WWWEX vs. KMKNX

Last updated Aug 4, 2026

WWWEX (Kinetics The Global Fund) and KMKNX (Kinetics Market Opportunities Fund No Load Class) are both mutual funds - WWWEX is a Diversified Portfolio fund managed by Kinetics, while KMKNX is a Mid Cap Growth Equities fund actively managed by Kinetics. Over the past 10 years, WWWEX returned 15.19%/yr vs 19.91%/yr for KMKNX. Their correlation of 0.82 means they have usually moved in the same direction. WWWEX charges 1.39%/yr vs 1.40%/yr for KMKNX.

Performance

WWWEX vs. KMKNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics The Global Fund (WWWEX) and Kinetics Market Opportunities Fund No Load Class (KMKNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WWWEX achieves a 4.86% return, which is significantly lower than KMKNX's 14.42% return. Over the past 10 years, WWWEX has underperformed KMKNX with an annualized return of 15.19%, while KMKNX has yielded a comparatively higher 19.91% annualized return.

WWWEX

• 1D: 0.06%
• 1M: 1.08%
• 6M: 1.32%
• YTD: 4.86%
• 1Y: 0.89%
• 3Y*: 28.29%
• 5Y*: 13.31%
• 10Y*: 15.19%
• ALL TIME*: 4.62%

KMKNX

• 1D: 0.63%
• 1M: 0.72%
• 6M: 7.03%
• YTD: 14.42%
• 1Y: 8.72%
• 3Y*: 31.41%
• 5Y*: 15.44%
• 10Y*: 19.91%
• ALL TIME*: 12.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KMKNX Kinetics Market Opportunities Fund No Load Class	$0.00	$0.00	$0.00
WWWEX Kinetics The Global Fund	$0.00	$0.00	$0.00

WWWEX vs. KMKNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WWWEX Kinetics The Global Fund	4.86%	2.89%	72.15%	11.83%	-6.45%	16.29%	25.00%	21.61%	-23.57%	48.93%
KMKNX Kinetics Market Opportunities Fund No Load Class	14.42%	-3.09%	84.05%	-7.34%	14.98%	28.03%	19.56%	22.76%	-10.68%	47.26%

Correlation

The correlation between WWWEX and KMKNX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006	0.82

The correlation between WWWEX and KMKNX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

WWWEX vs. KMKNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WWWEX

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

KMKNX

KMKNX Risk / Return Rank: 7
KMKNX Sharpe Ratio Rank: 7
KMKNX Sortino Ratio Rank: 8
KMKNX Omega Ratio Rank: 8
KMKNX Calmar Ratio Rank: 7
KMKNX Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WWWEX vs. KMKNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics The Global Fund (WWWEX) and Kinetics Market Opportunities Fund No Load Class (KMKNX). 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.

	WWWEX	KMKNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	0.27	-0.29
Sortino ratio: Return per unit of downside risk	0.09	0.54	-0.45
Omega ratio: Gain probability vs. loss probability	1.01	1.07	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.02	0.33	-0.35
Martin ratio: Return relative to average drawdown	-0.05	0.72	-0.77

WWWEX vs. KMKNX - Sharpe Ratio Comparison

The current WWWEX Sharpe Ratio is -0.02, which is lower than the KMKNX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of WWWEX and KMKNX, 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

WWWEX vs. KMKNX - Drawdown Comparison

The maximum WWWEX drawdown since its inception was -82.60%, which is greater than KMKNX's maximum drawdown of -65.47%. Use the drawdown chart below to compare losses from any high point for WWWEX and KMKNX.

Drawdown Indicators

	WWWEX	KMKNX	Difference
Max Drawdown Largest peak-to-trough decline	-82.60%	-65.47%	-17.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-20.13%	+6.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.66%	-28.27%	+10.61%
Max Drawdown (5Y) Largest decline over 5 years	-26.62%	-31.47%	+4.85%
Max Drawdown (10Y) Largest decline over 10 years	-36.00%	-31.47%	-4.53%
Current Drawdown Current decline from peak	-9.56%	-16.09%	+6.53%
Average Drawdown Average peak-to-trough decline	-41.12%	-15.29%	-25.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.66%	9.09%	-2.43%

Volatility

WWWEX vs. KMKNX - Volatility Comparison

The current volatility for Kinetics The Global Fund (WWWEX) is 3.33%, while Kinetics Market Opportunities Fund No Load Class (KMKNX) has a volatility of 5.27%. This indicates that WWWEX experiences smaller price fluctuations and is considered to be less risky than KMKNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WWWEX	KMKNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	5.27%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	19.50%	-6.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	24.44%	-7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.40%	26.51%	-7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	23.79%	-4.55%

WWWEX vs. KMKNX - Expense Ratio Comparison

WWWEX has a 1.39% expense ratio, which is lower than KMKNX's 1.40% expense ratio.

Dividends

WWWEX vs. KMKNX - Dividend Comparison

WWWEX's dividend yield for the trailing twelve months is around 2.46%, more than KMKNX's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KMKNX Kinetics Market Opportunities Fund No Load Class	0.58%	0.66%	0.81%	0.87%	1.36%	1.56%	0.26%	0.33%	9.13%	0.64%	0.00%	0.00%
WWWEX Kinetics The Global Fund	2.46%	2.58%	0.98%	2.50%	1.47%	3.50%	0.00%	0.00%	0.08%	9.04%	0.40%	0.06%

Frequently Asked Questions

Can I hold both WWWEX and KMKNX in my portfolio?

WWWEX and KMKNX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WWWEX or KMKNX?

KMKNX has higher volatility (5.27%) compared to WWWEX (3.33%). In terms of maximum drawdown, WWWEX dropped -82.60% vs KMKNX's -65.47%.

Which has better risk-adjusted returns?

KMKNX currently has the higher Sharpe Ratio (0.27 vs -0.02), 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.