KMKAX vs. KSOAX

Last updated Jun 3, 2026

KMKAX (Kinetics Market Opportunities Fund) and KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) are both mutual funds - KMKAX is a Mid Cap Growth Equities fund managed by Kinetics, while KSOAX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, KMKAX returned 19.20%/yr vs 18.92%/yr for KSOAX. Their correlation of 0.90 suggests significant overlap in exposure. KMKAX charges 1.65%/yr vs 1.89%/yr for KSOAX.

Performance

KMKAX vs. KSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund (KMKAX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMKAX achieves a 11.15% return, which is significantly lower than KSOAX's 17.17% return. Both investments have delivered pretty close results over the past 10 years, with KMKAX having a 19.20% annualized return and KSOAX not far behind at 18.92%.

KMKAX

• 1D: -3.27%
• 1M: -8.29%
• YTD: 11.15%
• 6M: 10.60%
• 1Y: 0.37%
• 3Y*: 32.70%
• 5Y*: 14.93%
• 10Y*: 19.20%

KSOAX

• 1D: -3.20%
• 1M: -7.60%
• YTD: 17.17%
• 6M: 16.45%
• 1Y: 4.52%
• 3Y*: 25.43%
• 5Y*: 13.96%
• 10Y*: 18.92%

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

KMKAX vs. KSOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	11.15%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	17.17%	-8.89%	68.00%	-14.98%	31.64%	49.94%	2.04%	26.72%	0.00%	25.94%

Correlation

The correlation between KMKAX and KSOAX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006	0.90

The correlation between KMKAX and KSOAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

KMKAX vs. KSOAX — Risk / Return Rank

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

KMKAX

KMKAX Risk / Return Rank: 2
KMKAX Sharpe Ratio Rank: 3
KMKAX Sortino Ratio Rank: 3
KMKAX Omega Ratio Rank: 3
KMKAX Calmar Ratio Rank: 2
KMKAX Martin Ratio Rank: 2

KSOAX

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

KMKAX vs. KSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). 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	KSOAX	Difference
Sharpe ratio Return per unit of total volatility	0.03	0.17	-0.15
Sortino ratio Return per unit of downside risk	0.20	0.41	-0.22
Omega ratio Gain probability vs. loss probability	1.02	1.05	-0.03
Calmar ratio Return relative to maximum drawdown	-0.15	0.03	-0.18
Martin ratio Return relative to average drawdown	-0.37	0.06	-0.42
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. KSOAX - Sharpe Ratio Comparison

The current KMKAX Sharpe Ratio is 0.03, which is lower than the KSOAX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of KMKAX and KSOAX, 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

	KMKAX	KSOAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	0.17	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.50	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.73	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.53	+0.01

Drawdowns

KMKAX vs. KSOAX - Drawdown Comparison

The maximum KMKAX drawdown since its inception was -65.57%, smaller than the maximum KSOAX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for KMKAX and KSOAX.

Drawdown Indicators

	KMKAX	KSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.57%	-70.21%	+4.64%
Max Drawdown (1Y) Largest decline over 1 year	-16.67%	-18.84%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-28.45%	-33.28%	+4.83%
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	-33.28%	+1.72%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-47.11%	+15.55%
Current Drawdown Current decline from peak	-18.70%	-19.84%	+1.14%
Average Drawdown Average peak-to-trough decline	-15.51%	-15.88%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	8.21%	-1.37%

Volatility

KMKAX vs. KSOAX - Volatility Comparison

The current volatility for Kinetics Market Opportunities Fund (KMKAX) is 5.22%, while Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) has a volatility of 6.10%. This indicates that KMKAX experiences smaller price fluctuations and is considered to be less risky than KSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKAX	KSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	6.10%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	19.33%	21.68%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	23.16%	25.93%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	27.84%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	26.13%	-2.50%

KMKAX vs. KSOAX - Expense Ratio Comparison

KMKAX has a 1.65% expense ratio, which is lower than KSOAX's 1.89% expense ratio.

Dividends

KMKAX vs. KSOAX - Dividend Comparison

KMKAX's dividend yield for the trailing twelve months is around 0.55%, while KSOAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	0.55%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	0.00%	0.00%	3.52%	6.72%	0.00%	1.41%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMKAX and KSOAX in my portfolio?

With a correlation of 0.95, KMKAX and KSOAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KMKAX or KSOAX?

KSOAX has higher volatility (6.10%) compared to KMKAX (5.22%). In terms of maximum drawdown, KMKAX dropped -65.57% vs KSOAX's -70.21%.

Which has better risk-adjusted returns?

KSOAX currently has the higher Sharpe Ratio (0.17 vs 0.03), 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.