KMKAX vs. WWNPX
KMKAX (Kinetics Market Opportunities Fund) and WWNPX (Kinetics Paradigm Fund) are both Mid Cap Growth Equities funds from Kinetics. Over the past 10 years, KMKAX returned 18.90%/yr vs 17.86%/yr for WWNPX. Their correlation of 0.92 suggests significant overlap in exposure. KMKAX charges 1.65%/yr vs 1.64%/yr for WWNPX.
Performance
KMKAX vs. WWNPX - Performance Comparison
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Returns By Period
In the year-to-date period, KMKAX achieves a 6.59% return, which is significantly lower than WWNPX's 12.75% return. Over the past 10 years, KMKAX has outperformed WWNPX with an annualized return of 18.90%, while WWNPX has yielded a comparatively lower 17.86% annualized return.
KMKAX
- 1D
- -0.05%
- 1M
- -9.76%
- YTD
- 6.59%
- 6M
- 4.86%
- 1Y
- -1.60%
- 3Y*
- 31.26%
- 5Y*
- 13.64%
- 10Y*
- 18.90%
WWNPX
- 1D
- 1.05%
- 1M
- -11.42%
- YTD
- 12.75%
- 6M
- 9.79%
- 1Y
- -3.12%
- 3Y*
- 29.02%
- 5Y*
- 12.04%
- 10Y*
- 17.86%
KMKAX vs. WWNPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KMKAX Kinetics Market Opportunities Fund | 6.59% | -3.31% | 83.58% | -7.57% | 14.69% | 27.69% | 19.31% | 22.42% | -10.92% | 46.89% |
WWNPX Kinetics Paradigm Fund | 12.75% | -14.61% | 88.34% | -16.97% | 29.18% | 38.14% | 3.38% | 30.47% | -5.24% | 28.41% |
Correlation
The correlation between KMKAX and WWNPX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006 | 0.92 |
The correlation between KMKAX and WWNPX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
KMKAX vs. WWNPX — Risk / Return Rank
KMKAX
WWNPX
KMKAX vs. WWNPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund (KMKAX) and Kinetics Paradigm Fund (WWNPX). 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 | WWNPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.00 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | -0.18 | +0.06 |
| Martin ratioReturn relative to average drawdown | -0.32 | -0.43 | +0.11 |
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Drawdowns
KMKAX vs. WWNPX - Drawdown Comparison
The maximum KMKAX drawdown since its inception was -65.57%, roughly equal to the maximum WWNPX drawdown of -67.87%. Use the drawdown chart below to compare losses from any high point for KMKAX and WWNPX.
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Drawdown Indicators
| KMKAX | WWNPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.57% | -67.87% | +2.30% |
Max Drawdown (1Y)Largest decline over 1 year | -20.20% | -27.71% | +7.51% |
Max Drawdown (3Y)Largest decline over 3 years | -28.45% | -41.13% | +12.68% |
Max Drawdown (5Y)Largest decline over 5 years | -31.56% | -41.13% | +9.57% |
Max Drawdown (10Y)Largest decline over 10 years | -31.56% | -43.51% | +11.95% |
Current DrawdownCurrent decline from peak | -22.04% | -31.66% | +9.62% |
Average DrawdownAverage peak-to-trough decline | -15.52% | -13.93% | -1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.89% | 11.77% | -3.88% |
Volatility
KMKAX vs. WWNPX - Volatility Comparison
The current volatility for Kinetics Market Opportunities Fund (KMKAX) is 7.01%, while Kinetics Paradigm Fund (WWNPX) has a volatility of 9.71%. This indicates that KMKAX experiences smaller price fluctuations and is considered to be less risky than WWNPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KMKAX | WWNPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 9.71% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 19.59% | 26.86% | -7.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 33.74% | -9.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.50% | 33.01% | -6.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.71% | 28.71% | -5.00% |
KMKAX vs. WWNPX - Expense Ratio Comparison
KMKAX has a 1.65% expense ratio, which is higher than WWNPX's 1.64% expense ratio.
Dividends
KMKAX vs. WWNPX - Dividend Comparison
KMKAX's dividend yield for the trailing twelve months is around 0.57%, less than WWNPX's 7.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
KMKAX Kinetics Market Opportunities Fund | 0.57% | 0.61% | 0.66% | 0.69% | 1.19% | 1.29% | 0.02% | 0.07% | 9.28% | 0.51% |
WWNPX Kinetics Paradigm Fund | 7.28% | 8.21% | 2.95% | 5.65% | 2.00% | 1.67% | 2.15% | 1.00% | 10.44% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, KMKAX and WWNPX 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.
WWNPX has higher volatility (9.71%) compared to KMKAX (7.01%). In terms of maximum drawdown, KMKAX dropped -65.57% vs WWNPX's -67.87%.
KMKAX currently has the higher Sharpe Ratio (-0.11 vs -0.15), 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.
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