TRMSX vs. KMKAX

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Mid-Cap Index Fund (TRMSX) and Kinetics Market Opportunities Fund (KMKAX).

TRMSX is managed by T. Rowe Price. It was launched on Dec 8, 2015. KMKAX is managed by Kinetics. It was launched on Jan 31, 2006.

Performance

TRMSX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Mid-Cap Index Fund (TRMSX) and Kinetics Market Opportunities Fund (KMKAX). The values are adjusted to include any dividend payments, if applicable.

TRMSX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TRMSX T. Rowe Price Mid-Cap Index Fund	-2.45%	12.61%	19.98%	29.90%	-28.56%	7.68%
KMKAX Kinetics Market Opportunities Fund	22.43%	-3.31%	83.58%	-7.57%	14.69%	-10.04%

Returns By Period

In the year-to-date period, TRMSX achieves a -2.45% return, which is significantly lower than KMKAX's 22.43% return.

TRMSX

• 1D: 3.41%
• 1M: -5.44%
• YTD: -2.45%
• 6M: -3.15%
• 1Y: 18.13%
• 3Y*: 16.63%
• 5Y*: —
• 10Y*: —

KMKAX

• 1D: 1.40%
• 1M: -7.66%
• YTD: 22.43%
• 6M: 11.30%
• 1Y: 6.24%
• 3Y*: 32.07%
• 5Y*: 14.91%
• 10Y*: 20.79%

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

TRMSX vs. KMKAX - Expense Ratio Comparison

TRMSX has a 0.14% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

KMKAX

Kinetics Market Opportunities Fund

TRMSX

T. Rowe Price Mid-Cap Index Fund

Return for Risk

TRMSX vs. KMKAX — Risk / Return Rank

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

TRMSX

TRMSX Risk / Return Rank: 24
TRMSX Sharpe Ratio Rank: 34
TRMSX Sortino Ratio Rank: 39
TRMSX Omega Ratio Rank: 37
TRMSX Calmar Ratio Rank: 5
TRMSX Martin Ratio Rank: 5

KMKAX

KMKAX Risk / Return Rank: 11
KMKAX Sharpe Ratio Rank: 11
KMKAX Sortino Ratio Rank: 12
KMKAX Omega Ratio Rank: 10
KMKAX Calmar Ratio Rank: 13
KMKAX Martin Ratio Rank: 10

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.

TRMSX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Mid-Cap Index Fund (TRMSX) 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.

	TRMSX	KMKAX	Difference
Sharpe ratio Return per unit of total volatility	0.88	0.31	+0.57
Sortino ratio Return per unit of downside risk	1.41	0.60	+0.81
Omega ratio Gain probability vs. loss probability	1.20	1.08	+0.12
Calmar ratio Return relative to maximum drawdown	0.09	0.41	-0.32
Martin ratio Return relative to average drawdown	0.32	0.76	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRMSX vs. KMKAX - Sharpe Ratio Comparison

The current TRMSX Sharpe Ratio is 0.88, which is higher than the KMKAX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of TRMSX 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

	TRMSX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	0.31	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.56	-0.31

Correlation

The correlation between TRMSX and KMKAX is 0.49, 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

TRMSX vs. KMKAX - Dividend Comparison

TRMSX's dividend yield for the trailing twelve months is around 6.65%, more than KMKAX's 0.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRMSX T. Rowe Price Mid-Cap Index Fund	6.65%	6.49%	1.98%	0.86%	1.92%	4.01%	0.00%	0.00%	0.00%	0.00%
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%

Drawdowns

TRMSX vs. KMKAX - Drawdown Comparison

The maximum TRMSX drawdown since its inception was -37.34%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for TRMSX and KMKAX.

Drawdown Indicators

	TRMSX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.34%	-65.57%	+28.23%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-19.64%	+4.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-31.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.56%	—
Current Drawdown Current decline from peak	-6.43%	-10.45%	+4.02%
Average Drawdown Average peak-to-trough decline	-14.34%	-15.53%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	10.65%	-3.34%

Volatility

TRMSX vs. KMKAX - Volatility Comparison

T. Rowe Price Mid-Cap Index Fund (TRMSX) and Kinetics Market Opportunities Fund (KMKAX) have volatilities of 6.71% and 7.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRMSX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	7.05%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	17.86%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	25.34%	24.60%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.16%	26.44%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.16%	23.39%	-0.23%