USMIX vs. KMKAX

Last updated Jun 4, 2026

USMIX (USAA Extended Market Index Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, USMIX returned 11.74%/yr vs 19.14%/yr for KMKAX. A 0.66 correlation means they provide meaningful diversification when combined. USMIX charges 0.38%/yr vs 1.65%/yr for KMKAX.

Performance

USMIX vs. KMKAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Extended Market Index Fund (USMIX) 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, USMIX achieves a 11.54% return, which is significantly higher than KMKAX's 10.66% return. Over the past 10 years, USMIX has underperformed KMKAX with an annualized return of 11.74%, while KMKAX has yielded a comparatively higher 19.14% annualized return.

USMIX

• 1D: 0.42%
• 1M: 3.35%
• YTD: 11.54%
• 6M: 11.16%
• 1Y: 28.25%
• 3Y*: 17.10%
• 5Y*: 6.18%
• 10Y*: 11.74%

KMKAX

• 1D: -0.44%
• 1M: -8.85%
• YTD: 10.66%
• 6M: 7.22%
• 1Y: -1.02%
• 3Y*: 32.50%
• 5Y*: 14.85%
• 10Y*: 19.14%

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

USMIX vs. KMKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMIX USAA Extended Market Index Fund	11.54%	10.44%	11.99%	25.81%	-24.04%	15.29%	31.20%	27.93%	-9.71%	17.72%
KMKAX Kinetics Market Opportunities Fund	10.66%	-3.31%	83.58%	-7.57%	14.69%	27.69%	19.31%	22.42%	-10.92%	46.89%

Correlation

The correlation between USMIX and KMKAX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006	0.66

The correlation between USMIX and KMKAX shifts across timeframes, from 0.49 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USMIX vs. KMKAX — Risk / Return Rank

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

USMIX

USMIX Risk / Return Rank: 46
USMIX Sharpe Ratio Rank: 39
USMIX Sortino Ratio Rank: 39
USMIX Omega Ratio Rank: 35
USMIX Calmar Ratio Rank: 62
USMIX Martin Ratio Rank: 54

KMKAX

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

USMIX vs. KMKAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Extended Market Index Fund (USMIX) 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.

	USMIX	KMKAX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	-0.00	+1.82
Sortino ratio: Return per unit of downside risk	2.61	0.16	+2.45
Omega ratio: Gain probability vs. loss probability	1.31	1.02	+0.29
Calmar ratio: Return relative to maximum drawdown	3.01	-0.00	+3.02
Martin ratio: Return relative to average drawdown	10.88	-0.01	+10.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USMIX vs. KMKAX - Sharpe Ratio Comparison

The current USMIX Sharpe Ratio is 1.81, which is higher than the KMKAX Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of USMIX 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

	USMIX	KMKAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	-0.00	+1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.57	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.81	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.53	-0.16

Drawdowns

USMIX vs. KMKAX - Drawdown Comparison

The maximum USMIX drawdown since its inception was -57.91%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for USMIX and KMKAX.

Drawdown Indicators

	USMIX	KMKAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.91%	-65.57%	+7.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.97%	-17.04%	+7.07%
Max Drawdown (3Y) Largest decline over 3 years	-31.84%	-28.45%	-3.39%
Max Drawdown (5Y) Largest decline over 5 years	-37.86%	-31.56%	-6.30%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	-31.56%	-10.30%
Current Drawdown Current decline from peak	-0.25%	-19.06%	+18.81%
Average Drawdown Average peak-to-trough decline	-11.99%	-15.51%	+3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	6.92%	-4.16%

Volatility

USMIX vs. KMKAX - Volatility Comparison

The current volatility for USAA Extended Market Index Fund (USMIX) is 4.32%, while Kinetics Market Opportunities Fund (KMKAX) has a volatility of 5.22%. This indicates that USMIX 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.

Volatility by Period

	USMIX	KMKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	5.22%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	19.33%	-7.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	23.12%	-6.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.95%	26.39%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	23.63%	+0.04%

USMIX vs. KMKAX - Expense Ratio Comparison

USMIX has a 0.38% expense ratio, which is lower than KMKAX's 1.65% expense ratio.

Dividends

USMIX vs. KMKAX - Dividend Comparison

USMIX's dividend yield for the trailing twelve months is around 5.80%, more than KMKAX's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
USMIX USAA Extended Market Index Fund	5.80%	6.47%	14.41%	4.41%	8.78%	17.98%	3.32%	3.18%	6.48%	7.48%	7.07%	8.02%

Frequently Asked Questions

Can I hold both USMIX and KMKAX in my portfolio?

USMIX and KMKAX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMIX or KMKAX?

KMKAX has higher volatility (5.22%) compared to USMIX (4.32%). In terms of maximum drawdown, USMIX dropped -57.91% vs KMKAX's -65.57%.

Which has better risk-adjusted returns?

USMIX currently has the higher Sharpe Ratio (1.81 vs -0.00), 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.