BIVRX vs. SPEDX

Last updated Jun 25, 2026

BIVRX (Invenomic Fund) and SPEDX (Alger Dynamic Opportunities Fund) are both Long-Short funds. Over the past 5 years, BIVRX returned 6.88%/yr vs 3.58%/yr for SPEDX. At a correlation of -0.31, they often move in opposite directions. BIVRX charges 2.48%/yr vs 0.91%/yr for SPEDX.

Performance

BIVRX vs. SPEDX - Performance Comparison

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

Returns By Period

In the year-to-date period, BIVRX achieves a -18.27% return, which is significantly lower than SPEDX's 7.35% return.

BIVRX

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

SPEDX

• 1D: -1.69%
• 1M: 1.67%
• YTD: 7.35%
• 6M: 6.01%
• 1Y: 9.73%
• 3Y*: 12.55%
• 5Y*: 3.58%
• 10Y*: 9.36%

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

BIVRX vs. SPEDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVRX Invenomic Fund	-18.27%	4.39%	-9.03%	16.47%	49.61%	44.06%	11.12%	11.36%	3.41%	8.73%
SPEDX Alger Dynamic Opportunities Fund	7.35%	6.22%	23.03%	4.24%	-13.90%	3.96%	47.30%	12.79%	-2.32%	-0.15%

Correlation

The correlation between BIVRX and SPEDX is -0.55, 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	-0.55
Correlation (3Y) Calculated over the trailing 3-year period	-0.50
Correlation (5Y) Calculated over the trailing 5-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	-0.31

Over the past year, the inverse relationship between BIVRX and SPEDX has strengthened: their correlation has moved from -0.31 to -0.55, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BIVRX vs. SPEDX — 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

SPEDX

SPEDX Risk / Return Rank: 14
SPEDX Sharpe Ratio Rank: 14
SPEDX Sortino Ratio Rank: 14
SPEDX Omega Ratio Rank: 13
SPEDX Calmar Ratio Rank: 15
SPEDX Martin Ratio Rank: 13

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. SPEDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and Alger Dynamic Opportunities Fund (SPEDX). 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	SPEDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	0.89	-1.34
Sortino ratio: Return per unit of downside risk	-0.50	1.33	-1.83
Omega ratio: Gain probability vs. loss probability	0.94	1.16	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.44	1.18	-1.62
Martin ratio: Return relative to average drawdown	-1.30	3.25	-4.55

BIVRX vs. SPEDX - Sharpe Ratio Comparison

The current BIVRX Sharpe Ratio is -0.45, which is lower than the SPEDX Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of BIVRX and SPEDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BIVRX vs. SPEDX - Drawdown Comparison

The maximum BIVRX drawdown since its inception was -27.37%, smaller than the maximum SPEDX drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for BIVRX and SPEDX.

Drawdown Indicators

	BIVRX	SPEDX	Difference
Max Drawdown Largest peak-to-trough decline	-27.37%	-29.02%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	-26.97%	-9.18%	-17.79%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-13.23%	-14.14%
Max Drawdown (5Y) Largest decline over 5 years	-27.37%	-29.02%	+1.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.02%	—
Current Drawdown Current decline from peak	-23.77%	-1.98%	-21.79%
Average Drawdown Average peak-to-trough decline	-6.14%	-6.93%	+0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.15%	3.31%	+5.84%

Volatility

BIVRX vs. SPEDX - Volatility Comparison

Invenomic Fund (BIVRX) has a higher volatility of 13.48% compared to Alger Dynamic Opportunities Fund (SPEDX) at 5.63%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than SPEDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVRX	SPEDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.48%	5.63%	+7.85%
Volatility (6M) Calculated over the trailing 6-month period	22.65%	9.32%	+13.33%
Volatility (1Y) Calculated over the trailing 1-year period	26.73%	12.08%	+14.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	12.02%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	12.92%	+5.01%

BIVRX vs. SPEDX - Expense Ratio Comparison

BIVRX has a 2.48% expense ratio, which is higher than SPEDX's 0.91% expense ratio.

Dividends

BIVRX vs. SPEDX - Dividend Comparison

BIVRX's dividend yield for the trailing twelve months is around 2.36%, more than SPEDX's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SPEDX Alger Dynamic Opportunities Fund	0.08%	0.09%	0.00%	0.00%	0.00%	5.69%	4.94%	3.75%	1.92%	0.00%	0.32%

Frequently Asked Questions

Can I hold both BIVRX and SPEDX in my portfolio?

BIVRX and SPEDX have a correlation of -0.55, 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 SPEDX?

BIVRX has higher volatility (13.48%) compared to SPEDX (5.63%). In terms of maximum drawdown, BIVRX dropped -27.37% vs SPEDX's -29.02%.

Which has better risk-adjusted returns?

SPEDX currently has the higher Sharpe Ratio (0.89 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.