KSCOX vs. DMCRX

Last updated Aug 1, 2026

KSCOX (Kinetics Small Cap Opportunities Fund) and DMCRX (Driehaus Micro Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, KSCOX returned 19.57%/yr vs 20.71%/yr for DMCRX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. KSCOX charges 1.64%/yr vs 1.38%/yr for DMCRX.

Performance

KSCOX vs. DMCRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Small Cap Opportunities Fund (KSCOX) and Driehaus Micro Cap Growth Fund (DMCRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSCOX achieves a 21.18% return, which is significantly higher than DMCRX's 19.65% return. Over the past 10 years, KSCOX has underperformed DMCRX with an annualized return of 19.57%, while DMCRX has yielded a comparatively higher 20.71% annualized return.

KSCOX

• 1D: 0.90%
• 1M: -1.33%
• 6M: 6.96%
• YTD: 21.18%
• 1Y: 16.41%
• 3Y*: 24.47%
• 5Y*: 14.92%
• 10Y*: 19.57%
• ALL TIME*: 12.75%

DMCRX

• 1D: 3.45%
• 1M: -6.39%
• 6M: 13.29%
• YTD: 19.65%
• 1Y: 61.22%
• 3Y*: 25.66%
• 5Y*: 10.01%
• 10Y*: 20.71%
• ALL TIME*: 18.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DMCRX Driehaus Micro Cap Growth Fund	$0.00	$0.00	$0.00
KSCOX Kinetics Small Cap Opportunities Fund	$0.00	$0.00	$0.00

KSCOX vs. DMCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KSCOX Kinetics Small Cap Opportunities Fund	21.18%	-8.66%	68.42%	-14.77%	31.96%	50.32%	2.30%	27.06%	0.29%	26.23%
DMCRX Driehaus Micro Cap Growth Fund	19.65%	31.17%	30.58%	11.47%	-33.54%	22.23%	86.43%	34.03%	2.52%	24.35%

Correlation

The correlation between KSCOX and DMCRX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.42
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013	0.53

Over the past year, the correlation between KSCOX and DMCRX has dropped to 0.32 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

KSCOX vs. DMCRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KSCOX

KSCOX Risk / Return Rank: 13
KSCOX Sharpe Ratio Rank: 12
KSCOX Sortino Ratio Rank: 14
KSCOX Omega Ratio Rank: 15
KSCOX Calmar Ratio Rank: 13
KSCOX Martin Ratio Rank: 11

DMCRX

DMCRX Risk / Return Rank: 82
DMCRX Sharpe Ratio Rank: 82
DMCRX Sortino Ratio Rank: 73
DMCRX Omega Ratio Rank: 72
DMCRX Calmar Ratio Rank: 94
DMCRX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KSCOX vs. DMCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Small Cap Opportunities Fund (KSCOX) and Driehaus Micro Cap Growth Fund (DMCRX). 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.

	KSCOX	DMCRX	Difference
Sharpe ratio: Return per unit of total volatility	0.46	1.95	-1.49
Sortino ratio: Return per unit of downside risk	0.81	2.47	-1.65
Omega ratio: Gain probability vs. loss probability	1.11	1.31	-0.20
Calmar ratio: Return relative to maximum drawdown	0.60	3.86	-3.27
Martin ratio: Return relative to average drawdown	1.34	12.20	-10.86

KSCOX vs. DMCRX - Sharpe Ratio Comparison

The current KSCOX Sharpe Ratio is 0.46, which is lower than the DMCRX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of KSCOX and DMCRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KSCOX vs. DMCRX - Drawdown Comparison

The maximum KSCOX drawdown since its inception was -70.09%, which is greater than DMCRX's maximum drawdown of -46.68%. Use the drawdown chart below to compare losses from any high point for KSCOX and DMCRX.

Drawdown Indicators

	KSCOX	DMCRX	Difference
Max Drawdown Largest peak-to-trough decline	-70.09%	-46.68%	-23.41%
Max Drawdown (1Y) Largest decline over 1 year	-21.54%	-15.46%	-6.08%
Max Drawdown (3Y) Largest decline over 3 years	-33.10%	-34.92%	+1.82%
Max Drawdown (5Y) Largest decline over 5 years	-33.10%	-46.68%	+13.58%
Max Drawdown (10Y) Largest decline over 10 years	-47.09%	-46.68%	-0.41%
Current Drawdown Current decline from peak	-16.87%	-10.71%	-6.16%
Average Drawdown Average peak-to-trough decline	-14.90%	-14.71%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.61%	4.88%	+4.73%

Volatility

KSCOX vs. DMCRX - Volatility Comparison

The current volatility for Kinetics Small Cap Opportunities Fund (KSCOX) is 7.17%, while Driehaus Micro Cap Growth Fund (DMCRX) has a volatility of 9.43%. This indicates that KSCOX experiences smaller price fluctuations and is considered to be less risky than DMCRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSCOX	DMCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.17%	9.43%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	22.34%	23.94%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	27.67%	30.55%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.02%	28.79%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.32%	28.12%	-1.80%

KSCOX vs. DMCRX - Expense Ratio Comparison

KSCOX has a 1.64% expense ratio, which is higher than DMCRX's 1.38% expense ratio.

Dividends

KSCOX vs. DMCRX - Dividend Comparison

KSCOX's dividend yield for the trailing twelve months is around 0.15%, less than DMCRX's 11.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMCRX Driehaus Micro Cap Growth Fund	11.47%	13.72%	3.86%	0.87%	8.20%	48.23%	19.79%	14.70%	33.22%	8.91%	0.00%	4.20%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSCOX and DMCRX in my portfolio?

KSCOX and DMCRX have a correlation of 0.32, 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 DMCRX?

DMCRX has higher volatility (9.43%) compared to KSCOX (7.17%). In terms of maximum drawdown, KSCOX dropped -70.09% vs DMCRX's -46.68%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (1.95 vs 0.46), 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.