BIVRX vs. USNQX

Last updated Jun 24, 2026

BIVRX (Invenomic Fund) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - BIVRX is a Long-Short fund managed by Invenomic, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 5 years, BIVRX returned 5.80%/yr vs 16.67%/yr for USNQX. At a correlation of -0.15, they often move in opposite directions. BIVRX charges 2.48%/yr vs 0.42%/yr for USNQX.

Performance

BIVRX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invenomic Fund (BIVRX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIVRX achieves a -22.13% return, which is significantly lower than USNQX's 20.37% return.

BIVRX

• 1D: -3.15%
• 1M: -11.06%
• YTD: -22.13%
• 6M: -19.39%
• 1Y: -16.04%
• 3Y*: -7.73%
• 5Y*: 5.80%
• 10Y*: —

USNQX

• 1D: -0.19%
• 1M: 3.00%
• YTD: 20.37%
• 6M: 18.78%
• 1Y: 39.22%
• 3Y*: 27.25%
• 5Y*: 16.67%
• 10Y*: 22.17%

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

BIVRX vs. USNQX - 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%
USNQX USAA Nasdaq 100 Index Fund	20.37%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	10.98%

Correlation

The correlation between BIVRX and USNQX is -0.41, 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	-0.41
Correlation (3Y) Calculated over the trailing 3-year period	-0.37
Correlation (5Y) Calculated over the trailing 5-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	-0.15

Over the past year, the inverse relationship between BIVRX and USNQX has strengthened: their correlation has moved from -0.15 to -0.41, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BIVRX vs. USNQX — 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: 0

USNQX

USNQX Risk / Return Rank: 69
USNQX Sharpe Ratio Rank: 74
USNQX Sortino Ratio Rank: 61
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 79
USNQX Martin Ratio Rank: 70

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. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invenomic Fund (BIVRX) and USAA Nasdaq 100 Index Fund (USNQX). 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	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	-0.62	2.31	-2.93
Sortino ratio: Return per unit of downside risk	-0.79	3.00	-3.79
Omega ratio: Gain probability vs. loss probability	0.91	1.40	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.60	3.39	-3.99
Martin ratio: Return relative to average drawdown	-1.80	12.56	-14.36

BIVRX vs. USNQX - Sharpe Ratio Comparison

The current BIVRX Sharpe Ratio is -0.62, which is lower than the USNQX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of BIVRX and USNQX, 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. USNQX - Drawdown Comparison

The maximum BIVRX drawdown since its inception was -27.37%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for BIVRX and USNQX.

Drawdown Indicators

	BIVRX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-27.37%	-76.24%	+48.87%
Max Drawdown (1Y) Largest decline over 1 year	-26.97%	-12.07%	-14.90%
Max Drawdown (3Y) Largest decline over 3 years	-27.37%	-22.88%	-4.49%
Max Drawdown (5Y) Largest decline over 5 years	-27.37%	-36.95%	+9.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.95%	—
Current Drawdown Current decline from peak	-27.37%	-0.97%	-26.40%
Average Drawdown Average peak-to-trough decline	-6.13%	-26.70%	+20.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.03%	3.25%	+5.78%

Volatility

BIVRX vs. USNQX - Volatility Comparison

Invenomic Fund (BIVRX) has a higher volatility of 12.46% compared to USAA Nasdaq 100 Index Fund (USNQX) at 8.38%. This indicates that BIVRX's price experiences larger fluctuations and is considered to be riskier than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIVRX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.46%	8.38%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	22.11%	14.20%	+7.91%
Volatility (1Y) Calculated over the trailing 1-year period	26.31%	17.75%	+8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	23.14%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	22.79%	-4.93%

BIVRX vs. USNQX - Expense Ratio Comparison

BIVRX has a 2.48% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

BIVRX vs. USNQX - Dividend Comparison

BIVRX's dividend yield for the trailing twelve months is around 2.48%, which matches USNQX's 2.50% 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%
USNQX USAA Nasdaq 100 Index Fund	2.50%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both BIVRX and USNQX in my portfolio?

BIVRX and USNQX have a correlation of -0.41, 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 USNQX?

BIVRX has higher volatility (12.46%) compared to USNQX (8.38%). In terms of maximum drawdown, BIVRX dropped -27.37% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.31 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.