LSOFX vs. BIVIX
LSOFX (LS Opportunity Fund - Institutional Class) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, LSOFX returned 4.91%/yr vs 8.80%/yr for BIVIX. At a 0.21 correlation, their price movements are largely independent. LSOFX charges 1.95%/yr vs 3.17%/yr for BIVIX.
Performance
LSOFX vs. BIVIX - Performance Comparison
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Returns By Period
In the year-to-date period, LSOFX achieves a 0.87% return, which is significantly higher than BIVIX's -22.03% return.
LSOFX
- 1D
- -0.49%
- 1M
- -2.17%
- YTD
- 0.87%
- 6M
- 0.37%
- 1Y
- 3.05%
- 3Y*
- 7.06%
- 5Y*
- 4.91%
- 10Y*
- 6.96%
BIVIX
- 1D
- -3.16%
- 1M
- -11.08%
- YTD
- -22.03%
- 6M
- -19.30%
- 1Y
- -15.80%
- 3Y*
- -7.50%
- 5Y*
- 8.80%
- 10Y*
- —
LSOFX vs. BIVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LSOFX LS Opportunity Fund - Institutional Class | 0.87% | 3.85% | 8.28% | 11.00% | -3.12% | 12.42% | 4.35% | 18.31% | -3.57% | 6.66% |
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 LSOFX and BIVIX is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
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 LSOFX and BIVIX shifts across timeframes, from -0.02 (3 years) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LSOFX vs. BIVIX — Risk / Return Rank
LSOFX
BIVIX
LSOFX vs. BIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for LS Opportunity Fund - Institutional Class (LSOFX) 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.
| LSOFX | BIVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.91 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.69 | -0.60 | +1.28 |
| Martin ratioReturn relative to average drawdown | 1.89 | -1.78 | +3.67 |
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Drawdowns
LSOFX vs. BIVIX - Drawdown Comparison
The maximum LSOFX drawdown since its inception was -22.05%, smaller than the maximum BIVIX drawdown of -26.95%. Use the drawdown chart below to compare losses from any high point for LSOFX and BIVIX.
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Drawdown Indicators
| LSOFX | BIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.05% | -26.95% | +4.90% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -26.95% | +21.59% |
Max Drawdown (3Y)Largest decline over 3 years | -10.43% | -26.95% | +16.52% |
Max Drawdown (5Y)Largest decline over 5 years | -13.00% | -26.95% | +13.95% |
Max Drawdown (10Y)Largest decline over 10 years | -22.05% | — | — |
Current DrawdownCurrent decline from peak | -2.59% | -26.95% | +24.36% |
Average DrawdownAverage peak-to-trough decline | -3.32% | -5.96% | +2.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.94% | 9.01% | -7.07% |
Volatility
LSOFX vs. BIVIX - Volatility Comparison
The current volatility for LS Opportunity Fund - Institutional Class (LSOFX) is 2.13%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 12.50%. This indicates that LSOFX 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
| LSOFX | BIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.13% | 12.50% | -10.37% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 22.10% | -16.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.89% | 26.30% | -18.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.77% | 17.21% | -7.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.26% | 17.40% | -7.14% |
LSOFX vs. BIVIX - Expense Ratio Comparison
LSOFX has a 1.95% expense ratio, which is lower than BIVIX's 3.17% expense ratio.
Dividends
LSOFX vs. BIVIX - Dividend Comparison
LSOFX's dividend yield for the trailing twelve months is around 33.28%, more than BIVIX's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
LSOFX LS Opportunity Fund - Institutional Class | 33.28% | 4.81% | 0.98% | 0.00% | 5.27% | 4.35% | 1.28% | 2.35% | 2.71% | 3.91% | 0.00% | 6.74% |
Frequently Asked Questions
LSOFX and BIVIX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVIX has higher volatility (12.50%) compared to LSOFX (2.13%). In terms of maximum drawdown, LSOFX dropped -22.05% vs BIVIX's -26.95%.
LSOFX currently has the higher Sharpe Ratio (0.47 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.
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