BIVIX vs. WALSX

Last updated Aug 4, 2026

BIVIX (Invenomic Fund Institutional Class) and WALSX (Wasatch Long/Short Alpha Fund) are both Long-Short funds. Over the past 3 years, BIVIX returned 2.90%/yr vs 7.15%/yr for WALSX. Their 0.04 correlation means their historical movements had little consistent relationship. BIVIX charges 3.17%/yr vs 1.75%/yr for WALSX.

Performance

BIVIX vs. WALSX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIVIX achieves a 6.78% return, which is significantly lower than WALSX's 13.20% return.

BIVIX

• 1D: -1.10%
• 1M: 14.34%
• 6M: 9.88%
• YTD: 6.78%
• 1Y: 15.80%
• 3Y*: 2.90%
• 5Y*: 15.96%
• 10Y*: —
• ALL TIME*: 16.79%

WALSX

• 1D: -0.36%
• 1M: 0.58%
• 6M: 8.01%
• YTD: 13.20%
• 1Y: 7.26%
• 3Y*: 7.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIVIX Invenomic Fund Institutional Class	$0.00	$0.00	$0.00
WALSX Wasatch Long/Short Alpha Fund	$0.00	$0.00	$0.00

BIVIX vs. WALSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BIVIX Invenomic Fund Institutional Class	6.78%	4.63%	-8.81%	16.80%	50.01%	15.33%
WALSX Wasatch Long/Short Alpha Fund	13.20%	-12.79%	7.24%	27.75%	-8.38%	12.20%

Correlation

The correlation between BIVIX and WALSX is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.12
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.04

Return for Risk

BIVIX vs. WALSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BIVIX

BIVIX Risk / Return Rank: 12
BIVIX Sharpe Ratio Rank: 11
BIVIX Sortino Ratio Rank: 14
BIVIX Omega Ratio Rank: 13
BIVIX Calmar Ratio Rank: 11
BIVIX Martin Ratio Rank: 11

WALSX

WALSX Risk / Return Rank: 11
WALSX Sharpe Ratio Rank: 11
WALSX Sortino Ratio Rank: 12
WALSX Omega Ratio Rank: 10
WALSX Calmar Ratio Rank: 13
WALSX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BIVIX vs. WALSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund Institutional Class (BIVIX) and Wasatch Long/Short Alpha Fund (WALSX). 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	WALSX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.46	+0.02
Sortino ratio: Return per unit of downside risk	0.97	0.83	+0.14
Omega ratio: Gain probability vs. loss probability	1.11	1.09	+0.02
Calmar ratio: Return relative to maximum drawdown	0.58	0.69	-0.11
Martin ratio: Return relative to average drawdown	1.58	1.40	+0.18

BIVIX vs. WALSX - Sharpe Ratio Comparison

The current BIVIX Sharpe Ratio is 0.48, which is comparable to the WALSX Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of BIVIX and WALSX, 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. WALSX - Drawdown Comparison

The maximum BIVIX drawdown since its inception was -26.95%, which is greater than WALSX's maximum drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for BIVIX and WALSX.

Drawdown Indicators

	BIVIX	WALSX	Difference
Max Drawdown Largest peak-to-trough decline	-26.95%	-25.28%	-1.67%
Max Drawdown (1Y) Largest decline over 1 year	-26.95%	-10.76%	-16.19%
Max Drawdown (3Y) Largest decline over 3 years	-26.95%	-25.28%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-26.95%	—	—
Current Drawdown Current decline from peak	-6.71%	-13.08%	+6.37%
Average Drawdown Average peak-to-trough decline	-6.03%	-9.71%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.90%	5.31%	+4.59%

Volatility

BIVIX vs. WALSX - Volatility Comparison

Invenomic Fund Institutional Class (BIVIX) has a higher volatility of 17.23% compared to Wasatch Long/Short Alpha Fund (WALSX) at 4.98%. This indicates that BIVIX's price experiences larger fluctuations and is considered to be riskier than WALSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVIX	WALSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.23%	4.98%	+12.25%
Volatility (6M) Calculated over the trailing 6-month period	29.33%	12.35%	+16.98%
Volatility (1Y) Calculated over the trailing 1-year period	32.70%	16.26%	+16.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	16.38%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	16.38%	+2.23%

BIVIX vs. WALSX - Expense Ratio Comparison

BIVIX has a 3.17% expense ratio, which is higher than WALSX's 1.75% expense ratio.

Dividends

BIVIX vs. WALSX - Dividend Comparison

BIVIX's dividend yield for the trailing twelve months is around 2.06%, while WALSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	2.06%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%
WALSX Wasatch Long/Short Alpha Fund	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIVIX and WALSX in my portfolio?

BIVIX and WALSX have a correlation of 0.12, 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 WALSX?

BIVIX has higher volatility (17.23%) compared to WALSX (4.98%). In terms of maximum drawdown, BIVIX dropped -26.95% vs WALSX's -25.28%.

Which has better risk-adjusted returns?

BIVIX currently has the higher Sharpe Ratio (0.48 vs 0.46), 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.