0.00%