LONGX vs. BIVIX
LONGX (Longboard Alternative Growth Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, LONGX returned 5.02%/yr vs 9.92%/yr for BIVIX. At a correlation of -0.08, they often move in opposite directions. LONGX charges 1.99%/yr vs 3.17%/yr for BIVIX.
Performance
LONGX vs. BIVIX - Performance Comparison
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Returns By Period
In the year-to-date period, LONGX achieves a 12.82% return, which is significantly higher than BIVIX's -18.14% return.
LONGX
- 1D
- -0.06%
- 1M
- 3.49%
- YTD
- 12.82%
- 6M
- 10.82%
- 1Y
- 16.55%
- 3Y*
- 12.01%
- 5Y*
- 5.02%
- 10Y*
- 24.95%
BIVIX
- 1D
- 5.00%
- 1M
- -6.64%
- YTD
- -18.14%
- 6M
- -16.10%
- 1Y
- -11.54%
- 3Y*
- -5.98%
- 5Y*
- 9.92%
- 10Y*
- —
LONGX vs. BIVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LONGX Longboard Alternative Growth Fund | 12.82% | 1.49% | 14.95% | 5.64% | -13.21% | 13.89% | 27.70% | 13.82% | 270.32% | 9.55% |
BIVIX Invenomic Fund Institutional Class | -18.14% | 4.63% | -8.81% | 16.80% | 50.01% | 63.81% | 11.46% | 11.59% | 3.68% | 8.93% |
Correlation
The correlation between LONGX and BIVIX is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | -0.08 |
The correlation between LONGX and BIVIX shifts across timeframes, from -0.18 (1 year) to -0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LONGX vs. BIVIX — Risk / Return Rank
LONGX
BIVIX
LONGX vs. BIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Longboard Alternative Growth Fund (LONGX) 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.
| LONGX | BIVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.81 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.95 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | -0.43 | +2.82 |
| Martin ratioReturn relative to average drawdown | 9.18 | -1.27 | +10.46 |
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Drawdowns
LONGX vs. BIVIX - Drawdown Comparison
The maximum LONGX drawdown since its inception was -77.16%, which is greater than BIVIX's maximum drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for LONGX and BIVIX.
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Drawdown Indicators
| LONGX | BIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.16% | -26.95% | -50.21% |
Max Drawdown (1Y)Largest decline over 1 year | -7.09% | -26.95% | +19.86% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -26.95% | +12.38% |
Max Drawdown (5Y)Largest decline over 5 years | -19.28% | -26.95% | +7.67% |
Max Drawdown (10Y)Largest decline over 10 years | -77.16% | — | — |
Current DrawdownCurrent decline from peak | -0.06% | -23.29% | +23.23% |
Average DrawdownAverage peak-to-trough decline | -7.34% | -5.97% | -1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 9.13% | -7.29% |
Volatility
LONGX vs. BIVIX - Volatility Comparison
The current volatility for Longboard Alternative Growth Fund (LONGX) is 3.22%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 13.54%. This indicates that LONGX 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
| LONGX | BIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.22% | 13.54% | -10.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.50% | 22.64% | -14.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.91% | 26.73% | -15.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.91% | 17.35% | -5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 137.79% | 17.48% | +120.31% |
LONGX vs. BIVIX - Expense Ratio Comparison
LONGX has a 1.99% expense ratio, which is lower than BIVIX's 3.17% expense ratio.
Dividends
LONGX vs. BIVIX - Dividend Comparison
LONGX has not paid dividends to shareholders, while BIVIX's dividend yield for the trailing twelve months is around 2.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIVIX Invenomic Fund Institutional Class | 2.68% | 2.20% | 3.95% | 20.15% | 27.91% | 16.08% | 3.15% | 3.19% | 4.79% | 1.21% | 0.00% |
LONGX Longboard Alternative Growth Fund | 0.00% | 0.00% | 0.00% | 5.40% | 7.64% | 1.73% | 0.00% | 0.00% | 3.10% | 268.50% | 23.29% |
Frequently Asked Questions
LONGX and BIVIX have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVIX has higher volatility (13.54%) compared to LONGX (3.22%). In terms of maximum drawdown, LONGX dropped -77.16% vs BIVIX's -26.95%.
LONGX currently has the higher Sharpe Ratio (1.56 vs -0.44), 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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