TWHIX vs. KMKAX
TWHIX (American Century Heritage Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, TWHIX returned 11.27%/yr vs 19.56%/yr for KMKAX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. TWHIX charges 1.00%/yr vs 1.65%/yr for KMKAX.
Performance
TWHIX vs. KMKAX - Performance Comparison
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Returns By Period
In the year-to-date period, TWHIX achieves a 3.13% return, which is significantly lower than KMKAX's 13.52% return. Over the past 10 years, TWHIX has underperformed KMKAX with an annualized return of 11.27%, while KMKAX has yielded a comparatively higher 19.56% annualized return.
TWHIX
- 1D
- 2.10%
- 1M
- -3.99%
- 6M
- 3.23%
- YTD
- 3.13%
- 1Y
- 0.36%
- 3Y*
- 11.89%
- 5Y*
- 3.31%
- 10Y*
- 11.27%
- ALL TIME*
- 10.98%
KMKAX
- 1D
- 1.12%
- 1M
- 0.06%
- 6M
- 3.21%
- YTD
- 13.52%
- 1Y
- 7.76%
- 3Y*
- 30.44%
- 5Y*
- 15.01%
- 10Y*
- 19.56%
- ALL TIME*
- 12.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TWHIX vs. KMKAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWHIX American Century Heritage Fund | 3.13% | 6.53% | 24.66% | 20.64% | -28.13% | 11.52% | 42.61% | 35.50% | -5.08% | 21.83% |
KMKAX Kinetics Market Opportunities Fund | 13.52% | -3.31% | 83.58% | -7.57% | 14.69% | 27.69% | 19.31% | 22.42% | -10.92% | 46.89% |
Correlation
The correlation between TWHIX and KMKAX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006 | 0.61 |
Over the past year, the correlation between TWHIX and KMKAX has dropped to 0.38 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
TWHIX vs. KMKAX — Risk / Return Rank
TWHIX
KMKAX
TWHIX vs. KMKAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century Heritage Fund (TWHIX) 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.
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.
| TWHIX | KMKAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.05 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.13 | 0.23 | -0.36 |
| Martin ratioReturn relative to average drawdown | -0.36 | 0.52 | -0.88 |
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Drawdowns
TWHIX vs. KMKAX - Drawdown Comparison
The maximum TWHIX drawdown since its inception was -56.98%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for TWHIX and KMKAX.
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Drawdown Indicators
| TWHIX | KMKAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.98% | -65.57% | +8.59% |
Max Drawdown (1Y)Largest decline over 1 year | -15.82% | -20.20% | +4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -26.30% | -28.45% | +2.15% |
Max Drawdown (5Y)Largest decline over 5 years | -40.34% | -31.56% | -8.78% |
Max Drawdown (10Y)Largest decline over 10 years | -40.34% | -31.56% | -8.78% |
Current DrawdownCurrent decline from peak | -5.18% | -16.97% | +11.79% |
Average DrawdownAverage peak-to-trough decline | -12.21% | -15.53% | +3.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.57% | 9.11% | -3.54% |
Volatility
TWHIX vs. KMKAX - Volatility Comparison
The current volatility for American Century Heritage Fund (TWHIX) is 4.82%, while Kinetics Market Opportunities Fund (KMKAX) has a volatility of 6.01%. This indicates that TWHIX 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.
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Volatility by Period
| TWHIX | KMKAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 6.01% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 14.77% | 19.51% | -4.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.53% | 24.43% | -5.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.41% | 26.51% | -3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.85% | 23.78% | -0.93% |
TWHIX vs. KMKAX - Expense Ratio Comparison
TWHIX has a 1.00% expense ratio, which is lower than KMKAX's 1.65% expense ratio.
Dividends
TWHIX vs. KMKAX - Dividend Comparison
TWHIX's dividend yield for the trailing twelve months is around 21.47%, more than KMKAX's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
KMKAX Kinetics Market Opportunities Fund | 0.53% | 0.61% | 0.66% | 0.69% | 1.19% | 1.29% | 0.02% | 0.07% | 9.28% | 0.51% | 0.00% |
TWHIX American Century Heritage Fund | 21.47% | 22.14% | 15.58% | 0.78% | 0.98% | 12.00% | 13.72% | 11.32% | 25.33% | 9.38% | 8.71% |
Frequently Asked Questions
TWHIX and KMKAX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KMKAX has higher volatility (6.01%) compared to TWHIX (4.82%). In terms of maximum drawdown, TWHIX dropped -56.98% vs KMKAX's -65.57%.
KMKAX currently has the higher Sharpe Ratio (0.19 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.
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