BIVRX vs. BTC-USD
BIVRX (Invenomic Fund) is Long-Short fund managed by Invenomic, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, BIVRX returned 12.75%/yr vs 9.77%/yr for BTC-USD. Their -0.04 correlation means they have often moved in opposite directions in the past.
Performance
BIVRX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BIVRX achieves a 6.63% return, which is significantly higher than BTC-USD's -27.65% return.
BIVRX
- 1D
- -1.12%
- 1M
- 14.34%
- 6M
- 9.73%
- YTD
- 6.63%
- 1Y
- 15.53%
- 3Y*
- 2.65%
- 5Y*
- 12.75%
- 10Y*
- —
- ALL TIME*
- 14.88%
BTC-USD
- 1D
- -0.30%
- 1M
- 0.35%
- 6M
- -19.52%
- YTD
- -27.65%
- 1Y
- -44.57%
- 3Y*
- 29.61%
- 5Y*
- 9.77%
- 10Y*
- 59.80%
- ALL TIME*
- 87.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BIVRX Invenomic Fund | $0.00 | $0.00 | $0.00 |
BTC-USD Bitcoin | $1541.04T | $1614.90T | $2068.30T |
BIVRX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | 6.63% | 4.39% | -9.03% | 16.47% | 49.61% | 44.06% | 11.12% | 11.36% | 3.41% | 8.73% |
BTC-USD Bitcoin | -27.65% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 417.28% |
Correlation
The correlation between BIVRX and BTC-USD is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.18 |
Correlation (3Y) Balances recent behavior with more history. | -0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | -0.04 |
The correlation between BIVRX and BTC-USD shifts across timeframes, from -0.18 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BIVRX vs. BTC-USD — Risk / Return Rank
BIVRX
BTC-USD
BIVRX vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and Bitcoin (BTC-USD). 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.
| BIVRX | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.85 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | -0.84 | +1.41 |
| Martin ratioReturn relative to average drawdown | 1.55 | -1.29 | +2.83 |
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Drawdowns
BIVRX vs. BTC-USD - Drawdown Comparison
The maximum BIVRX drawdown since its inception was -27.37%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BIVRX and BTC-USD.
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Drawdown Indicators
| BIVRX | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.37% | -85.30% | +57.93% |
Max Drawdown (1Y)Largest decline over 1 year | -26.97% | -53.08% | +26.11% |
Max Drawdown (3Y)Largest decline over 3 years | -27.37% | -53.08% | +25.71% |
Max Drawdown (5Y)Largest decline over 5 years | -27.37% | -76.67% | +49.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -6.71% | -49.24% | +42.53% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -42.74% | +36.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.92% | 25.03% | -15.11% |
Volatility
BIVRX vs. BTC-USD - Volatility Comparison
Invenomic Fund (BIVRX) has a higher volatility of 17.27% compared to Bitcoin (BTC-USD) at 8.46%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIVRX | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.27% | 8.46% | +8.81% |
Volatility (6M)Calculated over the trailing 6-month period | 29.34% | 33.65% | -4.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.71% | 35.87% | -3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 43.64% | -23.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.04% | 56.22% | -37.18% |
Frequently Asked Questions
BIVRX and BTC-USD have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVRX has higher volatility (17.27%) compared to BTC-USD (8.46%). In terms of maximum drawdown, BIVRX dropped -27.37% vs BTC-USD's -85.30%.
BIVRX currently has the higher Sharpe Ratio (0.47 vs -1.03), 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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