HIOIX vs. BIVIX
HIOIX (M3Sixty Income and Opportunity Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, HIOIX returned 4.64%/yr vs 16.22%/yr for BIVIX. Their 0.03 correlation means their historical movements had little consistent relationship. HIOIX charges 2.19%/yr vs 3.17%/yr for BIVIX.
Performance
HIOIX vs. BIVIX - Performance Comparison
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Returns By Period
In the year-to-date period, HIOIX achieves a -4.16% return, which is significantly lower than BIVIX's 7.97% return.
HIOIX
- 1D
- 1.44%
- 1M
- 0.42%
- 6M
- -6.69%
- YTD
- -4.16%
- 1Y
- 1.99%
- 3Y*
- 10.53%
- 5Y*
- 4.64%
- 10Y*
- —
- ALL TIME*
- 6.01%
BIVIX
- 1D
- -5.68%
- 1M
- 15.61%
- 6M
- 11.43%
- YTD
- 7.97%
- 1Y
- 17.09%
- 3Y*
- 2.95%
- 5Y*
- 16.22%
- 10Y*
- —
- ALL TIME*
- 16.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HIOIX vs. BIVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIOIX M3Sixty Income and Opportunity Fund | -4.16% | 11.55% | 24.67% | 15.35% | -9.11% | -1.09% | 10.63% | 13.30% | -6.52% | 5.28% |
BIVIX Invenomic Fund Institutional Class | 7.97% | 4.63% | -8.81% | 16.80% | 50.01% | 63.81% | 11.46% | 11.59% | 3.68% | 8.93% |
Correlation
The correlation between HIOIX and BIVIX is -0.25, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.25 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | 0.03 |
The correlation between HIOIX and BIVIX shifts across timeframes, from -0.25 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIOIX vs. BIVIX — Risk / Return Rank
HIOIX
BIVIX
HIOIX vs. BIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for M3Sixty Income and Opportunity Fund (HIOIX) 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.
| HIOIX | BIVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.11 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 0.59 | -0.57 |
| Martin ratioReturn relative to average drawdown | 0.03 | 1.60 | -1.56 |
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Drawdowns
HIOIX vs. BIVIX - Drawdown Comparison
The maximum HIOIX drawdown since its inception was -30.26%, which is greater than BIVIX's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for HIOIX and BIVIX.
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Drawdown Indicators
| HIOIX | BIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.26% | -26.95% | -3.31% |
Max Drawdown (1Y)Largest decline over 1 year | -12.58% | -26.95% | +14.37% |
Max Drawdown (3Y)Largest decline over 3 years | -19.23% | -26.95% | +7.72% |
Max Drawdown (5Y)Largest decline over 5 years | -23.06% | -26.95% | +3.89% |
Current DrawdownCurrent decline from peak | -8.62% | -5.68% | -2.94% |
Average DrawdownAverage peak-to-trough decline | -8.00% | -6.03% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.84% | 9.89% | -4.05% |
Volatility
HIOIX vs. BIVIX - Volatility Comparison
The current volatility for M3Sixty Income and Opportunity Fund (HIOIX) is 3.49%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 17.67%. This indicates that HIOIX 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.
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Volatility by Period
| HIOIX | BIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.49% | 17.67% | -14.18% |
Volatility (6M)Calculated over the trailing 6-month period | 12.42% | 29.32% | -16.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.42% | 32.80% | -15.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.13% | 19.36% | -2.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.63% | 18.61% | -1.98% |
HIOIX vs. BIVIX - Expense Ratio Comparison
HIOIX has a 2.19% expense ratio, which is lower than BIVIX's 3.17% expense ratio.
Dividends
HIOIX vs. BIVIX - Dividend Comparison
HIOIX's dividend yield for the trailing twelve months is around 9.58%, more than BIVIX's 2.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BIVIX Invenomic Fund Institutional Class | 2.03% | 2.20% | 3.95% | 20.15% | 27.91% | 16.08% | 3.15% | 3.19% | 4.79% | 1.21% |
HIOIX M3Sixty Income and Opportunity Fund | 9.58% | 9.18% | 9.65% | 0.00% | 0.00% | 6.08% | 5.66% | 3.97% | 5.35% | 11.20% |
Frequently Asked Questions
HIOIX and BIVIX have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVIX has higher volatility (17.67%) compared to HIOIX (3.49%). In terms of maximum drawdown, HIOIX dropped -30.26% vs BIVIX's -26.95%.
BIVIX currently has the higher Sharpe Ratio (0.48 vs 0.01), 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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