NMCIX vs. KMKNX

Last updated Jun 4, 2026

NMCIX (Voya MidCap Opportunities Fund) and KMKNX (Kinetics Market Opportunities Fund No Load Class) are both Mid Cap Growth Equities funds. Over the past 10 years, NMCIX returned 11.73%/yr vs 19.45%/yr for KMKNX. A 0.61 correlation means they provide meaningful diversification when combined. NMCIX charges 0.93%/yr vs 1.40%/yr for KMKNX.

Performance

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

Returns By Period

In the year-to-date period, NMCIX achieves a 8.10% return, which is significantly lower than KMKNX's 10.78% return. Over the past 10 years, NMCIX has underperformed KMKNX with an annualized return of 11.73%, while KMKNX has yielded a comparatively higher 19.45% annualized return.

NMCIX

• 1D: 0.40%
• 1M: 8.29%
• YTD: 8.10%
• 6M: 5.86%
• 1Y: 8.20%
• 3Y*: 13.01%
• 5Y*: 5.49%
• 10Y*: 11.73%

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)

NMCIX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMCIX Voya MidCap Opportunities Fund	8.10%	3.45%	15.64%	23.34%	-25.31%	11.38%	40.69%	37.57%	-7.98%	24.98%
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 NMCIX and KMKNX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006	0.61

Over the past year, the correlation between NMCIX and KMKNX has dropped to 0.35 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

NMCIX vs. KMKNX — Risk / Return Rank

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

NMCIX

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

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.

NMCIX vs. KMKNX - 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 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.

	NMCIX	KMKNX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.01	+0.55
Sortino ratio: Return per unit of downside risk	0.91	0.17	+0.74
Omega ratio: Gain probability vs. loss probability	1.11	1.02	+0.08
Calmar ratio: Return relative to maximum drawdown	0.59	0.01	+0.58
Martin ratio: Return relative to average drawdown	1.72	0.03	+1.70
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. KMKNX - Sharpe Ratio Comparison

The current NMCIX Sharpe Ratio is 0.56, which is higher than the KMKNX Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of NMCIX 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

	NMCIX	KMKNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.01	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.58	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.83	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.55	-0.13

Drawdowns

NMCIX vs. KMKNX - Drawdown Comparison

The maximum NMCIX drawdown since its inception was -68.41%, roughly equal to the maximum KMKNX drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for NMCIX and KMKNX.

Drawdown Indicators

	NMCIX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-68.41%	-65.47%	-2.94%
Max Drawdown (1Y) Largest decline over 1 year	-17.38%	-16.99%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-26.22%	-28.27%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	-39.00%	-31.47%	-7.53%
Max Drawdown (10Y) Largest decline over 10 years	-39.00%	-31.47%	-7.53%
Current Drawdown Current decline from peak	0.00%	-18.76%	+18.76%
Average Drawdown Average peak-to-trough decline	-20.90%	-15.28%	-5.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	6.89%	-1.25%

Volatility

NMCIX vs. KMKNX - Volatility Comparison

The current volatility for Voya MidCap Opportunities Fund (NMCIX) is 4.12%, while Kinetics Market Opportunities Fund No Load Class (KMKNX) has a volatility of 5.22%. This indicates that NMCIX experiences smaller price fluctuations and is considered to be less risky than KMKNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMCIX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	5.22%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	19.34%	-5.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	23.11%	-4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	26.39%	-3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.06%	23.63%	-1.57%

NMCIX vs. KMKNX - Expense Ratio Comparison

NMCIX has a 0.93% expense ratio, which is lower than KMKNX's 1.40% expense ratio.

Dividends

NMCIX vs. KMKNX - Dividend Comparison

NMCIX's dividend yield for the trailing twelve months is around 12.91%, more than KMKNX's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
NMCIX Voya MidCap Opportunities Fund	12.91%	13.96%	10.01%	0.72%	0.00%	21.64%	17.74%	12.19%	19.82%	13.64%	6.06%	8.73%

Frequently Asked Questions

Can I hold both NMCIX and KMKNX in my portfolio?

NMCIX and KMKNX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMCIX or KMKNX?

KMKNX has higher volatility (5.22%) compared to NMCIX (4.12%). In terms of maximum drawdown, NMCIX dropped -68.41% vs KMKNX's -65.47%.

Which has better risk-adjusted returns?

NMCIX currently has the higher Sharpe Ratio (0.56 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.