KMKAX vs. LSMIX

Last updated Jul 17, 2026

KMKAX (Kinetics Market Opportunities Fund) and LSMIX (Loomis Sayles Small/Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, KMKAX returned 19.67%/yr vs 11.57%/yr for LSMIX. At a 0.48 correlation, their price movements are largely independent. KMKAX charges 1.65%/yr vs 0.99%/yr for LSMIX.

Performance

KMKAX vs. LSMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund (KMKAX) and Loomis Sayles Small/Mid Cap Growth Fund (LSMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with KMKAX having a 16.00% return and LSMIX slightly higher at 16.54%. Over the past 10 years, KMKAX has outperformed LSMIX with an annualized return of 19.67%, while LSMIX has yielded a comparatively lower 11.57% annualized return.

KMKAX

• 1D: -0.44%
• 1M: 7.27%
• 6M: 5.18%
• YTD: 16.00%
• 1Y: 6.80%
• 3Y*: 33.27%
• 5Y*: 17.05%
• 10Y*: 19.67%

LSMIX

• 1D: -0.24%
• 1M: 2.43%
• 6M: 8.37%
• YTD: 16.54%
• 1Y: 23.01%
• 3Y*: 13.04%
• 5Y*: 4.70%
• 10Y*: 11.57%

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

KMKAX vs. LSMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	16.00%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%
LSMIX Loomis Sayles Small/Mid Cap Growth Fund	16.54%	5.71%	17.74%	6.71%	-27.08%	17.40%	31.56%	35.21%	-7.32%	31.80%

Correlation

The correlation between KMKAX and LSMIX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.48

The correlation between KMKAX and LSMIX shifts across timeframes, from 0.30 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

KMKAX vs. LSMIX — Risk / Return Rank

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

KMKAX

KMKAX Risk / Return Rank: 6
KMKAX Sharpe Ratio Rank: 6
KMKAX Sortino Ratio Rank: 7
KMKAX Omega Ratio Rank: 7
KMKAX Calmar Ratio Rank: 6
KMKAX Martin Ratio Rank: 6

LSMIX

LSMIX Risk / Return Rank: 51
LSMIX Sharpe Ratio Rank: 40
LSMIX Sortino Ratio Rank: 49
LSMIX Omega Ratio Rank: 37
LSMIX Calmar Ratio Rank: 67
LSMIX Martin Ratio Rank: 61

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. LSMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and Loomis Sayles Small/Mid Cap Growth Fund (LSMIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KMKAX	LSMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.33	1.45	-1.12
Sortino ratio: Return per unit of downside risk	0.62	2.30	-1.68
Omega ratio: Gain probability vs. loss probability	1.08	1.26	-0.18
Calmar ratio: Return relative to maximum drawdown	0.40	2.58	-2.18
Martin ratio: Return relative to average drawdown	0.92	9.59	-8.67

KMKAX vs. LSMIX - Sharpe Ratio Comparison

The current KMKAX Sharpe Ratio is 0.33, which is lower than the LSMIX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of KMKAX and LSMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KMKAX vs. LSMIX - Drawdown Comparison

The maximum KMKAX drawdown since its inception was -65.57%, which is greater than LSMIX's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for KMKAX and LSMIX.

Drawdown Indicators

	KMKAX	LSMIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.57%	-36.96%	-28.61%
Max Drawdown (1Y) Largest decline over 1 year	-20.20%	-11.07%	-9.13%
Max Drawdown (3Y) Largest decline over 3 years	-28.45%	-24.39%	-4.06%
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	-35.49%	+3.93%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-36.96%	+5.40%
Current Drawdown Current decline from peak	-15.15%	-3.72%	-11.43%
Average Drawdown Average peak-to-trough decline	-15.52%	-9.91%	-5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.67%	2.78%	+5.89%

Volatility

KMKAX vs. LSMIX - Volatility Comparison

Kinetics Market Opportunities Fund (KMKAX) has a higher volatility of 6.58% compared to Loomis Sayles Small/Mid Cap Growth Fund (LSMIX) at 5.18%. This indicates that KMKAX's price experiences larger fluctuations and is considered to be riskier than LSMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKAX	LSMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	5.18%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	19.68%	14.88%	+4.80%
Volatility (1Y) Calculated over the trailing 1-year period	24.32%	19.72%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.56%	21.60%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.75%	21.46%	+2.29%

KMKAX vs. LSMIX - Expense Ratio Comparison

KMKAX has a 1.65% expense ratio, which is higher than LSMIX's 0.99% expense ratio.

Dividends

KMKAX vs. LSMIX - Dividend Comparison

KMKAX's dividend yield for the trailing twelve months is around 0.52%, while LSMIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KMKAX Kinetics Market Opportunities Fund	0.52%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%	0.00%
LSMIX Loomis Sayles Small/Mid Cap Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	9.95%	0.68%	4.40%	46.82%	0.00%	0.18%

Frequently Asked Questions

Can I hold both KMKAX and LSMIX in my portfolio?

KMKAX and LSMIX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMKAX or LSMIX?

KMKAX has higher volatility (6.58%) compared to LSMIX (5.18%). In terms of maximum drawdown, KMKAX dropped -65.57% vs LSMIX's -36.96%.

Which has better risk-adjusted returns?

LSMIX currently has the higher Sharpe Ratio (1.45 vs 0.33), 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.