LSHAX vs. KSOAX
LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) and KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) are both mutual funds - LSHAX is a Mid Cap Growth Equities fund managed by Kinetics, while KSOAX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, LSHAX returned 17.06%/yr vs 18.96%/yr for KSOAX. Their correlation of 0.93 suggests significant overlap in exposure. LSHAX charges 1.68%/yr vs 1.89%/yr for KSOAX.
Performance
LSHAX vs. KSOAX - Performance Comparison
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Returns By Period
In the year-to-date period, LSHAX achieves a 26.72% return, which is significantly higher than KSOAX's 17.61% return. Over the past 10 years, LSHAX has underperformed KSOAX with an annualized return of 17.06%, while KSOAX has yielded a comparatively higher 18.96% 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%
KSOAX
- 1D
- 0.37%
- 1M
- -7.03%
- YTD
- 17.61%
- 6M
- 13.30%
- 1Y
- 3.84%
- 3Y*
- 25.58%
- 5Y*
- 14.21%
- 10Y*
- 18.96%
LSHAX vs. KSOAX - 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% |
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A | 17.61% | -8.89% | 68.00% | -14.98% | 31.64% | 49.94% | 2.04% | 26.72% | 0.00% | 25.94% |
Correlation
The correlation between LSHAX and KSOAX 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 KSOAX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
LSHAX vs. KSOAX — Risk / Return Rank
LSHAX
KSOAX
LSHAX vs. KSOAX - 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 Capital Opportunities Advisor Fund Class A (KSOAX). 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 | KSOAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.06 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 0.26 | -0.19 |
| Martin ratioReturn relative to average drawdown | 0.14 | 0.59 | -0.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LSHAX | KSOAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.05 | 0.19 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.51 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.73 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.53 | -0.22 |
Drawdowns
LSHAX vs. KSOAX - Drawdown Comparison
The maximum LSHAX drawdown since its inception was -69.03%, roughly equal to the maximum KSOAX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for LSHAX and KSOAX.
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Drawdown Indicators
| LSHAX | KSOAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.03% | -70.21% | +1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -25.71% | -18.84% | -6.87% |
Max Drawdown (3Y)Largest decline over 3 years | -45.79% | -33.28% | -12.51% |
Max Drawdown (5Y)Largest decline over 5 years | -45.79% | -33.28% | -12.51% |
Max Drawdown (10Y)Largest decline over 10 years | -50.78% | -47.11% | -3.67% |
Current DrawdownCurrent decline from peak | -28.74% | -19.54% | -9.20% |
Average DrawdownAverage peak-to-trough decline | -21.94% | -15.88% | -6.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.18% | 8.29% | +5.89% |
Volatility
LSHAX vs. KSOAX - Volatility Comparison
Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a higher volatility of 8.41% compared to Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) at 6.04%. This indicates that LSHAX's price experiences larger fluctuations and is considered to be riskier than KSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LSHAX | KSOAX | 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% | 21.68% | +8.28% |
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% | 27.84% | +6.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.66% | 26.13% | +4.53% |
LSHAX vs. KSOAX - Expense Ratio Comparison
LSHAX has a 1.68% expense ratio, which is lower than KSOAX's 1.89% expense ratio.
Dividends
LSHAX vs. KSOAX - Dividend Comparison
LSHAX's dividend yield for the trailing twelve months is around 9.15%, while KSOAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A | 0.00% | 0.00% | 3.52% | 6.72% | 0.00% | 1.41% | 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
With a correlation of 0.97, LSHAX and KSOAX 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.
LSHAX has higher volatility (8.41%) compared to KSOAX (6.04%). In terms of maximum drawdown, LSHAX dropped -69.03% vs KSOAX's -70.21%.
KSOAX currently has the higher Sharpe Ratio (0.19 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.
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