LMGAX vs. KMKAX

Last updated Jun 24, 2026

LMGAX (Lord Abbett Growth Opportunities Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, LMGAX returned 12.89%/yr vs 18.90%/yr for KMKAX. A 0.61 correlation means they provide meaningful diversification when combined. LMGAX charges 1.06%/yr vs 1.65%/yr for KMKAX.

Performance

LMGAX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lord Abbett Growth Opportunities Fund (LMGAX) 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, LMGAX achieves a 21.30% return, which is significantly higher than KMKAX's 6.59% return. Over the past 10 years, LMGAX has underperformed KMKAX with an annualized return of 12.89%, while KMKAX has yielded a comparatively higher 18.90% annualized return.

LMGAX

• 1D: 1.38%
• 1M: 7.23%
• YTD: 21.30%
• 6M: 18.59%
• 1Y: 30.14%
• 3Y*: 22.73%
• 5Y*: 6.43%
• 10Y*: 12.89%

KMKAX

• 1D: -0.05%
• 1M: -9.76%
• YTD: 6.59%
• 6M: 4.86%
• 1Y: -1.60%
• 3Y*: 31.26%
• 5Y*: 13.64%
• 10Y*: 18.90%

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

LMGAX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMGAX Lord Abbett Growth Opportunities Fund	21.30%	13.38%	30.74%	10.80%	-32.59%	6.76%	40.17%	36.75%	-3.35%	22.94%
KMKAX Kinetics Market Opportunities Fund	6.59%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%

Correlation

The correlation between LMGAX and KMKAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006	0.61

Over the past year, the correlation between LMGAX and KMKAX has dropped to 0.35 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

LMGAX vs. KMKAX — Risk / Return Rank

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

LMGAX

LMGAX Risk / Return Rank: 25
LMGAX Sharpe Ratio Rank: 24
LMGAX Sortino Ratio Rank: 22
LMGAX Omega Ratio Rank: 23
LMGAX Calmar Ratio Rank: 31
LMGAX Martin Ratio Rank: 25

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.

LMGAX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lord Abbett Growth Opportunities Fund (LMGAX) 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.

	LMGAX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	-0.11	+1.38
Sortino ratio: Return per unit of downside risk	1.78	0.02	+1.77
Omega ratio: Gain probability vs. loss probability	1.23	1.00	+0.23
Calmar ratio: Return relative to maximum drawdown	1.97	-0.13	+2.09
Martin ratio: Return relative to average drawdown	5.62	-0.32	+5.94

LMGAX vs. KMKAX - Sharpe Ratio Comparison

The current LMGAX Sharpe Ratio is 1.28, which is higher than the KMKAX Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of LMGAX 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

LMGAX vs. KMKAX - Drawdown Comparison

The maximum LMGAX drawdown since its inception was -49.96%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for LMGAX and KMKAX.

Drawdown Indicators

	LMGAX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-49.96%	-65.57%	+15.61%
Max Drawdown (1Y) Largest decline over 1 year	-15.99%	-20.20%	+4.21%
Max Drawdown (3Y) Largest decline over 3 years	-31.19%	-28.45%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-42.72%	-31.56%	-11.16%
Max Drawdown (10Y) Largest decline over 10 years	-42.72%	-31.56%	-11.16%
Current Drawdown Current decline from peak	0.00%	-22.04%	+22.04%
Average Drawdown Average peak-to-trough decline	-12.77%	-15.52%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.58%	7.89%	-2.31%

Volatility

LMGAX vs. KMKAX - Volatility Comparison

Lord Abbett Growth Opportunities Fund (LMGAX) has a higher volatility of 8.92% compared to Kinetics Market Opportunities Fund (KMKAX) at 7.01%. This indicates that LMGAX'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

	LMGAX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	7.01%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	19.50%	19.59%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	24.66%	23.85%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.16%	26.50%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.85%	23.71%	+0.14%

LMGAX vs. KMKAX - Expense Ratio Comparison

LMGAX has a 1.06% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

LMGAX vs. KMKAX - Dividend Comparison

LMGAX's dividend yield for the trailing twelve months is around 6.25%, more than KMKAX's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
LMGAX Lord Abbett Growth Opportunities Fund	6.25%	7.59%	0.00%	0.00%	0.00%	18.94%	15.52%	5.62%	6.14%	9.04%	3.22%	13.75%

Frequently Asked Questions

Can I hold both LMGAX and KMKAX in my portfolio?

LMGAX and KMKAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMGAX or KMKAX?

LMGAX has higher volatility (8.92%) compared to KMKAX (7.01%). In terms of maximum drawdown, LMGAX dropped -49.96% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

LMGAX currently has the higher Sharpe Ratio (1.28 vs -0.11), 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.