BIVIX vs. ASILX

Last updated Aug 4, 2026

BIVIX (Invenomic Fund Institutional Class) and ASILX (AB Select US Long/Short Portfolio) are both Long-Short funds. Over the past 5 years, BIVIX returned 15.96%/yr vs 7.62%/yr for ASILX. Their 0.00 correlation means their historical movements had little consistent relationship. BIVIX charges 3.17%/yr vs 1.55%/yr for ASILX.

Performance

BIVIX vs. ASILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invenomic Fund Institutional Class (BIVIX) and AB Select US Long/Short Portfolio (ASILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIVIX achieves a 6.78% return, which is significantly higher than ASILX's 5.03% return.

BIVIX

• 1D: -1.10%
• 1M: 14.34%
• 6M: 9.88%
• YTD: 6.78%
• 1Y: 15.80%
• 3Y*: 2.90%
• 5Y*: 15.96%
• 10Y*: —
• ALL TIME*: 16.79%

ASILX

• 1D: 0.46%
• 1M: 0.46%
• 6M: 3.89%
• YTD: 5.03%
• 1Y: 10.56%
• 3Y*: 11.93%
• 5Y*: 7.62%
• 10Y*: 8.94%
• ALL TIME*: 8.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ASILX AB Select US Long/Short Portfolio	$0.00	$0.00	$0.00
BIVIX Invenomic Fund Institutional Class	$0.00	$0.00	$0.00

BIVIX vs. ASILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	6.78%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%
ASILX AB Select US Long/Short Portfolio	5.03%	9.77%	18.46%	11.06%	-9.94%	17.81%	10.23%	17.17%	-1.61%	7.75%

Correlation

The correlation between BIVIX and ASILX is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.34
Correlation (3Y) Balances recent behavior with more history.	-0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.00

The correlation between BIVIX and ASILX shifts across timeframes, from -0.34 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BIVIX vs. ASILX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIVIX

BIVIX Risk / Return Rank: 12
BIVIX Sharpe Ratio Rank: 11
BIVIX Sortino Ratio Rank: 14
BIVIX Omega Ratio Rank: 13
BIVIX Calmar Ratio Rank: 11
BIVIX Martin Ratio Rank: 11

ASILX

ASILX Risk / Return Rank: 71
ASILX Sharpe Ratio Rank: 66
ASILX Sortino Ratio Rank: 64
ASILX Omega Ratio Rank: 66
ASILX Calmar Ratio Rank: 79
ASILX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIVIX vs. ASILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and AB Select US Long/Short Portfolio (ASILX). 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.

	BIVIX	ASILX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	1.67	-1.19
Sortino ratio: Return per unit of downside risk	0.97	2.34	-1.37
Omega ratio: Gain probability vs. loss probability	1.11	1.31	-0.20
Calmar ratio: Return relative to maximum drawdown	0.58	2.66	-2.08
Martin ratio: Return relative to average drawdown	1.58	10.02	-8.44

BIVIX vs. ASILX - Sharpe Ratio Comparison

The current BIVIX Sharpe Ratio is 0.48, which is lower than the ASILX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of BIVIX and ASILX, 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

BIVIX vs. ASILX - Drawdown Comparison

The maximum BIVIX drawdown since its inception was -26.95%, which is greater than ASILX's maximum drawdown of -18.36%. Use the drawdown chart below to compare losses from any high point for BIVIX and ASILX.

Drawdown Indicators

	BIVIX	ASILX	Difference
Max Drawdown Largest peak-to-trough decline	-26.95%	-18.36%	-8.59%
Max Drawdown (1Y) Largest decline over 1 year	-26.95%	-3.61%	-23.34%
Max Drawdown (3Y) Largest decline over 3 years	-26.95%	-7.94%	-19.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.95%	-12.30%	-14.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.36%	—
Current Drawdown Current decline from peak	-6.71%	-0.13%	-6.58%
Average Drawdown Average peak-to-trough decline	-6.03%	-2.44%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.90%	0.96%	+8.94%

Volatility

BIVIX vs. ASILX - Volatility Comparison

Invenomic Fund Institutional Class (BIVIX) has a higher volatility of 17.23% compared to AB Select US Long/Short Portfolio (ASILX) at 1.88%. This indicates that BIVIX's price experiences larger fluctuations and is considered to be riskier than ASILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVIX	ASILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.23%	1.88%	+15.35%
Volatility (6M) Calculated over the trailing 6-month period	29.33%	4.10%	+25.23%
Volatility (1Y) Calculated over the trailing 1-year period	32.70%	5.75%	+26.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	7.96%	+11.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	9.28%	+9.33%

BIVIX vs. ASILX - Expense Ratio Comparison

BIVIX has a 3.17% expense ratio, which is higher than ASILX's 1.55% expense ratio.

Dividends

BIVIX vs. ASILX - Dividend Comparison

BIVIX's dividend yield for the trailing twelve months is around 2.06%, less than ASILX's 12.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASILX AB Select US Long/Short Portfolio	12.52%	13.15%	7.18%	1.41%	6.51%	11.92%	4.28%	3.54%	8.71%	5.03%	0.00%	3.35%
BIVIX Invenomic Fund Institutional Class	2.06%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIVIX and ASILX in my portfolio?

BIVIX and ASILX have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIVIX or ASILX?

BIVIX has higher volatility (17.23%) compared to ASILX (1.88%). In terms of maximum drawdown, BIVIX dropped -26.95% vs ASILX's -18.36%.

Which has better risk-adjusted returns?

ASILX currently has the higher Sharpe Ratio (1.67 vs 0.48), 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.