KMKAX vs. VB

Last updated Jun 4, 2026

KMKAX (Kinetics Market Opportunities Fund) and VB (Vanguard Small-Cap ETF) are both funds - KMKAX is a Mid Cap Growth Equities fund managed by Kinetics, while VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, KMKAX returned 19.14%/yr vs 11.30%/yr for VB. A 0.66 correlation means they provide meaningful diversification when combined. KMKAX charges 1.65%/yr vs 0.05%/yr for VB.

Performance

KMKAX vs. VB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund (KMKAX) and Vanguard Small-Cap ETF (VB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMKAX achieves a 10.66% return, which is significantly lower than VB's 14.16% return. Over the past 10 years, KMKAX has outperformed VB with an annualized return of 19.14%, while VB has yielded a comparatively lower 11.30% annualized return.

KMKAX

• 1D: -0.44%
• 1M: -8.85%
• YTD: 10.66%
• 6M: 7.22%
• 1Y: -1.02%
• 3Y*: 32.50%
• 5Y*: 14.85%
• 10Y*: 19.14%

VB

• 1D: -0.65%
• 1M: 3.52%
• YTD: 14.16%
• 6M: 14.12%
• 1Y: 28.82%
• 3Y*: 17.05%
• 5Y*: 7.11%
• 10Y*: 11.30%

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

KMKAX vs. VB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	10.66%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%
VB Vanguard Small-Cap ETF	14.16%	8.87%	14.17%	18.22%	-17.51%	17.57%	19.19%	27.34%	-9.34%	16.26%

Correlation

The correlation between KMKAX and VB is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006	0.66

The correlation between KMKAX and VB shifts across timeframes, from 0.50 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KMKAX vs. VB — 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: 2

VB

VB Risk / Return Rank: 56
VB Sharpe Ratio Rank: 51
VB Sortino Ratio Rank: 51
VB Omega Ratio Rank: 48
VB Calmar Ratio Rank: 64
VB Martin Ratio Rank: 64

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. VB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and Vanguard Small-Cap ETF (VB). 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	VB	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.78	-1.79
Sortino ratio: Return per unit of downside risk	0.16	2.56	-2.40
Omega ratio: Gain probability vs. loss probability	1.02	1.31	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.00	3.22	-3.23
Martin ratio: Return relative to average drawdown	-0.01	11.87	-11.88
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. VB - Sharpe Ratio Comparison

The current KMKAX Sharpe Ratio is -0.00, which is lower than the VB Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of KMKAX and VB, 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	VB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	1.78	-1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.34	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.53	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.44	+0.09

Drawdowns

KMKAX vs. VB - Drawdown Comparison

The maximum KMKAX drawdown since its inception was -65.57%, which is greater than VB's maximum drawdown of -59.56%. Use the drawdown chart below to compare losses from any high point for KMKAX and VB.

Drawdown Indicators

	KMKAX	VB	Difference
Max Drawdown Largest peak-to-trough decline	-65.57%	-59.56%	-6.01%
Max Drawdown (1Y) Largest decline over 1 year	-17.04%	-8.98%	-8.06%
Max Drawdown (3Y) Largest decline over 3 years	-28.45%	-25.36%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.56%	-28.15%	-3.41%
Max Drawdown (10Y) Largest decline over 10 years	-31.56%	-42.05%	+10.49%
Current Drawdown Current decline from peak	-19.06%	-0.65%	-18.41%
Average Drawdown Average peak-to-trough decline	-15.51%	-8.44%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.92%	2.43%	+4.49%

Volatility

KMKAX vs. VB - Volatility Comparison

Kinetics Market Opportunities Fund (KMKAX) has a higher volatility of 5.22% compared to Vanguard Small-Cap ETF (VB) at 4.42%. This indicates that KMKAX's price experiences larger fluctuations and is considered to be riskier than VB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKAX	VB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	4.42%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	19.33%	11.72%	+7.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.12%	16.28%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	20.74%	+5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	21.42%	+2.21%

KMKAX vs. VB - Expense Ratio Comparison

KMKAX has a 1.65% expense ratio, which is higher than VB's 0.05% expense ratio.

Dividends

KMKAX vs. VB - Dividend Comparison

KMKAX's dividend yield for the trailing twelve months is around 0.55%, less than VB's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VB Vanguard Small-Cap ETF	1.19%	1.33%	1.30%	1.55%	1.59%	1.24%	1.14%	1.39%	1.67%	1.35%	1.50%	1.48%

Frequently Asked Questions

Can I hold both KMKAX and VB in my portfolio?

KMKAX and VB have a correlation of 0.50, 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 VB?

KMKAX has higher volatility (5.22%) compared to VB (4.42%). In terms of maximum drawdown, KMKAX dropped -65.57% vs VB's -59.56%.

Which has better risk-adjusted returns?

VB currently has the higher Sharpe Ratio (1.78 vs -0.00), 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.