WWWEX vs. KSOAX

Last updated Jun 25, 2026

WWWEX (Kinetics The Global Fund) and KSOAX (Kinetics Small Capital Opportunities Advisor Fund Class A) are both mutual funds - WWWEX is a Diversified Portfolio fund managed by Kinetics, while KSOAX is a Small Cap Growth Equities fund managed by Kinetics. Over the past 10 years, WWWEX returned 15.10%/yr vs 18.98%/yr for KSOAX. A 0.73 correlation means they provide meaningful diversification when combined. WWWEX charges 1.39%/yr vs 1.89%/yr for KSOAX.

Performance

WWWEX vs. KSOAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kinetics The Global Fund (WWWEX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WWWEX achieves a 0.50% return, which is significantly lower than KSOAX's 14.50% return. Over the past 10 years, WWWEX has underperformed KSOAX with an annualized return of 15.10%, while KSOAX has yielded a comparatively higher 18.98% annualized return.

WWWEX

• 1D: -0.25%
• 1M: -8.56%
• YTD: 0.50%
• 6M: -0.33%
• 1Y: -3.07%
• 3Y*: 27.97%
• 5Y*: 12.78%
• 10Y*: 15.10%

KSOAX

• 1D: 1.28%
• 1M: -7.49%
• YTD: 14.50%
• 6M: 12.31%
• 1Y: 3.70%
• 3Y*: 25.58%
• 5Y*: 12.82%
• 10Y*: 18.98%

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

WWWEX vs. KSOAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WWWEX Kinetics The Global Fund	0.50%	2.89%	72.15%	11.83%	-6.45%	16.29%	25.00%	21.61%	-23.57%	48.93%
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	14.50%	-8.89%	68.00%	-14.98%	31.64%	49.94%	2.04%	26.72%	0.00%	25.94%

Correlation

The correlation between WWWEX and KSOAX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 27, 2001	0.73

The correlation between WWWEX and KSOAX has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

WWWEX vs. KSOAX — Risk / Return Rank

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

WWWEX

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

KSOAX

KSOAX Risk / Return Rank: 4
KSOAX Sharpe Ratio Rank: 4
KSOAX Sortino Ratio Rank: 5
KSOAX Omega Ratio Rank: 5
KSOAX Calmar Ratio Rank: 4
KSOAX Martin Ratio Rank: 4

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.

WWWEX vs. KSOAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinetics The Global Fund (WWWEX) and Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX). 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	KSOAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	0.17	-0.30
Sortino ratio: Return per unit of downside risk	-0.06	0.42	-0.48
Omega ratio: Gain probability vs. loss probability	0.99	1.06	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.16	0.22	-0.38
Martin ratio: Return relative to average drawdown	-0.37	0.51	-0.88

WWWEX vs. KSOAX - Sharpe Ratio Comparison

The current WWWEX Sharpe Ratio is -0.13, which is lower than the KSOAX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of WWWEX and KSOAX, 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. KSOAX - Drawdown Comparison

The maximum WWWEX drawdown since its inception was -82.60%, which is greater than KSOAX's maximum drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for WWWEX and KSOAX.

Drawdown Indicators

	WWWEX	KSOAX	Difference
Max Drawdown Largest peak-to-trough decline	-82.60%	-70.21%	-12.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.32%	-21.60%	+8.28%
Max Drawdown (3Y) Largest decline over 3 years	-17.66%	-33.28%	+15.62%
Max Drawdown (5Y) Largest decline over 5 years	-26.62%	-33.28%	+6.66%
Max Drawdown (10Y) Largest decline over 10 years	-36.00%	-47.11%	+11.11%
Current Drawdown Current decline from peak	-13.32%	-21.67%	+8.35%
Average Drawdown Average peak-to-trough decline	-41.24%	-15.88%	-25.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.77%	9.18%	-3.41%

Volatility

WWWEX vs. KSOAX - Volatility Comparison

The current volatility for Kinetics The Global Fund (WWWEX) is 4.36%, while Kinetics Small Capital Opportunities Advisor Fund Class A (KSOAX) has a volatility of 8.25%. This indicates that WWWEX experiences smaller price fluctuations and is considered to be less risky than KSOAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WWWEX	KSOAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	8.25%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	21.99%	-8.45%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	26.77%	-9.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	27.96%	-8.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	26.20%	-6.98%

WWWEX vs. KSOAX - Expense Ratio Comparison

WWWEX has a 1.39% expense ratio, which is lower than KSOAX's 1.89% expense ratio.

Dividends

WWWEX vs. KSOAX - Dividend Comparison

WWWEX's dividend yield for the trailing twelve months is around 2.57%, while KSOAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSOAX Kinetics Small Capital Opportunities Advisor Fund Class A	0.00%	0.00%	3.52%	6.72%	0.00%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WWWEX Kinetics The Global Fund	2.57%	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 KSOAX in my portfolio?

WWWEX and KSOAX have a correlation of 0.75, 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 KSOAX?

KSOAX has higher volatility (8.25%) compared to WWWEX (4.36%). In terms of maximum drawdown, WWWEX dropped -82.60% vs KSOAX's -70.21%.

Which has better risk-adjusted returns?

KSOAX currently has the higher Sharpe Ratio (0.17 vs -0.13), 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.