- ISIN
- US66538F4708
- CUSIP
- 66538F470
- Issuer
- Invenomic
- Inception Date
- Jun 18, 2017
- Category
- Long-Short
- Min. Investment
- $5,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
BIVRX Performance Chart
Invenomic Fund (BIVRX) is down 19.6% since the beginning of the year. BIVRX is currently trading at $14 per share. Investors who bought $1,000 worth of BIVRX shares 5 years ago would now be looking at an investment worth $1,356.
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Returns By Period
Invenomic Fund (BIVRX) has returned -19.60% so far this year and -13.52% over the past 12 months.
Invenomic Fund
- 1D
- -2.58%
- 1M
- -8.16%
- YTD
- -19.60%
- 6M
- -17.41%
- 1Y
- -13.52%
- 3Y*
- -7.11%
- 5Y*
- 6.28%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BIVRX Monthly Returns History
Based on dividend-adjusted daily data since Jun 23, 2017, BIVRX's average daily return is +0.05%, while the average monthly return is +1.03%. At this rate, an investment would double in approximately 5.6 years.
Historically, 59% of months were positive and 41% were negative. The best month was Jan 2022 with a return of +20.0%, while the worst month was Jun 2021 at -10.5%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, BIVRX closed higher 48% of trading days. The best single day was Nov 9, 2020 with a return of +11.5%, while the worst single day was Dec 15, 2021 at -11.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -3.17% | 6.61% | 0.39% | -9.79% | -5.92% | -8.58% | -19.60% | ||||||
| 2025 | -1.59% | 1.86% | 3.24% | -5.36% | -0.72% | -0.18% | -0.55% | 9.29% | -5.70% | -7.17% | 7.28% | 5.38% | 4.39% |
| 2024 | -2.69% | -7.39% | 3.79% | 0.44% | -1.16% | -5.35% | 2.65% | -0.11% | -2.13% | 0.29% | -0.12% | 2.96% | -9.03% |
| 2023 | 10.04% | -2.00% | 3.29% | 2.42% | -3.37% | -1.90% | 1.80% | 1.72% | 1.70% | 1.10% | 0.17% | 0.98% | 16.47% |
| 2022 | 20.00% | 4.11% | 3.06% | 6.89% | 6.61% | -7.07% | -1.02% | -0.04% | -3.82% | 5.63% | 6.26% | 2.74% | 49.61% |
| 2021 | 2.36% | 10.96% | 16.46% | 2.77% | 12.32% | -10.49% | 2.08% | -0.52% | 2.34% | -1.32% | 3.42% | -0.62% | 44.06% |
Benchmark Metrics
Invenomic Fund has an annualized alpha of 13.28%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since June 23, 2017.
- This fund captured 29.37% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -7.33%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 13.28%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 29.37%
- Downside Capture
- -7.33%
Expense Ratio
BIVRX has a high expense ratio of 2.48%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BIVRX ranks 1 for risk / return — in the bottom 1% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Invenomic Fund (BIVRX) and compare them to S&P 500 Index.
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.
| BIVRX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.37 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.78 | -3.35 |
| Martin ratioReturn relative to average drawdown | -1.56 | 12.44 | -14.00 |
Dividends
Dividend History
Invenomic Fund provided a 2.40% dividend yield over the last twelve months, with an annual payout of $0.34 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.34 | $0.34 | $0.60 | $3.91 | $5.69 | $0.52 | $0.38 | $0.37 | $0.51 | $0.13 |
Dividend yield | 2.40% | 1.93% | 3.55% | 20.26% | 28.43% | 3.00% | 3.11% | 3.21% | 4.82% | 1.21% |
Monthly Dividends
The table displays the monthly dividend distributions for Invenomic Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.34 | $0.34 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.60 | $0.60 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.91 | $3.91 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.69 | $5.69 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.52 | $0.52 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Invenomic Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Invenomic Fund was 25.01%, occurring on Jun 18, 2026. The portfolio has not yet recovered.
The current Invenomic Fund drawdown is 25.01%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -25.01%Jun 2026 | 2y 5mo | — | 2y 5moJan 2024 - now |
COVID crash2020 | -18.29%Mar 2020 | 4mo 13d | 2mo 22d | 7mo 5dNov 2019 - Jun 2020 |
2021 correction2021 | -16.57%Sep 2021 | 4mo 6d | 3mo 24d | 8moMay 2021 - Jan 2022 |
2020 correction2020 | -15.41%Jul 2020 | 1mo | 4mo 4d | 5mo 4dJun 2020 - Nov 2020 |
Bear market2022 | -14.33%Sep 2022 | 3mo 20d | 3mo 4d | 6mo 24dJun 2022 - Dec 2022 |
Drawdown Indicators
| BIVRX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.01% | -56.78% | +31.77% |
Max Drawdown (1Y)Largest decline over 1 year | -24.59% | -9.10% | -15.49% |
Max Drawdown (3Y)Largest decline over 3 years | -25.01% | -18.90% | -6.11% |
Max Drawdown (5Y)Largest decline over 5 years | -25.01% | -25.43% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -25.01% | -1.80% | -23.21% |
Average DrawdownAverage peak-to-trough decline | -6.12% | -10.71% | +4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.87% | 2.03% | +6.84% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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