KSCOX vs. HEFA
KSCOX (Kinetics Small Cap Opportunities Fund) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both funds - KSCOX is a Small Cap Growth Equities fund managed by Kinetics, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. Over the past 10 years, KSCOX returned 19.39%/yr vs 13.27%/yr for HEFA. At a 0.48 correlation, their price movements are largely independent. KSCOX charges 1.64%/yr vs 0.35%/yr for HEFA.
Performance
KSCOX vs. HEFA - Performance Comparison
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Returns By Period
In the year-to-date period, KSCOX achieves a 16.92% return, which is significantly higher than HEFA's 11.36% return. Over the past 10 years, KSCOX has outperformed HEFA with an annualized return of 19.39%, while HEFA has yielded a comparatively lower 13.27% annualized return.
KSCOX
- 1D
- -0.30%
- 1M
- -1.82%
- YTD
- 16.92%
- 6M
- 17.67%
- 1Y
- 3.51%
- 3Y*
- 25.95%
- 5Y*
- 13.81%
- 10Y*
- 19.39%
HEFA
- 1D
- 0.33%
- 1M
- 3.88%
- YTD
- 11.36%
- 6M
- 12.73%
- 1Y
- 28.01%
- 3Y*
- 18.32%
- 5Y*
- 13.57%
- 10Y*
- 13.27%
KSCOX vs. HEFA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KSCOX Kinetics Small Cap Opportunities Fund | 16.92% | -8.66% | 68.42% | -14.77% | 31.96% | 50.32% | 2.30% | 27.06% | 0.29% | 26.23% |
HEFA iShares Currency Hedged MSCI EAFE ETF | 11.36% | 24.58% | 13.71% | 20.33% | -4.86% | 19.59% | 2.09% | 27.63% | -9.33% | 16.67% |
Correlation
The correlation between KSCOX and HEFA is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014 | 0.48 |
The correlation between KSCOX and HEFA shifts across timeframes, from 0.30 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KSCOX vs. HEFA — Risk / Return Rank
KSCOX
HEFA
KSCOX vs. HEFA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kinetics Small Cap Opportunities Fund (KSCOX) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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 | HEFA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.38 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 2.81 | -2.60 |
| Martin ratioReturn relative to average drawdown | 0.47 | 11.78 | -11.31 |
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Drawdowns
KSCOX vs. HEFA - Drawdown Comparison
The maximum KSCOX drawdown since its inception was -70.09%, which is greater than HEFA's maximum drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for KSCOX and HEFA.
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Drawdown Indicators
| KSCOX | HEFA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.09% | -32.39% | -37.70% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -9.52% | -9.43% |
Max Drawdown (3Y)Largest decline over 3 years | -33.10% | -14.28% | -18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -33.10% | -14.79% | -18.31% |
Max Drawdown (10Y)Largest decline over 10 years | -47.09% | -32.39% | -14.70% |
Current DrawdownCurrent decline from peak | -19.79% | 0.00% | -19.79% |
Average DrawdownAverage peak-to-trough decline | -14.89% | -4.16% | -10.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.65% | 2.28% | +6.37% |
Volatility
KSCOX vs. HEFA - Volatility Comparison
Kinetics Small Cap Opportunities Fund (KSCOX) has a higher volatility of 7.96% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 4.55%. This indicates that KSCOX's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KSCOX | HEFA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.96% | 4.55% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 22.22% | 10.68% | +11.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.51% | 13.08% | +13.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.95% | 13.85% | +14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.18% | 15.86% | +10.32% |
KSCOX vs. HEFA - Expense Ratio Comparison
KSCOX has a 1.64% expense ratio, which is higher than HEFA's 0.35% expense ratio.
Dividends
KSCOX vs. HEFA - Dividend Comparison
KSCOX's dividend yield for the trailing twelve months is around 0.15%, less than HEFA's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEFA iShares Currency Hedged MSCI EAFE ETF | 3.95% | 4.40% | 3.09% | 3.02% | 25.14% | 3.06% | 2.10% | 7.56% | 4.58% | 2.55% | 3.17% | 3.54% |
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
KSCOX and HEFA have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSCOX has higher volatility (7.96%) compared to HEFA (4.55%). In terms of maximum drawdown, KSCOX dropped -70.09% vs HEFA's -32.39%.
HEFA currently has the higher Sharpe Ratio (2.05 vs 0.15), 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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