KSCOX vs. SMH

Last updated Jun 13, 2026

KSCOX (Kinetics Small Cap Opportunities Fund) and SMH (VanEck Semiconductor ETF) are both funds - KSCOX is a Small Cap Growth Equities fund managed by Kinetics, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, KSCOX returned 19.39%/yr vs 37.49%/yr for SMH. At a 0.49 correlation, their price movements are largely independent. KSCOX charges 1.64%/yr vs 0.35%/yr for SMH.

Performance

KSCOX vs. SMH - Performance Comparison

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

Returns By Period

In the year-to-date period, KSCOX achieves a 16.92% return, which is significantly lower than SMH's 72.15% return. Over the past 10 years, KSCOX has underperformed SMH with an annualized return of 19.39%, while SMH has yielded a comparatively higher 37.49% 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%

SMH

• 1D: 1.72%
• 1M: 11.44%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 141.99%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

KSCOX vs. SMH - 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%
SMH VanEck Semiconductor ETF	72.15%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between KSCOX and SMH 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	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.49

The correlation between KSCOX and SMH shifts across timeframes, from 0.30 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KSCOX vs. SMH — Risk / Return Rank

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

KSCOX

KSCOX Risk / Return Rank: 5
KSCOX Sharpe Ratio Rank: 5
KSCOX Sortino Ratio Rank: 6
KSCOX Omega Ratio Rank: 6
KSCOX Calmar Ratio Rank: 5
KSCOX Martin Ratio Rank: 5

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Small Cap Opportunities Fund (KSCOX) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.15	4.13	-3.98
Sortino ratio: Return per unit of downside risk	0.39	4.26	-3.87
Omega ratio: Gain probability vs. loss probability	1.05	1.60	-0.55
Calmar ratio: Return relative to maximum drawdown	0.21	9.18	-8.97
Martin ratio: Return relative to average drawdown	0.47	33.74	-33.27

KSCOX vs. SMH - Sharpe Ratio Comparison

The current KSCOX Sharpe Ratio is 0.15, which is lower than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of KSCOX and SMH, 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. SMH - Drawdown Comparison

The maximum KSCOX drawdown since its inception was -70.09%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for KSCOX and SMH.

Drawdown Indicators

	KSCOX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-70.09%	-84.96%	+14.87%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-14.93%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-33.10%	-35.74%	+2.64%
Max Drawdown (5Y) Largest decline over 5 years	-33.10%	-45.30%	+12.20%
Max Drawdown (10Y) Largest decline over 10 years	-47.09%	-45.30%	-1.79%
Current Drawdown Current decline from peak	-19.79%	-2.81%	-16.98%
Average Drawdown Average peak-to-trough decline	-14.89%	-41.04%	+26.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.65%	4.06%	+4.59%

Volatility

KSCOX vs. SMH - Volatility Comparison

The current volatility for Kinetics Small Cap Opportunities Fund (KSCOX) is 7.96%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that KSCOX experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSCOX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	16.25%	-8.29%
Volatility (6M) Calculated over the trailing 6-month period	22.22%	27.73%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	26.51%	33.20%	-6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.95%	35.47%	-7.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.18%	32.82%	-6.64%

KSCOX vs. SMH - Expense Ratio Comparison

KSCOX has a 1.64% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

KSCOX vs. SMH - Dividend Comparison

KSCOX's dividend yield for the trailing twelve months is around 0.15%, less than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both KSCOX and SMH in my portfolio?

KSCOX and SMH 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.

Which is riskier, KSCOX or SMH?

SMH has higher volatility (16.25%) compared to KSCOX (7.96%). In terms of maximum drawdown, KSCOX dropped -70.09% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.13 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.