LMOIX vs. KSCOX

Last updated Jun 4, 2026

LMOIX (ClearBridge Small Cap Growth Fund Class IS) and KSCOX (Kinetics Small Cap Opportunities Fund) are both Small Cap Growth Equities funds. Over the past 10 years, LMOIX returned 12.20%/yr vs 19.27%/yr for KSCOX. A 0.64 correlation means they provide meaningful diversification when combined. LMOIX charges 0.78%/yr vs 1.64%/yr for KSCOX.

Performance

LMOIX vs. KSCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Small Cap Growth Fund Class IS (LMOIX) and Kinetics Small Cap Opportunities Fund (KSCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMOIX achieves a 12.73% return, which is significantly lower than KSCOX's 17.73% return. Over the past 10 years, LMOIX has underperformed KSCOX with an annualized return of 12.20%, while KSCOX has yielded a comparatively higher 19.27% annualized return.

LMOIX

• 1D: 0.52%
• 1M: 1.42%
• YTD: 12.73%
• 6M: 10.98%
• 1Y: 25.26%
• 3Y*: 14.10%
• 5Y*: 2.55%
• 10Y*: 12.20%

KSCOX

• 1D: 0.37%
• 1M: -7.02%
• YTD: 17.73%
• 6M: 13.43%
• 1Y: 4.10%
• 3Y*: 25.90%
• 5Y*: 14.50%
• 10Y*: 19.27%

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

LMOIX vs. KSCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMOIX ClearBridge Small Cap Growth Fund Class IS	12.73%	9.91%	12.06%	9.12%	-28.55%	12.53%	44.09%	25.86%	4.22%	25.50%
KSCOX Kinetics Small Cap Opportunities Fund	17.73%	-8.66%	68.42%	-14.77%	31.96%	50.32%	2.30%	27.06%	0.29%	26.23%

Correlation

The correlation between LMOIX and KSCOX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Aug 5, 2008	0.64

Over the past year, the correlation between LMOIX and KSCOX has dropped to 0.39 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

LMOIX vs. KSCOX — Risk / Return Rank

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

LMOIX

LMOIX Risk / Return Rank: 24
LMOIX Sharpe Ratio Rank: 21
LMOIX Sortino Ratio Rank: 20
LMOIX Omega Ratio Rank: 19
LMOIX Calmar Ratio Rank: 28
LMOIX Martin Ratio Rank: 31

KSCOX

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

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.

LMOIX vs. KSCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Small Cap Growth Fund Class IS (LMOIX) 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.

	LMOIX	KSCOX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.20	+1.13
Sortino ratio: Return per unit of downside risk	1.89	0.45	+1.44
Omega ratio: Gain probability vs. loss probability	1.23	1.06	+0.17
Calmar ratio: Return relative to maximum drawdown	1.97	0.28	+1.69
Martin ratio: Return relative to average drawdown	7.11	0.63	+6.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMOIX vs. KSCOX - Sharpe Ratio Comparison

The current LMOIX Sharpe Ratio is 1.33, which is higher than the KSCOX Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of LMOIX and KSCOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LMOIX	KSCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.20	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.52	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.74	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.58	-0.14

Drawdowns

LMOIX vs. KSCOX - Drawdown Comparison

The maximum LMOIX drawdown since its inception was -51.02%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for LMOIX and KSCOX.

Drawdown Indicators

	LMOIX	KSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-51.02%	-70.09%	+19.07%
Max Drawdown (1Y) Largest decline over 1 year	-13.78%	-18.82%	+5.04%
Max Drawdown (3Y) Largest decline over 3 years	-26.22%	-33.10%	+6.88%
Max Drawdown (5Y) Largest decline over 5 years	-41.74%	-33.10%	-8.64%
Max Drawdown (10Y) Largest decline over 10 years	-41.74%	-47.09%	+5.35%
Current Drawdown Current decline from peak	-0.03%	-19.24%	+19.21%
Average Drawdown Average peak-to-trough decline	-12.38%	-14.89%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	8.24%	-4.43%

Volatility

LMOIX vs. KSCOX - Volatility Comparison

The current volatility for ClearBridge Small Cap Growth Fund Class IS (LMOIX) is 5.62%, while Kinetics Small Cap Opportunities Fund (KSCOX) has a volatility of 6.04%. This indicates that LMOIX experiences smaller price fluctuations and is considered to be less risky than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMOIX	KSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	6.04%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	21.67%	-5.84%
Volatility (1Y) Calculated over the trailing 1-year period	20.35%	25.88%	-5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	27.83%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.79%	26.13%	-2.34%

LMOIX vs. KSCOX - Expense Ratio Comparison

LMOIX has a 0.78% expense ratio, which is lower than KSCOX's 1.64% expense ratio.

Dividends

LMOIX vs. KSCOX - Dividend Comparison

LMOIX's dividend yield for the trailing twelve months is around 15.05%, more than KSCOX's 0.15% 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%
LMOIX ClearBridge Small Cap Growth Fund Class IS	15.05%	16.96%	14.66%	0.38%	0.00%	10.44%	6.31%	6.91%	14.40%	3.30%	2.82%	1.18%

Frequently Asked Questions

Can I hold both LMOIX and KSCOX in my portfolio?

LMOIX and KSCOX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMOIX or KSCOX?

KSCOX has higher volatility (6.04%) compared to LMOIX (5.62%). In terms of maximum drawdown, LMOIX dropped -51.02% vs KSCOX's -70.09%.

Which has better risk-adjusted returns?

LMOIX currently has the higher Sharpe Ratio (1.33 vs 0.20), 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.