Kinetics Small Correlations

KSOCX Fund

USD 195.42 2.22 1.15%

The current 90-days correlation between Kinetics Small Cap and Kinetics Market Opportunities is 0.97 (i.e., Almost no diversification). The correlation of Kinetics Small is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Kinetics Small Correlation With Market

Very weak diversification

The correlation between Kinetics Small Cap and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kinetics Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kinetics Small Cap. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Kinetics Mutual Fund

0.87	KGLCX	Kinetics Global	Pair Corr
0.87	KGLAX	Kinetics Global	Pair Corr
0.73	WWNPX	Kinetics Paradigm	Pair Corr
0.87	WWWEX	Kinetics Global	Pair Corr
0.87	KMDNX	Kinetics Multi-disciplina	Pair Corr
0.99	KMKCX	Kinetics Market Oppo	Pair Corr
0.99	KMKAX	Kinetics Market Oppo	Pair Corr
0.99	KMKNX	Kinetics Market Oppo	Pair Corr
0.99	KMKYX	Kinetics Market Oppo	Pair Corr
0.99	KNPAX	Kinetics Paradigm	Pair Corr
0.98	KNPCX	Kinetics Paradigm	Pair Corr
0.99	KNPYX	Kinetics Paradigm	Pair Corr
0.99	LSHEX	Kinetics Spin Off Steady Growth	Pair Corr
0.99	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.98	LSHCX	Horizon Spin Off Steady Growth	Pair Corr
0.99	LSHAX	Horizon Spin Off Steady Growth	Pair Corr
1.0	KSCYX	Kinetics Small Cap	Pair Corr
1.0	KSCOX	Kinetics Small Cap	Pair Corr
1.0	KSOAX	Kinetics Small Cap	Pair Corr
0.63	VEXRX	Vanguard Explorer	Pair Corr
0.72	PDI	Pimco Dynamic Income	Pair Corr

Moving against Kinetics Mutual Fund

0.83

UIPIX

Ultrashort Mid Cap

Pair Corr

Related Correlations Analysis

	KGLCX	KGLAX	WWNPX	WWWFX	WWWEX	KINCX	KMDNX	KMKCX	KMKAX	KMKNX
KGLCX		1.0	0.5	0.2	1.0	0.39	0.82	0.92	0.92	0.92	KGLCX
KGLAX	1.0		0.5	0.17	1.0	0.37	0.84	0.92	0.92	0.91	KGLAX
WWNPX	0.5	0.5		-0.22	0.51	-0.14	0.49	0.7	0.7	0.7	WWNPX
WWWFX	0.2	0.17	-0.22		0.2	0.96	-0.34	-0.1	-0.1	-0.1	WWWFX
WWWEX	1.0	1.0	0.51	0.2		0.38	0.82	0.92	0.92	0.92	WWWEX
KINCX	0.39	0.37	-0.14	0.96	0.38		-0.12	0.07	0.07	0.06	KINCX
KMDNX	0.82	0.84	0.49	-0.34	0.82	-0.12		0.87	0.87	0.86	KMDNX
KMKCX	0.92	0.92	0.7	-0.1	0.92	0.07	0.87		1.0	1.0	KMKCX
KMKAX	0.92	0.92	0.7	-0.1	0.92	0.07	0.87	1.0		1.0	KMKAX
KMKNX	0.92	0.91	0.7	-0.1	0.92	0.06	0.86	1.0	1.0		KMKNX
	KGLCX	KGLAX	WWNPX	WWWFX	WWWEX	KINCX	KMDNX	KMKCX	KMKAX	KMKNX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

KGLAX	+ 1.0	KGLCX
WWWEX	+ 1.0	KGLCX
WWWEX	+ 1.0	KGLAX
KMKAX	+ 1.0	KMKCX
KMKNX	+ 1.0	KMKCX
KMKNX	+ 1.0	KMKAX

High negative correlations

KMDNX	- 0.34	WWWFX
WWWFX	- 0.22	WWNPX
KINCX	- 0.14	WWNPX
KMDNX	- 0.12	KINCX
KMKNX	- 0.1	WWWFX
KMKAX	- 0.1	WWWFX

Risk-Adjusted Indicators

There is a big difference between Kinetics Mutual Fund performing well and Kinetics Small Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Kinetics Small's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
KGLCX	0.94	0.17	0.11	0.30	1.04	(0.99)	1.98	(2.06)	5.42
KGLAX	0.99	0.19	0.12	0.30	1.15	(1.03)	1.99	(2.08)	5.43
WWNPX	1.85	0.74	0.33	(0.63)	1.35	(2.36)	4.72	(3.20)	10.03
WWWFX	1.59	(0.04)	(0.01)	0.04	2.13	(1.75)	3.38	(3.43)	10.59
WWWEX	0.94	0.18	0.11	0.31	1.04	(1.01)	1.98	(2.12)	5.32
KINCX	1.63	0.00	0.00	0.08	2.12	(1.83)	3.38	(3.44)	10.59
KMDNX	0.03	0.01	0.00	(2.21)	0.00	0.00	0.10	0.00	0.10
KMKCX	1.27	0.35	0.24	0.57	0.97	(1.53)	3.43	(2.40)	6.57
KMKAX	1.29	0.35	0.24	0.53	1.03	(1.52)	3.43	(2.39)	6.56
KMKNX	1.28	0.35	0.24	0.56	0.95	(1.56)	3.43	(2.39)	6.57

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