KMKAX vs. KSCOX
Compare and contrast key facts about Kinetics Market Opportunities Fund (KMKAX) and Kinetics Small Cap Opportunities Fund (KSCOX).
KMKAX is managed by Kinetics. It was launched on Jan 31, 2006. KSCOX is managed by Kinetics. It was launched on Mar 20, 2000.
Performance
KMKAX vs. KSCOX - Performance Comparison
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KMKAX vs. KSCOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KMKAX Kinetics Market Opportunities Fund | 20.74% | -3.31% | 83.58% | -7.57% | 14.69% | 27.69% | 19.31% | 22.42% | -10.92% | 46.89% |
KSCOX Kinetics Small Cap Opportunities Fund | 29.72% | -8.66% | 68.42% | -14.77% | 31.96% | 50.32% | 2.30% | 27.06% | 0.29% | 26.23% |
Returns By Period
In the year-to-date period, KMKAX achieves a 20.74% return, which is significantly lower than KSCOX's 29.72% return. Both investments have delivered pretty close results over the past 10 years, with KMKAX having a 20.63% annualized return and KSCOX not far ahead at 21.17%.
KMKAX
- 1D
- -4.58%
- 1M
- -7.38%
- YTD
- 20.74%
- 6M
- 11.41%
- 1Y
- 6.16%
- 3Y*
- 31.46%
- 5Y*
- 14.75%
- 10Y*
- 20.63%
KSCOX
- 1D
- -5.64%
- 1M
- -8.65%
- YTD
- 29.72%
- 6M
- 22.71%
- 1Y
- 8.12%
- 3Y*
- 25.79%
- 5Y*
- 16.02%
- 10Y*
- 21.17%
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KMKAX vs. KSCOX - Expense Ratio Comparison
KMKAX has a 1.65% expense ratio, which is higher than KSCOX's 1.64% expense ratio.
Return for Risk
KMKAX vs. KSCOX — Risk / Return Rank
KMKAX
KSCOX
KMKAX vs. KSCOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) 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.
| KMKAX | KSCOX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.27 | 0.31 | -0.04 |
Sortino ratioReturn per unit of downside risk | 0.55 | 0.63 | -0.08 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.08 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.25 | 0.28 | -0.04 |
Martin ratioReturn relative to average drawdown | 0.45 | 0.46 | -0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KMKAX | KSCOX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.27 | 0.31 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | 0.58 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.88 | 0.82 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.61 | -0.04 |
Correlation
The correlation between KMKAX and KSCOX is 0.90, 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. KSCOX - Dividend Comparison
KMKAX's dividend yield for the trailing twelve months is around 0.50%, more than KSCOX's 0.14% 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% |
KSCOX Kinetics Small Cap Opportunities Fund | 0.14% | 0.18% | 3.58% | 6.71% | 0.00% | 1.67% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
KMKAX vs. KSCOX - Drawdown Comparison
The maximum KMKAX drawdown since its inception was -65.57%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for KMKAX and KSCOX.
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Drawdown Indicators
| KMKAX | KSCOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.57% | -70.09% | +4.52% |
Max Drawdown (1Y)Largest decline over 1 year | -19.64% | -24.29% | +4.65% |
Max Drawdown (5Y)Largest decline over 5 years | -31.56% | -33.10% | +1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -31.56% | -47.09% | +15.53% |
Current DrawdownCurrent decline from peak | -11.68% | -11.01% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -15.53% | -14.89% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.64% | 14.84% | -4.20% |
Volatility
KMKAX vs. KSCOX - Volatility Comparison
The current volatility for Kinetics Market Opportunities Fund (KMKAX) is 7.14%, while Kinetics Small Cap Opportunities Fund (KSCOX) has a volatility of 7.94%. This indicates that KMKAX experiences smaller price fluctuations and is considered to be less risky than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KMKAX | KSCOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.14% | 7.94% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 17.82% | 19.48% | -1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.61% | 28.88% | -4.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.43% | 27.74% | -1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.39% | 25.84% | -2.45% |