KSOAX vs. XLK

Last updated Aug 1, 2026

KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) and XLK (State Street Technology Select Sector SPDR ETF) are both funds - KSOAX is a Small Cap Growth Equities fund managed by Kinetics, while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Over the past 10 years, KSOAX returned 19.27%/yr vs 23.77%/yr for XLK. Their 0.52 correlation means they have sometimes moved together and sometimes differently. KSOAX charges 1.89%/yr vs 0.08%/yr for XLK.

Performance

KSOAX vs. XLK - 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 State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSOAX achieves a 21.01% return, which is significantly lower than XLK's 22.09% return. Over the past 10 years, KSOAX has underperformed XLK with an annualized return of 19.27%, while XLK has yielded a comparatively higher 23.77% annualized return.

KSOAX

• 1D: 0.90%
• 1M: -1.34%
• 6M: 6.83%
• YTD: 21.01%
• 1Y: 16.13%
• 3Y*: 24.16%
• 5Y*: 14.63%
• 10Y*: 19.27%
• ALL TIME*: 11.79%

XLK

• 1D: -0.22%
• 1M: -2.90%
• 6M: 22.17%
• YTD: 22.09%
• 1Y: 37.14%
• 3Y*: 26.04%
• 5Y*: 18.87%
• 10Y*: 23.77%
• ALL TIME*: 10.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	$0.00	$0.00	$0.00
XLK State Street Technology Select Sector SPDR ETF	$1.61B	$1.67B	$2.22B

KSOAX vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	21.01%	-8.89%	68.00%	-14.98%	31.64%	49.94%	2.04%	26.72%	0.00%	25.94%
XLK State Street Technology Select Sector SPDR ETF	22.09%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%

Correlation

The correlation between KSOAX and XLK is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (10Y) Provides a long-term view across more market conditions.	0.38
Correlation (All Time) Calculated using the full available price history since Dec 27, 2001	0.52

Over the past year, the correlation between KSOAX and XLK has dropped to 0.25 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

KSOAX vs. XLK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KSOAX

KSOAX Risk / Return Rank: 12
KSOAX Sharpe Ratio Rank: 12
KSOAX Sortino Ratio Rank: 13
KSOAX Omega Ratio Rank: 14
KSOAX Calmar Ratio Rank: 12
KSOAX Martin Ratio Rank: 11

XLK

XLK Risk / Return Rank: 55
XLK Sharpe Ratio Rank: 57
XLK Sortino Ratio Rank: 53
XLK Omega Ratio Rank: 52
XLK Calmar Ratio Rank: 62
XLK Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KSOAX vs. XLK - 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 State Street Technology Select Sector SPDR ETF (XLK). 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	XLK	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.34	-0.89
Sortino ratio: Return per unit of downside risk	0.80	1.85	-1.05
Omega ratio: Gain probability vs. loss probability	1.10	1.23	-0.13
Calmar ratio: Return relative to maximum drawdown	0.58	2.16	-1.58
Martin ratio: Return relative to average drawdown	1.31	5.85	-4.55

KSOAX vs. XLK - Sharpe Ratio Comparison

The current KSOAX Sharpe Ratio is 0.45, which is lower than the XLK Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of KSOAX and XLK, 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. XLK - Drawdown Comparison

The maximum KSOAX drawdown since its inception was -70.21%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for KSOAX and XLK.

Drawdown Indicators

	KSOAX	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-70.21%	-82.05%	+11.84%
Max Drawdown (1Y) Largest decline over 1 year	-21.60%	-15.92%	-5.68%
Max Drawdown (3Y) Largest decline over 3 years	-33.28%	-25.66%	-7.62%
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	-33.56%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	-47.11%	-33.56%	-13.55%
Current Drawdown Current decline from peak	-17.22%	-11.43%	-5.79%
Average Drawdown Average peak-to-trough decline	-15.88%	-34.80%	+18.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.64%	5.86%	+3.78%

Volatility

KSOAX vs. XLK - Volatility Comparison

The current volatility for Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) is 7.17%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 9.58%. This indicates that KSOAX experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSOAX	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.17%	9.58%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	22.35%	21.81%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.68%	25.59%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.02%	25.75%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.32%	24.90%	+1.42%

KSOAX vs. XLK - Expense Ratio Comparison

KSOAX has a 1.89% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

KSOAX vs. XLK - Dividend Comparison

KSOAX has not paid dividends to shareholders, while XLK's dividend yield for the trailing twelve months is around 0.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
XLK State Street Technology Select Sector SPDR ETF	0.45%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both KSOAX and XLK in my portfolio?

KSOAX and XLK have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSOAX or XLK?

XLK has higher volatility (9.58%) compared to KSOAX (7.17%). In terms of maximum drawdown, KSOAX dropped -70.21% vs XLK's -82.05%.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (1.34 vs 0.45), 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.