KMKNX vs. LSHAX

Last updated Jun 4, 2026

KMKNX (Kinetics Market Opportunities Fund No Load Class) and LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) are both Mid Cap Growth Equities funds from Kinetics. Over the past 10 years, KMKNX returned 19.45%/yr vs 17.06%/yr for LSHAX. Their correlation of 0.86 suggests significant overlap in exposure. KMKNX charges 1.40%/yr vs 1.68%/yr for LSHAX.

Performance

KMKNX vs. LSHAX - 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 Spin-Off and Corporate Restructuring Fund (LSHAX). 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 LSHAX's 26.72% return. Over the past 10 years, KMKNX has outperformed LSHAX with an annualized return of 19.45%, while LSHAX has yielded a comparatively lower 17.06% annualized return.

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%

LSHAX

• 1D: 0.86%
• 1M: -10.88%
• YTD: 26.72%
• 6M: 19.50%
• 1Y: 0.59%
• 3Y*: 26.86%
• 5Y*: 13.80%
• 10Y*: 17.06%

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

KMKNX vs. LSHAX - 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%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	26.72%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	15.65%

Correlation

The correlation between KMKNX and LSHAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since May 14, 2007	0.86

The correlation between KMKNX and LSHAX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

KMKNX vs. LSHAX — 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

LSHAX

LSHAX Risk / Return Rank: 3
LSHAX Sharpe Ratio Rank: 3
LSHAX Sortino Ratio Rank: 3
LSHAX Omega Ratio Rank: 4
LSHAX Calmar Ratio Rank: 3
LSHAX Martin Ratio Rank: 3

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. LSHAX - 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 Spin-Off and Corporate Restructuring Fund (LSHAX). 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	LSHAX	Difference
Sharpe ratio: Return per unit of total volatility	0.01	0.05	-0.04
Sortino ratio: Return per unit of downside risk	0.17	0.33	-0.16
Omega ratio: Gain probability vs. loss probability	1.02	1.04	-0.02
Calmar ratio: Return relative to maximum drawdown	0.01	0.08	-0.07
Martin ratio: Return relative to average drawdown	0.03	0.14	-0.11
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. LSHAX - Sharpe Ratio Comparison

The current KMKNX Sharpe Ratio is 0.01, which is lower than the LSHAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of KMKNX and LSHAX, 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	LSHAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	0.05	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.41	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.56	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.31	+0.24

Drawdowns

KMKNX vs. LSHAX - Drawdown Comparison

The maximum KMKNX drawdown since its inception was -65.47%, smaller than the maximum LSHAX drawdown of -69.03%. Use the drawdown chart below to compare losses from any high point for KMKNX and LSHAX.

Drawdown Indicators

	KMKNX	LSHAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.47%	-69.03%	+3.56%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-25.71%	+8.72%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	-45.79%	+17.52%
Max Drawdown (5Y) Largest decline over 5 years	-31.47%	-45.79%	+14.32%
Max Drawdown (10Y) Largest decline over 10 years	-31.47%	-50.78%	+19.31%
Current Drawdown Current decline from peak	-18.76%	-28.74%	+9.98%
Average Drawdown Average peak-to-trough decline	-15.28%	-21.94%	+6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.89%	14.18%	-7.29%

Volatility

KMKNX vs. LSHAX - Volatility Comparison

The current volatility for Kinetics Market Opportunities Fund No Load Class (KMKNX) is 5.22%, while Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a volatility of 8.41%. This indicates that KMKNX experiences smaller price fluctuations and is considered to be less risky than LSHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKNX	LSHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	8.41%	-3.19%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	29.96%	-10.62%
Volatility (1Y) Calculated over the trailing 1-year period	23.11%	37.15%	-14.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	34.19%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	30.66%	-7.03%

KMKNX vs. LSHAX - Expense Ratio Comparison

KMKNX has a 1.40% expense ratio, which is lower than LSHAX's 1.68% expense ratio.

Dividends

KMKNX vs. LSHAX - Dividend Comparison

KMKNX's dividend yield for the trailing twelve months is around 0.60%, less than LSHAX's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	9.15%	11.59%	4.66%	9.40%	1.76%	0.11%	0.53%	0.00%	4.85%	3.94%	1.84%

Frequently Asked Questions

Can I hold both KMKNX and LSHAX in my portfolio?

KMKNX and LSHAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMKNX or LSHAX?

LSHAX has higher volatility (8.41%) compared to KMKNX (5.22%). In terms of maximum drawdown, KMKNX dropped -65.47% vs LSHAX's -69.03%.

Which has better risk-adjusted returns?

LSHAX currently has the higher Sharpe Ratio (0.05 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.