LSHAX vs. KMKAX

Last updated Jun 24, 2026

LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds from Kinetics. Over the past 10 years, LSHAX returned 16.86%/yr vs 18.90%/yr for KMKAX. Their correlation of 0.86 suggests significant overlap in exposure. LSHAX charges 1.68%/yr vs 1.65%/yr for KMKAX.

Performance

LSHAX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) 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, LSHAX achieves a 22.50% return, which is significantly higher than KMKAX's 6.59% return. Over the past 10 years, LSHAX has underperformed KMKAX with an annualized return of 16.86%, while KMKAX has yielded a comparatively higher 18.90% annualized return.

LSHAX

• 1D: 0.82%
• 1M: -9.69%
• YTD: 22.50%
• 6M: 18.86%
• 1Y: 3.34%
• 3Y*: 27.08%
• 5Y*: 11.73%
• 10Y*: 16.86%

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)

LSHAX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	22.50%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	15.65%
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 LSHAX and KMKAX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.86

The correlation between LSHAX and KMKAX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

LSHAX vs. KMKAX — Risk / Return Rank

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

LSHAX

LSHAX Risk / Return Rank: 3
LSHAX Sharpe Ratio Rank: 3
LSHAX Sortino Ratio Rank: 4
LSHAX Omega Ratio Rank: 4
LSHAX Calmar Ratio Rank: 3
LSHAX 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.

LSHAX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) 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.

	LSHAX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	0.02	-0.11	+0.13
Sortino ratio: Return per unit of downside risk	0.30	0.02	+0.29
Omega ratio: Gain probability vs. loss probability	1.04	1.00	+0.04
Calmar ratio: Return relative to maximum drawdown	0.03	-0.13	+0.15
Martin ratio: Return relative to average drawdown	0.06	-0.32	+0.38

LSHAX vs. KMKAX - Sharpe Ratio Comparison

The current LSHAX Sharpe Ratio is 0.02, which is higher than the KMKAX Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of LSHAX 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

LSHAX vs. KMKAX - Drawdown Comparison

The maximum LSHAX drawdown since its inception was -69.03%, which is greater than KMKAX's maximum drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for LSHAX and KMKAX.

Drawdown Indicators

	LSHAX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.03%	-65.57%	-3.46%
Max Drawdown (1Y) Largest decline over 1 year	-28.39%	-20.20%	-8.19%
Max Drawdown (3Y) Largest decline over 3 years	-45.79%	-28.45%	-17.34%
Max Drawdown (5Y) Largest decline over 5 years	-45.79%	-31.56%	-14.23%
Max Drawdown (10Y) Largest decline over 10 years	-50.78%	-31.56%	-19.22%
Current Drawdown Current decline from peak	-31.11%	-22.04%	-9.07%
Average Drawdown Average peak-to-trough decline	-21.95%	-15.52%	-6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.55%	7.89%	+5.66%

Volatility

LSHAX vs. KMKAX - Volatility Comparison

Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a higher volatility of 11.66% compared to Kinetics Market Opportunities Fund (KMKAX) at 7.01%. This indicates that LSHAX'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

	LSHAX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.66%	7.01%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	30.07%	19.59%	+10.48%
Volatility (1Y) Calculated over the trailing 1-year period	38.43%	23.85%	+14.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.42%	26.50%	+7.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.82%	23.71%	+7.11%

LSHAX vs. KMKAX - Expense Ratio Comparison

LSHAX has a 1.68% expense ratio, which is higher than KMKAX's 1.65% expense ratio.

Dividends

LSHAX vs. KMKAX - Dividend Comparison

LSHAX's dividend yield for the trailing twelve months is around 9.46%, more than KMKAX's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	9.46%	11.59%	4.66%	9.40%	1.76%	0.11%	0.53%	0.00%	4.85%	3.94%	1.84%

Frequently Asked Questions

Can I hold both LSHAX and KMKAX in my portfolio?

With a correlation of 0.90, LSHAX 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, LSHAX or KMKAX?

LSHAX has higher volatility (11.66%) compared to KMKAX (7.01%). In terms of maximum drawdown, LSHAX dropped -69.03% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

LSHAX currently has the higher Sharpe Ratio (0.02 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.