BIVIX vs. LSEIX

Last updated Jul 14, 2026

BIVIX (Invenomic Fund Institutional Class) and LSEIX (Persimmon Long/Short Fund) are both Long-Short funds. Over the past 5 years, BIVIX returned 13.32%/yr vs 9.48%/yr for LSEIX. At a correlation of -0.04, they often move in opposite directions. BIVIX charges 3.17%/yr vs 1.91%/yr for LSEIX.

Performance

BIVIX vs. LSEIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIVIX achieves a -6.05% return, which is significantly lower than LSEIX's 9.11% return.

BIVIX

• 1D: 1.96%
• 1M: 7.92%
• 6M: -1.71%
• YTD: -6.05%
• 1Y: -2.49%
• 3Y*: -1.95%
• 5Y*: 13.32%
• 10Y*: —

LSEIX

• 1D: 0.16%
• 1M: 1.94%
• 6M: 6.89%
• YTD: 9.11%
• 1Y: 17.96%
• 3Y*: 16.04%
• 5Y*: 9.48%
• 10Y*: 7.44%

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

BIVIX vs. LSEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	-6.05%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%
LSEIX Persimmon Long/Short Fund	9.11%	12.02%	17.36%	15.70%	-9.95%	14.67%	8.13%	5.28%	-6.10%	5.39%

Correlation

The correlation between BIVIX and LSEIX is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	-0.04

Over the past year, the inverse relationship between BIVIX and LSEIX has strengthened: their correlation has moved from -0.04 to -0.26, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BIVIX vs. LSEIX — Risk / Return Rank

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

BIVIX

BIVIX Risk / Return Rank: 3
BIVIX Sharpe Ratio Rank: 3
BIVIX Sortino Ratio Rank: 3
BIVIX Omega Ratio Rank: 3
BIVIX Calmar Ratio Rank: 3
BIVIX Martin Ratio Rank: 2

LSEIX

LSEIX Risk / Return Rank: 85
LSEIX Sharpe Ratio Rank: 79
LSEIX Sortino Ratio Rank: 76
LSEIX Omega Ratio Rank: 77
LSEIX Calmar Ratio Rank: 95
LSEIX Martin Ratio Rank: 95

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. LSEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and Persimmon Long/Short Fund (LSEIX). 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	LSEIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	2.04	-2.16
Sortino ratio: Return per unit of downside risk	0.05	2.84	-2.79
Omega ratio: Gain probability vs. loss probability	1.01	1.38	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.13	4.52	-4.65
Martin ratio: Return relative to average drawdown	-0.35	17.58	-17.93

BIVIX vs. LSEIX - Sharpe Ratio Comparison

The current BIVIX Sharpe Ratio is -0.12, which is lower than the LSEIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BIVIX and LSEIX, 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. LSEIX - Drawdown Comparison

The maximum BIVIX drawdown since its inception was -26.95%, which is greater than LSEIX's maximum drawdown of -19.92%. Use the drawdown chart below to compare losses from any high point for BIVIX and LSEIX.

Drawdown Indicators

	BIVIX	LSEIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.95%	-19.92%	-7.03%
Max Drawdown (1Y) Largest decline over 1 year	-26.95%	-3.90%	-23.05%
Max Drawdown (3Y) Largest decline over 3 years	-26.95%	-13.63%	-13.32%
Max Drawdown (5Y) Largest decline over 5 years	-26.95%	-13.63%	-13.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.92%	—
Current Drawdown Current decline from peak	-11.96%	0.00%	-11.96%
Average Drawdown Average peak-to-trough decline	-6.03%	-4.02%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.85%	1.00%	+8.85%

Volatility

BIVIX vs. LSEIX - Volatility Comparison

Invenomic Fund Institutional Class (BIVIX) has a higher volatility of 17.20% compared to Persimmon Long/Short Fund (LSEIX) at 2.77%. This indicates that BIVIX's price experiences larger fluctuations and is considered to be riskier than LSEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVIX	LSEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	2.77%	+14.43%
Volatility (6M) Calculated over the trailing 6-month period	26.03%	5.67%	+20.36%
Volatility (1Y) Calculated over the trailing 1-year period	29.79%	8.65%	+21.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	10.91%	+7.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	10.68%	+7.34%

BIVIX vs. LSEIX - Expense Ratio Comparison

BIVIX has a 3.17% expense ratio, which is higher than LSEIX's 1.91% expense ratio.

Dividends

BIVIX vs. LSEIX - Dividend Comparison

BIVIX's dividend yield for the trailing twelve months is around 2.34%, while LSEIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIVIX Invenomic Fund Institutional Class	2.34%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%	0.00%	0.00%
LSEIX Persimmon Long/Short Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.23%	3.49%	6.18%	0.00%	4.88%

Frequently Asked Questions

Can I hold both BIVIX and LSEIX in my portfolio?

BIVIX and LSEIX have a correlation of -0.26, 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 LSEIX?

BIVIX has higher volatility (17.20%) compared to LSEIX (2.77%). In terms of maximum drawdown, BIVIX dropped -26.95% vs LSEIX's -19.92%.

Which has better risk-adjusted returns?

LSEIX currently has the higher Sharpe Ratio (2.04 vs -0.12), 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.