KSCOX vs. BWET

Last updated Jun 4, 2026

KSCOX (Kinetics Small Cap Opportunities Fund) and BWET (Breakwave Tanker Shipping ETF) are both funds - KSCOX is a Small Cap Growth Equities fund managed by Kinetics, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Over the past 3 years, KSCOX returned 25.90%/yr vs 129.64%/yr for BWET. At a 0.04 correlation, their price movements are largely independent. KSCOX charges 1.64%/yr vs 3.50%/yr for BWET.

Performance

KSCOX vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Small Cap Opportunities Fund (KSCOX) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSCOX achieves a 17.73% return, which is significantly lower than BWET's 875.88% return.

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%

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

KSCOX vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KSCOX Kinetics Small Cap Opportunities Fund	17.73%	-8.66%	68.42%	9.03%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%

Correlation

The correlation between KSCOX and BWET is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.04

The correlation between KSCOX and BWET shifts across timeframes, from -0.06 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

KSCOX vs. BWET — Risk / Return Rank

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

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

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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.

KSCOX vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Small Cap Opportunities Fund (KSCOX) and Breakwave Tanker Shipping ETF (BWET). 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.

	KSCOX	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.20	18.57	-18.37
Sortino ratio: Return per unit of downside risk	0.45	6.55	-6.10
Omega ratio: Gain probability vs. loss probability	1.06	1.96	-0.90
Calmar ratio: Return relative to maximum drawdown	0.28	59.51	-59.23
Martin ratio: Return relative to average drawdown	0.63	158.07	-157.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSCOX vs. BWET - Sharpe Ratio Comparison

The current KSCOX Sharpe Ratio is 0.20, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of KSCOX and BWET, 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

	KSCOX	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	18.57	-18.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.90	-1.32

Drawdowns

KSCOX vs. BWET - Drawdown Comparison

The maximum KSCOX drawdown since its inception was -70.09%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for KSCOX and BWET.

Drawdown Indicators

	KSCOX	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-70.09%	-56.90%	-13.19%
Max Drawdown (1Y) Largest decline over 1 year	-18.82%	-30.64%	+11.82%
Max Drawdown (3Y) Largest decline over 3 years	-33.10%	-56.90%	+23.80%
Max Drawdown (5Y) Largest decline over 5 years	-33.10%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.09%	—	—
Current Drawdown Current decline from peak	-19.24%	-11.29%	-7.95%
Average Drawdown Average peak-to-trough decline	-14.89%	-24.09%	+9.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.24%	11.51%	-3.27%

Volatility

KSCOX vs. BWET - Volatility Comparison

The current volatility for Kinetics Small Cap Opportunities Fund (KSCOX) is 6.04%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that KSCOX experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSCOX	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	33.96%	-27.92%
Volatility (6M) Calculated over the trailing 6-month period	21.67%	88.49%	-66.82%
Volatility (1Y) Calculated over the trailing 1-year period	25.88%	98.35%	-72.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	70.45%	-42.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	70.45%	-44.32%

KSCOX vs. BWET - Expense Ratio Comparison

KSCOX has a 1.64% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

KSCOX vs. BWET - Dividend Comparison

KSCOX's dividend yield for the trailing twelve months is around 0.15%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KSCOX Kinetics Small Cap Opportunities Fund	0.15%	0.18%	3.58%	6.71%	0.00%	1.67%

Frequently Asked Questions

Can I hold both KSCOX and BWET in my portfolio?

KSCOX and BWET have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSCOX or BWET?

BWET has higher volatility (33.96%) compared to KSCOX (6.04%). In terms of maximum drawdown, KSCOX dropped -70.09% vs BWET's -56.90%.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 0.20), 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.