KMKNX vs. KSCOX

Last updated Jun 4, 2026

KMKNX (Kinetics Market Opportunities Fund No Load Class) and KSCOX (Kinetics Small Cap Opportunities Fund) are both mutual funds - KMKNX is a Mid Cap Growth Equities fund actively managed by Kinetics, while KSCOX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, KMKNX returned 19.45%/yr vs 19.27%/yr for KSCOX. Their correlation of 0.90 suggests significant overlap in exposure. KMKNX charges 1.40%/yr vs 1.64%/yr for KSCOX.

Performance

KMKNX vs. KSCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund No Load Class (KMKNX) and Kinetics Small Cap Opportunities Fund (KSCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMKNX achieves a 10.78% return, which is significantly lower than KSCOX's 17.73% return. Both investments have delivered pretty close results over the past 10 years, with KMKNX having a 19.45% annualized return and KSCOX not far behind at 19.27%.

KMKNX

• 1D: -0.44%
• 1M: -8.85%
• YTD: 10.78%
• 6M: 7.36%
• 1Y: -0.78%
• 3Y*: 32.82%
• 5Y*: 15.13%
• 10Y*: 19.45%

KSCOX

• 1D: 0.37%
• 1M: -7.02%
• YTD: 17.73%
• 6M: 13.43%
• 1Y: 4.10%
• 3Y*: 25.90%
• 5Y*: 14.50%
• 10Y*: 19.27%

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

KMKNX vs. KSCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKNX Kinetics Market Opportunities Fund No Load Class	10.78%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%
KSCOX Kinetics Small Cap Opportunities Fund	17.73%	-8.66%	68.42%	-14.77%	31.96%	50.32%	2.30%	27.06%	0.29%	26.23%

Correlation

The correlation between KMKNX and KSCOX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006	0.90

The correlation between KMKNX and KSCOX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

KMKNX vs. KSCOX — Risk / Return Rank

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

KMKNX

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

KSCOX

KSCOX Risk / Return Rank: 4
KSCOX Sharpe Ratio Rank: 4
KSCOX Sortino Ratio Rank: 4
KSCOX Omega Ratio Rank: 4
KSCOX Calmar Ratio Rank: 4
KSCOX Martin Ratio Rank: 4

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.

KMKNX vs. KSCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund No Load Class (KMKNX) and Kinetics Small Cap Opportunities Fund (KSCOX). 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.

	KMKNX	KSCOX	Difference
Sharpe ratio Return per unit of total volatility	0.01	0.20	-0.19
Sortino ratio Return per unit of downside risk	0.17	0.45	-0.28
Omega ratio Gain probability vs. loss probability	1.02	1.06	-0.04
Calmar ratio Return relative to maximum drawdown	0.01	0.28	-0.27
Martin ratio Return relative to average drawdown	0.03	0.63	-0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMKNX vs. KSCOX - Sharpe Ratio Comparison

The current KMKNX Sharpe Ratio is 0.01, which is lower than the KSCOX Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of KMKNX and KSCOX, 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

	KMKNX	KSCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	0.20	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.52	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.74	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.58	-0.03

Drawdowns

KMKNX vs. KSCOX - Drawdown Comparison

The maximum KMKNX drawdown since its inception was -65.47%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for KMKNX and KSCOX.

Drawdown Indicators

	KMKNX	KSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-65.47%	-70.09%	+4.62%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-18.82%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-33.10%	+4.83%
Max Drawdown (5Y) Largest decline over 5 years	-31.47%	-33.10%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	-31.47%	-47.09%	+15.62%
Current Drawdown Current decline from peak	-18.76%	-19.24%	+0.48%
Average Drawdown Average peak-to-trough decline	-15.28%	-14.89%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.89%	8.24%	-1.35%

Volatility

KMKNX vs. KSCOX - Volatility Comparison

The current volatility for Kinetics Market Opportunities Fund No Load Class (KMKNX) is 5.22%, while Kinetics Small Cap Opportunities Fund (KSCOX) has a volatility of 6.04%. This indicates that KMKNX experiences smaller price fluctuations and is considered to be less risky than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKNX	KSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	6.04%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	21.67%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.11%	25.88%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	27.83%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	26.13%	-2.50%

KMKNX vs. KSCOX - Expense Ratio Comparison

KMKNX has a 1.40% expense ratio, which is lower than KSCOX's 1.64% expense ratio.

Dividends

KMKNX vs. KSCOX - Dividend Comparison

KMKNX's dividend yield for the trailing twelve months is around 0.60%, more than KSCOX's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKNX Kinetics Market Opportunities Fund No Load Class	0.60%	0.66%	0.81%	0.87%	1.36%	1.56%	0.26%	0.33%	9.13%	0.64%
KSCOX Kinetics Small Cap Opportunities Fund	0.15%	0.18%	3.58%	6.71%	0.00%	1.67%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMKNX and KSCOX in my portfolio?

With a correlation of 0.95, KMKNX and KSCOX 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.

Which is riskier, KMKNX or KSCOX?

KSCOX has higher volatility (6.04%) compared to KMKNX (5.22%). In terms of maximum drawdown, KMKNX dropped -65.47% vs KSCOX's -70.09%.

Which has better risk-adjusted returns?

KSCOX currently has the higher Sharpe Ratio (0.20 vs 0.01), 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.