KMKNX vs. SHLD
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 -1.36% vs 4.03% for SHLD. At a 0.37 correlation, their price movements are largely independent. KMKNX charges 1.40%/yr vs 0.50%/yr for SHLD.
Performance
KMKNX vs. SHLD - Performance Comparison
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Returns By Period
In the year-to-date period, KMKNX achieves a 6.71% return, which is significantly higher than SHLD's -6.53% 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%
SHLD
- 1D
- -0.05%
- 1M
- -7.05%
- YTD
- -6.53%
- 6M
- -8.73%
- 1Y
- 4.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KMKNX vs. SHLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
KMKNX Kinetics Market Opportunities Fund No Load Class | 6.71% | -3.09% | 84.05% | 1.77% |
SHLD Global X Defense Tech ETF | -6.53% | 74.16% | 35.03% | 12.89% |
Correlation
The correlation between KMKNX and SHLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | 0.37 |
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Return for Risk
KMKNX vs. SHLD — Risk / Return Rank
KMKNX
SHLD
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.
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 | SHLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.05 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.11 | 0.18 | -0.29 |
| Martin ratioReturn relative to average drawdown | -0.29 | 0.46 | -0.76 |
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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 -22.38%. Use the drawdown chart below to compare losses from any high point for KMKNX and SHLD.
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Drawdown Indicators
| KMKNX | SHLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.47% | -22.38% | -43.09% |
Max Drawdown (1Y)Largest decline over 1 year | -20.13% | -22.38% | +2.25% |
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 DrawdownCurrent decline from peak | -21.74% | -22.38% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -15.28% | -3.49% | -11.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 8.69% | -0.83% |
Volatility
KMKNX vs. SHLD - Volatility Comparison
The current volatility for Kinetics Market Opportunities Fund No Load Class (KMKNX) is 7.01%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.04%. 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.
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Volatility by Period
| KMKNX | SHLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.01% | 9.04% | -2.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.60% | 20.19% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 24.71% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.50% | 21.33% | +5.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.71% | 21.33% | +2.38% |
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 0.62%, more than SHLD's 0.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHLD Global X Defense Tech ETF | 0.59% | 0.55% | 0.53% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
KMKNX and SHLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHLD has higher volatility (9.04%) compared to KMKNX (7.01%). In terms of maximum drawdown, KMKNX dropped -65.47% vs SHLD's -22.38%.
SHLD currently has the higher Sharpe Ratio (0.16 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.
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