SNOIX vs. BIVIX

Last updated Jun 3, 2026

SNOIX (Easterly Snow Capital Long/Short Opportunity Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. Over the past 5 years, SNOIX returned 8.57%/yr vs 10.56%/yr for BIVIX. At a 0.35 correlation, their price movements are largely independent. SNOIX charges 1.41%/yr vs 3.17%/yr for BIVIX.

Performance

SNOIX vs. BIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) 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, SNOIX achieves a 9.17% return, which is significantly higher than BIVIX's -9.27% return.

SNOIX

• 1D: -0.07%
• 1M: -0.17%
• YTD: 9.17%
• 6M: 11.32%
• 1Y: 27.49%
• 3Y*: 15.33%
• 5Y*: 8.57%
• 10Y*: 10.21%

BIVIX

• 1D: 3.08%
• 1M: -3.89%
• YTD: -9.27%
• 6M: -5.72%
• 1Y: -1.89%
• 3Y*: -2.89%
• 5Y*: 10.56%
• 10Y*: —

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

SNOIX vs. BIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	9.17%	20.66%	5.17%	10.84%	-3.10%	26.26%	1.44%	22.44%	-11.25%	9.02%
BIVIX Invenomic Fund Institutional Class	-9.27%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%

Correlation

The correlation between SNOIX and BIVIX is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jun 26, 2017	0.35

Over the past year, the correlation between SNOIX and BIVIX has dropped to 0.08 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Return for Risk

SNOIX vs. BIVIX — Risk / Return Rank

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

SNOIX

SNOIX Risk / Return Rank: 80
SNOIX Sharpe Ratio Rank: 73
SNOIX Sortino Ratio Rank: 77
SNOIX Omega Ratio Rank: 63
SNOIX Calmar Ratio Rank: 96
SNOIX Martin Ratio Rank: 94

BIVIX

BIVIX Risk / Return Rank: 2
BIVIX Sharpe Ratio Rank: 2
BIVIX Sortino Ratio Rank: 2
BIVIX Omega Ratio Rank: 2
BIVIX Calmar Ratio Rank: 2
BIVIX Martin Ratio Rank: 2

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.

SNOIX vs. BIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) 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.

	SNOIX	BIVIX	Difference
Sharpe ratio Return per unit of total volatility	2.49	-0.10	+2.59
Sortino ratio Return per unit of downside risk	3.67	0.02	+3.65
Omega ratio Gain probability vs. loss probability	1.44	1.00	+0.44
Calmar ratio Return relative to maximum drawdown	6.21	-0.14	+6.36
Martin ratio Return relative to average drawdown	20.72	-0.39	+21.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNOIX vs. BIVIX - Sharpe Ratio Comparison

The current SNOIX Sharpe Ratio is 2.49, which is higher than the BIVIX Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of SNOIX 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.

Sharpe Ratios by Period

	SNOIX	BIVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	-0.10	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.64	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.88	-0.56

Drawdowns

SNOIX vs. BIVIX - Drawdown Comparison

The maximum SNOIX drawdown since its inception was -65.34%, which is greater than BIVIX's maximum drawdown of -20.70%. Use the drawdown chart below to compare losses from any high point for SNOIX and BIVIX.

Drawdown Indicators

	SNOIX	BIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.34%	-20.70%	-44.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-20.70%	+16.20%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-20.70%	+5.37%
Max Drawdown (5Y) Largest decline over 5 years	-17.66%	-20.70%	+3.04%
Max Drawdown (10Y) Largest decline over 10 years	-34.43%	—	—
Current Drawdown Current decline from peak	-0.94%	-14.98%	+14.04%
Average Drawdown Average peak-to-trough decline	-9.78%	-5.88%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	7.71%	-6.36%

Volatility

SNOIX vs. BIVIX - Volatility Comparison

The current volatility for Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) is 2.92%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 11.31%. This indicates that SNOIX 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

	SNOIX	BIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	11.31%	-8.39%
Volatility (6M) Calculated over the trailing 6-month period	7.96%	19.66%	-11.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	23.83%	-12.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	16.60%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	17.03%	-0.51%

SNOIX vs. BIVIX - Expense Ratio Comparison

SNOIX has a 1.41% expense ratio, which is lower than BIVIX's 3.17% expense ratio.

Dividends

SNOIX vs. BIVIX - Dividend Comparison

SNOIX's dividend yield for the trailing twelve months is around 6.33%, more than BIVIX's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIVIX Invenomic Fund Institutional Class	2.42%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%	0.00%	0.00%
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	6.33%	6.91%	5.10%	2.29%	7.07%	8.98%	1.86%	1.95%	2.06%	4.80%	0.36%	2.79%

Frequently Asked Questions

Can I hold both SNOIX and BIVIX in my portfolio?

SNOIX and BIVIX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNOIX or BIVIX?

BIVIX has higher volatility (11.31%) compared to SNOIX (2.92%). In terms of maximum drawdown, SNOIX dropped -65.34% vs BIVIX's -20.70%.

Which has better risk-adjusted returns?

SNOIX currently has the higher Sharpe Ratio (2.49 vs -0.10), 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.