KMKAX vs. ONERX

Last updated Aug 1, 2026

KMKAX (Kinetics Market Opportunities Fund) and ONERX (One Rock Fund) are both mutual funds - KMKAX is a Mid Cap Growth Equities fund managed by Kinetics, while ONERX is a Large Cap Growth Equities fund managed by Wrona. Their 0.46 correlation means their historical movements had little consistent relationship. KMKAX charges 1.65%/yr vs 1.75%/yr for ONERX.

Performance

KMKAX vs. ONERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund (KMKAX) and One Rock Fund (ONERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KMKAX

• 1D: 1.12%
• 1M: 0.06%
• 6M: 3.21%
• YTD: 13.52%
• 1Y: 7.76%
• 3Y*: 30.44%
• 5Y*: 15.01%
• 10Y*: 19.56%
• ALL TIME*: 12.01%

ONERX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KMKAX Kinetics Market Opportunities Fund	$0.00	$0.00	$0.00

KMKAX vs. ONERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KMKAX Kinetics Market Opportunities Fund	13.52%	-3.31%	83.58%	-7.57%	14.69%	27.69%	49.87%
ONERX One Rock Fund	61.33%	49.37%	21.76%	72.41%	-42.06%	45.70%	104.46%

Correlation

The correlation between KMKAX and ONERX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (All Time) Calculated using the full available price history since Mar 13, 2020	0.46

The correlation between KMKAX and ONERX shifts across timeframes, from 0.32 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KMKAX vs. ONERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KMKAX

KMKAX Risk / Return Rank: 8
KMKAX Sharpe Ratio Rank: 7
KMKAX Sortino Ratio Rank: 8
KMKAX Omega Ratio Rank: 8
KMKAX Calmar Ratio Rank: 7
KMKAX Martin Ratio Rank: 7

ONERX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KMKAX vs. ONERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and One Rock Fund (ONERX). 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	ONERX	Difference
Sharpe ratio: Return per unit of total volatility	0.19	—	—
Sortino ratio: Return per unit of downside risk	0.44	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	0.23	—	—
Martin ratio: Return relative to average drawdown	0.52	—	—

Drawdowns

Drawdown Indicators

	KMKAX	ONERX	Difference
Max Drawdown Largest peak-to-trough decline	-65.57%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-20.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	—	—
Current Drawdown Current decline from peak	-16.97%	—	—
Average Drawdown Average peak-to-trough decline	-15.53%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	9.11%	—	—

Volatility

Volatility by Period

	KMKAX	ONERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.43%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.51%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.78%	—	—

KMKAX vs. ONERX - Expense Ratio Comparison

KMKAX has a 1.65% expense ratio, which is lower than ONERX's 1.75% expense ratio.

Dividends

KMKAX vs. ONERX - Dividend Comparison

KMKAX's dividend yield for the trailing twelve months is around 0.53%, less than ONERX's 14.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	0.53%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%
ONERX One Rock Fund	14.95%	24.12%	0.00%	0.00%	10.57%	28.88%	18.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMKAX and ONERX in my portfolio?

KMKAX and ONERX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.