USNQX vs. BIVRX
USNQX (USAA Nasdaq 100 Index Fund) and BIVRX (Invenomic Fund) are both mutual funds - USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while BIVRX is a Long-Short fund managed by Invenomic. Over the past 5 years, USNQX returned 15.68%/yr vs 7.37%/yr for BIVRX. At a correlation of -0.15, they often move in opposite directions. USNQX charges 0.42%/yr vs 2.48%/yr for BIVRX.
Performance
USNQX vs. BIVRX - Performance Comparison
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Returns By Period
In the year-to-date period, USNQX achieves a 15.89% return, which is significantly higher than BIVRX's -15.91% return.
USNQX
- 1D
- -0.44%
- 1M
- -2.56%
- YTD
- 15.89%
- 6M
- 14.06%
- 1Y
- 31.74%
- 3Y*
- 25.65%
- 5Y*
- 15.68%
- 10Y*
- 21.71%
BIVRX
- 1D
- 2.89%
- 1M
- -1.68%
- YTD
- -15.91%
- 6M
- -13.77%
- 1Y
- -9.61%
- 3Y*
- -5.34%
- 5Y*
- 7.37%
- 10Y*
- —
USNQX vs. BIVRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USNQX USAA Nasdaq 100 Index Fund | 15.89% | 20.52% | 25.42% | 54.46% | -32.71% | 26.82% | 48.31% | 38.86% | -0.43% | 10.98% |
BIVRX Invenomic Fund | -15.91% | 4.39% | -9.03% | 16.47% | 49.61% | 44.06% | 11.12% | 11.36% | 3.41% | 8.73% |
Correlation
The correlation between USNQX and BIVRX is -0.42, 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 | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2017 | -0.15 |
Over the past year, the inverse relationship between USNQX and BIVRX has strengthened: their correlation has moved from -0.15 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
USNQX vs. BIVRX — Risk / Return Rank
USNQX
BIVRX
USNQX vs. BIVRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) 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.
| USNQX | BIVRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.96 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | -0.35 | +3.01 |
| Martin ratioReturn relative to average drawdown | 9.81 | -1.01 | +10.81 |
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Drawdowns
USNQX vs. BIVRX - Drawdown Comparison
The maximum USNQX drawdown since its inception was -76.24%, which is greater than BIVRX's maximum drawdown of -27.37%. Use the drawdown chart below to compare losses from any high point for USNQX and BIVRX.
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Drawdown Indicators
| USNQX | BIVRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.24% | -27.37% | -48.87% |
Max Drawdown (1Y)Largest decline over 1 year | -12.07% | -26.97% | +14.90% |
Max Drawdown (3Y)Largest decline over 3 years | -22.88% | -27.37% | +4.49% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -27.37% | -9.58% |
Max Drawdown (10Y)Largest decline over 10 years | -36.95% | — | — |
Current DrawdownCurrent decline from peak | -4.65% | -21.57% | +16.92% |
Average DrawdownAverage peak-to-trough decline | -26.70% | -6.15% | -20.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.27% | 9.25% | -5.98% |
Volatility
USNQX vs. BIVRX - Volatility Comparison
The current volatility for USAA Nasdaq 100 Index Fund (USNQX) is 9.09%, while Invenomic Fund (BIVRX) has a volatility of 13.86%. This indicates that USNQX 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.
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Volatility by Period
| USNQX | BIVRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 13.86% | -4.77% |
Volatility (6M)Calculated over the trailing 6-month period | 14.53% | 22.70% | -8.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.03% | 26.89% | -8.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.19% | 18.19% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.77% | 17.95% | +4.82% |
USNQX vs. BIVRX - Expense Ratio Comparison
USNQX has a 0.42% expense ratio, which is lower than BIVRX's 2.48% expense ratio.
Dividends
USNQX vs. BIVRX - Dividend Comparison
USNQX's dividend yield for the trailing twelve months is around 2.60%, more than BIVRX's 2.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIVRX Invenomic Fund | 2.30% | 1.93% | 3.55% | 20.26% | 28.43% | 3.00% | 3.11% | 3.21% | 4.82% | 1.21% | 0.00% | 0.00% |
USNQX USAA Nasdaq 100 Index Fund | 2.60% | 3.01% | 2.19% | 2.60% | 4.13% | 4.48% | 1.53% | 0.88% | 0.69% | 1.97% | 0.50% | 2.73% |
Frequently Asked Questions
USNQX and BIVRX have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIVRX has higher volatility (13.86%) compared to USNQX (9.09%). In terms of maximum drawdown, USNQX dropped -76.24% vs BIVRX's -27.37%.
USNQX currently has the higher Sharpe Ratio (1.79 vs -0.35), 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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