LSHAX vs. MMGPX

Last updated Apr 1, 2026

Compare and contrast key facts about Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) and Morgan Stanley Discovery Portfolio (MMGPX).

LSHAX is managed by Kinetics. It was launched on May 4, 2007. MMGPX is managed by Morgan Stanley. It was launched on Apr 30, 2017.

Performance

LSHAX vs. MMGPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) and Morgan Stanley Discovery Portfolio (MMGPX). The values are adjusted to include any dividend payments, if applicable.

LSHAX vs. MMGPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	50.22%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	13.06%
MMGPX Morgan Stanley Discovery Portfolio	-14.93%	12.58%	41.83%	44.34%	-81.34%	-11.55%	152.67%	40.20%	10.89%	28.18%

Returns By Period

In the year-to-date period, LSHAX achieves a 50.22% return, which is significantly higher than MMGPX's -14.93% return.

LSHAX

• 1D: -7.12%
• 1M: -9.27%
• YTD: 50.22%
• 6M: 41.09%
• 1Y: 5.55%
• 3Y*: 29.23%
• 5Y*: 17.40%
• 10Y*: 19.52%

MMGPX

• 1D: -1.27%
• 1M: -9.08%
• YTD: -14.93%
• 6M: -23.43%
• 1Y: 3.91%
• 3Y*: 19.10%
• 5Y*: -19.96%
• 10Y*: —

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

LSHAX vs. MMGPX - Expense Ratio Comparison

LSHAX has a 1.68% expense ratio, which is higher than MMGPX's 0.04% expense ratio.

LSHAX

Kinetics Spin-Off and Corporate Restructuring Fund

MMGPX

Morgan Stanley Discovery Portfolio

Return for Risk

LSHAX vs. MMGPX — Risk / Return Rank

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

LSHAX

LSHAX Risk / Return Rank: 9
LSHAX Sharpe Ratio Rank: 9
LSHAX Sortino Ratio Rank: 12
LSHAX Omega Ratio Rank: 11
LSHAX Calmar Ratio Rank: 8
LSHAX Martin Ratio Rank: 7

MMGPX

MMGPX Risk / Return Rank: 7
MMGPX Sharpe Ratio Rank: 7
MMGPX Sortino Ratio Rank: 8
MMGPX Omega Ratio Rank: 8
MMGPX Calmar Ratio Rank: 6
MMGPX Martin Ratio Rank: 6

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. MMGPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) and Morgan Stanley Discovery Portfolio (MMGPX). 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	MMGPX	Difference
Sharpe ratio Return per unit of total volatility	0.17	0.10	+0.07
Sortino ratio Return per unit of downside risk	0.53	0.38	+0.15
Omega ratio Gain probability vs. loss probability	1.07	1.05	+0.02
Calmar ratio Return relative to maximum drawdown	0.12	-0.02	+0.14
Martin ratio Return relative to average drawdown	0.19	-0.05	+0.24
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. MMGPX - Sharpe Ratio Comparison

The current LSHAX Sharpe Ratio is 0.17, which is higher than the MMGPX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of LSHAX and MMGPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LSHAX	MMGPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	0.10	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.44	+0.96
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.14	+0.21

Correlation

The correlation between LSHAX and MMGPX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

LSHAX vs. MMGPX - Dividend Comparison

LSHAX's dividend yield for the trailing twelve months is around 7.71%, more than MMGPX's 0.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	7.71%	11.59%	4.66%	9.40%	1.76%	0.11%	0.53%	0.00%	4.85%	3.94%	1.84%
MMGPX Morgan Stanley Discovery Portfolio	0.50%	0.43%	0.00%	0.00%	0.00%	64.53%	7.93%	15.63%	28.02%	0.00%	0.00%

Drawdowns

LSHAX vs. MMGPX - Drawdown Comparison

The maximum LSHAX drawdown since its inception was -69.03%, smaller than the maximum MMGPX drawdown of -87.45%. Use the drawdown chart below to compare losses from any high point for LSHAX and MMGPX.

Drawdown Indicators

	LSHAX	MMGPX	Difference
Max Drawdown Largest peak-to-trough decline	-69.03%	-87.45%	+18.42%
Max Drawdown (1Y) Largest decline over 1 year	-37.04%	-27.79%	-9.25%
Max Drawdown (5Y) Largest decline over 5 years	-45.79%	-86.09%	+40.30%
Max Drawdown (10Y) Largest decline over 10 years	-50.78%	—	—
Current Drawdown Current decline from peak	-15.53%	-74.10%	+58.57%
Average Drawdown Average peak-to-trough decline	-21.94%	-38.69%	+16.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.25%	11.11%	+13.14%

Volatility

LSHAX vs. MMGPX - Volatility Comparison

Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a higher volatility of 9.76% compared to Morgan Stanley Discovery Portfolio (MMGPX) at 7.90%. This indicates that LSHAX's price experiences larger fluctuations and is considered to be riskier than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSHAX	MMGPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	7.90%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	27.25%	21.47%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	40.86%	31.90%	+8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.69%	45.71%	-12.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.16%	39.03%	-8.87%