BIVIX vs. BGX
BIVIX (Invenomic Fund Institutional Class) and BGX (Blackstone Long-Short Credit Income Fund) are both Long-Short funds. Both are actively managed. Over the past 5 years, BIVIX returned 16.22%/yr vs 3.12%/yr for BGX. Their 0.04 correlation means their historical movements had little consistent relationship. BIVIX charges 3.17%/yr vs 1.46%/yr for BGX.
Performance
BIVIX vs. BGX - Performance Comparison
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Returns By Period
In the year-to-date period, BIVIX achieves a 7.97% return, which is significantly higher than BGX's -4.03% return.
BIVIX
- 1D
- -5.68%
- 1M
- 15.61%
- 6M
- 11.43%
- YTD
- 7.97%
- 1Y
- 17.09%
- 3Y*
- 2.95%
- 5Y*
- 16.22%
- 10Y*
- —
- ALL TIME*
- 16.94%
BGX
- 1D
- 0.00%
- 1M
- -0.53%
- 6M
- -2.87%
- YTD
- -4.03%
- 1Y
- -6.78%
- 3Y*
- 7.31%
- 5Y*
- 3.12%
- 10Y*
- 6.00%
- ALL TIME*
- 4.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $671.76K | $683.72K | $622.96K | |
| $0.00 | $0.00 | $0.00 |
BIVIX vs. BGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIVIX Invenomic Fund Institutional Class | 7.97% | 4.63% | -8.81% | 16.80% | 50.01% | 63.81% | 11.46% | 11.59% | 3.68% | 8.93% |
BGX Blackstone Long-Short Credit Income Fund | -4.03% | 2.09% | 19.83% | 18.92% | -20.57% | 17.54% | -5.67% | 24.98% | -4.19% | 2.85% |
Correlation
The correlation between BIVIX and BGX is -0.18, 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. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | 0.04 |
The correlation between BIVIX and BGX shifts across timeframes, from -0.18 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BIVIX vs. BGX — Risk / Return Rank
BIVIX
BGX
BIVIX vs. BGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and Blackstone Long-Short Credit Income Fund (BGX). 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 | BGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.85 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.57 | +1.16 |
| Martin ratioReturn relative to average drawdown | 1.60 | -1.07 | +2.67 |
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Drawdowns
BIVIX vs. BGX - Drawdown Comparison
The maximum BIVIX drawdown since its inception was -26.95%, smaller than the maximum BGX drawdown of -47.40%. Use the drawdown chart below to compare losses from any high point for BIVIX and BGX.
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Drawdown Indicators
| BIVIX | BGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.95% | -47.40% | +20.45% |
Max Drawdown (1Y)Largest decline over 1 year | -26.95% | -12.43% | -14.52% |
Max Drawdown (3Y)Largest decline over 3 years | -26.95% | -14.08% | -12.87% |
Max Drawdown (5Y)Largest decline over 5 years | -26.95% | -25.94% | -1.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.40% | — |
Current DrawdownCurrent decline from peak | -5.68% | -7.71% | +2.03% |
Average DrawdownAverage peak-to-trough decline | -6.03% | -7.00% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 6.64% | +3.25% |
Volatility
BIVIX vs. BGX - Volatility Comparison
Invenomic Fund Institutional Class (BIVIX) has a higher volatility of 17.67% compared to Blackstone Long-Short Credit Income Fund (BGX) at 1.71%. This indicates that BIVIX's price experiences larger fluctuations and is considered to be riskier than BGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIVIX | BGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.67% | 1.71% | +15.96% |
Volatility (6M)Calculated over the trailing 6-month period | 29.32% | 5.79% | +23.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.80% | 7.81% | +24.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.36% | 11.64% | +7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 17.50% | +1.11% |
BIVIX vs. BGX - Expense Ratio Comparison
BIVIX has a 3.17% expense ratio, which is higher than BGX's 1.46% expense ratio.
Dividends
BIVIX vs. BGX - Dividend Comparison
BIVIX's dividend yield for the trailing twelve months is around 2.03%, less than BGX's 9.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGX Blackstone Long-Short Credit Income Fund | 9.11% | 8.87% | 9.89% | 11.71% | 8.15% | 7.01% | 8.76% | 9.35% | 11.74% | 7.12% | 9.01% | 8.72% |
BIVIX Invenomic Fund Institutional Class | 2.03% | 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
BIVIX and BGX have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVIX has higher volatility (17.67%) compared to BGX (1.71%). In terms of maximum drawdown, BIVIX dropped -26.95% vs BGX's -47.40%.
BIVIX currently has the higher Sharpe Ratio (0.48 vs -0.91), 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.
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