BUFMX vs. BUFSX

Last updated Jun 23, 2026

BUFMX (Buffalo Mid Cap Fund) and BUFSX (Buffalo Small Cap Fund) are both mutual funds - BUFMX is a Mid Cap Growth Equities fund managed by Buffalo, while BUFSX is a Small Cap Growth Equities fund managed by Buffalo. Over the past 10 years, BUFMX returned 8.46%/yr vs 11.29%/yr for BUFSX. Their correlation of 0.91 suggests significant overlap in exposure. BUFMX charges 1.02%/yr vs 1.01%/yr for BUFSX.

Performance

BUFMX vs. BUFSX - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFMX achieves a -1.51% return, which is significantly lower than BUFSX's 16.55% return. Over the past 10 years, BUFMX has underperformed BUFSX with an annualized return of 8.46%, while BUFSX has yielded a comparatively higher 11.29% annualized return.

BUFMX

• 1D: 1.85%
• 1M: 4.14%
• YTD: -1.51%
• 6M: -2.85%
• 1Y: -5.03%
• 3Y*: 4.41%
• 5Y*: 0.00%
• 10Y*: 8.46%

BUFSX

• 1D: 2.61%
• 1M: 4.78%
• YTD: 16.55%
• 6M: 13.28%
• 1Y: 23.98%
• 3Y*: 6.67%
• 5Y*: -3.10%
• 10Y*: 11.29%

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

BUFMX vs. BUFSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFMX Buffalo Mid Cap Fund	-1.51%	-1.68%	6.73%	26.92%	-27.89%	14.39%	34.24%	37.96%	-7.29%	13.59%
BUFSX Buffalo Small Cap Fund	16.55%	-0.13%	5.38%	5.45%	-30.01%	4.44%	66.49%	40.97%	-5.73%	26.96%

Correlation

The correlation between BUFMX and BUFSX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 14, 2001	0.91

The correlation between BUFMX and BUFSX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

BUFMX vs. BUFSX — Risk / Return Rank

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

BUFMX

BUFMX Risk / Return Rank: 2
BUFMX Sharpe Ratio Rank: 2
BUFMX Sortino Ratio Rank: 2
BUFMX Omega Ratio Rank: 2
BUFMX Calmar Ratio Rank: 2
BUFMX Martin Ratio Rank: 2

BUFSX

BUFSX Risk / Return Rank: 21
BUFSX Sharpe Ratio Rank: 20
BUFSX Sortino Ratio Rank: 21
BUFSX Omega Ratio Rank: 18
BUFSX Calmar Ratio Rank: 21
BUFSX Martin Ratio Rank: 26

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.

BUFMX vs. BUFSX - Risk-Adjusted Trends Comparison

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

	BUFMX	BUFSX	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	1.19	-1.51
Sortino ratio: Return per unit of downside risk	-0.34	1.80	-2.14
Omega ratio: Gain probability vs. loss probability	0.96	1.21	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.27	1.57	-1.84
Martin ratio: Return relative to average drawdown	-0.57	5.77	-6.34

BUFMX vs. BUFSX - Sharpe Ratio Comparison

The current BUFMX Sharpe Ratio is -0.32, which is lower than the BUFSX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of BUFMX and BUFSX, 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

BUFMX vs. BUFSX - Drawdown Comparison

The maximum BUFMX drawdown since its inception was -58.44%, which is greater than BUFSX's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for BUFMX and BUFSX.

Drawdown Indicators

	BUFMX	BUFSX	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-53.24%	-5.20%
Max Drawdown (1Y) Largest decline over 1 year	-18.37%	-14.92%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	-20.29%	-26.39%	+6.10%
Max Drawdown (5Y) Largest decline over 5 years	-35.58%	-46.57%	+10.99%
Max Drawdown (10Y) Largest decline over 10 years	-35.58%	-46.74%	+11.16%
Current Drawdown Current decline from peak	-9.70%	-20.61%	+10.91%
Average Drawdown Average peak-to-trough decline	-9.40%	-12.93%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	4.06%	+4.67%

Volatility

BUFMX vs. BUFSX - Volatility Comparison

The current volatility for Buffalo Mid Cap Fund (BUFMX) is 6.19%, while Buffalo Small Cap Fund (BUFSX) has a volatility of 6.94%. This indicates that BUFMX experiences smaller price fluctuations and is considered to be less risky than BUFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFMX	BUFSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	6.94%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	14.59%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	19.68%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.23%	24.60%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	24.63%	-4.86%

BUFMX vs. BUFSX - Expense Ratio Comparison

BUFMX has a 1.02% expense ratio, which is higher than BUFSX's 1.01% expense ratio.

Dividends

BUFMX vs. BUFSX - Dividend Comparison

BUFMX's dividend yield for the trailing twelve months is around 10.47%, while BUFSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFMX Buffalo Mid Cap Fund	10.47%	10.31%	6.93%	5.21%	5.46%	11.45%	6.91%	8.20%	4.47%	25.22%	8.49%	13.06%
BUFSX Buffalo Small Cap Fund	0.00%	0.00%	0.00%	0.00%	0.00%	13.53%	9.01%	9.14%	31.02%	30.30%	25.19%	70.18%

Frequently Asked Questions

Can I hold both BUFMX and BUFSX in my portfolio?

BUFMX and BUFSX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFMX or BUFSX?

BUFSX has higher volatility (6.94%) compared to BUFMX (6.19%). In terms of maximum drawdown, BUFMX dropped -58.44% vs BUFSX's -53.24%.

Which has better risk-adjusted returns?

BUFSX currently has the higher Sharpe Ratio (1.19 vs -0.32), 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.