BPLEX vs. BIVRX

Last updated Jul 14, 2026

BPLEX (Boston Partners Long/Short Equity Fund) and BIVRX (Invenomic Fund) are both Long-Short funds. Over the past 5 years, BPLEX returned 27.00%/yr vs 10.20%/yr for BIVRX. At a 0.42 correlation, their price movements are largely independent. BPLEX charges 2.21%/yr vs 2.48%/yr for BIVRX.

Performance

BPLEX vs. BIVRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Boston Partners Long/Short Equity Fund (BPLEX) and Invenomic Fund (BIVRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BPLEX achieves a 19.07% return, which is significantly higher than BIVRX's -6.17% return.

BPLEX

• 1D: 0.32%
• 1M: 4.50%
• 6M: 18.51%
• YTD: 19.07%
• 1Y: 34.48%
• 3Y*: 38.25%
• 5Y*: 27.00%
• 10Y*: 14.18%

BIVRX

• 1D: 2.01%
• 1M: 7.89%
• 6M: -1.81%
• YTD: -6.17%
• 1Y: -2.74%
• 3Y*: -2.20%
• 5Y*: 10.20%
• 10Y*: —

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

BPLEX vs. BIVRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BPLEX Boston Partners Long/Short Equity Fund	19.07%	27.87%	56.97%	14.93%	6.95%	31.73%	-5.82%	8.97%	-15.70%	9.53%
BIVRX Invenomic Fund	-6.17%	4.39%	-9.03%	16.47%	49.61%	44.06%	11.12%	11.36%	3.41%	8.73%

Correlation

The correlation between BPLEX and BIVRX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.08
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	0.42

Over the past year, the correlation between BPLEX and BIVRX has dropped to 0.15 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

BPLEX vs. BIVRX — Risk / Return Rank

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

BPLEX

BPLEX Risk / Return Rank: 96
BPLEX Sharpe Ratio Rank: 98
BPLEX Sortino Ratio Rank: 97
BPLEX Omega Ratio Rank: 92
BPLEX Calmar Ratio Rank: 98
BPLEX Martin Ratio Rank: 98

BIVRX

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

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.

BPLEX vs. BIVRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Boston Partners Long/Short Equity Fund (BPLEX) and Invenomic Fund (BIVRX). 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.

	BPLEX	BIVRX	Difference
Sharpe ratio: Return per unit of total volatility	3.25	-0.12	+3.38
Sortino ratio: Return per unit of downside risk	4.96	0.03	+4.93
Omega ratio: Gain probability vs. loss probability	1.59	1.00	+0.59
Calmar ratio: Return relative to maximum drawdown	6.57	-0.14	+6.70
Martin ratio: Return relative to average drawdown	23.80	-0.38	+24.17

BPLEX vs. BIVRX - Sharpe Ratio Comparison

The current BPLEX Sharpe Ratio is 3.25, which is higher than the BIVRX Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of BPLEX and BIVRX, 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

BPLEX vs. BIVRX - Drawdown Comparison

The maximum BPLEX drawdown since its inception was -43.47%, which is greater than BIVRX's maximum drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for BPLEX and BIVRX.

Drawdown Indicators

	BPLEX	BIVRX	Difference
Max Drawdown Largest peak-to-trough decline	-43.47%	-27.37%	-16.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.23%	-26.97%	+21.74%
Max Drawdown (3Y) Largest decline over 3 years	-28.78%	-27.37%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-28.78%	-27.37%	-1.41%
Max Drawdown (10Y) Largest decline over 10 years	-37.65%	—	—
Current Drawdown Current decline from peak	0.00%	-12.48%	+12.48%
Average Drawdown Average peak-to-trough decline	-6.59%	-6.20%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	9.87%	-8.42%

Volatility

BPLEX vs. BIVRX - Volatility Comparison

The current volatility for Boston Partners Long/Short Equity Fund (BPLEX) is 3.08%, while Invenomic Fund (BIVRX) has a volatility of 17.23%. This indicates that BPLEX experiences smaller price fluctuations and is considered to be less risky than BIVRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BPLEX	BIVRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	17.23%	-14.15%
Volatility (6M) Calculated over the trailing 6-month period	8.53%	26.03%	-17.50%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	29.79%	-19.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.85%	19.08%	+18.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.24%	18.46%	+10.78%

BPLEX vs. BIVRX - Expense Ratio Comparison

BPLEX has a 2.21% expense ratio, which is lower than BIVRX's 2.48% expense ratio.

Dividends

BPLEX vs. BIVRX - Dividend Comparison

BPLEX's dividend yield for the trailing twelve months is around 9.19%, more than BIVRX's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIVRX Invenomic Fund	2.06%	1.93%	3.55%	20.26%	28.43%	3.00%	3.11%	3.21%	4.82%	1.21%	0.00%	0.00%
BPLEX Boston Partners Long/Short Equity Fund	9.19%	10.94%	58.72%	28.35%	15.19%	5.11%	44.84%	11.33%	9.69%	0.83%	0.00%	9.91%

Frequently Asked Questions

Can I hold both BPLEX and BIVRX in my portfolio?

BPLEX and BIVRX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BPLEX or BIVRX?

BIVRX has higher volatility (17.23%) compared to BPLEX (3.08%). In terms of maximum drawdown, BPLEX dropped -43.47% vs BIVRX's -27.37%.

Which has better risk-adjusted returns?

BPLEX currently has the higher Sharpe Ratio (3.25 vs -0.12), 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.