KSCOX vs. KSOAX
KSCOX (Kinetics Small Cap Opportunities Fund) and KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) are both Small Cap Growth Equities funds from Kinetics. Over the past 10 years, KSCOX returned 18.85%/yr vs 18.55%/yr for KSOAX. With a 1.00 correlation, they move nearly in lockstep. KSCOX charges 1.64%/yr vs 1.89%/yr for KSOAX.
Performance
KSCOX vs. KSOAX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with KSCOX having a 13.44% return and KSOAX slightly lower at 13.32%. Both investments have delivered pretty close results over the past 10 years, with KSCOX having a 18.85% annualized return and KSOAX not far behind at 18.55%.
KSCOX
- 1D
- 0.21%
- 1M
- -8.43%
- YTD
- 13.44%
- 6M
- 10.04%
- 1Y
- 2.37%
- 3Y*
- 24.33%
- 5Y*
- 13.50%
- 10Y*
- 18.85%
KSOAX
- 1D
- 0.22%
- 1M
- -8.44%
- YTD
- 13.32%
- 6M
- 9.91%
- 1Y
- 2.12%
- 3Y*
- 24.02%
- 5Y*
- 13.22%
- 10Y*
- 18.55%
KSCOX vs. KSOAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KSCOX Kinetics Small Cap Opportunities Fund | 13.44% | -8.66% | 68.42% | -14.77% | 31.96% | 50.32% | 2.30% | 27.06% | 0.29% | 26.23% |
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A | 13.32% | -8.89% | 68.00% | -14.98% | 31.64% | 49.94% | 2.04% | 26.72% | 0.00% | 25.94% |
Correlation
The correlation between KSCOX and KSOAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2001 | 1.00 |
The correlation between KSCOX and KSOAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
KSCOX vs. KSOAX — Risk / Return Rank
KSCOX
KSOAX
KSCOX vs. KSOAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kinetics Small Cap Opportunities Fund (KSCOX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). 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 | KSOAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.04 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 0.10 | +0.01 |
| Martin ratioReturn relative to average drawdown | 0.26 | 0.23 | +0.03 |
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Drawdowns
KSCOX vs. KSOAX - Drawdown Comparison
The maximum KSCOX drawdown since its inception was -70.09%, roughly equal to the maximum KSOAX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for KSCOX and KSOAX.
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Drawdown Indicators
| KSCOX | KSOAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.09% | -70.21% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -21.52% | -21.58% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -33.10% | -33.28% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -33.10% | -33.28% | +0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -47.09% | -47.11% | +0.02% |
Current DrawdownCurrent decline from peak | -22.18% | -22.48% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -14.90% | -15.88% | +0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.95% | 8.99% | -0.04% |
Volatility
KSCOX vs. KSOAX - Volatility Comparison
Kinetics Small Cap Opportunities Fund (KSCOX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) have volatilities of 8.28% and 8.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KSCOX | KSOAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 8.28% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 22.22% | 22.23% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.73% | 26.74% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.96% | 27.97% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.20% | 26.20% | 0.00% |
KSCOX vs. KSOAX - Expense Ratio Comparison
KSCOX has a 1.64% expense ratio, which is lower than KSOAX's 1.89% expense ratio.
Dividends
KSCOX vs. KSOAX - Dividend Comparison
KSCOX's dividend yield for the trailing twelve months is around 0.16%, while KSOAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
KSCOX Kinetics Small Cap Opportunities Fund | 0.16% | 0.18% | 3.58% | 6.71% | 0.00% | 1.67% |
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A | 0.00% | 0.00% | 3.52% | 6.72% | 0.00% | 1.41% |
Frequently Asked Questions
With a correlation of 1.00, KSCOX and KSOAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
KSOAX has higher volatility (8.28%) compared to KSCOX (8.28%). In terms of maximum drawdown, KSCOX dropped -70.09% vs KSOAX's -70.21%.
KSCOX currently has the higher Sharpe Ratio (0.09 vs 0.08), 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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