KMKNX vs. SHLD

Last updated Jun 4, 2026

KMKNX (Kinetics Market Opportunities Fund No Load Class) and SHLD (Global X Defense Tech ETF) are both funds - KMKNX is a Mid Cap Growth Equities fund actively managed by Kinetics, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. KMKNX is actively managed, while SHLD is passively managed. Over the past year, KMKNX returned -0.78% vs 9.71% for SHLD. At a 0.38 correlation, their price movements are largely independent. KMKNX charges 1.40%/yr vs 0.50%/yr for SHLD.

Performance

KMKNX vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Market Opportunities Fund No Load Class (KMKNX) and Global X Defense Tech ETF (SHLD). 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 higher than SHLD's -2.28% 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%

SHLD

• 1D: -2.39%
• 1M: -7.01%
• YTD: -2.28%
• 6M: 1.71%
• 1Y: 9.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMKNX vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KMKNX Kinetics Market Opportunities Fund No Load Class	10.78%	-3.09%	84.05%	2.99%
SHLD Global X Defense Tech ETF	-2.28%	74.16%	35.03%	12.89%

Correlation

The correlation between KMKNX and SHLD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.38

Return for Risk

KMKNX vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 14
SHLD Sortino Ratio Rank: 15
SHLD Omega Ratio Rank: 14
SHLD Calmar Ratio Rank: 14
SHLD Martin Ratio Rank: 15

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Market Opportunities Fund No Load Class (KMKNX) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio Return per unit of total volatility	0.01	0.41	-0.40
Sortino ratio Return per unit of downside risk	0.17	0.74	-0.57
Omega ratio Gain probability vs. loss probability	1.02	1.08	-0.06
Calmar ratio Return relative to maximum drawdown	0.01	0.49	-0.48
Martin ratio Return relative to average drawdown	0.03	1.30	-1.27
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. SHLD - Sharpe Ratio Comparison

The current KMKNX Sharpe Ratio is 0.01, which is lower than the SHLD Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of KMKNX and SHLD, 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	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	0.41	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	2.00	-1.45

Drawdowns

KMKNX vs. SHLD - Drawdown Comparison

The maximum KMKNX drawdown since its inception was -65.47%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for KMKNX and SHLD.

Drawdown Indicators

	KMKNX	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-65.47%	-20.10%	-45.37%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-20.10%	+3.11%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.47%	—	—
Current Drawdown Current decline from peak	-18.76%	-18.85%	+0.09%
Average Drawdown Average peak-to-trough decline	-15.28%	-3.19%	-12.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.89%	7.51%	-0.62%

Volatility

KMKNX vs. SHLD - Volatility Comparison

The current volatility for Kinetics Market Opportunities Fund No Load Class (KMKNX) is 5.22%, while Global X Defense Tech ETF (SHLD) has a volatility of 7.81%. This indicates that KMKNX experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMKNX	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	7.81%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	19.35%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	23.11%	24.05%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	21.13%	+5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	21.13%	+2.50%

KMKNX vs. SHLD - Expense Ratio Comparison

KMKNX has a 1.40% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

KMKNX vs. SHLD - Dividend Comparison

KMKNX's dividend yield for the trailing twelve months is around 0.60%, more than SHLD's 0.56% 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%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMKNX and SHLD in my portfolio?

KMKNX and SHLD have a correlation of 0.41, 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 SHLD?

SHLD has higher volatility (7.81%) compared to KMKNX (5.22%). In terms of maximum drawdown, KMKNX dropped -65.47% vs SHLD's -20.10%.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.41 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.