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 10.20%/yr vs 13.75%/yr for BTC-USD. At a correlation of -0.04, they often move in opposite directions.
Performance
BIVRX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BIVRX achieves a -6.17% return, which is significantly higher than BTC-USD's -28.58% return.
BIVRX
- 1D
- 2.01%
- 1M
- 7.89%
- 6M
- -1.81%
- YTD
- -6.17%
- 1Y
- -2.74%
- 3Y*
- -2.20%
- 5Y*
- 10.20%
- 10Y*
- —
BTC-USD
- 1D
- -1.96%
- 1M
- -3.01%
- 6M
- -31.47%
- YTD
- -28.58%
- 1Y
- -47.54%
- 3Y*
- 27.25%
- 5Y*
- 13.75%
- 10Y*
- 57.45%
BIVRX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | -6.17% | 4.39% | -9.03% | 16.47% | 49.61% | 44.06% | 11.12% | 11.36% | 3.41% | 8.73% |
BTC-USD Bitcoin | -28.58% | -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 -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
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 -0.15 (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 | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.83 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | -0.90 | +0.76 |
| Martin ratioReturn relative to average drawdown | -0.38 | -1.46 | +1.08 |
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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 | -12.48% | -49.89% | +37.41% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -42.55% | +36.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.87% | 28.99% | -19.12% |
Volatility
BIVRX vs. BTC-USD - Volatility Comparison
Invenomic Fund (BIVRX) has a higher volatility of 17.23% compared to Bitcoin (BTC-USD) at 8.86%. 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 | 17.23% | 8.86% | +8.37% |
Volatility (6M)Calculated over the trailing 6-month period | 26.03% | 34.96% | -8.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.79% | 35.56% | -5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.08% | 43.94% | -24.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.46% | 56.32% | -37.86% |
Frequently Asked Questions
BIVRX and BTC-USD have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVRX has higher volatility (17.23%) compared to BTC-USD (8.86%). In terms of maximum drawdown, BIVRX dropped -27.37% vs BTC-USD's -85.30%.
BIVRX currently has the higher Sharpe Ratio (-0.12 vs -1.11), 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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