SAOAX vs. BIVRX

Last updated Jun 25, 2026

SAOAX (Guggenheim Alpha Opportunity Fund) and BIVRX (Invenomic Fund) are both Long-Short funds. Over the past 5 years, SAOAX returned 5.68%/yr vs 6.88%/yr for BIVRX. At a 0.26 correlation, their price movements are largely independent. SAOAX charges 1.76%/yr vs 2.48%/yr for BIVRX.

Performance

SAOAX vs. BIVRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guggenheim Alpha Opportunity Fund (SAOAX) and Invenomic Fund (BIVRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAOAX achieves a 12.71% return, which is significantly higher than BIVRX's -18.27% return.

SAOAX

• 1D: -0.06%
• 1M: -2.39%
• YTD: 12.71%
• 6M: 12.12%
• 1Y: 13.84%
• 3Y*: 8.22%
• 5Y*: 5.68%
• 10Y*: 3.59%

BIVRX

• 1D: 4.96%
• 1M: -6.65%
• YTD: -18.27%
• 6M: -16.19%
• 1Y: -11.83%
• 3Y*: -6.23%
• 5Y*: 6.88%
• 10Y*: —

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

SAOAX vs. BIVRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAOAX Guggenheim Alpha Opportunity Fund	12.71%	-2.00%	10.49%	8.81%	-8.66%	14.38%	0.17%	-2.26%	-11.25%	7.69%
BIVRX Invenomic Fund	-18.27%	4.39%	-9.03%	16.47%	49.61%	44.06%	11.12%	11.36%	3.41%	8.73%

Correlation

The correlation between SAOAX and BIVRX is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
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	0.26

The correlation between SAOAX and BIVRX shifts across timeframes, from -0.07 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SAOAX vs. BIVRX — Risk / Return Rank

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

SAOAX

SAOAX Risk / Return Rank: 39
SAOAX Sharpe Ratio Rank: 37
SAOAX Sortino Ratio Rank: 37
SAOAX Omega Ratio Rank: 35
SAOAX Calmar Ratio Rank: 47
SAOAX Martin Ratio Rank: 37

BIVRX

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

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.

SAOAX vs. BIVRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guggenheim Alpha Opportunity Fund (SAOAX) 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.

	SAOAX	BIVRX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	-0.45	+2.00
Sortino ratio: Return per unit of downside risk	2.26	-0.50	+2.76
Omega ratio: Gain probability vs. loss probability	1.28	0.94	+0.33
Calmar ratio: Return relative to maximum drawdown	2.42	-0.44	+2.86
Martin ratio: Return relative to average drawdown	7.28	-1.30	+8.58

SAOAX vs. BIVRX - Sharpe Ratio Comparison

The current SAOAX Sharpe Ratio is 1.55, which is higher than the BIVRX Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of SAOAX 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

SAOAX vs. BIVRX - Drawdown Comparison

The maximum SAOAX drawdown since its inception was -52.28%, which is greater than BIVRX's maximum drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for SAOAX and BIVRX.

Drawdown Indicators

	SAOAX	BIVRX	Difference
Max Drawdown Largest peak-to-trough decline	-52.28%	-27.37%	-24.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-26.97%	+21.07%
Max Drawdown (3Y) Largest decline over 3 years	-35.90%	-27.37%	-8.53%
Max Drawdown (5Y) Largest decline over 5 years	-35.90%	-27.37%	-8.53%
Max Drawdown (10Y) Largest decline over 10 years	-35.90%	—	—
Current Drawdown Current decline from peak	-4.83%	-23.77%	+18.94%
Average Drawdown Average peak-to-trough decline	-8.69%	-6.14%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	9.15%	-7.19%

Volatility

SAOAX vs. BIVRX - Volatility Comparison

The current volatility for Guggenheim Alpha Opportunity Fund (SAOAX) is 3.96%, while Invenomic Fund (BIVRX) has a volatility of 13.48%. This indicates that SAOAX 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

	SAOAX	BIVRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	13.48%	-9.52%
Volatility (6M) Calculated over the trailing 6-month period	7.06%	22.65%	-15.59%
Volatility (1Y) Calculated over the trailing 1-year period	9.23%	26.73%	-17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.74%	18.15%	+10.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	17.93%	+3.25%

SAOAX vs. BIVRX - Expense Ratio Comparison

SAOAX has a 1.76% expense ratio, which is lower than BIVRX's 2.48% expense ratio.

Dividends

SAOAX vs. BIVRX - Dividend Comparison

SAOAX's dividend yield for the trailing twelve months is around 0.63%, less than BIVRX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BIVRX Invenomic Fund	2.36%	1.93%	3.55%	20.26%	28.43%	3.00%	3.11%	3.21%	4.82%	1.21%	0.00%
SAOAX Guggenheim Alpha Opportunity Fund	0.63%	0.71%	1.06%	0.62%	0.72%	0.82%	1.22%	0.92%	1.17%	7.07%	0.03%

Frequently Asked Questions

Can I hold both SAOAX and BIVRX in my portfolio?

SAOAX and BIVRX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAOAX or BIVRX?

BIVRX has higher volatility (13.48%) compared to SAOAX (3.96%). In terms of maximum drawdown, SAOAX dropped -52.28% vs BIVRX's -27.37%.

Which has better risk-adjusted returns?

SAOAX currently has the higher Sharpe Ratio (1.55 vs -0.45), 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.