BIVIX vs. BIVRX

Last updated Jun 4, 2026

BIVIX (Invenomic Fund Institutional Class) and BIVRX (Invenomic Fund) are both Long-Short funds from Invenomic. Over the past 5 years, BIVIX returned 9.18%/yr vs 6.19%/yr for BIVRX. With a 1.00 correlation, they move nearly in lockstep. BIVIX charges 3.17%/yr vs 2.48%/yr for BIVRX.

Performance

BIVIX vs. BIVRX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with BIVIX having a -13.33% return and BIVRX slightly lower at -13.43%.

BIVIX

• 1D: -4.48%
• 1M: -7.81%
• YTD: -13.33%
• 6M: -9.90%
• 1Y: -7.34%
• 3Y*: -4.36%
• 5Y*: 9.18%
• 10Y*: —

BIVRX

• 1D: -4.45%
• 1M: -7.80%
• YTD: -13.43%
• 6M: -10.00%
• 1Y: -7.56%
• 3Y*: -4.59%
• 5Y*: 6.19%
• 10Y*: —

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

BIVIX vs. BIVRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	-13.33%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%
BIVRX Invenomic Fund	-13.43%	4.39%	-9.03%	16.47%	49.61%	44.06%	11.12%	11.36%	3.41%	8.73%

Correlation

The correlation between BIVIX and BIVRX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 26, 2017	1.00

The correlation between BIVIX and BIVRX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BIVIX vs. BIVRX — Risk / Return Rank

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

BIVIX

BIVIX Risk / Return Rank: 2
BIVIX Sharpe Ratio Rank: 2
BIVIX Sortino Ratio Rank: 2
BIVIX Omega Ratio Rank: 2
BIVIX Calmar Ratio Rank: 1
BIVIX Martin Ratio Rank: 1

BIVRX

BIVRX Risk / Return Rank: 1
BIVRX Sharpe Ratio Rank: 2
BIVRX Sortino Ratio Rank: 2
BIVRX Omega Ratio Rank: 2
BIVRX Calmar Ratio Rank: 1
BIVRX Martin Ratio Rank: 1

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.

BIVIX vs. BIVRX - Risk-Adjusted Trends Comparison

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

	BIVIX	BIVRX	Difference
Sharpe ratio Return per unit of total volatility	-0.26	-0.27	+0.01
Sortino ratio Return per unit of downside risk	-0.22	-0.24	+0.02
Omega ratio Gain probability vs. loss probability	0.98	0.97	0.00
Calmar ratio Return relative to maximum drawdown	-0.31	-0.32	+0.01
Martin ratio Return relative to average drawdown	-0.81	-0.84	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIVIX vs. BIVRX - Sharpe Ratio Comparison

The current BIVIX Sharpe Ratio is -0.26, which is comparable to the BIVRX Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of BIVIX and BIVRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIVIX	BIVRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.26	-0.27	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.36	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.72	+0.13

Drawdowns

BIVIX vs. BIVRX - Drawdown Comparison

The maximum BIVIX drawdown since its inception was -20.70%, roughly equal to the maximum BIVRX drawdown of -21.14%. Use the drawdown chart below to compare losses from any high point for BIVIX and BIVRX.

Drawdown Indicators

	BIVIX	BIVRX	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-21.14%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-20.70%	-20.70%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-21.14%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	-21.14%	+0.44%
Current Drawdown Current decline from peak	-18.79%	-19.25%	+0.46%
Average Drawdown Average peak-to-trough decline	-5.89%	-6.05%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	7.82%	-0.02%

Volatility

BIVIX vs. BIVRX - Volatility Comparison

Invenomic Fund Institutional Class (BIVIX) and Invenomic Fund (BIVRX) have volatilities of 12.08% and 12.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVIX	BIVRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	12.06%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	20.18%	20.20%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	24.20%	24.21%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	17.53%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	17.56%	-0.47%

BIVIX vs. BIVRX - Expense Ratio Comparison

BIVIX has a 3.17% expense ratio, which is higher than BIVRX's 2.48% expense ratio.

Dividends

BIVIX vs. BIVRX - Dividend Comparison

BIVIX's dividend yield for the trailing twelve months is around 2.53%, more than BIVRX's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	2.53%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%
BIVRX Invenomic Fund	2.23%	1.93%	3.55%	20.26%	28.43%	3.00%	3.11%	3.21%	4.82%	1.21%

Frequently Asked Questions

Can I hold both BIVIX and BIVRX in my portfolio?

With a correlation of 1.00, BIVIX and BIVRX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BIVIX or BIVRX?

BIVIX has higher volatility (12.08%) compared to BIVRX (12.06%). In terms of maximum drawdown, BIVIX dropped -20.70% vs BIVRX's -21.14%.

Which has better risk-adjusted returns?

BIVIX currently has the higher Sharpe Ratio (-0.26 vs -0.27), 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.