ADOIX vs. BIVIX

Last updated Jun 24, 2026

ADOIX (ACM Dynamic Opportunity Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, ADOIX returned 11.45%/yr vs 8.80%/yr for BIVIX. At a correlation of -0.24, they often move in opposite directions. ADOIX charges 1.72%/yr vs 3.17%/yr for BIVIX.

Performance

ADOIX vs. BIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ACM Dynamic Opportunity Fund (ADOIX) and Invenomic Fund Institutional Class (BIVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADOIX achieves a 14.62% return, which is significantly higher than BIVIX's -22.03% return.

ADOIX

• 1D: 0.23%
• 1M: 3.85%
• YTD: 14.62%
• 6M: 13.17%
• 1Y: 24.76%
• 3Y*: 27.31%
• 5Y*: 11.45%
• 10Y*: 10.24%

BIVIX

• 1D: -3.16%
• 1M: -11.08%
• YTD: -22.03%
• 6M: -19.30%
• 1Y: -15.80%
• 3Y*: -7.50%
• 5Y*: 8.80%
• 10Y*: —

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

ADOIX vs. BIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADOIX ACM Dynamic Opportunity Fund	14.62%	10.02%	54.06%	6.71%	-12.83%	0.94%	22.46%	2.36%	-0.97%	7.22%
BIVIX Invenomic Fund Institutional Class	-22.03%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%

Correlation

The correlation between ADOIX and BIVIX is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.53
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (5Y) Calculated over the trailing 5-year period	-0.32
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	-0.24

Over the past year, the inverse relationship between ADOIX and BIVIX has strengthened: their correlation has moved from -0.24 to -0.53, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

ADOIX vs. BIVIX — Risk / Return Rank

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

ADOIX

ADOIX Risk / Return Rank: 46
ADOIX Sharpe Ratio Rank: 47
ADOIX Sortino Ratio Rank: 43
ADOIX Omega Ratio Rank: 43
ADOIX Calmar Ratio Rank: 60
ADOIX Martin Ratio Rank: 37

BIVIX

BIVIX Risk / Return Rank: 1
BIVIX Sharpe Ratio Rank: 1
BIVIX Sortino Ratio Rank: 1
BIVIX Omega Ratio Rank: 1
BIVIX Calmar Ratio Rank: 1
BIVIX Martin Ratio Rank: 0

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.

ADOIX vs. BIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ACM Dynamic Opportunity Fund (ADOIX) and Invenomic Fund Institutional Class (BIVIX). 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.

	ADOIX	BIVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	-0.61	+2.49
Sortino ratio: Return per unit of downside risk	2.55	-0.77	+3.32
Omega ratio: Gain probability vs. loss probability	1.33	0.91	+0.41
Calmar ratio: Return relative to maximum drawdown	2.84	-0.60	+3.44
Martin ratio: Return relative to average drawdown	7.68	-1.78	+9.45

ADOIX vs. BIVIX - Sharpe Ratio Comparison

The current ADOIX Sharpe Ratio is 1.87, which is higher than the BIVIX Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of ADOIX and BIVIX, 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

ADOIX vs. BIVIX - Drawdown Comparison

The maximum ADOIX drawdown since its inception was -21.99%, smaller than the maximum BIVIX drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for ADOIX and BIVIX.

Drawdown Indicators

	ADOIX	BIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.99%	-26.95%	+4.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-26.95%	+17.80%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-26.95%	+12.20%
Max Drawdown (5Y) Largest decline over 5 years	-21.61%	-26.95%	+5.34%
Max Drawdown (10Y) Largest decline over 10 years	-21.99%	—	—
Current Drawdown Current decline from peak	0.00%	-26.95%	+26.95%
Average Drawdown Average peak-to-trough decline	-6.00%	-5.96%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	9.01%	-5.63%

Volatility

ADOIX vs. BIVIX - Volatility Comparison

The current volatility for ACM Dynamic Opportunity Fund (ADOIX) is 5.86%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 12.50%. This indicates that ADOIX experiences smaller price fluctuations and is considered to be less risky than BIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADOIX	BIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	12.50%	-6.64%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	22.10%	-11.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.91%	26.30%	-12.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	17.21%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.00%	17.40%	-3.40%

ADOIX vs. BIVIX - Expense Ratio Comparison

ADOIX has a 1.72% expense ratio, which is lower than BIVIX's 3.17% expense ratio.

Dividends

ADOIX vs. BIVIX - Dividend Comparison

ADOIX's dividend yield for the trailing twelve months is around 2.50%, less than BIVIX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADOIX ACM Dynamic Opportunity Fund	2.50%	2.86%	44.03%	1.32%	6.56%	2.40%	4.34%	0.35%	1.00%	0.00%
BIVIX Invenomic Fund Institutional Class	2.82%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%

Frequently Asked Questions

Can I hold both ADOIX and BIVIX in my portfolio?

ADOIX and BIVIX have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADOIX or BIVIX?

BIVIX has higher volatility (12.50%) compared to ADOIX (5.86%). In terms of maximum drawdown, ADOIX dropped -21.99% vs BIVIX's -26.95%.

Which has better risk-adjusted returns?

ADOIX currently has the higher Sharpe Ratio (1.87 vs -0.61), 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.