BIVRX vs. SPY

Last updated Jul 11, 2026

BIVRX (Invenomic Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - BIVRX is a Long-Short fund managed by Invenomic, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, BIVRX returned 9.76%/yr vs 13.15%/yr for SPY. At a 0.00 correlation, their price movements are largely independent. BIVRX charges 2.48%/yr vs 0.09%/yr for SPY.

Performance

BIVRX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invenomic Fund (BIVRX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIVRX achieves a -8.01% return, which is significantly lower than SPY's 11.30% return.

BIVRX

• 1D: -1.18%
• 1M: 5.77%
• 6M: -5.00%
• YTD: -8.01%
• 1Y: -4.65%
• 3Y*: -2.48%
• 5Y*: 9.76%
• 10Y*: —

SPY

• 1D: 0.43%
• 1M: 2.04%
• 6M: 9.35%
• YTD: 11.30%
• 1Y: 22.40%
• 3Y*: 20.99%
• 5Y*: 13.15%
• 10Y*: 15.22%

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

BIVRX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVRX Invenomic Fund	-8.01%	4.39%	-9.03%	16.47%	49.61%	44.06%	11.12%	11.36%	3.41%	8.73%
SPY State Street SPDR S&P 500 ETF	11.30%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	11.00%

Correlation

The correlation between BIVRX and SPY is -0.35, 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	-0.35
Correlation (3Y) Calculated over the trailing 3-year period	-0.27
Correlation (5Y) Calculated over the trailing 5-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.00

The correlation between BIVRX and SPY shifts across timeframes, from -0.35 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BIVRX vs. SPY — Risk / Return Rank

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

BIVRX

BIVRX Risk / Return Rank: 2
BIVRX Sharpe Ratio Rank: 2
BIVRX Sortino Ratio Rank: 3
BIVRX Omega Ratio Rank: 3
BIVRX Calmar Ratio Rank: 2
BIVRX Martin Ratio Rank: 2

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 67
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 73

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	1.76	-1.95
Sortino ratio: Return per unit of downside risk	-0.08	2.42	-2.50
Omega ratio: Gain probability vs. loss probability	0.99	1.32	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.21	2.48	-2.69
Martin ratio: Return relative to average drawdown	-0.57	10.83	-11.40

BIVRX vs. SPY - Sharpe Ratio Comparison

The current BIVRX Sharpe Ratio is -0.19, which is lower than the SPY Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of BIVRX and SPY, 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. SPY - Drawdown Comparison

The maximum BIVRX drawdown since its inception was -27.37%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BIVRX and SPY.

Drawdown Indicators

	BIVRX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-27.37%	-55.19%	+27.82%
Max Drawdown (1Y) Largest decline over 1 year	-26.97%	-8.88%	-18.09%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-18.76%	-8.61%
Max Drawdown (5Y) Largest decline over 5 years	-27.37%	-24.50%	-2.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-14.20%	-0.35%	-13.85%
Average Drawdown Average peak-to-trough decline	-6.19%	-9.03%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.84%	2.03%	+7.81%

Volatility

BIVRX vs. SPY - Volatility Comparison

Invenomic Fund (BIVRX) has a higher volatility of 17.27% compared to State Street SPDR S&P 500 ETF (SPY) at 4.52%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVRX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.27%	4.52%	+12.75%
Volatility (6M) Calculated over the trailing 6-month period	25.96%	9.98%	+15.98%
Volatility (1Y) Calculated over the trailing 1-year period	29.73%	12.55%	+17.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	17.16%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.45%	17.92%	+0.53%

BIVRX vs. SPY - Expense Ratio Comparison

BIVRX has a 2.48% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BIVRX vs. SPY - Dividend Comparison

BIVRX's dividend yield for the trailing twelve months is around 2.10%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIVRX Invenomic Fund	2.10%	1.93%	3.55%	20.26%	28.43%	3.00%	3.11%	3.21%	4.82%	1.21%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BIVRX and SPY in my portfolio?

BIVRX and SPY have a correlation of -0.35, 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 SPY?

BIVRX has higher volatility (17.27%) compared to SPY (4.52%). In terms of maximum drawdown, BIVRX dropped -27.37% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.76 vs -0.19), 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.