LSHAX vs. KMKNX

Last updated Jun 4, 2026

LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) and KMKNX (Kinetics Market Opportunities Fund No Load Class) are both Mid Cap Growth Equities funds from Kinetics. Over the past 10 years, LSHAX returned 17.06%/yr vs 19.45%/yr for KMKNX. Their correlation of 0.86 suggests significant overlap in exposure. LSHAX charges 1.68%/yr vs 1.40%/yr for KMKNX.

Performance

LSHAX vs. KMKNX - 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 No Load Class (KMKNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSHAX achieves a 26.72% return, which is significantly higher than KMKNX's 10.78% return. Over the past 10 years, LSHAX has underperformed KMKNX with an annualized return of 17.06%, while KMKNX has yielded a comparatively higher 19.45% annualized return.

LSHAX

• 1D: 0.86%
• 1M: -10.88%
• YTD: 26.72%
• 6M: 19.50%
• 1Y: 0.59%
• 3Y*: 26.86%
• 5Y*: 13.80%
• 10Y*: 17.06%

KMKNX

• 1D: -0.44%
• 1M: -8.85%
• YTD: 10.78%
• 6M: 7.36%
• 1Y: -0.78%
• 3Y*: 32.82%
• 5Y*: 15.13%
• 10Y*: 19.45%

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

LSHAX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	26.72%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	15.65%
KMKNX Kinetics Market Opportunities Fund No Load Class	10.78%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%

Correlation

The correlation between LSHAX and KMKNX 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	0.84
Correlation (All Time) Calculated using the full available price history since May 14, 2007	0.86

The correlation between LSHAX and KMKNX has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

Return for Risk

LSHAX vs. KMKNX — 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: 3
LSHAX Omega Ratio Rank: 4
LSHAX Calmar Ratio Rank: 3
LSHAX Martin Ratio Rank: 3

KMKNX

KMKNX Risk / Return Rank: 3
KMKNX Sharpe Ratio Rank: 3
KMKNX Sortino Ratio Rank: 3
KMKNX Omega Ratio Rank: 3
KMKNX Calmar Ratio Rank: 3
KMKNX Martin Ratio Rank: 3

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. KMKNX - 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 No Load Class (KMKNX). 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.

	LSHAX	KMKNX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.01	+0.04
Sortino ratio: Return per unit of downside risk	0.33	0.17	+0.16
Omega ratio: Gain probability vs. loss probability	1.04	1.02	+0.02
Calmar ratio: Return relative to maximum drawdown	0.08	0.01	+0.07
Martin ratio: Return relative to average drawdown	0.14	0.03	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LSHAX vs. KMKNX - Sharpe Ratio Comparison

The current LSHAX Sharpe Ratio is 0.05, which is higher than the KMKNX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of LSHAX and KMKNX, 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

	LSHAX	KMKNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.01	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.58	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.83	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.55	-0.24

Drawdowns

LSHAX vs. KMKNX - Drawdown Comparison

The maximum LSHAX drawdown since its inception was -69.03%, which is greater than KMKNX's maximum drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for LSHAX and KMKNX.

Drawdown Indicators

	LSHAX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-69.03%	-65.47%	-3.56%
Max Drawdown (1Y) Largest decline over 1 year	-25.71%	-16.99%	-8.72%
Max Drawdown (3Y) Largest decline over 3 years	-45.79%	-28.27%	-17.52%
Max Drawdown (5Y) Largest decline over 5 years	-45.79%	-31.47%	-14.32%
Max Drawdown (10Y) Largest decline over 10 years	-50.78%	-31.47%	-19.31%
Current Drawdown Current decline from peak	-28.74%	-18.76%	-9.98%
Average Drawdown Average peak-to-trough decline	-21.94%	-15.28%	-6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.18%	6.89%	+7.29%

Volatility

LSHAX vs. KMKNX - Volatility Comparison

Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a higher volatility of 8.41% compared to Kinetics Market Opportunities Fund No Load Class (KMKNX) at 5.22%. This indicates that LSHAX's price experiences larger fluctuations and is considered to be riskier than KMKNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSHAX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	5.22%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	29.96%	19.34%	+10.62%
Volatility (1Y) Calculated over the trailing 1-year period	37.15%	23.11%	+14.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.19%	26.39%	+7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.66%	23.63%	+7.03%

LSHAX vs. KMKNX - Expense Ratio Comparison

LSHAX has a 1.68% expense ratio, which is higher than KMKNX's 1.40% expense ratio.

Dividends

LSHAX vs. KMKNX - Dividend Comparison

LSHAX's dividend yield for the trailing twelve months is around 9.15%, more than KMKNX's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
KMKNX Kinetics Market Opportunities Fund No Load Class	0.60%	0.66%	0.81%	0.87%	1.36%	1.56%	0.26%	0.33%	9.13%	0.64%	0.00%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	9.15%	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 KMKNX in my portfolio?

LSHAX and KMKNX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSHAX or KMKNX?

LSHAX has higher volatility (8.41%) compared to KMKNX (5.22%). In terms of maximum drawdown, LSHAX dropped -69.03% vs KMKNX's -65.47%.

Which has better risk-adjusted returns?

LSHAX currently has the higher Sharpe Ratio (0.05 vs 0.01), 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.