GTAPX vs. BIVIX

Last updated Jun 25, 2026

GTAPX (Quantitative U.S. Long/Short Equity Portfolio) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, GTAPX returned 9.14%/yr vs 8.80%/yr for BIVIX. At a 0.21 correlation, their price movements are largely independent. GTAPX charges 1.25%/yr vs 3.17%/yr for BIVIX.

Performance

GTAPX vs. BIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Quantitative U.S. Long/Short Equity Portfolio (GTAPX) and Invenomic Fund Institutional Class (BIVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTAPX achieves a 4.42% return, which is significantly higher than BIVIX's -22.03% return.

GTAPX

• 1D: -0.45%
• 1M: -0.59%
• YTD: 4.42%
• 6M: 3.78%
• 1Y: 13.23%
• 3Y*: 11.06%
• 5Y*: 9.14%
• 10Y*: 5.81%

BIVIX

• 1D: -3.16%
• 1M: -11.08%
• YTD: -22.03%
• 6M: -19.30%
• 1Y: -15.80%
• 3Y*: -7.50%
• 5Y*: 8.80%
• 10Y*: —

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

GTAPX vs. BIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTAPX Quantitative U.S. Long/Short Equity Portfolio	4.42%	12.79%	13.28%	4.42%	3.16%	17.72%	-5.16%	3.26%	-8.65%	5.66%
BIVIX Invenomic Fund Institutional Class	-22.03%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%

Correlation

The correlation between GTAPX and BIVIX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.21

The correlation between GTAPX and BIVIX shifts across timeframes, from -0.07 (3 years) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GTAPX vs. BIVIX — Risk / Return Rank

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

GTAPX

GTAPX Risk / Return Rank: 70
GTAPX Sharpe Ratio Rank: 58
GTAPX Sortino Ratio Rank: 64
GTAPX Omega Ratio Rank: 52
GTAPX Calmar Ratio Rank: 92
GTAPX Martin Ratio Rank: 82

BIVIX

BIVIX Risk / Return Rank: 1
BIVIX Sharpe Ratio Rank: 1
BIVIX Sortino Ratio Rank: 1
BIVIX Omega Ratio Rank: 1
BIVIX Calmar Ratio Rank: 1
BIVIX Martin Ratio Rank: 0

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.

GTAPX vs. BIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Quantitative U.S. Long/Short Equity Portfolio (GTAPX) and Invenomic Fund Institutional Class (BIVIX). 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.

	GTAPX	BIVIX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	-0.61	+2.61
Sortino ratio: Return per unit of downside risk	2.97	-0.77	+3.74
Omega ratio: Gain probability vs. loss probability	1.35	0.91	+0.44
Calmar ratio: Return relative to maximum drawdown	4.57	-0.60	+5.17
Martin ratio: Return relative to average drawdown	13.91	-1.78	+15.69

GTAPX vs. BIVIX - Sharpe Ratio Comparison

The current GTAPX Sharpe Ratio is 2.00, which is higher than the BIVIX Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of GTAPX and BIVIX, 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

GTAPX vs. BIVIX - Drawdown Comparison

The maximum GTAPX drawdown since its inception was -30.40%, which is greater than BIVIX's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for GTAPX and BIVIX.

Drawdown Indicators

	GTAPX	BIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.40%	-26.95%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-26.95%	+23.94%
Max Drawdown (3Y) Largest decline over 3 years	-12.21%	-26.95%	+14.74%
Max Drawdown (5Y) Largest decline over 5 years	-12.21%	-26.95%	+14.74%
Max Drawdown (10Y) Largest decline over 10 years	-30.40%	—	—
Current Drawdown Current decline from peak	-1.62%	-26.95%	+25.33%
Average Drawdown Average peak-to-trough decline	-7.02%	-5.96%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	9.01%	-8.03%

Volatility

GTAPX vs. BIVIX - Volatility Comparison

The current volatility for Quantitative U.S. Long/Short Equity Portfolio (GTAPX) is 2.23%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 12.50%. This indicates that GTAPX experiences smaller price fluctuations and is considered to be less risky than BIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTAPX	BIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	12.50%	-10.27%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	22.10%	-16.83%
Volatility (1Y) Calculated over the trailing 1-year period	6.86%	26.30%	-19.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	17.21%	-6.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	17.40%	-7.17%

GTAPX vs. BIVIX - Expense Ratio Comparison

GTAPX has a 1.25% expense ratio, which is lower than BIVIX's 3.17% expense ratio.

Dividends

GTAPX vs. BIVIX - Dividend Comparison

GTAPX's dividend yield for the trailing twelve months is around 15.88%, more than BIVIX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	2.82%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%
GTAPX Quantitative U.S. Long/Short Equity Portfolio	15.88%	16.63%	11.79%	11.23%	0.00%	0.00%	0.00%	0.96%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GTAPX and BIVIX in my portfolio?

GTAPX and BIVIX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTAPX or BIVIX?

BIVIX has higher volatility (12.50%) compared to GTAPX (2.23%). In terms of maximum drawdown, GTAPX dropped -30.40% vs BIVIX's -26.95%.

Which has better risk-adjusted returns?

GTAPX currently has the higher Sharpe Ratio (2.00 vs -0.61), 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.