AFVLX vs. BUFBX

Last updated Jul 15, 2026

AFVLX (Applied Finance Select Fund) and BUFBX (Buffalo Flexible Income Fund) are both Large Cap Value Equities funds. Over the past 5 years, AFVLX returned 9.56%/yr vs 11.07%/yr for BUFBX. A 0.79 correlation means they provide meaningful diversification when combined. AFVLX charges 1.48%/yr vs 1.01%/yr for BUFBX.

Performance

AFVLX vs. BUFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance Select Fund (AFVLX) and Buffalo Flexible Income Fund (BUFBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AFVLX having a 12.38% return and BUFBX slightly lower at 12.28%.

AFVLX

• 1D: -0.46%
• 1M: 0.50%
• 6M: 9.06%
• YTD: 12.38%
• 1Y: 19.64%
• 3Y*: 13.80%
• 5Y*: 9.56%
• 10Y*: —

BUFBX

• 1D: 1.02%
• 1M: 0.39%
• 6M: 10.49%
• YTD: 12.28%
• 1Y: 16.49%
• 3Y*: 13.12%
• 5Y*: 11.07%
• 10Y*: 9.53%

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

AFVLX vs. BUFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFVLX Applied Finance Select Fund	12.38%	13.12%	7.06%	19.43%	-10.88%	27.73%	15.33%	12.42%
BUFBX Buffalo Flexible Income Fund	12.28%	10.37%	10.26%	7.42%	3.97%	29.97%	-2.27%	8.22%

Correlation

The correlation between AFVLX and BUFBX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019	0.79

Over the past year, the correlation between AFVLX and BUFBX has dropped to 0.40 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

AFVLX vs. BUFBX — Risk / Return Rank

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

AFVLX

AFVLX Risk / Return Rank: 51
AFVLX Sharpe Ratio Rank: 49
AFVLX Sortino Ratio Rank: 49
AFVLX Omega Ratio Rank: 45
AFVLX Calmar Ratio Rank: 57
AFVLX Martin Ratio Rank: 55

BUFBX

BUFBX Risk / Return Rank: 69
BUFBX Sharpe Ratio Rank: 60
BUFBX Sortino Ratio Rank: 61
BUFBX Omega Ratio Rank: 53
BUFBX Calmar Ratio Rank: 90
BUFBX Martin Ratio Rank: 82

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.

AFVLX vs. BUFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance Select Fund (AFVLX) and Buffalo Flexible Income Fund (BUFBX). 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.

	AFVLX	BUFBX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.71	-0.15
Sortino ratio: Return per unit of downside risk	2.22	2.44	-0.23
Omega ratio: Gain probability vs. loss probability	1.27	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.32	3.66	-1.34
Martin ratio: Return relative to average drawdown	8.72	11.49	-2.77

AFVLX vs. BUFBX - Sharpe Ratio Comparison

The current AFVLX Sharpe Ratio is 1.56, which is comparable to the BUFBX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of AFVLX and BUFBX, 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

AFVLX vs. BUFBX - Drawdown Comparison

The maximum AFVLX drawdown since its inception was -36.29%, smaller than the maximum BUFBX drawdown of -39.78%. Use the drawdown chart below to compare losses from any high point for AFVLX and BUFBX.

Drawdown Indicators

	AFVLX	BUFBX	Difference
Max Drawdown Largest peak-to-trough decline	-36.29%	-39.78%	+3.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-4.45%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-17.74%	-12.85%	-4.89%
Max Drawdown (5Y) Largest decline over 5 years	-20.12%	-14.67%	-5.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.51%	—
Current Drawdown Current decline from peak	-0.46%	-0.70%	+0.24%
Average Drawdown Average peak-to-trough decline	-4.68%	-4.71%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.42%	+0.81%

Volatility

AFVLX vs. BUFBX - Volatility Comparison

The current volatility for Applied Finance Select Fund (AFVLX) is 3.47%, while Buffalo Flexible Income Fund (BUFBX) has a volatility of 4.00%. This indicates that AFVLX experiences smaller price fluctuations and is considered to be less risky than BUFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFVLX	BUFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	4.00%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	7.40%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	9.56%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	13.44%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.16%	15.59%	+4.57%

AFVLX vs. BUFBX - Expense Ratio Comparison

AFVLX has a 1.48% expense ratio, which is higher than BUFBX's 1.01% expense ratio.

Dividends

AFVLX vs. BUFBX - Dividend Comparison

AFVLX's dividend yield for the trailing twelve months is around 3.33%, less than BUFBX's 8.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFVLX Applied Finance Select Fund	3.33%	3.74%	3.80%	1.18%	1.02%	2.11%	1.09%	0.68%	0.00%	0.00%	0.00%	0.00%
BUFBX Buffalo Flexible Income Fund	8.11%	9.10%	3.77%	3.48%	4.16%	5.57%	3.33%	2.73%	6.01%	5.49%	2.39%	3.67%

Frequently Asked Questions

Can I hold both AFVLX and BUFBX in my portfolio?

AFVLX and BUFBX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFVLX or BUFBX?

BUFBX has higher volatility (4.00%) compared to AFVLX (3.47%). In terms of maximum drawdown, AFVLX dropped -36.29% vs BUFBX's -39.78%.

Which has better risk-adjusted returns?

BUFBX currently has the higher Sharpe Ratio (1.71 vs 1.56), 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.