BUFHX vs. BUFEX

Last updated Jun 4, 2026

BUFHX (Buffalo High Yield Fund) and BUFEX (Buffalo Large Cap Fund) are both mutual funds - BUFHX is a High Yield Bonds fund managed by Buffalo, while BUFEX is a Large Cap Growth Equities fund managed by Buffalo. Over the past 10 years, BUFHX returned 5.36%/yr vs 16.04%/yr for BUFEX. A 0.53 correlation means they provide meaningful diversification when combined. BUFHX charges 1.02%/yr vs 0.93%/yr for BUFEX.

Performance

BUFHX vs. BUFEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Buffalo High Yield Fund (BUFHX) and Buffalo Large Cap Fund (BUFEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFHX achieves a 1.80% return, which is significantly lower than BUFEX's 10.23% return. Over the past 10 years, BUFHX has underperformed BUFEX with an annualized return of 5.36%, while BUFEX has yielded a comparatively higher 16.04% annualized return.

BUFHX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 1.80%
• 6M: 2.36%
• 1Y: 5.09%
• 3Y*: 8.42%
• 5Y*: 4.90%
• 10Y*: 5.36%

BUFEX

• 1D: -0.18%
• 1M: 6.14%
• YTD: 10.23%
• 6M: 9.54%
• 1Y: 26.73%
• 3Y*: 23.45%
• 5Y*: 13.93%
• 10Y*: 16.04%

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

BUFHX vs. BUFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFHX Buffalo High Yield Fund	1.80%	5.11%	10.35%	11.68%	-5.53%	5.52%	9.26%	12.33%	-2.26%	5.98%
BUFEX Buffalo Large Cap Fund	10.23%	16.27%	28.86%	40.39%	-28.64%	25.55%	28.08%	31.76%	-1.60%	24.86%

Correlation

The correlation between BUFHX and BUFEX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 22, 1995	0.53

The correlation between BUFHX and BUFEX has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

Return for Risk

BUFHX vs. BUFEX — Risk / Return Rank

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

BUFHX

BUFHX Risk / Return Rank: 51
BUFHX Sharpe Ratio Rank: 49
BUFHX Sortino Ratio Rank: 55
BUFHX Omega Ratio Rank: 64
BUFHX Calmar Ratio Rank: 40
BUFHX Martin Ratio Rank: 49

BUFEX

BUFEX Risk / Return Rank: 37
BUFEX Sharpe Ratio Rank: 45
BUFEX Sortino Ratio Rank: 41
BUFEX Omega Ratio Rank: 41
BUFEX Calmar Ratio Rank: 29
BUFEX Martin Ratio Rank: 31

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.

BUFHX vs. BUFEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo High Yield Fund (BUFHX) and Buffalo Large Cap Fund (BUFEX). 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.

	BUFHX	BUFEX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.97	+0.08
Sortino ratio: Return per unit of downside risk	3.13	2.68	+0.45
Omega ratio: Gain probability vs. loss probability	1.44	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	2.40	2.00	+0.40
Martin ratio: Return relative to average drawdown	10.15	7.12	+3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFHX vs. BUFEX - Sharpe Ratio Comparison

The current BUFHX Sharpe Ratio is 2.06, which is comparable to the BUFEX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of BUFHX and BUFEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BUFHX	BUFEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.97	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.56	0.71	+0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.33	0.83	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	0.56	+0.95

Drawdowns

BUFHX vs. BUFEX - Drawdown Comparison

The maximum BUFHX drawdown since its inception was -26.01%, smaller than the maximum BUFEX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for BUFHX and BUFEX.

Drawdown Indicators

	BUFHX	BUFEX	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-54.12%	+28.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-13.76%	+11.63%
Max Drawdown (3Y) Largest decline over 3 years	-3.83%	-21.46%	+17.63%
Max Drawdown (5Y) Largest decline over 5 years	-9.98%	-32.54%	+22.56%
Max Drawdown (10Y) Largest decline over 10 years	-18.74%	-32.54%	+13.80%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.03%	-9.23%	+7.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	3.86%	-3.36%

Volatility

BUFHX vs. BUFEX - Volatility Comparison

The current volatility for Buffalo High Yield Fund (BUFHX) is 0.69%, while Buffalo Large Cap Fund (BUFEX) has a volatility of 3.34%. This indicates that BUFHX experiences smaller price fluctuations and is considered to be less risky than BUFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFHX	BUFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	3.34%	-2.65%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	10.68%	-8.72%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	13.98%	-11.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.14%	19.75%	-16.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	19.49%	-15.45%

BUFHX vs. BUFEX - Expense Ratio Comparison

BUFHX has a 1.02% expense ratio, which is higher than BUFEX's 0.93% expense ratio.

Dividends

BUFHX vs. BUFEX - Dividend Comparison

BUFHX's dividend yield for the trailing twelve months is around 6.94%, more than BUFEX's 6.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFEX Buffalo Large Cap Fund	6.12%	6.75%	3.65%	0.03%	3.07%	25.69%	0.14%	1.42%	6.00%	5.33%	0.00%	6.83%
BUFHX Buffalo High Yield Fund	6.94%	6.84%	8.03%	6.41%	8.05%	7.24%	4.11%	4.21%	5.17%	4.57%	3.85%	5.51%

Frequently Asked Questions

Can I hold both BUFHX and BUFEX in my portfolio?

BUFHX and BUFEX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFHX or BUFEX?

BUFEX has higher volatility (3.34%) compared to BUFHX (0.69%). In terms of maximum drawdown, BUFHX dropped -26.01% vs BUFEX's -54.12%.

Which has better risk-adjusted returns?

BUFHX currently has the higher Sharpe Ratio (2.06 vs 1.97), 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.