KMKNX vs. IYW
KMKNX (Kinetics Market Opportunities Fund No Load Class) and IYW (iShares U.S. Technology ETF) are both funds - KMKNX is a Mid Cap Growth Equities fund actively managed by Kinetics, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. KMKNX is actively managed, while IYW is passively managed. Over the past 10 years, KMKNX returned 19.20%/yr vs 25.94%/yr for IYW. A 0.53 correlation means they provide meaningful diversification when combined. KMKNX charges 1.40%/yr vs 0.38%/yr for IYW.
Performance
KMKNX vs. IYW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KMKNX achieves a 6.71% return, which is significantly lower than IYW's 21.96% return. Over the past 10 years, KMKNX has underperformed IYW with an annualized return of 19.20%, while IYW has yielded a comparatively higher 25.94% annualized return.
KMKNX
- 1D
- -0.05%
- 1M
- -9.75%
- YTD
- 6.71%
- 6M
- 4.98%
- 1Y
- -1.36%
- 3Y*
- 31.59%
- 5Y*
- 13.92%
- 10Y*
- 19.20%
IYW
- 1D
- -3.91%
- 1M
- 0.69%
- YTD
- 21.96%
- 6M
- 20.43%
- 1Y
- 47.04%
- 3Y*
- 32.10%
- 5Y*
- 20.32%
- 10Y*
- 25.94%
KMKNX vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KMKNX Kinetics Market Opportunities Fund No Load Class | 6.71% | -3.09% | 84.05% | -7.34% | 14.98% | 28.03% | 19.56% | 22.76% | -10.68% | 47.26% |
IYW iShares U.S. Technology ETF | 21.96% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between KMKNX and IYW is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
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 2, 2006 | 0.53 |
Over the past year, the correlation between KMKNX and IYW has dropped to 0.28 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KMKNX vs. IYW — Risk / Return Rank
KMKNX
IYW
KMKNX vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund No Load Class (KMKNX) and iShares U.S. Technology ETF (IYW). 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.
| KMKNX | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.36 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 2.65 | -2.77 |
| Martin ratioReturn relative to average drawdown | -0.29 | 8.46 | -8.75 |
Loading charts...
Drawdowns
KMKNX vs. IYW - Drawdown Comparison
The maximum KMKNX drawdown since its inception was -65.47%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for KMKNX and IYW.
Loading charts...
Drawdown Indicators
| KMKNX | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.47% | -81.90% | +16.43% |
Max Drawdown (1Y)Largest decline over 1 year | -20.13% | -17.81% | -2.32% |
Max Drawdown (3Y)Largest decline over 3 years | -28.27% | -26.47% | -1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -31.47% | -39.44% | +7.97% |
Max Drawdown (10Y)Largest decline over 10 years | -31.47% | -39.44% | +7.97% |
Current DrawdownCurrent decline from peak | -21.74% | -6.35% | -15.39% |
Average DrawdownAverage peak-to-trough decline | -15.28% | -34.59% | +19.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 5.57% | +2.29% |
Volatility
KMKNX vs. IYW - Volatility Comparison
The current volatility for Kinetics Market Opportunities Fund No Load Class (KMKNX) is 7.01%, while iShares U.S. Technology ETF (IYW) has a volatility of 11.15%. This indicates that KMKNX experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KMKNX | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 11.15% | -4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 19.60% | 18.45% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 22.34% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.50% | 26.24% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.71% | 25.26% | -1.55% |
KMKNX vs. IYW - Expense Ratio Comparison
KMKNX has a 1.40% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
KMKNX vs. IYW - Dividend Comparison
KMKNX's dividend yield for the trailing twelve months is around 0.62%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
KMKNX Kinetics Market Opportunities Fund No Load Class | 0.62% | 0.66% | 0.81% | 0.87% | 1.36% | 1.56% | 0.26% | 0.33% | 9.13% | 0.64% | 0.00% | 0.00% |
Frequently Asked Questions
KMKNX and IYW have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (11.15%) compared to KMKNX (7.01%). In terms of maximum drawdown, KMKNX dropped -65.47% vs IYW's -81.90%.
IYW currently has the higher Sharpe Ratio (2.12 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.
Find the right allocation for KMKNX and IYW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer