BIVRX vs. PRWCX
BIVRX (Invenomic Fund) and PRWCX (T. Rowe Price Capital Appreciation Fund) are both mutual funds - BIVRX is a Long-Short fund managed by Invenomic, while PRWCX is a Diversified Portfolio fund actively managed by T. Rowe Price. Over the past 5 years, BIVRX returned 5.80%/yr vs 8.42%/yr for PRWCX. At a 0.05 correlation, their price movements are largely independent. BIVRX charges 2.48%/yr vs 0.68%/yr for PRWCX.
Performance
BIVRX vs. PRWCX - Performance Comparison
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Returns By Period
In the year-to-date period, BIVRX achieves a -22.13% return, which is significantly lower than PRWCX's 4.53% return.
BIVRX
- 1D
- -3.15%
- 1M
- -11.06%
- YTD
- -22.13%
- 6M
- -19.39%
- 1Y
- -16.04%
- 3Y*
- -7.73%
- 5Y*
- 5.80%
- 10Y*
- —
PRWCX
- 1D
- -0.08%
- 1M
- -0.53%
- YTD
- 4.53%
- 6M
- 4.44%
- 1Y
- 12.48%
- 3Y*
- 12.75%
- 5Y*
- 8.42%
- 10Y*
- 11.36%
BIVRX vs. PRWCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | -22.13% | 4.39% | -9.03% | 16.47% | 49.61% | 44.06% | 11.12% | 11.36% | 3.41% | 8.73% |
PRWCX T. Rowe Price Capital Appreciation Fund | 4.53% | 12.45% | 12.50% | 18.85% | -12.00% | 18.45% | 18.13% | 24.62% | 0.63% | 5.33% |
Correlation
The correlation between BIVRX and PRWCX is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | 0.05 |
The correlation between BIVRX and PRWCX shifts across timeframes, from -0.18 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BIVRX vs. PRWCX — Risk / Return Rank
BIVRX
PRWCX
BIVRX vs. PRWCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and T. Rowe Price Capital Appreciation Fund (PRWCX). 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 | PRWCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.31 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.07 | -2.67 |
| Martin ratioReturn relative to average drawdown | -1.80 | 8.70 | -10.50 |
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Drawdowns
BIVRX vs. PRWCX - Drawdown Comparison
The maximum BIVRX drawdown since its inception was -27.37%, smaller than the maximum PRWCX drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for BIVRX and PRWCX.
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Drawdown Indicators
| BIVRX | PRWCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.37% | -41.77% | +14.40% |
Max Drawdown (1Y)Largest decline over 1 year | -26.97% | -6.32% | -20.65% |
Max Drawdown (3Y)Largest decline over 3 years | -27.37% | -15.96% | -11.41% |
Max Drawdown (5Y)Largest decline over 5 years | -27.37% | -17.07% | -10.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.86% | — |
Current DrawdownCurrent decline from peak | -27.37% | -1.58% | -25.79% |
Average DrawdownAverage peak-to-trough decline | -6.13% | -3.33% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.03% | 1.50% | +7.53% |
Volatility
BIVRX vs. PRWCX - Volatility Comparison
Invenomic Fund (BIVRX) has a higher volatility of 12.46% compared to T. Rowe Price Capital Appreciation Fund (PRWCX) at 2.80%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIVRX | PRWCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.46% | 2.80% | +9.66% |
Volatility (6M)Calculated over the trailing 6-month period | 22.11% | 6.47% | +15.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.31% | 7.81% | +18.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.02% | 12.79% | +5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 12.76% | +5.10% |
BIVRX vs. PRWCX - Expense Ratio Comparison
BIVRX has a 2.48% expense ratio, which is higher than PRWCX's 0.68% expense ratio.
Dividends
BIVRX vs. PRWCX - Dividend Comparison
BIVRX's dividend yield for the trailing twelve months is around 2.48%, less than PRWCX's 8.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | 2.48% | 1.93% | 3.55% | 20.26% | 28.43% | 3.00% | 3.11% | 3.21% | 4.82% | 1.21% | 0.00% | 0.00% |
PRWCX T. Rowe Price Capital Appreciation Fund | 8.43% | 8.81% | 10.38% | 4.15% | 9.44% | 9.23% | 7.97% | 5.83% | 7.46% | 6.82% | 3.51% | 9.86% |
Frequently Asked Questions
BIVRX and PRWCX 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 (12.46%) compared to PRWCX (2.80%). In terms of maximum drawdown, BIVRX dropped -27.37% vs PRWCX's -41.77%.
PRWCX currently has the higher Sharpe Ratio (1.68 vs -0.62), 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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