LSHAX vs. KSCOX

Last updated Jun 4, 2026

LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) and KSCOX (Kinetics Small Cap Opportunities Fund) are both mutual funds - LSHAX is a Mid Cap Growth Equities fund managed by Kinetics, while KSCOX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, LSHAX returned 17.06%/yr vs 19.27%/yr for KSCOX. Their correlation of 0.93 suggests significant overlap in exposure. LSHAX charges 1.68%/yr vs 1.64%/yr for KSCOX.

Performance

LSHAX vs. KSCOX - 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 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, LSHAX achieves a 26.72% return, which is significantly higher than KSCOX's 17.73% return. Over the past 10 years, LSHAX has underperformed KSCOX with an annualized return of 17.06%, while KSCOX has yielded a comparatively higher 19.27% 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%

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)

LSHAX vs. KSCOX - 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%
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 LSHAX and KSCOX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 14, 2007	0.93

The correlation between LSHAX and KSCOX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

LSHAX vs. KSCOX — 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

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.

LSHAX vs. KSCOX - 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 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.

	LSHAX	KSCOX	Difference
Sharpe ratio: Return per unit of total volatility	0.05	0.20	-0.15
Sortino ratio: Return per unit of downside risk	0.33	0.45	-0.12
Omega ratio: Gain probability vs. loss probability	1.04	1.06	-0.02
Calmar ratio: Return relative to maximum drawdown	0.08	0.28	-0.20
Martin ratio: Return relative to average drawdown	0.14	0.63	-0.49
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. KSCOX - Sharpe Ratio Comparison

The current LSHAX Sharpe Ratio is 0.05, which is lower than the KSCOX Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of LSHAX 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

	LSHAX	KSCOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.20	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.52	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.74	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.58	-0.28

Drawdowns

LSHAX vs. KSCOX - Drawdown Comparison

The maximum LSHAX drawdown since its inception was -69.03%, roughly equal to the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for LSHAX and KSCOX.

Drawdown Indicators

	LSHAX	KSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-69.03%	-70.09%	+1.06%
Max Drawdown (1Y) Largest decline over 1 year	-25.71%	-18.82%	-6.89%
Max Drawdown (3Y) Largest decline over 3 years	-45.79%	-33.10%	-12.69%
Max Drawdown (5Y) Largest decline over 5 years	-45.79%	-33.10%	-12.69%
Max Drawdown (10Y) Largest decline over 10 years	-50.78%	-47.09%	-3.69%
Current Drawdown Current decline from peak	-28.74%	-19.24%	-9.50%
Average Drawdown Average peak-to-trough decline	-21.94%	-14.89%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.18%	8.24%	+5.94%

Volatility

LSHAX vs. KSCOX - Volatility Comparison

Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a higher volatility of 8.41% compared to Kinetics Small Cap Opportunities Fund (KSCOX) at 6.04%. This indicates that LSHAX's price experiences larger fluctuations and is considered to be riskier than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSHAX	KSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	6.04%	+2.37%
Volatility (6M) Calculated over the trailing 6-month period	29.96%	21.67%	+8.29%
Volatility (1Y) Calculated over the trailing 1-year period	37.15%	25.88%	+11.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.19%	27.83%	+6.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.66%	26.13%	+4.53%

LSHAX vs. KSCOX - Expense Ratio Comparison

LSHAX has a 1.68% expense ratio, which is higher than KSCOX's 1.64% expense ratio.

Dividends

LSHAX vs. KSCOX - Dividend Comparison

LSHAX's dividend yield for the trailing twelve months is around 9.15%, more than KSCOX's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
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 KSCOX in my portfolio?

With a correlation of 0.97, LSHAX and KSCOX 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 KSCOX?

LSHAX has higher volatility (8.41%) compared to KSCOX (6.04%). In terms of maximum drawdown, LSHAX dropped -69.03% vs KSCOX's -70.09%.

Which has better risk-adjusted returns?

KSCOX currently has the higher Sharpe Ratio (0.20 vs 0.05), 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.