Event-by-event fluctuations of the kaon to pion number ratio in nucleus-nucleus collisions are studied within the statistical hadron-resonance gas model (SM) for different statistical ensembles and in the Hadron-String-Dynamics (HSD) transport approach. We find that the HSD model can qualitatively reproduce the measured excitation function for the $K/pi$ ratio fluctuations in central Au+Au (or Pb+Pb) collisions from low SPS up to top RHIC energies. Substantial differences in the HSD and SM results are found for the fluctuations and correlations of the kaon and pion numbers. These predictions impose a challenge for future experiments.
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