BUFSX vs. ALFAX

Last updated Aug 1, 2026

BUFSX (Buffalo Small Cap Fund) and ALFAX (Lord Abbett Alpha Strategy Fund) are both Small Cap Growth Equities funds. Over the past 10 years, BUFSX returned 10.02%/yr vs 9.86%/yr for ALFAX. Their correlation of 0.89 means they have usually moved in the same direction. BUFSX charges 1.01%/yr vs 1.40%/yr for ALFAX.

Performance

BUFSX vs. ALFAX - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFSX achieves a 10.90% return, which is significantly lower than ALFAX's 16.01% return. Both investments have delivered pretty close results over the past 10 years, with BUFSX having a 10.02% annualized return and ALFAX not far behind at 9.86%.

BUFSX

• 1D: 2.74%
• 1M: -5.34%
• 6M: 6.60%
• YTD: 10.90%
• 1Y: 15.81%
• 3Y*: 3.53%
• 5Y*: -4.20%
• 10Y*: 10.02%
• ALL TIME*: 10.56%

ALFAX

• 1D: 2.30%
• 1M: -3.29%
• 6M: 10.34%
• YTD: 16.01%
• 1Y: 25.11%
• 3Y*: 12.67%
• 5Y*: 4.92%
• 10Y*: 9.86%
• ALL TIME*: 8.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALFAX Lord Abbett Alpha Strategy Fund	$0.00	$0.00	$0.00
BUFSX Buffalo Small Cap Fund	$0.00	$0.00	$0.00

BUFSX vs. ALFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFSX Buffalo Small Cap Fund	10.90%	-0.13%	5.38%	5.45%	-30.01%	4.44%	66.49%	40.97%	-5.73%	26.96%
ALFAX Lord Abbett Alpha Strategy Fund	16.01%	8.80%	13.18%	13.92%	-23.50%	15.01%	26.16%	24.95%	-9.72%	20.61%

Correlation

The correlation between BUFSX and ALFAX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Apr 14, 1998	0.89

The correlation between BUFSX and ALFAX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

BUFSX vs. ALFAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BUFSX

BUFSX Risk / Return Rank: 17
BUFSX Sharpe Ratio Rank: 16
BUFSX Sortino Ratio Rank: 18
BUFSX Omega Ratio Rank: 16
BUFSX Calmar Ratio Rank: 17
BUFSX Martin Ratio Rank: 20

ALFAX

ALFAX Risk / Return Rank: 51
ALFAX Sharpe Ratio Rank: 43
ALFAX Sortino Ratio Rank: 45
ALFAX Omega Ratio Rank: 40
ALFAX Calmar Ratio Rank: 68
ALFAX Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BUFSX vs. ALFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Small Cap Fund (BUFSX) and Lord Abbett Alpha Strategy Fund (ALFAX). 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.

	BUFSX	ALFAX	Difference
Sharpe ratio: Return per unit of total volatility	0.60	1.24	-0.64
Sortino ratio: Return per unit of downside risk	1.01	1.85	-0.84
Omega ratio: Gain probability vs. loss probability	1.11	1.22	-0.11
Calmar ratio: Return relative to maximum drawdown	0.81	2.23	-1.41
Martin ratio: Return relative to average drawdown	2.78	7.61	-4.83

BUFSX vs. ALFAX - Sharpe Ratio Comparison

The current BUFSX Sharpe Ratio is 0.60, which is lower than the ALFAX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of BUFSX and ALFAX, 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

BUFSX vs. ALFAX - Drawdown Comparison

The maximum BUFSX drawdown since its inception was -53.24%, smaller than the maximum ALFAX drawdown of -57.11%. Use the drawdown chart below to compare losses from any high point for BUFSX and ALFAX.

Drawdown Indicators

	BUFSX	ALFAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-57.11%	+3.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-10.31%	-4.61%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-25.01%	-1.38%
Max Drawdown (5Y) Largest decline over 5 years	-46.57%	-33.88%	-12.69%
Max Drawdown (10Y) Largest decline over 10 years	-46.74%	-40.29%	-6.45%
Current Drawdown Current decline from peak	-24.46%	-5.78%	-18.68%
Average Drawdown Average peak-to-trough decline	-12.96%	-12.81%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	3.01%	+1.37%

Volatility

BUFSX vs. ALFAX - Volatility Comparison

Buffalo Small Cap Fund (BUFSX) has a higher volatility of 6.01% compared to Lord Abbett Alpha Strategy Fund (ALFAX) at 5.58%. This indicates that BUFSX's price experiences larger fluctuations and is considered to be riskier than ALFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFSX	ALFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	5.58%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	15.33%	14.96%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	20.27%	18.49%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	20.03%	+4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	20.75%	+3.84%

BUFSX vs. ALFAX - Expense Ratio Comparison

BUFSX has a 1.01% expense ratio, which is lower than ALFAX's 1.40% expense ratio.

Dividends

BUFSX vs. ALFAX - Dividend Comparison

BUFSX has not paid dividends to shareholders, while ALFAX's dividend yield for the trailing twelve months is around 4.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALFAX Lord Abbett Alpha Strategy Fund	4.57%	5.30%	0.80%	0.46%	6.94%	5.38%	7.99%	14.66%	16.61%	11.96%	11.85%	15.83%
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 BUFSX and ALFAX in my portfolio?

With a correlation of 0.94, BUFSX and ALFAX 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, BUFSX or ALFAX?

BUFSX has higher volatility (6.01%) compared to ALFAX (5.58%). In terms of maximum drawdown, BUFSX dropped -53.24% vs ALFAX's -57.11%.

Which has better risk-adjusted returns?

ALFAX currently has the higher Sharpe Ratio (1.24 vs 0.60), 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.