TTDAX vs. BIVIX

Last updated Jun 23, 2026

TTDAX (Toews Tactical Defensive Alpha Fund) and BIVIX (Invenomic Fund Institutional Class) are both Long-Short funds. At a 0.07 correlation, their price movements are largely independent. TTDAX charges 1.25%/yr vs 3.17%/yr for BIVIX.

Performance

TTDAX vs. BIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Toews Tactical Defensive Alpha Fund (TTDAX) and Invenomic Fund Institutional Class (BIVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TTDAX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BIVIX

• 1D: -2.60%
• 1M: -8.18%
• YTD: -19.49%
• 6M: -17.30%
• 1Y: -13.26%
• 3Y*: -6.87%
• 5Y*: 9.28%
• 10Y*: —

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

TTDAX vs. BIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TTDAX Toews Tactical Defensive Alpha Fund	-5.84%	10.90%	2.87%	7.65%	-16.61%	12.36%	17.14%	22.12%	-7.35%	6.86%
BIVIX Invenomic Fund Institutional Class	-19.49%	4.63%	-8.81%	16.80%	50.01%	63.81%	11.46%	11.59%	3.68%	8.93%

Correlation

The correlation between TTDAX and BIVIX is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.13
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017	0.07

The correlation between TTDAX and BIVIX shifts across timeframes, from -0.15 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TTDAX vs. BIVIX — Risk / Return Rank

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

TTDAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BIVIX

BIVIX Risk / Return Rank: 1
BIVIX Sharpe Ratio Rank: 1
BIVIX Sortino Ratio Rank: 1
BIVIX Omega Ratio Rank: 1
BIVIX Calmar Ratio Rank: 1
BIVIX Martin Ratio Rank: 0

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.

TTDAX vs. BIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Toews Tactical Defensive Alpha Fund (TTDAX) 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.

	TTDAX	BIVIX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.52	—
Sortino ratio: Return per unit of downside risk	—	-0.63	—
Omega ratio: Gain probability vs. loss probability	—	0.93	—
Calmar ratio: Return relative to maximum drawdown	—	-0.55	—
Martin ratio: Return relative to average drawdown	—	-1.54	—

Drawdowns

Drawdown Indicators

	TTDAX	BIVIX	Difference
Max Drawdown Largest peak-to-trough decline	—	-24.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-24.56%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.56%	—
Current Drawdown Current decline from peak	—	-24.56%	—
Average Drawdown Average peak-to-trough decline	—	-5.95%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.85%	—

Volatility

Volatility by Period

	TTDAX	BIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	26.07%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.16%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.37%	—

TTDAX vs. BIVIX - Expense Ratio Comparison

TTDAX has a 1.25% expense ratio, which is lower than BIVIX's 3.17% expense ratio.

Dividends

TTDAX vs. BIVIX - Dividend Comparison

TTDAX's dividend yield for the trailing twelve months is around 2.20%, less than BIVIX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIVIX Invenomic Fund Institutional Class	2.73%	2.20%	3.95%	20.15%	27.91%	16.08%	3.15%	3.19%	4.79%	1.21%
TTDAX Toews Tactical Defensive Alpha Fund	2.20%	2.07%	3.30%	2.56%	1.03%	26.63%	4.08%	7.49%	1.35%	13.58%

Frequently Asked Questions

Can I hold both TTDAX and BIVIX in my portfolio?

TTDAX and BIVIX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.