KSOAX vs. KMKAX

Last updated Jun 23, 2026

KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) and KMKAX (Kinetics Market Opportunities Fund) are both mutual funds - KSOAX is a Small Cap Growth Equities fund managed by Kinetics, while KMKAX is a Mid Cap Growth Equities fund managed by Kinetics. Over the past 10 years, KSOAX returned 18.55%/yr vs 18.72%/yr for KMKAX. Their correlation of 0.90 suggests significant overlap in exposure. KSOAX charges 1.89%/yr vs 1.65%/yr for KMKAX.

Performance

KSOAX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) and Kinetics Market Opportunities Fund (KMKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSOAX achieves a 13.32% return, which is significantly higher than KMKAX's 6.64% return. Both investments have delivered pretty close results over the past 10 years, with KSOAX having a 18.55% annualized return and KMKAX not far ahead at 18.72%.

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%

KMKAX

• 1D: 0.18%
• 1M: -9.71%
• YTD: 6.64%
• 6M: 4.18%
• 1Y: -2.47%
• 3Y*: 30.85%
• 5Y*: 14.05%
• 10Y*: 18.72%

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

KSOAX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
KMKAX Kinetics Market Opportunities Fund	6.64%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%

Correlation

The correlation between KSOAX and KMKAX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006	0.90

The correlation between KSOAX and KMKAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

KSOAX vs. KMKAX — Risk / Return Rank

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

KSOAX

KSOAX Risk / Return Rank: 3
KSOAX Sharpe Ratio Rank: 3
KSOAX Sortino Ratio Rank: 4
KSOAX Omega Ratio Rank: 4
KSOAX Calmar Ratio Rank: 3
KSOAX Martin Ratio Rank: 3

KMKAX

KMKAX Risk / Return Rank: 2
KMKAX Sharpe Ratio Rank: 2
KMKAX Sortino Ratio Rank: 2
KMKAX Omega Ratio Rank: 2
KMKAX Calmar Ratio Rank: 2
KMKAX Martin Ratio Rank: 2

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.

KSOAX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) and Kinetics Market Opportunities Fund (KMKAX). 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.

	KSOAX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	-0.10	+0.18
Sortino ratio: Return per unit of downside risk	0.29	0.02	+0.28
Omega ratio: Gain probability vs. loss probability	1.04	1.00	+0.04
Calmar ratio: Return relative to maximum drawdown	0.10	-0.12	+0.22
Martin ratio: Return relative to average drawdown	0.23	-0.32	+0.55

KSOAX vs. KMKAX - Sharpe Ratio Comparison

The current KSOAX Sharpe Ratio is 0.08, which is higher than the KMKAX Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of KSOAX and KMKAX, 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

KSOAX vs. KMKAX - Drawdown Comparison

The maximum KSOAX drawdown since its inception was -70.21%, which is greater than KMKAX's maximum drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for KSOAX and KMKAX.

Drawdown Indicators

	KSOAX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-70.21%	-65.57%	-4.64%
Max Drawdown (1Y) Largest decline over 1 year	-21.58%	-20.20%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-33.28%	-28.45%	-4.83%
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	-31.56%	-1.72%
Max Drawdown (10Y) Largest decline over 10 years	-47.11%	-31.56%	-15.55%
Current Drawdown Current decline from peak	-22.48%	-22.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-15.88%	-15.52%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.99%	7.79%	+1.20%

Volatility

KSOAX vs. KMKAX - Volatility Comparison

Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) has a higher volatility of 8.28% compared to Kinetics Market Opportunities Fund (KMKAX) at 7.16%. This indicates that KSOAX's price experiences larger fluctuations and is considered to be riskier than KMKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSOAX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.28%	7.16%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	22.23%	19.74%	+2.49%
Volatility (1Y) Calculated over the trailing 1-year period	26.74%	23.81%	+2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.97%	26.50%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.20%	23.69%	+2.51%

KSOAX vs. KMKAX - Expense Ratio Comparison

KSOAX has a 1.89% expense ratio, which is higher than KMKAX's 1.65% expense ratio.

Dividends

KSOAX vs. KMKAX - Dividend Comparison

KSOAX has not paid dividends to shareholders, while KMKAX's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	0.57%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	0.00%	0.00%	3.52%	6.72%	0.00%	1.41%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KSOAX and KMKAX in my portfolio?

With a correlation of 0.95, KSOAX and KMKAX 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.

Which is riskier, KSOAX or KMKAX?

KSOAX has higher volatility (8.28%) compared to KMKAX (7.16%). In terms of maximum drawdown, KSOAX dropped -70.21% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

KSOAX currently has the higher Sharpe Ratio (0.08 vs -0.10), 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.