BUFOX vs. BUFGX

Last updated Jun 24, 2026

BUFOX (Buffalo Early Stage Growth Fund) and BUFGX (Buffalo Growth Fund) are both mutual funds - BUFOX is a Small Cap Growth Equities fund managed by Buffalo, while BUFGX is a Large Cap Growth Equities fund managed by Buffalo. Over the past 10 years, BUFOX returned 11.35%/yr vs 13.37%/yr for BUFGX. A 0.79 correlation means they provide meaningful diversification when combined. BUFOX charges 1.46%/yr vs 0.92%/yr for BUFGX.

Performance

BUFOX vs. BUFGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Buffalo Early Stage Growth Fund (BUFOX) and Buffalo Growth Fund (BUFGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFOX achieves a 15.88% return, which is significantly higher than BUFGX's -2.24% return. Over the past 10 years, BUFOX has underperformed BUFGX with an annualized return of 11.35%, while BUFGX has yielded a comparatively higher 13.37% annualized return.

BUFOX

• 1D: -1.00%
• 1M: 6.63%
• YTD: 15.88%
• 6M: 12.42%
• 1Y: 29.71%
• 3Y*: 8.75%
• 5Y*: -1.74%
• 10Y*: 11.35%

BUFGX

• 1D: -1.32%
• 1M: -3.10%
• YTD: -2.24%
• 6M: -2.94%
• 1Y: 11.58%
• 3Y*: 15.63%
• 5Y*: 8.41%
• 10Y*: 13.37%

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

BUFOX vs. BUFGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFOX Buffalo Early Stage Growth Fund	15.88%	3.09%	7.52%	9.83%	-30.78%	7.43%	47.85%	34.06%	-3.78%	27.03%
BUFGX Buffalo Growth Fund	-2.24%	13.95%	25.13%	42.67%	-31.19%	21.52%	28.29%	31.89%	0.69%	22.76%

Correlation

The correlation between BUFOX and BUFGX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 25, 2004	0.79

The correlation between BUFOX and BUFGX shifts across timeframes, from 0.64 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BUFOX vs. BUFGX — Risk / Return Rank

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

BUFOX

BUFOX Risk / Return Rank: 27
BUFOX Sharpe Ratio Rank: 27
BUFOX Sortino Ratio Rank: 27
BUFOX Omega Ratio Rank: 23
BUFOX Calmar Ratio Rank: 32
BUFOX Martin Ratio Rank: 28

BUFGX

BUFGX Risk / Return Rank: 9
BUFGX Sharpe Ratio Rank: 10
BUFGX Sortino Ratio Rank: 10
BUFGX Omega Ratio Rank: 10
BUFGX Calmar Ratio Rank: 8
BUFGX Martin Ratio Rank: 9

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.

BUFOX vs. BUFGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Early Stage Growth Fund (BUFOX) and Buffalo Growth Fund (BUFGX). 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.

	BUFOX	BUFGX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	0.78	+0.60
Sortino ratio: Return per unit of downside risk	1.99	1.14	+0.85
Omega ratio: Gain probability vs. loss probability	1.23	1.15	+0.08
Calmar ratio: Return relative to maximum drawdown	2.03	0.71	+1.32
Martin ratio: Return relative to average drawdown	6.06	2.32	+3.75

BUFOX vs. BUFGX - Sharpe Ratio Comparison

The current BUFOX Sharpe Ratio is 1.38, which is higher than the BUFGX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of BUFOX and BUFGX, 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

BUFOX vs. BUFGX - Drawdown Comparison

The maximum BUFOX drawdown since its inception was -69.71%, which is greater than BUFGX's maximum drawdown of -50.17%. Use the drawdown chart below to compare losses from any high point for BUFOX and BUFGX.

Drawdown Indicators

	BUFOX	BUFGX	Difference
Max Drawdown Largest peak-to-trough decline	-69.71%	-50.17%	-19.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.52%	-17.63%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-24.62%	-21.93%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-43.17%	-35.68%	-7.49%
Max Drawdown (10Y) Largest decline over 10 years	-43.17%	-35.68%	-7.49%
Current Drawdown Current decline from peak	-10.88%	-5.13%	-5.75%
Average Drawdown Average peak-to-trough decline	-16.04%	-8.96%	-7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	5.36%	-0.18%

Volatility

BUFOX vs. BUFGX - Volatility Comparison

Buffalo Early Stage Growth Fund (BUFOX) has a higher volatility of 7.56% compared to Buffalo Growth Fund (BUFGX) at 6.00%. This indicates that BUFOX's price experiences larger fluctuations and is considered to be riskier than BUFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFOX	BUFGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	6.00%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	16.78%	12.80%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	22.82%	15.92%	+6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.94%	21.50%	+1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	20.78%	+1.68%

BUFOX vs. BUFGX - Expense Ratio Comparison

BUFOX has a 1.46% expense ratio, which is higher than BUFGX's 0.92% expense ratio.

Dividends

BUFOX vs. BUFGX - Dividend Comparison

BUFOX's dividend yield for the trailing twelve months is around 4.40%, less than BUFGX's 6.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFGX Buffalo Growth Fund	6.26%	6.12%	8.55%	5.55%	4.77%	9.90%	4.97%	13.60%	34.64%	20.49%	0.00%	18.46%
BUFOX Buffalo Early Stage Growth Fund	4.40%	5.10%	0.00%	0.00%	1.20%	15.83%	11.19%	4.77%	14.50%	20.01%	8.35%	8.53%

Frequently Asked Questions

Can I hold both BUFOX and BUFGX in my portfolio?

BUFOX and BUFGX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFOX or BUFGX?

BUFOX has higher volatility (7.56%) compared to BUFGX (6.00%). In terms of maximum drawdown, BUFOX dropped -69.71% vs BUFGX's -50.17%.

Which has better risk-adjusted returns?

BUFOX currently has the higher Sharpe Ratio (1.38 vs 0.78), 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.