WWNPX vs. KSCOX
WWNPX (Kinetics Paradigm Fund) and KSCOX (Kinetics Small Cap Opportunities Fund) are both mutual funds - WWNPX is a Mid Cap Growth Equities fund managed by Kinetics, while KSCOX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, WWNPX returned 17.86%/yr vs 19.13%/yr for KSCOX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 1.64% expense ratio.
Performance
WWNPX vs. KSCOX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with WWNPX having a 12.75% return and KSCOX slightly higher at 13.17%. Over the past 10 years, WWNPX has underperformed KSCOX with an annualized return of 17.86%, while KSCOX has yielded a comparatively higher 19.13% annualized return.
WWNPX
- 1D
- 1.05%
- 1M
- -11.42%
- YTD
- 12.75%
- 6M
- 9.79%
- 1Y
- -3.12%
- 3Y*
- 29.02%
- 5Y*
- 12.04%
- 10Y*
- 17.86%
KSCOX
- 1D
- -0.23%
- 1M
- -8.65%
- YTD
- 13.17%
- 6M
- 10.75%
- 1Y
- 3.59%
- 3Y*
- 25.36%
- 5Y*
- 12.71%
- 10Y*
- 19.13%
WWNPX vs. KSCOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WWNPX Kinetics Paradigm Fund | 12.75% | -14.61% | 88.34% | -16.97% | 29.18% | 38.14% | 3.38% | 30.47% | -5.24% | 28.41% |
KSCOX Kinetics Small Cap Opportunities Fund | 13.17% | -8.66% | 68.42% | -14.77% | 31.96% | 50.32% | 2.30% | 27.06% | 0.29% | 26.23% |
Correlation
The correlation between WWNPX and KSCOX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2000 | 0.89 |
The correlation between WWNPX and KSCOX has been stable across timeframes, ranging from 0.89 to 0.98 - a consistent structural relationship.
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Return for Risk
WWNPX vs. KSCOX — Risk / Return Rank
WWNPX
KSCOX
WWNPX vs. KSCOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kinetics Paradigm Fund (WWNPX) 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.
| WWNPX | KSCOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.04 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.10 | -0.28 |
| Martin ratioReturn relative to average drawdown | -0.43 | 0.24 | -0.67 |
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Drawdowns
WWNPX vs. KSCOX - Drawdown Comparison
The maximum WWNPX drawdown since its inception was -67.87%, roughly equal to the maximum KSCOX drawdown of -70.09%. Use the drawdown chart below to compare losses from any high point for WWNPX and KSCOX.
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Drawdown Indicators
| WWNPX | KSCOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.87% | -70.09% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -27.71% | -21.54% | -6.17% |
Max Drawdown (3Y)Largest decline over 3 years | -41.13% | -33.10% | -8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -41.13% | -33.10% | -8.03% |
Max Drawdown (10Y)Largest decline over 10 years | -43.51% | -47.09% | +3.58% |
Current DrawdownCurrent decline from peak | -31.66% | -22.36% | -9.30% |
Average DrawdownAverage peak-to-trough decline | -13.93% | -14.90% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.77% | 9.05% | +2.72% |
Volatility
WWNPX vs. KSCOX - Volatility Comparison
Kinetics Paradigm Fund (WWNPX) has a higher volatility of 9.71% compared to Kinetics Small Cap Opportunities Fund (KSCOX) at 8.09%. This indicates that WWNPX's price experiences larger fluctuations and is considered to be riskier than KSCOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WWNPX | KSCOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.71% | 8.09% | +1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 26.86% | 21.95% | +4.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.74% | 26.78% | +6.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.01% | 27.95% | +5.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.71% | 26.22% | +2.49% |
WWNPX vs. KSCOX - Expense Ratio Comparison
Both WWNPX and KSCOX have an expense ratio of 1.64%.
Dividends
WWNPX vs. KSCOX - Dividend Comparison
WWNPX's dividend yield for the trailing twelve months is around 7.28%, more than KSCOX's 0.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
KSCOX Kinetics Small Cap Opportunities Fund | 0.16% | 0.18% | 3.58% | 6.71% | 0.00% | 1.67% | 0.00% | 0.00% | 0.00% |
WWNPX Kinetics Paradigm Fund | 7.28% | 8.21% | 2.95% | 5.65% | 2.00% | 1.67% | 2.15% | 1.00% | 10.44% |
Frequently Asked Questions
With a correlation of 0.98, WWNPX and KSCOX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
WWNPX has higher volatility (9.71%) compared to KSCOX (8.09%). In terms of maximum drawdown, WWNPX dropped -67.87% vs KSCOX's -70.09%.
KSCOX currently has the higher Sharpe Ratio (0.08 vs -0.15), 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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