ONERX vs. KMKAX

Last updated Jun 3, 2026

ONERX (One Rock Fund) and KMKAX (Kinetics Market Opportunities Fund) are both mutual funds - ONERX is a Large Cap Growth Equities fund managed by Wrona Investment Management, while KMKAX is a Mid Cap Growth Equities fund managed by Kinetics. Over the past 5 years, ONERX returned 33.26%/yr vs 14.93%/yr for KMKAX. At a 0.47 correlation, their price movements are largely independent. ONERX charges 1.75%/yr vs 1.65%/yr for KMKAX.

Performance

ONERX vs. KMKAX - Performance Comparison

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

Returns By Period

In the year-to-date period, ONERX achieves a 61.66% return, which is significantly higher than KMKAX's 11.15% return.

ONERX

• 1D: 1.86%
• 1M: 20.61%
• YTD: 61.66%
• 6M: 63.14%
• 1Y: 127.84%
• 3Y*: 55.45%
• 5Y*: 33.26%
• 10Y*: —

KMKAX

• 1D: -3.27%
• 1M: -8.29%
• YTD: 11.15%
• 6M: 10.60%
• 1Y: 0.37%
• 3Y*: 32.70%
• 5Y*: 14.93%
• 10Y*: 19.20%

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

ONERX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ONERX One Rock Fund	61.66%	49.37%	21.76%	72.41%	-42.06%	45.70%	104.46%
KMKAX Kinetics Market Opportunities Fund	11.15%	-3.31%	83.58%	-7.57%	14.69%	27.69%	46.78%

Correlation

The correlation between ONERX and KMKAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Mar 16, 2020	0.47

The correlation between ONERX and KMKAX shifts across timeframes, from 0.36 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ONERX vs. KMKAX — Risk / Return Rank

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

ONERX

ONERX Risk / Return Rank: 87
ONERX Sharpe Ratio Rank: 96
ONERX Sortino Ratio Rank: 70
ONERX Omega Ratio Rank: 76
ONERX Calmar Ratio Rank: 97
ONERX Martin Ratio Rank: 97

KMKAX

KMKAX Risk / Return Rank: 2
KMKAX Sharpe Ratio Rank: 3
KMKAX Sortino Ratio Rank: 3
KMKAX Omega Ratio Rank: 3
KMKAX Calmar Ratio Rank: 2
KMKAX Martin Ratio Rank: 2

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.

ONERX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for One Rock Fund (ONERX) 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.

	ONERX	KMKAX	Difference
Sharpe ratio Return per unit of total volatility	3.49	0.03	+3.46
Sortino ratio Return per unit of downside risk	3.50	0.20	+3.30
Omega ratio Gain probability vs. loss probability	1.49	1.02	+0.47
Calmar ratio Return relative to maximum drawdown	7.47	-0.15	+7.62
Martin ratio Return relative to average drawdown	26.47	-0.37	+26.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONERX vs. KMKAX - Sharpe Ratio Comparison

The current ONERX Sharpe Ratio is 3.49, which is higher than the KMKAX Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of ONERX and KMKAX, 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

	ONERX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.49	0.03	+3.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.57	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.54	+0.56

Drawdowns

ONERX vs. KMKAX - Drawdown Comparison

The maximum ONERX drawdown since its inception was -47.44%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for ONERX and KMKAX.

Drawdown Indicators

	ONERX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.44%	-65.57%	+18.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.63%	-16.67%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-47.44%	-28.45%	-18.99%
Max Drawdown (5Y) Largest decline over 5 years	-47.44%	-31.56%	-15.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.56%	—
Current Drawdown Current decline from peak	0.00%	-18.70%	+18.70%
Average Drawdown Average peak-to-trough decline	-13.81%	-15.51%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	6.84%	-1.86%

Volatility

ONERX vs. KMKAX - Volatility Comparison

One Rock Fund (ONERX) has a higher volatility of 11.84% compared to Kinetics Market Opportunities Fund (KMKAX) at 5.22%. This indicates that ONERX's price experiences larger fluctuations and is considered to be riskier than KMKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONERX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.84%	5.22%	+6.62%
Volatility (6M) Calculated over the trailing 6-month period	29.75%	19.33%	+10.42%
Volatility (1Y) Calculated over the trailing 1-year period	37.87%	23.16%	+14.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.10%	26.39%	+12.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.20%	23.63%	+14.57%

ONERX vs. KMKAX - Expense Ratio Comparison

ONERX has a 1.75% expense ratio, which is higher than KMKAX's 1.65% expense ratio.

Dividends

ONERX vs. KMKAX - Dividend Comparison

ONERX's dividend yield for the trailing twelve months is around 14.92%, more than KMKAX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMKAX Kinetics Market Opportunities Fund	0.55%	0.61%	0.66%	0.69%	1.19%	1.29%	0.02%	0.07%	9.28%	0.51%
ONERX One Rock Fund	14.92%	24.12%	0.00%	0.00%	10.57%	28.88%	18.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ONERX and KMKAX in my portfolio?

ONERX and KMKAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONERX or KMKAX?

ONERX has higher volatility (11.84%) compared to KMKAX (5.22%). In terms of maximum drawdown, ONERX dropped -47.44% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

ONERX currently has the higher Sharpe Ratio (3.49 vs 0.03), 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.