BIVRX vs. TMF
BIVRX (Invenomic Fund) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both funds - BIVRX is a Long-Short fund managed by Invenomic, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past 5 years, BIVRX returned 13.00%/yr vs -34.74%/yr for TMF. Their -0.12 correlation means they have often moved in opposite directions in the past. BIVRX charges 2.48%/yr vs 1.01%/yr for TMF.
Performance
BIVRX vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, BIVRX achieves a 7.84% return, which is significantly higher than TMF's -16.67% return.
BIVRX
- 1D
- -5.65%
- 1M
- 15.64%
- 6M
- 11.37%
- YTD
- 7.84%
- 1Y
- 16.84%
- 3Y*
- 2.71%
- 5Y*
- 13.00%
- 10Y*
- —
- ALL TIME*
- 15.03%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BIVRX Invenomic Fund | $0.00 | $0.00 | $0.00 |
| $161.82M | $130.43M | $127.82M |
BIVRX vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | 7.84% | 4.39% | -9.03% | 16.47% | 49.61% | 44.06% | 11.12% | 11.36% | 3.41% | 8.73% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | -0.84% |
Correlation
The correlation between BIVRX and TMF is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | -0.12 |
The correlation between BIVRX and TMF shifts across timeframes, from -0.12 (all time) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIVRX vs. TMF — Risk / Return Rank
BIVRX
TMF
BIVRX vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.93 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.58 | -0.53 | +1.11 |
| Martin ratioReturn relative to average drawdown | 1.57 | -1.07 | +2.64 |
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Drawdowns
BIVRX vs. TMF - Drawdown Comparison
The maximum BIVRX drawdown since its inception was -27.37%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for BIVRX and TMF.
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Drawdown Indicators
| BIVRX | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.37% | -93.10% | +65.73% |
Max Drawdown (1Y)Largest decline over 1 year | -26.97% | -28.69% | +1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -27.37% | -50.64% | +23.27% |
Max Drawdown (5Y)Largest decline over 5 years | -27.37% | -89.14% | +61.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -93.10% | — |
Current DrawdownCurrent decline from peak | -5.65% | -93.10% | +87.45% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -44.07% | +37.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.91% | 14.10% | -4.19% |
Volatility
BIVRX vs. TMF - Volatility Comparison
Invenomic Fund (BIVRX) has a higher volatility of 17.69% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.21%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIVRX | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.69% | 7.21% | +10.48% |
Volatility (6M)Calculated over the trailing 6-month period | 29.33% | 19.98% | +9.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.81% | 27.35% | +5.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 46.36% | -26.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.04% | 43.70% | -24.66% |
BIVRX vs. TMF - Expense Ratio Comparison
BIVRX has a 2.48% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
BIVRX vs. TMF - Dividend Comparison
BIVRX's dividend yield for the trailing twelve months is around 1.79%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | 1.79% | 1.93% | 3.55% | 20.26% | 28.43% | 3.00% | 3.11% | 3.21% | 4.82% | 1.21% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
BIVRX and TMF have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVRX has higher volatility (17.69%) compared to TMF (7.21%). In terms of maximum drawdown, BIVRX dropped -27.37% vs TMF's -93.10%.
BIVRX currently has the higher Sharpe Ratio (0.48 vs -0.55), 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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