BIVIX vs. SPEDX
BIVIX (Invenomic Fund Institutional Class) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 5 years, BIVIX returned 8.80%/yr vs 4.09%/yr for SPEDX. At a correlation of -0.31, they often move in opposite directions. BIVIX charges 3.17%/yr vs 0.91%/yr for SPEDX.
Performance
BIVIX vs. SPEDX - Performance Comparison
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Returns By Period
In the year-to-date period, BIVIX achieves a -22.03% return, which is significantly lower than SPEDX's 9.20% return.
BIVIX
- 1D
- -3.16%
- 1M
- -11.08%
- YTD
- -22.03%
- 6M
- -19.30%
- 1Y
- -15.80%
- 3Y*
- -7.50%
- 5Y*
- 8.80%
- 10Y*
- —
SPEDX
- 1D
- -0.29%
- 1M
- 3.42%
- YTD
- 9.20%
- 6M
- 7.79%
- 1Y
- 12.65%
- 3Y*
- 13.19%
- 5Y*
- 4.09%
- 10Y*
- 9.55%
BIVIX vs. SPEDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIVIX Invenomic Fund Institutional Class | -22.03% | 4.63% | -8.81% | 16.80% | 50.01% | 63.81% | 11.46% | 11.59% | 3.68% | 8.93% |
SPEDX Alger Dynamic Opportunities Fund | 9.20% | 6.22% | 23.03% | 4.24% | -13.90% | 3.96% | 47.30% | 12.79% | -2.32% | -0.15% |
Correlation
The correlation between BIVIX and SPEDX is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | -0.31 |
Over the past year, the inverse relationship between BIVIX and SPEDX has strengthened: their correlation has moved from -0.31 to -0.55, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BIVIX vs. SPEDX — Risk / Return Rank
BIVIX
SPEDX
BIVIX vs. SPEDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and Alger Dynamic Opportunities Fund (SPEDX). 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 | SPEDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.20 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 1.44 | -2.04 |
| Martin ratioReturn relative to average drawdown | -1.78 | 3.99 | -5.77 |
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Drawdowns
BIVIX vs. SPEDX - Drawdown Comparison
The maximum BIVIX drawdown since its inception was -26.95%, smaller than the maximum SPEDX drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for BIVIX and SPEDX.
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Drawdown Indicators
| BIVIX | SPEDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.95% | -29.02% | +2.07% |
Max Drawdown (1Y)Largest decline over 1 year | -26.95% | -9.18% | -17.77% |
Max Drawdown (3Y)Largest decline over 3 years | -26.95% | -13.23% | -13.72% |
Max Drawdown (5Y)Largest decline over 5 years | -26.95% | -29.02% | +2.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.02% | — |
Current DrawdownCurrent decline from peak | -26.95% | -0.29% | -26.66% |
Average DrawdownAverage peak-to-trough decline | -5.96% | -6.93% | +0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.01% | 3.31% | +5.70% |
Volatility
BIVIX vs. SPEDX - Volatility Comparison
Invenomic Fund Institutional Class (BIVIX) has a higher volatility of 12.50% compared to Alger Dynamic Opportunities Fund (SPEDX) at 5.39%. This indicates that BIVIX's price experiences larger fluctuations and is considered to be riskier than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIVIX | SPEDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.50% | 5.39% | +7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 22.10% | 9.24% | +12.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.30% | 11.97% | +14.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.21% | 12.00% | +5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 12.93% | +4.47% |
BIVIX vs. SPEDX - Expense Ratio Comparison
BIVIX has a 3.17% expense ratio, which is higher than SPEDX's 0.91% expense ratio.
Dividends
BIVIX vs. SPEDX - Dividend Comparison
BIVIX's dividend yield for the trailing twelve months is around 2.82%, more than SPEDX's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIVIX Invenomic Fund Institutional Class | 2.82% | 2.20% | 3.95% | 20.15% | 27.91% | 16.08% | 3.15% | 3.19% | 4.79% | 1.21% | 0.00% |
SPEDX Alger Dynamic Opportunities Fund | 0.08% | 0.09% | 0.00% | 0.00% | 0.00% | 5.69% | 4.94% | 3.75% | 1.92% | 0.00% | 0.32% |
Frequently Asked Questions
BIVIX and SPEDX have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVIX has higher volatility (12.50%) compared to SPEDX (5.39%). In terms of maximum drawdown, BIVIX dropped -26.95% vs SPEDX's -29.02%.
SPEDX currently has the higher Sharpe Ratio (1.11 vs -0.61), 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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