TRPWX vs. KMKNX

Last updated Jul 18, 2026

TRPWX (TIAA-CREF Mid-Cap Growth Fund) and KMKNX (Kinetics Market Opportunities Fund No Load Class) are both Mid Cap Growth Equities funds. Over the past 10 years, TRPWX returned 7.53%/yr vs 20.07%/yr for KMKNX. A 0.62 correlation means they provide meaningful diversification when combined. TRPWX charges 0.46%/yr vs 1.40%/yr for KMKNX.

Performance

TRPWX vs. KMKNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Mid-Cap Growth Fund (TRPWX) 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, TRPWX achieves a -1.03% return, which is significantly lower than KMKNX's 16.49% return. Over the past 10 years, TRPWX has underperformed KMKNX with an annualized return of 7.53%, while KMKNX has yielded a comparatively higher 20.07% annualized return.

TRPWX

• 1D: -1.37%
• 1M: -2.19%
• 6M: -3.64%
• YTD: -1.03%
• 1Y: -2.94%
• 3Y*: 4.10%
• 5Y*: -2.37%
• 10Y*: 7.53%

KMKNX

• 1D: 0.28%
• 1M: 9.30%
• 6M: 4.54%
• YTD: 16.49%
• 1Y: 7.15%
• 3Y*: 33.20%
• 5Y*: 17.41%
• 10Y*: 20.07%

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

TRPWX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRPWX TIAA-CREF Mid-Cap Growth Fund	-1.03%	4.26%	8.50%	21.45%	-33.08%	2.88%	45.32%	33.47%	-8.63%	25.57%
KMKNX Kinetics Market Opportunities Fund No Load Class	16.49%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%

Correlation

The correlation between TRPWX and KMKNX 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	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006	0.62

Over the past year, the correlation between TRPWX and KMKNX has dropped to 0.36 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

TRPWX vs. KMKNX — Risk / Return Rank

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

TRPWX

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

KMKNX

KMKNX Risk / Return Rank: 6
KMKNX Sharpe Ratio Rank: 5
KMKNX Sortino Ratio Rank: 6
KMKNX Omega Ratio Rank: 6
KMKNX Calmar Ratio Rank: 6
KMKNX Martin Ratio Rank: 5

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.

TRPWX vs. KMKNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Mid-Cap Growth Fund (TRPWX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRPWX	KMKNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.31	-0.41
Sortino ratio: Return per unit of downside risk	-0.02	0.59	-0.61
Omega ratio: Gain probability vs. loss probability	1.00	1.07	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.13	0.37	-0.49
Martin ratio: Return relative to average drawdown	-0.33	0.85	-1.18

TRPWX vs. KMKNX - Sharpe Ratio Comparison

The current TRPWX Sharpe Ratio is -0.11, which is lower than the KMKNX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of TRPWX 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.

Drawdowns

TRPWX vs. KMKNX - Drawdown Comparison

The maximum TRPWX drawdown since its inception was -58.68%, smaller than the maximum KMKNX drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for TRPWX and KMKNX.

Drawdown Indicators

	TRPWX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-65.47%	+6.79%
Max Drawdown (1Y) Largest decline over 1 year	-15.51%	-20.13%	+4.62%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-28.27%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-44.12%	-31.47%	-12.65%
Max Drawdown (10Y) Largest decline over 10 years	-44.12%	-31.47%	-12.65%
Current Drawdown Current decline from peak	-17.87%	-14.58%	-3.29%
Average Drawdown Average peak-to-trough decline	-11.43%	-15.29%	+3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.92%	8.67%	-2.75%

Volatility

TRPWX vs. KMKNX - Volatility Comparison

The current volatility for TIAA-CREF Mid-Cap Growth Fund (TRPWX) is 5.40%, while Kinetics Market Opportunities Fund No Load Class (KMKNX) has a volatility of 6.35%. This indicates that TRPWX 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

	TRPWX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	6.35%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	19.61%	-5.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	24.13%	-5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.57%	26.56%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	23.75%	-0.45%

TRPWX vs. KMKNX - Expense Ratio Comparison

TRPWX has a 0.46% expense ratio, which is lower than KMKNX's 1.40% expense ratio.

Dividends

TRPWX vs. KMKNX - Dividend Comparison

TRPWX's dividend yield for the trailing twelve months is around 11.09%, more than KMKNX's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KMKNX Kinetics Market Opportunities Fund No Load Class	0.57%	0.66%	0.81%	0.87%	1.36%	1.56%	0.26%	0.33%	9.13%	0.64%	0.00%	0.00%
TRPWX TIAA-CREF Mid-Cap Growth Fund	11.09%	10.97%	0.00%	0.18%	0.60%	15.18%	11.52%	11.22%	17.00%	9.47%	0.51%	8.63%

Frequently Asked Questions

Can I hold both TRPWX and KMKNX in my portfolio?

TRPWX and KMKNX 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, TRPWX or KMKNX?

KMKNX has higher volatility (6.35%) compared to TRPWX (5.40%). In terms of maximum drawdown, TRPWX dropped -58.68% vs KMKNX's -65.47%.

Which has better risk-adjusted returns?

KMKNX currently has the higher Sharpe Ratio (0.31 vs -0.11), 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.