BUFOX vs. BUFSX

Last updated Jun 5, 2026

BUFOX (Buffalo Early Stage Growth Fund) and BUFSX (Buffalo Small Cap Fund) are both Small Cap Growth Equities funds from Buffalo. Over the past 10 years, BUFOX returned 10.68%/yr vs 10.76%/yr for BUFSX. Their correlation of 0.92 suggests significant overlap in exposure. BUFOX charges 1.46%/yr vs 1.01%/yr for BUFSX.

Performance

BUFOX vs. BUFSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Buffalo Early Stage Growth Fund (BUFOX) 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, BUFOX achieves a 11.08% return, which is significantly lower than BUFSX's 12.18% return. Both investments have delivered pretty close results over the past 10 years, with BUFOX having a 10.68% annualized return and BUFSX not far ahead at 10.76%.

BUFOX

• 1D: -1.37%
• 1M: 4.58%
• YTD: 11.08%
• 6M: 12.88%
• 1Y: 23.93%
• 3Y*: 7.46%
• 5Y*: -2.07%
• 10Y*: 10.68%

BUFSX

• 1D: -0.60%
• 1M: 2.02%
• YTD: 12.18%
• 6M: 10.40%
• 1Y: 18.31%
• 3Y*: 6.12%
• 5Y*: -3.59%
• 10Y*: 10.76%

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

BUFOX vs. BUFSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFOX Buffalo Early Stage Growth Fund	11.08%	3.09%	7.52%	9.83%	-30.78%	7.43%	47.85%	34.06%	-3.78%	27.03%
BUFSX Buffalo Small Cap Fund	12.18%	-0.13%	5.38%	5.45%	-30.01%	4.44%	66.49%	40.97%	-5.73%	26.96%

Correlation

The correlation between BUFOX and BUFSX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since May 26, 2004	0.92

The correlation between BUFOX and BUFSX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

BUFOX vs. BUFSX — Risk / Return Rank

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

BUFOX

BUFOX Risk / Return Rank: 16
BUFOX Sharpe Ratio Rank: 16
BUFOX Sortino Ratio Rank: 16
BUFOX Omega Ratio Rank: 14
BUFOX Calmar Ratio Rank: 19
BUFOX Martin Ratio Rank: 18

BUFSX

BUFSX Risk / Return Rank: 14
BUFSX Sharpe Ratio Rank: 14
BUFSX Sortino Ratio Rank: 14
BUFSX Omega Ratio Rank: 13
BUFSX Calmar Ratio Rank: 14
BUFSX Martin Ratio Rank: 17

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. BUFSX - Risk-Adjusted Trends Comparison

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

	BUFOX	BUFSX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.00	+0.10
Sortino ratio: Return per unit of downside risk	1.63	1.53	+0.09
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.54	1.26	+0.28
Martin ratio: Return relative to average drawdown	4.61	4.64	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFOX vs. BUFSX - Sharpe Ratio Comparison

The current BUFOX Sharpe Ratio is 1.09, which is comparable to the BUFSX Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of BUFOX 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.

Sharpe Ratios by Period

	BUFOX	BUFSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	1.00	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.15	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.44	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.46	-0.11

Drawdowns

BUFOX vs. BUFSX - Drawdown Comparison

The maximum BUFOX drawdown since its inception was -69.71%, which is greater than BUFSX's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for BUFOX and BUFSX.

Drawdown Indicators

	BUFOX	BUFSX	Difference
Max Drawdown Largest peak-to-trough decline	-69.71%	-53.24%	-16.47%
Max Drawdown (1Y) Largest decline over 1 year	-15.52%	-14.92%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-24.62%	-26.39%	+1.77%
Max Drawdown (5Y) Largest decline over 5 years	-43.17%	-46.57%	+3.40%
Max Drawdown (10Y) Largest decline over 10 years	-43.17%	-46.74%	+3.57%
Current Drawdown Current decline from peak	-14.57%	-23.59%	+9.02%
Average Drawdown Average peak-to-trough decline	-16.05%	-12.91%	-3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	4.05%	+1.13%

Volatility

BUFOX vs. BUFSX - Volatility Comparison

Buffalo Early Stage Growth Fund (BUFOX) has a higher volatility of 5.91% compared to Buffalo Small Cap Fund (BUFSX) at 5.23%. This indicates that BUFOX's price experiences larger fluctuations and is considered to be riskier than BUFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFOX	BUFSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	5.23%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	15.68%	13.60%	+2.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.03%	18.98%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.78%	24.50%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	24.57%	-2.20%

BUFOX vs. BUFSX - Expense Ratio Comparison

BUFOX has a 1.46% expense ratio, which is higher than BUFSX's 1.01% expense ratio.

Dividends

BUFOX vs. BUFSX - Dividend Comparison

BUFOX's dividend yield for the trailing twelve months is around 4.59%, while BUFSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFOX Buffalo Early Stage Growth Fund	4.59%	5.10%	0.00%	0.00%	1.20%	15.83%	11.19%	4.77%	14.50%	20.01%	8.35%	8.53%
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 BUFOX and BUFSX in my portfolio?

With a correlation of 0.91, BUFOX and BUFSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BUFOX or BUFSX?

BUFOX has higher volatility (5.91%) compared to BUFSX (5.23%). In terms of maximum drawdown, BUFOX dropped -69.71% vs BUFSX's -53.24%.

Which has better risk-adjusted returns?

BUFOX currently has the higher Sharpe Ratio (1.09 vs 1.00), 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.