BIVRX vs. MNWIX

Last updated Jun 5, 2026

BIVRX (Invenomic Fund) and MNWIX (MFS Managed Wealth Fund) are both Long-Short funds. Over the past 5 years, BIVRX returned 5.72%/yr vs 3.91%/yr for MNWIX. At a correlation of -0.09, they often move in opposite directions. BIVRX charges 2.48%/yr vs 0.67%/yr for MNWIX.

Performance

BIVRX vs. MNWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invenomic Fund (BIVRX) and MFS Managed Wealth Fund (MNWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIVRX achieves a -15.45% return, which is significantly lower than MNWIX's 0.83% return.

BIVRX

• 1D: -2.33%
• 1M: -8.20%
• YTD: -15.45%
• 6M: -10.79%
• 1Y: -10.04%
• 3Y*: -5.34%
• 5Y*: 5.72%
• 10Y*: —

MNWIX

• 1D: -0.52%
• 1M: 0.67%
• YTD: 0.83%
• 6M: 1.44%
• 1Y: 3.30%
• 3Y*: 6.12%
• 5Y*: 3.91%
• 10Y*: 3.82%

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

BIVRX vs. MNWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVRX Invenomic Fund	-15.45%	4.39%	-9.03%	16.47%	49.61%	44.06%	11.12%	11.36%	3.41%	8.73%
MNWIX MFS Managed Wealth Fund	0.83%	7.71%	6.42%	5.41%	-2.15%	1.35%	3.11%	8.70%	2.10%	0.74%

Correlation

The correlation between BIVRX and MNWIX is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.15
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jun 26, 2017	-0.09

Return for Risk

BIVRX vs. MNWIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIVRX

BIVRX Risk / Return Rank: 1
BIVRX Sharpe Ratio Rank: 1
BIVRX Sortino Ratio Rank: 1
BIVRX Omega Ratio Rank: 1
BIVRX Calmar Ratio Rank: 1
BIVRX Martin Ratio Rank: 1

MNWIX

MNWIX Risk / Return Rank: 8
MNWIX Sharpe Ratio Rank: 8
MNWIX Sortino Ratio Rank: 8
MNWIX Omega Ratio Rank: 8
MNWIX Calmar Ratio Rank: 7
MNWIX Martin Ratio Rank: 9

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. MNWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and MFS Managed Wealth Fund (MNWIX). 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.

	BIVRX	MNWIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.40	0.64	-1.04
Sortino ratio: Return per unit of downside risk	-0.45	0.95	-1.40
Omega ratio: Gain probability vs. loss probability	0.95	1.12	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.47	0.64	-1.11
Martin ratio: Return relative to average drawdown	-1.23	2.55	-3.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIVRX vs. MNWIX - Sharpe Ratio Comparison

The current BIVRX Sharpe Ratio is -0.40, which is lower than the MNWIX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of BIVRX and MNWIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIVRX	MNWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	0.64	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.99	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.86	-0.16

Drawdowns

BIVRX vs. MNWIX - Drawdown Comparison

The maximum BIVRX drawdown since its inception was -21.14%, which is greater than MNWIX's maximum drawdown of -5.57%. Use the drawdown chart below to compare losses from any high point for BIVRX and MNWIX.

Drawdown Indicators

	BIVRX	MNWIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-5.57%	-15.57%
Max Drawdown (1Y) Largest decline over 1 year	-20.70%	-5.57%	-15.13%
Max Drawdown (3Y) Largest decline over 3 years	-21.14%	-5.57%	-15.57%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-5.57%	-15.57%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.57%	—
Current Drawdown Current decline from peak	-21.14%	-0.67%	-20.47%
Average Drawdown Average peak-to-trough decline	-6.06%	-1.13%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.93%	1.39%	+6.54%

Volatility

BIVRX vs. MNWIX - Volatility Comparison

Invenomic Fund (BIVRX) has a higher volatility of 12.21% compared to MFS Managed Wealth Fund (MNWIX) at 1.47%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than MNWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVRX	MNWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	1.47%	+10.74%
Volatility (6M) Calculated over the trailing 6-month period	20.24%	4.42%	+15.82%
Volatility (1Y) Calculated over the trailing 1-year period	24.31%	5.56%	+18.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	3.98%	+13.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.57%	3.84%	+13.73%

BIVRX vs. MNWIX - Expense Ratio Comparison

BIVRX has a 2.48% expense ratio, which is higher than MNWIX's 0.67% expense ratio.

Dividends

BIVRX vs. MNWIX - Dividend Comparison

BIVRX's dividend yield for the trailing twelve months is around 2.28%, more than MNWIX's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIVRX Invenomic Fund	2.28%	1.93%	3.55%	20.26%	28.43%	3.00%	3.11%	3.21%	4.82%	1.21%	0.00%	0.00%
MNWIX MFS Managed Wealth Fund	0.75%	0.76%	1.13%	0.78%	0.70%	0.13%	0.24%	0.54%	0.42%	0.94%	2.65%	1.19%

Frequently Asked Questions

Can I hold both BIVRX and MNWIX in my portfolio?

BIVRX and MNWIX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIVRX or MNWIX?

BIVRX has higher volatility (12.21%) compared to MNWIX (1.47%). In terms of maximum drawdown, BIVRX dropped -21.14% vs MNWIX's -5.57%.

Which has better risk-adjusted returns?

MNWIX currently has the higher Sharpe Ratio (0.64 vs -0.40), 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.