BUFSX vs. BRSIX

Last updated Jul 14, 2026

BUFSX (Buffalo Small Cap Fund) and BRSIX (Bridgeway Ultra Small Company Market Fund) are both mutual funds - BUFSX is a Small Cap Growth Equities fund managed by Buffalo, while BRSIX is a Small Cap Value Equities fund managed by Bridgeway. Over the past 10 years, BUFSX returned 10.80%/yr vs 8.08%/yr for BRSIX. Their correlation of 0.81 suggests significant overlap in exposure. BUFSX charges 1.01%/yr vs 0.78%/yr for BRSIX.

Performance

BUFSX vs. BRSIX - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFSX achieves a 16.35% return, which is significantly lower than BRSIX's 19.21% return. Over the past 10 years, BUFSX has outperformed BRSIX with an annualized return of 10.80%, while BRSIX has yielded a comparatively lower 8.08% annualized return.

BUFSX

• 1D: -0.63%
• 1M: 2.31%
• 6M: 9.15%
• YTD: 16.35%
• 1Y: 18.59%
• 3Y*: 5.87%
• 5Y*: -3.59%
• 10Y*: 10.80%

BRSIX

• 1D: -0.27%
• 1M: 1.05%
• 6M: 13.52%
• YTD: 19.21%
• 1Y: 45.06%
• 3Y*: 20.47%
• 5Y*: 0.23%
• 10Y*: 8.08%

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

BUFSX vs. BRSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFSX Buffalo Small Cap Fund	16.35%	-0.13%	5.38%	5.45%	-30.01%	4.44%	66.49%	40.97%	-5.73%	26.96%
BRSIX Bridgeway Ultra Small Company Market Fund	19.21%	20.09%	14.92%	11.46%	-23.43%	-1.93%	25.50%	15.34%	-17.23%	12.29%

Correlation

The correlation between BUFSX and BRSIX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Apr 14, 1998	0.81

The correlation between BUFSX and BRSIX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

BUFSX vs. BRSIX — Risk / Return Rank

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

BUFSX

BUFSX Risk / Return Rank: 19
BUFSX Sharpe Ratio Rank: 17
BUFSX Sortino Ratio Rank: 19
BUFSX Omega Ratio Rank: 16
BUFSX Calmar Ratio Rank: 18
BUFSX Martin Ratio Rank: 23

BRSIX

BRSIX Risk / Return Rank: 69
BRSIX Sharpe Ratio Rank: 65
BRSIX Sortino Ratio Rank: 60
BRSIX Omega Ratio Rank: 50
BRSIX Calmar Ratio Rank: 90
BRSIX Martin Ratio Rank: 78

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.

BUFSX vs. BRSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Small Cap Fund (BUFSX) and Bridgeway Ultra Small Company Market Fund (BRSIX). 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	BRSIX	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.79	-0.93
Sortino ratio: Return per unit of downside risk	1.35	2.45	-1.10
Omega ratio: Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio: Return relative to maximum drawdown	1.14	3.72	-2.57
Martin ratio: Return relative to average drawdown	4.17	11.09	-6.92

BUFSX vs. BRSIX - Sharpe Ratio Comparison

The current BUFSX Sharpe Ratio is 0.86, which is lower than the BRSIX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of BUFSX and BRSIX, 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. BRSIX - Drawdown Comparison

The maximum BUFSX drawdown since its inception was -53.24%, smaller than the maximum BRSIX drawdown of -61.79%. Use the drawdown chart below to compare losses from any high point for BUFSX and BRSIX.

Drawdown Indicators

	BUFSX	BRSIX	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-61.79%	+8.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-11.46%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-30.80%	+4.41%
Max Drawdown (5Y) Largest decline over 5 years	-46.57%	-52.26%	+5.69%
Max Drawdown (10Y) Largest decline over 10 years	-46.74%	-54.09%	+7.35%
Current Drawdown Current decline from peak	-20.75%	-3.43%	-17.32%
Average Drawdown Average peak-to-trough decline	-12.94%	-15.59%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	3.84%	+0.25%

Volatility

BUFSX vs. BRSIX - Volatility Comparison

Buffalo Small Cap Fund (BUFSX) has a higher volatility of 6.93% compared to Bridgeway Ultra Small Company Market Fund (BRSIX) at 5.65%. This indicates that BUFSX's price experiences larger fluctuations and is considered to be riskier than BRSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFSX	BRSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	5.65%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	16.30%	-1.53%
Volatility (1Y) Calculated over the trailing 1-year period	19.91%	23.84%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.63%	24.60%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.55%	24.16%	+0.39%

BUFSX vs. BRSIX - Expense Ratio Comparison

BUFSX has a 1.01% expense ratio, which is higher than BRSIX's 0.78% expense ratio.

Dividends

BUFSX vs. BRSIX - Dividend Comparison

BUFSX has not paid dividends to shareholders, while BRSIX's dividend yield for the trailing twelve months is around 0.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRSIX Bridgeway Ultra Small Company Market Fund	0.86%	1.03%	0.62%	0.89%	2.12%	1.32%	3.46%	1.30%	16.12%	13.71%	8.25%	12.77%
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 BRSIX in my portfolio?

BUFSX and BRSIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFSX or BRSIX?

BUFSX has higher volatility (6.93%) compared to BRSIX (5.65%). In terms of maximum drawdown, BUFSX dropped -53.24% vs BRSIX's -61.79%.

Which has better risk-adjusted returns?

BRSIX currently has the higher Sharpe Ratio (1.79 vs 0.86), 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.