BIVIX vs. QLFRX

Last updated Jun 23, 2026

BIVIX (Invenomic Fund Institutional Class) and QLFRX (AQR LSE Fusion Fund Class R6) are both Long-Short funds. Both are actively managed. At a correlation of -0.22, they often move in opposite directions. BIVIX charges 3.17%/yr vs 6.20%/yr for QLFRX.

Performance

BIVIX vs. QLFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invenomic Fund Institutional Class (BIVIX) and AQR LSE Fusion Fund Class R6 (QLFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIVIX achieves a -19.49% return, which is significantly lower than QLFRX's -1.83% return.

BIVIX

• 1D: -2.60%
• 1M: -8.18%
• YTD: -19.49%
• 6M: -17.30%
• 1Y: -13.26%
• 3Y*: -6.87%
• 5Y*: 9.28%
• 10Y*: —

QLFRX

• 1D: 0.60%
• 1M: 1.20%
• YTD: -1.83%
• 6M: -2.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BIVIX vs. QLFRX - Yearly Performance Comparison

	2026 (YTD)	2025
BIVIX Invenomic Fund Institutional Class	-19.49%	12.28%
QLFRX AQR LSE Fusion Fund Class R6	-1.83%	6.80%

Correlation

The correlation between BIVIX and QLFRX is -0.22, 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 (All Time) Calculated using the full available price history since Nov 6, 2025	-0.22

Return for Risk

BIVIX vs. QLFRX — Risk / Return Rank

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

BIVIX

BIVIX Risk / Return Rank: 1
BIVIX Sharpe Ratio Rank: 1
BIVIX Sortino Ratio Rank: 1
BIVIX Omega Ratio Rank: 1
BIVIX Calmar Ratio Rank: 1
BIVIX Martin Ratio Rank: 0

QLFRX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QLFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and AQR LSE Fusion Fund Class R6 (QLFRX). 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	QLFRX	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	—	—
Sortino ratio: Return per unit of downside risk	-0.63	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.55	—	—
Martin ratio: Return relative to average drawdown	-1.54	—	—

Drawdowns

BIVIX vs. QLFRX - Drawdown Comparison

The maximum BIVIX drawdown since its inception was -24.56%, which is greater than QLFRX's maximum drawdown of -14.53%. Use the drawdown chart below to compare losses from any high point for BIVIX and QLFRX.

Drawdown Indicators

	BIVIX	QLFRX	Difference
Max Drawdown Largest peak-to-trough decline	-24.56%	-14.53%	-10.03%
Max Drawdown (1Y) Largest decline over 1 year	-24.56%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-24.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.56%	—	—
Current Drawdown Current decline from peak	-24.56%	-3.04%	-21.52%
Average Drawdown Average peak-to-trough decline	-5.95%	-5.47%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.85%	—	—

Volatility

Volatility by Period

	BIVIX	QLFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	22.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.07%	16.56%	+9.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	16.56%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.37%	16.56%	+0.81%

BIVIX vs. QLFRX - Expense Ratio Comparison

BIVIX has a 3.17% expense ratio, which is lower than QLFRX's 6.20% expense ratio.

Dividends

BIVIX vs. QLFRX - Dividend Comparison

BIVIX's dividend yield for the trailing twelve months is around 2.73%, more than QLFRX's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	2.73%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%
QLFRX AQR LSE Fusion Fund Class R6	0.23%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIVIX and QLFRX in my portfolio?

BIVIX and QLFRX have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.