BUFDX vs. HYBL

Last updated Apr 1, 2026

Compare and contrast key facts about Buffalo Dividend Focus Fund (BUFDX) and SPDR Blackstone High Income ETF (HYBL).

BUFDX is managed by Buffalo. It was launched on Dec 3, 2012. HYBL is an actively managed fund by State Street. It was launched on Feb 16, 2022.

Performance

BUFDX vs. HYBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Buffalo Dividend Focus Fund (BUFDX) and SPDR Blackstone High Income ETF (HYBL). The values are adjusted to include any dividend payments, if applicable.

BUFDX vs. HYBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUFDX Buffalo Dividend Focus Fund	-3.24%	8.39%	20.13%	20.07%	-5.37%
HYBL SPDR Blackstone High Income ETF	-1.05%	7.78%	9.12%	11.86%	-4.72%

Returns By Period

In the year-to-date period, BUFDX achieves a -3.24% return, which is significantly lower than HYBL's -1.05% return.

BUFDX

• 1D: -0.18%
• 1M: -7.33%
• YTD: -3.24%
• 6M: -2.28%
• 1Y: 6.99%
• 3Y*: 13.43%
• 5Y*: 9.64%
• 10Y*: 11.77%

HYBL

• 1D: 0.69%
• 1M: -0.04%
• YTD: -1.05%
• 6M: 0.60%
• 1Y: 6.32%
• 3Y*: 8.09%
• 5Y*: —
• 10Y*: —

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

BUFDX vs. HYBL - Expense Ratio Comparison

BUFDX has a 0.93% expense ratio, which is higher than HYBL's 0.70% expense ratio.

BUFDX

Buffalo Dividend Focus Fund

HYBL

SPDR Blackstone High Income ETF

Return for Risk

BUFDX vs. HYBL — Risk / Return Rank

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

BUFDX

BUFDX Risk / Return Rank: 19
BUFDX Sharpe Ratio Rank: 18
BUFDX Sortino Ratio Rank: 17
BUFDX Omega Ratio Rank: 20
BUFDX Calmar Ratio Rank: 17
BUFDX Martin Ratio Rank: 22

HYBL

HYBL Risk / Return Rank: 79
HYBL Sharpe Ratio Rank: 78
HYBL Sortino Ratio Rank: 80
HYBL Omega Ratio Rank: 88
HYBL Calmar Ratio Rank: 72
HYBL Martin Ratio Rank: 77

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.

BUFDX vs. HYBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Dividend Focus Fund (BUFDX) and SPDR Blackstone High Income ETF (HYBL). 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.

	BUFDX	HYBL	Difference
Sharpe ratio Return per unit of total volatility	0.48	1.37	-0.89
Sortino ratio Return per unit of downside risk	0.77	2.02	-1.25
Omega ratio Gain probability vs. loss probability	1.12	1.35	-0.23
Calmar ratio Return relative to maximum drawdown	0.50	1.78	-1.28
Martin ratio Return relative to average drawdown	2.33	7.84	-5.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFDX vs. HYBL - Sharpe Ratio Comparison

The current BUFDX Sharpe Ratio is 0.48, which is lower than the HYBL Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of BUFDX and HYBL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BUFDX	HYBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	1.37	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.17	-0.34

Correlation

The correlation between BUFDX and HYBL is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BUFDX vs. HYBL - Dividend Comparison

BUFDX's dividend yield for the trailing twelve months is around 1.64%, less than HYBL's 7.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFDX Buffalo Dividend Focus Fund	1.64%	1.23%	1.26%	1.95%	2.61%	1.72%	0.46%	1.09%	5.20%	1.76%	0.96%	3.23%
HYBL SPDR Blackstone High Income ETF	7.25%	7.22%	7.88%	7.93%	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BUFDX vs. HYBL - Drawdown Comparison

The maximum BUFDX drawdown since its inception was -33.11%, which is greater than HYBL's maximum drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for BUFDX and HYBL.

Drawdown Indicators

	BUFDX	HYBL	Difference
Max Drawdown Largest peak-to-trough decline	-33.11%	-8.46%	-24.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.95%	-3.54%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	-17.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.11%	—	—
Current Drawdown Current decline from peak	-7.66%	-1.60%	-6.06%
Average Drawdown Average peak-to-trough decline	-3.17%	-1.40%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	0.80%	+1.77%

Volatility

BUFDX vs. HYBL - Volatility Comparison

Buffalo Dividend Focus Fund (BUFDX) has a higher volatility of 3.95% compared to SPDR Blackstone High Income ETF (HYBL) at 1.44%. This indicates that BUFDX's price experiences larger fluctuations and is considered to be riskier than HYBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFDX	HYBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	1.44%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	2.15%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	4.65%	+11.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	4.64%	+9.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	4.64%	+11.24%