WWNPX vs. LSHAX

Last updated Jun 24, 2026

WWNPX (Kinetics Paradigm Fund) and LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) are both Mid Cap Growth Equities funds from Kinetics. Over the past 10 years, WWNPX returned 17.86%/yr vs 16.86%/yr for LSHAX. With a 0.96 correlation, they move nearly in lockstep. WWNPX charges 1.64%/yr vs 1.68%/yr for LSHAX.

Performance

WWNPX vs. LSHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics Paradigm Fund (WWNPX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WWNPX achieves a 12.75% return, which is significantly lower than LSHAX's 22.50% return. Over the past 10 years, WWNPX has outperformed LSHAX with an annualized return of 17.86%, while LSHAX has yielded a comparatively lower 16.86% 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%

LSHAX

• 1D: 0.82%
• 1M: -9.69%
• YTD: 22.50%
• 6M: 18.86%
• 1Y: 3.34%
• 3Y*: 27.08%
• 5Y*: 11.73%
• 10Y*: 16.86%

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

WWNPX vs. LSHAX - 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%
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	22.50%	-19.53%	82.16%	-19.74%	39.45%	42.75%	5.23%	31.30%	-8.18%	15.65%

Correlation

The correlation between WWNPX and LSHAX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.96

The correlation between WWNPX and LSHAX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

WWNPX vs. LSHAX — Risk / Return Rank

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

WWNPX

WWNPX Risk / Return Rank: 2
WWNPX Sharpe Ratio Rank: 2
WWNPX Sortino Ratio Rank: 2
WWNPX Omega Ratio Rank: 3
WWNPX Calmar Ratio Rank: 2
WWNPX Martin Ratio Rank: 2

LSHAX

LSHAX Risk / Return Rank: 3
LSHAX Sharpe Ratio Rank: 3
LSHAX Sortino Ratio Rank: 4
LSHAX Omega Ratio Rank: 4
LSHAX Calmar Ratio Rank: 3
LSHAX 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.

WWNPX vs. LSHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics Paradigm Fund (WWNPX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). 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	LSHAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	0.02	-0.17
Sortino ratio: Return per unit of downside risk	0.02	0.30	-0.28
Omega ratio: Gain probability vs. loss probability	1.00	1.04	-0.04
Calmar ratio: Return relative to maximum drawdown	-0.18	0.03	-0.21
Martin ratio: Return relative to average drawdown	-0.43	0.06	-0.50

WWNPX vs. LSHAX - Sharpe Ratio Comparison

The current WWNPX Sharpe Ratio is -0.15, which is lower than the LSHAX Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of WWNPX and LSHAX, 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

WWNPX vs. LSHAX - Drawdown Comparison

The maximum WWNPX drawdown since its inception was -67.87%, roughly equal to the maximum LSHAX drawdown of -69.03%. Use the drawdown chart below to compare losses from any high point for WWNPX and LSHAX.

Drawdown Indicators

	WWNPX	LSHAX	Difference
Max Drawdown Largest peak-to-trough decline	-67.87%	-69.03%	+1.16%
Max Drawdown (1Y) Largest decline over 1 year	-27.71%	-28.39%	+0.68%
Max Drawdown (3Y) Largest decline over 3 years	-41.13%	-45.79%	+4.66%
Max Drawdown (5Y) Largest decline over 5 years	-41.13%	-45.79%	+4.66%
Max Drawdown (10Y) Largest decline over 10 years	-43.51%	-50.78%	+7.27%
Current Drawdown Current decline from peak	-31.66%	-31.11%	-0.55%
Average Drawdown Average peak-to-trough decline	-13.93%	-21.95%	+8.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.77%	13.55%	-1.78%

Volatility

WWNPX vs. LSHAX - Volatility Comparison

The current volatility for Kinetics Paradigm Fund (WWNPX) is 9.71%, while Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a volatility of 11.66%. This indicates that WWNPX experiences smaller price fluctuations and is considered to be less risky than LSHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WWNPX	LSHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	11.66%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	26.86%	30.07%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	33.74%	38.43%	-4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.01%	34.42%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.71%	30.82%	-2.11%

WWNPX vs. LSHAX - Expense Ratio Comparison

WWNPX has a 1.64% expense ratio, which is lower than LSHAX's 1.68% expense ratio.

Dividends

WWNPX vs. LSHAX - Dividend Comparison

WWNPX's dividend yield for the trailing twelve months is around 7.28%, less than LSHAX's 9.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund	9.46%	11.59%	4.66%	9.40%	1.76%	0.11%	0.53%	0.00%	4.85%	3.94%	1.84%
WWNPX Kinetics Paradigm Fund	7.28%	8.21%	2.95%	5.65%	2.00%	1.67%	2.15%	1.00%	10.44%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WWNPX and LSHAX in my portfolio?

With a correlation of 0.97, WWNPX and LSHAX 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.

Which is riskier, WWNPX or LSHAX?

LSHAX has higher volatility (11.66%) compared to WWNPX (9.71%). In terms of maximum drawdown, WWNPX dropped -67.87% vs LSHAX's -69.03%.

Which has better risk-adjusted returns?

LSHAX currently has the higher Sharpe Ratio (0.02 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.