NMCIX vs. KMKAX

Last updated Apr 1, 2026

Compare and contrast key facts about Voya MidCap Opportunities Fund (NMCIX) and Kinetics Market Opportunities Fund (KMKAX).

NMCIX is managed by Voya. It was launched on Aug 20, 1998. KMKAX is managed by Kinetics. It was launched on Jan 31, 2006.

Performance

NMCIX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya MidCap Opportunities Fund (NMCIX) and Kinetics Market Opportunities Fund (KMKAX). The values are adjusted to include any dividend payments, if applicable.

NMCIX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMCIX Voya MidCap Opportunities Fund	-11.22%	3.45%	15.64%	23.34%	-25.31%	11.38%	40.69%	37.57%	-7.98%	24.98%
KMKAX Kinetics Market Opportunities Fund	20.74%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%

Returns By Period

In the year-to-date period, NMCIX achieves a -11.22% return, which is significantly lower than KMKAX's 20.74% return. Over the past 10 years, NMCIX has underperformed KMKAX with an annualized return of 9.86%, while KMKAX has yielded a comparatively higher 20.63% annualized return.

NMCIX

• 1D: -1.87%
• 1M: -11.79%
• YTD: -11.22%
• 6M: -15.71%
• 1Y: 0.85%
• 3Y*: 7.10%
• 5Y*: 1.69%
• 10Y*: 9.86%

KMKAX

• 1D: -4.58%
• 1M: -7.38%
• YTD: 20.74%
• 6M: 11.41%
• 1Y: 6.16%
• 3Y*: 31.46%
• 5Y*: 14.75%
• 10Y*: 20.63%

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

NMCIX vs. KMKAX - Expense Ratio Comparison

NMCIX has a 0.93% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

KMKAX

Kinetics Market Opportunities Fund

NMCIX

Voya MidCap Opportunities Fund

Return for Risk

NMCIX vs. KMKAX — Risk / Return Rank

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

NMCIX

NMCIX Risk / Return Rank: 3
NMCIX Sharpe Ratio Rank: 4
NMCIX Sortino Ratio Rank: 5
NMCIX Omega Ratio Rank: 5
NMCIX Calmar Ratio Rank: 1
NMCIX Martin Ratio Rank: 1

KMKAX

KMKAX Risk / Return Rank: 11
KMKAX Sharpe Ratio Rank: 12
KMKAX Sortino Ratio Rank: 13
KMKAX Omega Ratio Rank: 11
KMKAX Calmar Ratio Rank: 11
KMKAX Martin Ratio Rank: 9

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.

NMCIX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya MidCap Opportunities Fund (NMCIX) 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.

	NMCIX	KMKAX	Difference
Sharpe ratio Return per unit of total volatility	-0.05	0.27	-0.32
Sortino ratio Return per unit of downside risk	0.12	0.55	-0.43
Omega ratio Gain probability vs. loss probability	1.01	1.07	-0.05
Calmar ratio Return relative to maximum drawdown	-0.61	0.25	-0.85
Martin ratio Return relative to average drawdown	-1.80	0.45	-2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMCIX vs. KMKAX - Sharpe Ratio Comparison

The current NMCIX Sharpe Ratio is -0.05, which is lower than the KMKAX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of NMCIX and KMKAX, 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

	NMCIX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	0.27	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.56	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.88	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.56	-0.17

Correlation

The correlation between NMCIX and KMKAX is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NMCIX vs. KMKAX - Dividend Comparison

NMCIX's dividend yield for the trailing twelve months is around 15.72%, more than KMKAX's 0.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMCIX Voya MidCap Opportunities Fund	15.72%	13.96%	10.01%	0.72%	0.00%	21.64%	17.74%	12.19%	19.82%	13.64%	6.06%	8.73%
KMKAX Kinetics Market Opportunities Fund	0.50%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%	0.00%	0.00%

Drawdowns

NMCIX vs. KMKAX - Drawdown Comparison

The maximum NMCIX drawdown since its inception was -68.41%, roughly equal to the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for NMCIX and KMKAX.

Drawdown Indicators

	NMCIX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-68.41%	-65.57%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-17.38%	-19.64%	+2.26%
Max Drawdown (5Y) Largest decline over 5 years	-39.00%	-31.56%	-7.44%
Max Drawdown (10Y) Largest decline over 10 years	-39.00%	-31.56%	-7.44%
Current Drawdown Current decline from peak	-17.38%	-11.68%	-5.70%
Average Drawdown Average peak-to-trough decline	-20.98%	-15.53%	-5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.81%	10.64%	-1.83%

Volatility

NMCIX vs. KMKAX - Volatility Comparison

The current volatility for Voya MidCap Opportunities Fund (NMCIX) is 6.71%, while Kinetics Market Opportunities Fund (KMKAX) has a volatility of 7.14%. This indicates that NMCIX experiences smaller price fluctuations and is considered to be less risky than KMKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMCIX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	7.14%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	17.82%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	25.83%	24.61%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.92%	26.43%	-3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.94%	23.39%	-1.45%