KSOAX vs. KSCOX
KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) and KSCOX (Kinetics Small Cap Opportunities Fund) are both Small Cap Growth Equities funds from Kinetics. Over the past 10 years, KSOAX returned 18.82%/yr vs 19.13%/yr for KSCOX. With a 1.00 correlation, they move nearly in lockstep. KSOAX charges 1.89%/yr vs 1.64%/yr for KSCOX.
Performance
KSOAX vs. KSCOX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with KSOAX having a 13.05% return and KSCOX slightly higher at 13.17%. Both investments have delivered pretty close results over the past 10 years, with KSOAX having a 18.82% annualized return and KSCOX not far ahead at 19.13%.
KSOAX
- 1D
- -0.24%
- 1M
- -8.66%
- YTD
- 13.05%
- 6M
- 10.61%
- 1Y
- 3.33%
- 3Y*
- 25.05%
- 5Y*
- 12.43%
- 10Y*
- 18.82%
KSCOX
- 1D
- -0.23%
- 1M
- -8.65%
- YTD
- 13.17%
- 6M
- 10.75%
- 1Y
- 3.59%
- 3Y*
- 25.36%
- 5Y*
- 12.71%
- 10Y*
- 19.13%
KSOAX vs. KSCOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A | 13.05% | -8.89% | 68.00% | -14.98% | 31.64% | 49.94% | 2.04% | 26.72% | 0.00% | 25.94% |
KSCOX Kinetics Small Cap Opportunities Fund | 13.17% | -8.66% | 68.42% | -14.77% | 31.96% | 50.32% | 2.30% | 27.06% | 0.29% | 26.23% |
Correlation
The correlation between KSOAX and KSCOX 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 KSOAX and KSCOX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
KSOAX vs. KSCOX — Risk / Return Rank
KSOAX
KSCOX
KSOAX vs. KSCOX - 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 Small Cap Opportunities Fund (KSCOX). 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 | KSCOX | 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 | 0.09 | 0.10 | -0.01 |
| Martin ratioReturn relative to average drawdown | 0.21 | 0.24 | -0.03 |
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Drawdowns
KSOAX vs. KSCOX - Drawdown Comparison
The maximum KSOAX drawdown since its inception was -70.21%, roughly equal to the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for KSOAX and KSCOX.
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Drawdown Indicators
| KSOAX | KSCOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.21% | -70.09% | -0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -21.60% | -21.54% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -33.28% | -33.10% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -33.28% | -33.10% | -0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -47.11% | -47.09% | -0.02% |
Current DrawdownCurrent decline from peak | -22.66% | -22.36% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -15.88% | -14.90% | -0.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.09% | 9.05% | +0.04% |
Volatility
KSOAX vs. KSCOX - Volatility Comparison
Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) and Kinetics Small Cap Opportunities Fund (KSCOX) have volatilities of 8.10% and 8.09%, 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
| KSOAX | KSCOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 8.09% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 21.96% | 21.95% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.79% | 26.78% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.95% | 27.95% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.22% | 26.22% | 0.00% |
KSOAX vs. KSCOX - Expense Ratio Comparison
KSOAX has a 1.89% expense ratio, which is higher than KSCOX's 1.64% expense ratio.
Dividends
KSOAX vs. KSCOX - Dividend Comparison
KSOAX has not paid dividends to shareholders, while KSCOX's dividend yield for the trailing twelve months is around 0.16%.
| 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, KSOAX and KSCOX 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 (8.10%) compared to KSCOX (8.09%). In terms of maximum drawdown, KSOAX dropped -70.21% vs KSCOX's -70.09%.
KSCOX currently has the higher Sharpe Ratio (0.08 vs 0.07), 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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