VGIAX vs. KSCOX

Last updated Jun 23, 2026

VGIAX (Vanguard Growth and Income Fund Admiral Shares) and KSCOX (Kinetics Small Cap Opportunities Fund) are both mutual funds - VGIAX is a Large Cap Blend Equities fund actively managed by Vanguard, while KSCOX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, VGIAX returned 15.37%/yr vs 18.85%/yr for KSCOX. A 0.62 correlation means they provide meaningful diversification when combined. VGIAX charges 0.28%/yr vs 1.64%/yr for KSCOX.

Performance

VGIAX vs. KSCOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth and Income Fund Admiral Shares (VGIAX) and Kinetics Small Cap Opportunities Fund (KSCOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGIAX achieves a 9.52% return, which is significantly lower than KSCOX's 13.44% return. Over the past 10 years, VGIAX has underperformed KSCOX with an annualized return of 15.37%, while KSCOX has yielded a comparatively higher 18.85% annualized return.

VGIAX

• 1D: 1.41%
• 1M: 1.64%
• YTD: 9.52%
• 6M: 8.87%
• 1Y: 27.94%
• 3Y*: 21.59%
• 5Y*: 14.30%
• 10Y*: 15.37%

KSCOX

• 1D: 0.21%
• 1M: -8.43%
• YTD: 13.44%
• 6M: 10.04%
• 1Y: 2.37%
• 3Y*: 24.33%
• 5Y*: 13.50%
• 10Y*: 18.85%

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

VGIAX vs. KSCOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGIAX Vanguard Growth and Income Fund Admiral Shares	9.52%	19.26%	25.84%	24.83%	-17.18%	28.86%	18.04%	29.77%	-4.61%	19.87%
KSCOX Kinetics Small Cap Opportunities Fund	13.44%	-8.66%	68.42%	-14.77%	31.96%	50.32%	2.30%	27.06%	0.29%	26.23%

Correlation

The correlation between VGIAX and KSCOX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 14, 2001	0.62

Over the past year, the correlation between VGIAX and KSCOX has dropped to 0.28 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

VGIAX vs. KSCOX — Risk / Return Rank

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

VGIAX

VGIAX Risk / Return Rank: 59
VGIAX Sharpe Ratio Rank: 59
VGIAX Sortino Ratio Rank: 53
VGIAX Omega Ratio Rank: 54
VGIAX Calmar Ratio Rank: 60
VGIAX Martin Ratio Rank: 69

KSCOX

KSCOX Risk / Return Rank: 3
KSCOX Sharpe Ratio Rank: 3
KSCOX Sortino Ratio Rank: 4
KSCOX Omega Ratio Rank: 4
KSCOX Calmar Ratio Rank: 3
KSCOX Martin Ratio Rank: 3

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.

VGIAX vs. KSCOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth and Income Fund Admiral Shares (VGIAX) and Kinetics Small Cap Opportunities Fund (KSCOX). 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.

	VGIAX	KSCOX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	0.09	+1.99
Sortino ratio: Return per unit of downside risk	2.80	0.31	+2.49
Omega ratio: Gain probability vs. loss probability	1.37	1.04	+0.33
Calmar ratio: Return relative to maximum drawdown	2.85	0.11	+2.74
Martin ratio: Return relative to average drawdown	12.52	0.26	+12.26

VGIAX vs. KSCOX - Sharpe Ratio Comparison

The current VGIAX Sharpe Ratio is 2.08, which is higher than the KSCOX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of VGIAX and KSCOX, 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

VGIAX vs. KSCOX - Drawdown Comparison

The maximum VGIAX drawdown since its inception was -56.85%, smaller than the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for VGIAX and KSCOX.

Drawdown Indicators

	VGIAX	KSCOX	Difference
Max Drawdown Largest peak-to-trough decline	-56.85%	-70.09%	+13.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-21.52%	+11.79%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-33.10%	+13.44%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-33.10%	+9.80%
Max Drawdown (10Y) Largest decline over 10 years	-34.33%	-47.09%	+12.76%
Current Drawdown Current decline from peak	-0.86%	-22.18%	+21.32%
Average Drawdown Average peak-to-trough decline	-9.33%	-14.90%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	8.95%	-6.74%

Volatility

VGIAX vs. KSCOX - Volatility Comparison

The current volatility for Vanguard Growth and Income Fund Admiral Shares (VGIAX) is 5.34%, while Kinetics Small Cap Opportunities Fund (KSCOX) has a volatility of 8.28%. This indicates that VGIAX experiences smaller price fluctuations and is considered to be less risky than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGIAX	KSCOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	8.28%	-2.94%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	22.22%	-11.66%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	26.73%	-13.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.23%	27.96%	-10.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	26.20%	-7.94%

VGIAX vs. KSCOX - Expense Ratio Comparison

VGIAX has a 0.28% expense ratio, which is lower than KSCOX's 1.64% expense ratio.

Dividends

VGIAX vs. KSCOX - Dividend Comparison

VGIAX's dividend yield for the trailing twelve months is around 9.79%, more than KSCOX's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSCOX Kinetics Small Cap Opportunities Fund	0.16%	0.18%	3.58%	6.71%	0.00%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGIAX Vanguard Growth and Income Fund Admiral Shares	9.79%	10.72%	11.67%	8.70%	9.81%	15.28%	6.63%	4.19%	8.05%	5.06%	7.01%	7.72%

Frequently Asked Questions

Can I hold both VGIAX and KSCOX in my portfolio?

VGIAX and KSCOX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGIAX or KSCOX?

KSCOX has higher volatility (8.28%) compared to VGIAX (5.34%). In terms of maximum drawdown, VGIAX dropped -56.85% vs KSCOX's -70.09%.

Which has better risk-adjusted returns?

VGIAX currently has the higher Sharpe Ratio (2.08 vs 0.09), 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.