KMKAX vs. USNQX

Last updated Jun 5, 2026

KMKAX (Kinetics Market Opportunities Fund) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - KMKAX is a Mid Cap Growth Equities fund managed by Kinetics, while USNQX is a Large Cap Growth Equities fund managed by Victory. Over the past 10 years, KMKAX returned 19.55%/yr vs 21.64%/yr for USNQX. A 0.54 correlation means they provide meaningful diversification when combined. KMKAX charges 1.65%/yr vs 0.42%/yr for USNQX.

Performance

KMKAX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund (KMKAX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMKAX achieves a 14.46% return, which is significantly lower than USNQX's 21.19% return. Over the past 10 years, KMKAX has underperformed USNQX with an annualized return of 19.55%, while USNQX has yielded a comparatively higher 21.64% annualized return.

KMKAX

• 1D: 3.43%
• 1M: -6.04%
• YTD: 14.46%
• 6M: 10.51%
• 1Y: 3.57%
• 3Y*: 34.00%
• 5Y*: 15.62%
• 10Y*: 19.55%

USNQX

• 1D: -0.29%
• 1M: 9.17%
• YTD: 21.19%
• 6M: 19.57%
• 1Y: 41.10%
• 3Y*: 28.54%
• 5Y*: 17.67%
• 10Y*: 21.64%

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

KMKAX vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	14.46%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%
USNQX USAA Nasdaq 100 Index Fund	21.19%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between KMKAX and USNQX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006	0.54

Over the past year, the correlation between KMKAX and USNQX has dropped to 0.29 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

KMKAX vs. USNQX — Risk / Return Rank

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

KMKAX

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

USNQX

USNQX Risk / Return Rank: 70
USNQX Sharpe Ratio Rank: 78
USNQX Sortino Ratio Rank: 65
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 77
USNQX Martin Ratio Rank: 69

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. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and USAA Nasdaq 100 Index Fund (USNQX). 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	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	2.59	-2.49
Sortino ratio: Return per unit of downside risk	0.30	3.39	-3.09
Omega ratio: Gain probability vs. loss probability	1.04	1.44	-0.40
Calmar ratio: Return relative to maximum drawdown	0.14	3.45	-3.31
Martin ratio: Return relative to average drawdown	0.34	13.21	-12.87
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. USNQX - Sharpe Ratio Comparison

The current KMKAX Sharpe Ratio is 0.10, which is lower than the USNQX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of KMKAX and USNQX, 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	USNQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	2.59	-2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.78	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.96	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.37	+0.17

Drawdowns

KMKAX vs. USNQX - Drawdown Comparison

The maximum KMKAX drawdown since its inception was -65.57%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for KMKAX and USNQX.

Drawdown Indicators

	KMKAX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-65.57%	-76.24%	+10.67%
Max Drawdown (1Y) Largest decline over 1 year	-17.04%	-12.07%	-4.97%
Max Drawdown (3Y) Largest decline over 3 years	-28.45%	-22.88%	-5.57%
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	-36.95%	+5.39%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-36.95%	+5.39%
Current Drawdown Current decline from peak	-16.28%	-0.29%	-15.99%
Average Drawdown Average peak-to-trough decline	-15.51%	-26.75%	+11.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.98%	3.15%	+3.83%

Volatility

KMKAX vs. USNQX - Volatility Comparison

Kinetics Market Opportunities Fund (KMKAX) has a higher volatility of 6.45% compared to USAA Nasdaq 100 Index Fund (USNQX) at 4.53%. This indicates that KMKAX's price experiences larger fluctuations and is considered to be riskier than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKAX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	4.53%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	19.51%	12.19%	+7.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.37%	16.09%	+7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.43%	22.90%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	22.66%	+0.99%

KMKAX vs. USNQX - Expense Ratio Comparison

KMKAX has a 1.65% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

KMKAX vs. USNQX - Dividend Comparison

KMKAX's dividend yield for the trailing twelve months is around 0.53%, less than USNQX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
USNQX USAA Nasdaq 100 Index Fund	2.49%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both KMKAX and USNQX in my portfolio?

KMKAX and USNQX have a correlation of 0.29, 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 USNQX?

KMKAX has higher volatility (6.45%) compared to USNQX (4.53%). In terms of maximum drawdown, KMKAX dropped -65.57% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.59 vs 0.10), 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.