BUFBX vs. BUFMX

Last updated Jul 11, 2026

BUFBX (Buffalo Flexible Income Fund) and BUFMX (Buffalo Mid Cap Fund) are both mutual funds - BUFBX is a Large Cap Value Equities fund managed by Buffalo, while BUFMX is a Mid Cap Growth Equities fund managed by Buffalo. Over the past 10 years, BUFBX returned 9.54%/yr vs 8.21%/yr for BUFMX. A 0.73 correlation means they provide meaningful diversification when combined. BUFBX charges 1.01%/yr vs 1.02%/yr for BUFMX.

Performance

BUFBX vs. BUFMX - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFBX achieves a 10.95% return, which is significantly higher than BUFMX's -1.37% return. Over the past 10 years, BUFBX has outperformed BUFMX with an annualized return of 9.54%, while BUFMX has yielded a comparatively lower 8.21% annualized return.

BUFBX

• 1D: -0.71%
• 1M: -0.80%
• 6M: 8.98%
• YTD: 10.95%
• 1Y: 14.84%
• 3Y*: 13.00%
• 5Y*: 10.65%
• 10Y*: 9.54%

BUFMX

• 1D: 2.14%
• 1M: 1.77%
• 6M: -3.69%
• YTD: -1.37%
• 1Y: -6.81%
• 3Y*: 3.78%
• 5Y*: -0.66%
• 10Y*: 8.21%

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

BUFBX vs. BUFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFBX Buffalo Flexible Income Fund	10.95%	10.37%	10.26%	7.42%	3.97%	29.97%	-2.27%	18.76%	-7.01%	13.20%
BUFMX Buffalo Mid Cap Fund	-1.37%	-1.68%	6.73%	26.92%	-27.89%	14.39%	34.24%	37.96%	-7.29%	13.59%

Correlation

The correlation between BUFBX and BUFMX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 14, 2001	0.73

Over the past year, the correlation between BUFBX and BUFMX has dropped to 0.27 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

BUFBX vs. BUFMX — Risk / Return Rank

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

BUFBX

BUFBX Risk / Return Rank: 61
BUFBX Sharpe Ratio Rank: 49
BUFBX Sortino Ratio Rank: 49
BUFBX Omega Ratio Rank: 44
BUFBX Calmar Ratio Rank: 87
BUFBX Martin Ratio Rank: 73

BUFMX

BUFMX Risk / Return Rank: 1
BUFMX Sharpe Ratio Rank: 1
BUFMX Sortino Ratio Rank: 1
BUFMX Omega Ratio Rank: 1
BUFMX Calmar Ratio Rank: 1
BUFMX 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.

BUFBX vs. BUFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Flexible Income Fund (BUFBX) and Buffalo Mid Cap Fund (BUFMX). 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.

	BUFBX	BUFMX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	-0.51	+2.08
Sortino ratio: Return per unit of downside risk	2.25	-0.61	+2.86
Omega ratio: Gain probability vs. loss probability	1.27	0.93	+0.34
Calmar ratio: Return relative to maximum drawdown	3.35	-0.46	+3.81
Martin ratio: Return relative to average drawdown	10.48	-0.93	+11.41

BUFBX vs. BUFMX - Sharpe Ratio Comparison

The current BUFBX Sharpe Ratio is 1.57, which is higher than the BUFMX Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of BUFBX and BUFMX, 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

BUFBX vs. BUFMX - Drawdown Comparison

The maximum BUFBX drawdown since its inception was -39.78%, smaller than the maximum BUFMX drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for BUFBX and BUFMX.

Drawdown Indicators

	BUFBX	BUFMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.78%	-58.44%	+18.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-18.37%	+13.92%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-20.29%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-14.67%	-35.58%	+20.91%
Max Drawdown (10Y) Largest decline over 10 years	-35.51%	-35.58%	+0.07%
Current Drawdown Current decline from peak	-1.88%	-9.57%	+7.69%
Average Drawdown Average peak-to-trough decline	-4.72%	-9.41%	+4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	8.99%	-7.57%

Volatility

BUFBX vs. BUFMX - Volatility Comparison

The current volatility for Buffalo Flexible Income Fund (BUFBX) is 3.91%, while Buffalo Mid Cap Fund (BUFMX) has a volatility of 7.31%. This indicates that BUFBX experiences smaller price fluctuations and is considered to be less risky than BUFMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFBX	BUFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	7.31%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	13.62%	-6.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	16.48%	-6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.44%	20.35%	-6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	19.73%	-4.15%

BUFBX vs. BUFMX - Expense Ratio Comparison

BUFBX has a 1.01% expense ratio, which is lower than BUFMX's 1.02% expense ratio.

Dividends

BUFBX vs. BUFMX - Dividend Comparison

BUFBX's dividend yield for the trailing twelve months is around 8.21%, less than BUFMX's 10.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFBX Buffalo Flexible Income Fund	8.21%	9.10%	3.77%	3.48%	4.16%	5.57%	3.33%	2.73%	6.01%	5.49%	2.39%	3.67%
BUFMX Buffalo Mid Cap Fund	10.45%	10.31%	6.93%	5.21%	5.46%	11.45%	6.91%	8.20%	4.47%	25.22%	8.49%	13.06%

Frequently Asked Questions

Can I hold both BUFBX and BUFMX in my portfolio?

BUFBX and BUFMX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFBX or BUFMX?

BUFMX has higher volatility (7.31%) compared to BUFBX (3.91%). In terms of maximum drawdown, BUFBX dropped -39.78% vs BUFMX's -58.44%.

Which has better risk-adjusted returns?

BUFBX currently has the higher Sharpe Ratio (1.57 vs -0.51), 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.