FSCEX vs. BIVRX

Last updated Jul 14, 2026

FSCEX (Fidelity Advisor Small Cap Fund Class C) and BIVRX (Invenomic Fund) are both mutual funds - FSCEX is a Small Cap Blend Equities fund managed by Fidelity, while BIVRX is a Long-Short fund managed by Invenomic. Over the past 5 years, FSCEX returned 3.50%/yr vs 10.20%/yr for BIVRX. At a 0.06 correlation, their price movements are largely independent. FSCEX charges 2.04%/yr vs 2.48%/yr for BIVRX.

Performance

FSCEX vs. BIVRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Small Cap Fund Class C (FSCEX) and Invenomic Fund (BIVRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSCEX achieves a 20.89% return, which is significantly higher than BIVRX's -6.17% return.

FSCEX

• 1D: -0.15%
• 1M: -0.46%
• 6M: 15.19%
• YTD: 20.89%
• 1Y: 30.09%
• 3Y*: 8.28%
• 5Y*: 3.50%
• 10Y*: 7.99%

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)

FSCEX vs. BIVRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSCEX Fidelity Advisor Small Cap Fund Class C	20.89%	11.04%	-11.92%	17.31%	-21.33%	30.13%	16.12%	31.37%	-16.86%	8.01%
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 FSCEX and BIVRX is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.06

The correlation between FSCEX and BIVRX shifts across timeframes, from -0.30 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSCEX vs. BIVRX — Risk / Return Rank

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

FSCEX

FSCEX Risk / Return Rank: 63
FSCEX Sharpe Ratio Rank: 50
FSCEX Sortino Ratio Rank: 55
FSCEX Omega Ratio Rank: 45
FSCEX Calmar Ratio Rank: 83
FSCEX Martin Ratio Rank: 81

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.

FSCEX vs. BIVRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Fund Class C (FSCEX) 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.

	FSCEX	BIVRX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-0.12	+1.72
Sortino ratio: Return per unit of downside risk	2.35	0.03	+2.32
Omega ratio: Gain probability vs. loss probability	1.27	1.00	+0.27
Calmar ratio: Return relative to maximum drawdown	3.11	-0.14	+3.25
Martin ratio: Return relative to average drawdown	11.39	-0.38	+11.76

FSCEX vs. BIVRX - Sharpe Ratio Comparison

The current FSCEX Sharpe Ratio is 1.59, which is higher than the BIVRX Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of FSCEX 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

FSCEX vs. BIVRX - Drawdown Comparison

The maximum FSCEX drawdown since its inception was -51.02%, which is greater than BIVRX's maximum drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for FSCEX and BIVRX.

Drawdown Indicators

	FSCEX	BIVRX	Difference
Max Drawdown Largest peak-to-trough decline	-51.02%	-27.37%	-23.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.37%	-26.97%	+17.60%
Max Drawdown (3Y) Largest decline over 3 years	-41.37%	-27.37%	-14.00%
Max Drawdown (5Y) Largest decline over 5 years	-41.37%	-27.37%	-14.00%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	—	—
Current Drawdown Current decline from peak	-3.02%	-12.48%	+9.46%
Average Drawdown Average peak-to-trough decline	-12.66%	-6.20%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	9.87%	-7.31%

Volatility

FSCEX vs. BIVRX - Volatility Comparison

The current volatility for Fidelity Advisor Small Cap Fund Class C (FSCEX) is 5.84%, while Invenomic Fund (BIVRX) has a volatility of 17.23%. This indicates that FSCEX 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

	FSCEX	BIVRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	17.23%	-11.39%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	26.03%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	29.79%	-11.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.36%	19.08%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	18.46%	+4.09%

FSCEX vs. BIVRX - Expense Ratio Comparison

FSCEX has a 2.04% expense ratio, which is lower than BIVRX's 2.48% expense ratio.

Dividends

FSCEX vs. BIVRX - Dividend Comparison

FSCEX's dividend yield for the trailing twelve months is around 2.96%, 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%
FSCEX Fidelity Advisor Small Cap Fund Class C	2.96%	3.58%	0.00%	2.23%	8.66%	16.35%	3.97%	5.72%	20.54%	18.60%	2.60%	10.50%

Frequently Asked Questions

Can I hold both FSCEX and BIVRX in my portfolio?

FSCEX and BIVRX have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSCEX or BIVRX?

BIVRX has higher volatility (17.23%) compared to FSCEX (5.84%). In terms of maximum drawdown, FSCEX dropped -51.02% vs BIVRX's -27.37%.

Which has better risk-adjusted returns?

FSCEX currently has the higher Sharpe Ratio (1.59 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.