BIVIX vs. CPLIX

Last updated Apr 2, 2026

Compare and contrast key facts about Invenomic Fund Institutional Class (BIVIX) and Calamos Phineus Long/Short Fund (CPLIX).

BIVIX is an actively managed fund by Invenomic. It was launched on Jun 19, 2017. CPLIX is managed by Calamos. It was launched on Apr 4, 2016.

Performance

BIVIX vs. CPLIX - Performance Comparison

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

BIVIX vs. CPLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	3.73%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%
CPLIX Calamos Phineus Long/Short Fund	-3.56%	9.89%	8.89%	8.04%	-0.96%	7.52%	19.81%	3.97%	-5.96%	3.77%

Returns By Period

In the year-to-date period, BIVIX achieves a 3.73% return, which is significantly higher than CPLIX's -3.56% return.

BIVIX

• 1D: -2.18%
• 1M: 2.00%
• YTD: 3.73%
• 6M: 8.84%
• 1Y: 5.01%
• 3Y*: 1.21%
• 5Y*: 16.44%
• 10Y*: —

CPLIX

• 1D: 1.06%
• 1M: -3.73%
• YTD: -3.56%
• 6M: -4.67%
• 1Y: 4.75%
• 3Y*: 6.85%
• 5Y*: 3.24%
• 10Y*: —

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

BIVIX vs. CPLIX - Expense Ratio Comparison

BIVIX has a 3.17% expense ratio, which is higher than CPLIX's 1.38% expense ratio.

BIVIX

Invenomic Fund Institutional Class

CPLIX

Calamos Phineus Long/Short Fund

Return for Risk

BIVIX vs. CPLIX — Risk / Return Rank

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

BIVIX

BIVIX Risk / Return Rank: 7
BIVIX Sharpe Ratio Rank: 7
BIVIX Sortino Ratio Rank: 8
BIVIX Omega Ratio Rank: 7
BIVIX Calmar Ratio Rank: 8
BIVIX Martin Ratio Rank: 7

CPLIX

CPLIX Risk / Return Rank: 16
CPLIX Sharpe Ratio Rank: 18
CPLIX Sortino Ratio Rank: 18
CPLIX Omega Ratio Rank: 15
CPLIX Calmar Ratio Rank: 16
CPLIX Martin Ratio Rank: 15

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. CPLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and Calamos Phineus Long/Short Fund (CPLIX). 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	CPLIX	Difference
Sharpe ratio Return per unit of total volatility	0.23	0.53	-0.30
Sortino ratio Return per unit of downside risk	0.52	0.87	-0.35
Omega ratio Gain probability vs. loss probability	1.06	1.11	-0.05
Calmar ratio Return relative to maximum drawdown	0.33	0.54	-0.21
Martin ratio Return relative to average drawdown	0.75	1.70	-0.95
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. CPLIX - Sharpe Ratio Comparison

The current BIVIX Sharpe Ratio is 0.23, which is lower than the CPLIX Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of BIVIX and CPLIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BIVIX	CPLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.53	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.27	+0.76
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.47	+0.56

Correlation

The correlation between BIVIX and CPLIX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BIVIX vs. CPLIX - Dividend Comparison

BIVIX's dividend yield for the trailing twelve months is around 2.12%, less than CPLIX's 5.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIVIX Invenomic Fund Institutional Class	2.12%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%	0.00%
CPLIX Calamos Phineus Long/Short Fund	5.73%	5.52%	6.90%	1.86%	0.03%	0.00%	0.00%	0.43%	3.88%	1.21%	0.85%

Drawdowns

BIVIX vs. CPLIX - Drawdown Comparison

The maximum BIVIX drawdown since its inception was -18.32%, smaller than the maximum CPLIX drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for BIVIX and CPLIX.

Drawdown Indicators

	BIVIX	CPLIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.32%	-33.71%	+15.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-8.73%	-4.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.23%	-18.28%	+1.05%
Current Drawdown Current decline from peak	-2.81%	-7.77%	+4.96%
Average Drawdown Average peak-to-trough decline	-5.75%	-4.68%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	2.76%	+3.25%

Volatility

BIVIX vs. CPLIX - Volatility Comparison

Invenomic Fund Institutional Class (BIVIX) has a higher volatility of 7.80% compared to Calamos Phineus Long/Short Fund (CPLIX) at 3.13%. This indicates that BIVIX's price experiences larger fluctuations and is considered to be riskier than CPLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVIX	CPLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.80%	3.13%	+4.67%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	6.16%	+10.60%
Volatility (1Y) Calculated over the trailing 1-year period	20.78%	9.42%	+11.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	12.27%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	15.26%	+1.35%