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BIVRX vs. BDMIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BIVRX vs. BDMIX

Last updated Jun 25, 2026

BIVRX (Invenomic Fund) and BDMIX (BlackRock Global Long/Short Equity Fund Class I) are both Long-Short funds. Over the past 5 years, BIVRX returned 6.88%/yr vs 12.85%/yr for BDMIX. At a correlation of -0.09, they often move in opposite directions. BIVRX charges 2.48%/yr vs 1.57%/yr for BDMIX.

Performance

BIVRX vs. BDMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invenomic Fund (BIVRX) and BlackRock Global Long/Short Equity Fund Class I (BDMIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BIVRX achieves a -18.27% return, which is significantly lower than BDMIX's 12.07% return.

BIVRX

1D
4.96%
1M
-6.65%
YTD
-18.27%
6M
-16.19%
1Y
-11.83%
3Y*
-6.23%
5Y*
6.88%
10Y*
—

BDMIX

1D
-0.85%
1M
2.57%
YTD
12.07%
6M
11.69%
1Y
22.26%
3Y*
20.75%
5Y*
12.85%
10Y*
8.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BIVRX vs. BDMIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BIVRX
Invenomic Fund		-18.27%4.39%-9.03%16.47%49.61%44.06%11.12%11.36%3.41%8.73%
BDMIX
BlackRock Global Long/Short Equity Fund Class I		12.07%18.30%21.39%14.55%1.80%3.34%0.29%-0.85%2.20%6.78%

Correlation

The correlation between BIVRX and BDMIX is -0.13, 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

-0.13

Correlation (3Y)
Calculated over the trailing 3-year period

-0.13

Correlation (5Y)
Calculated over the trailing 5-year period

-0.09

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2017

-0.09

Compare stocks, funds, or ETFs

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Invenomic Fund

BlackRock Global Long/Short Equity Fund Class I

Often compared with BIVRX:
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Often compared with BDMIX:
BDMIX vs. VMNFXBDMIX vs. SPYBDMIX vs. BDMAXBDMIX vs. CMNIXBDMIX vs. QAMNXBDMIX vs. FFSIXBDMIX vs. VOO

Return for Risk

BIVRX vs. BDMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BIVRX
BIVRX Risk / Return Rank: 11
Overall Rank
BIVRX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
BIVRX Sortino Ratio Rank: 11
Sortino Ratio Rank
BIVRX Omega Ratio Rank: 11
Omega Ratio Rank
BIVRX Calmar Ratio Rank: 11
Calmar Ratio Rank
BIVRX Martin Ratio Rank: 11
Martin Ratio Rank
BDMIX
BDMIX Risk / Return Rank: 9494
Overall Rank
BDMIX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
BDMIX Sortino Ratio Rank: 9595
Sortino Ratio Rank
BDMIX Omega Ratio Rank: 8989
Omega Ratio Rank
BDMIX Calmar Ratio Rank: 9797
Calmar Ratio Rank
BDMIX Martin Ratio Rank: 9494
Martin Ratio Rank
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.

BIVRX vs. BDMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and BlackRock Global Long/Short Equity Fund Class I (BDMIX). 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.

BIVRXBDMIXDifference
Sharpe ratioReturn per unit of total volatility
-0.45
3.16

-3.61

Sortino ratioReturn per unit of downside risk
-0.50
4.62

-5.12

Omega ratioGain probability vs. loss probability

0.94

1.60

-0.65

Calmar ratioReturn relative to maximum drawdown

-0.44

6.95

-7.39

Martin ratioReturn relative to average drawdown

-1.30

19.71

-21.01

BIVRX vs. BDMIX - Sharpe Ratio Comparison

The current BIVRX Sharpe Ratio is -0.45, which is lower than the BDMIX Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of BIVRX and BDMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BIVRX vs. BDMIX - Drawdown Comparison

The maximum BIVRX drawdown since its inception was -27.37%, which is greater than BDMIX's maximum drawdown of -11.89%. Use the drawdown chart below to compare losses from any high point for BIVRX and BDMIX.

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Drawdown Indicators

BIVRXBDMIXDifference

Max Drawdown

Largest peak-to-trough decline

-27.37%

-11.89%

-15.48%

Max Drawdown (1Y)

Largest decline over 1 year

-26.97%

-3.24%

-23.73%

Max Drawdown (3Y)

Largest decline over 3 years

-27.37%

-4.07%

-23.30%

Max Drawdown (5Y)

Largest decline over 5 years

-27.37%

-5.99%

-21.38%

Max Drawdown (10Y)

Largest decline over 10 years

—

-9.44%

—

Current Drawdown

Current decline from peak

-23.77%

-1.03%

-22.74%

Average Drawdown

Average peak-to-trough decline

-6.14%

-2.67%

-3.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.15%

1.14%

+8.01%

Volatility

BIVRX vs. BDMIX - Volatility Comparison

Invenomic Fund (BIVRX) has a higher volatility of 13.48% compared to BlackRock Global Long/Short Equity Fund Class I (BDMIX) at 2.91%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than BDMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BIVRXBDMIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.48%

2.91%

+10.57%

Volatility (6M)

Calculated over the trailing 6-month period

22.65%

4.87%

+17.78%

Volatility (1Y)

Calculated over the trailing 1-year period

26.73%

7.14%

+19.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.15%

6.59%

+11.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.93%

5.85%

+12.08%

BIVRX vs. BDMIX - Expense Ratio Comparison

BIVRX has a 2.48% expense ratio, which is higher than BDMIX's 1.57% expense ratio.

Dividends

BIVRX vs. BDMIX - Dividend Comparison

BIVRX's dividend yield for the trailing twelve months is around 2.36%, less than BDMIX's 7.97% yield.

PositionTTM20252024202320222021202020192018201720162015
BDMIX
BlackRock Global Long/Short Equity Fund Class I		7.97%8.94%13.26%7.42%0.00%1.23%0.30%6.78%0.94%0.00%0.00%1.86%
BIVRX
Invenomic Fund		2.36%1.93%3.55%20.26%28.43%3.00%3.11%3.21%4.82%1.21%0.00%0.00%

Frequently Asked Questions

BIVRX and BDMIX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BIVRX has higher volatility (13.48%) compared to BDMIX (2.91%). In terms of maximum drawdown, BIVRX dropped -27.37% vs BDMIX's -11.89%.

BDMIX currently has the higher Sharpe Ratio (3.16 vs -0.45), 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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