BUFSX vs. BUFEX

Last updated Jun 4, 2026

BUFSX (Buffalo Small Cap Fund) and BUFEX (Buffalo Large Cap Fund) are both mutual funds - BUFSX is a Small Cap Growth Equities fund managed by Buffalo, while BUFEX is a Large Cap Growth Equities fund managed by Buffalo. Over the past 10 years, BUFSX returned 10.83%/yr vs 16.04%/yr for BUFEX. Their correlation of 0.82 suggests significant overlap in exposure. BUFSX charges 1.01%/yr vs 0.93%/yr for BUFEX.

Performance

BUFSX vs. BUFEX - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFSX achieves a 12.85% return, which is significantly higher than BUFEX's 10.23% return. Over the past 10 years, BUFSX has underperformed BUFEX with an annualized return of 10.83%, while BUFEX has yielded a comparatively higher 16.04% annualized return.

BUFSX

• 1D: 1.15%
• 1M: 5.14%
• YTD: 12.85%
• 6M: 11.50%
• 1Y: 19.44%
• 3Y*: 6.33%
• 5Y*: -3.30%
• 10Y*: 10.83%

BUFEX

• 1D: -0.18%
• 1M: 6.14%
• YTD: 10.23%
• 6M: 9.54%
• 1Y: 26.73%
• 3Y*: 23.45%
• 5Y*: 13.93%
• 10Y*: 16.04%

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

BUFSX vs. BUFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFSX Buffalo Small Cap Fund	12.85%	-0.13%	5.38%	5.45%	-30.01%	4.44%	66.49%	40.97%	-5.73%	26.96%
BUFEX Buffalo Large Cap Fund	10.23%	16.27%	28.86%	40.39%	-28.64%	25.55%	28.08%	31.76%	-1.60%	24.86%

Correlation

The correlation between BUFSX and BUFEX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 15, 1998	0.82

The correlation between BUFSX and BUFEX shifts across timeframes, from 0.65 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BUFSX vs. BUFEX — Risk / Return Rank

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

BUFSX

BUFSX Risk / Return Rank: 17
BUFSX Sharpe Ratio Rank: 17
BUFSX Sortino Ratio Rank: 17
BUFSX Omega Ratio Rank: 15
BUFSX Calmar Ratio Rank: 17
BUFSX Martin Ratio Rank: 20

BUFEX

BUFEX Risk / Return Rank: 37
BUFEX Sharpe Ratio Rank: 45
BUFEX Sortino Ratio Rank: 41
BUFEX Omega Ratio Rank: 41
BUFEX Calmar Ratio Rank: 29
BUFEX Martin Ratio Rank: 31

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. BUFEX - Risk-Adjusted Trends Comparison

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

	BUFSX	BUFEX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.97	-0.82
Sortino ratio: Return per unit of downside risk	1.73	2.68	-0.95
Omega ratio: Gain probability vs. loss probability	1.20	1.35	-0.14
Calmar ratio: Return relative to maximum drawdown	1.46	2.00	-0.54
Martin ratio: Return relative to average drawdown	5.37	7.12	-1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFSX vs. BUFEX - Sharpe Ratio Comparison

The current BUFSX Sharpe Ratio is 1.15, which is lower than the BUFEX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of BUFSX and BUFEX, 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

	BUFSX	BUFEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.97	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.71	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.83	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.56	-0.10

Drawdowns

BUFSX vs. BUFEX - Drawdown Comparison

The maximum BUFSX drawdown since its inception was -53.24%, roughly equal to the maximum BUFEX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for BUFSX and BUFEX.

Drawdown Indicators

	BUFSX	BUFEX	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-54.12%	+0.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-13.76%	-1.16%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-21.46%	-4.93%
Max Drawdown (5Y) Largest decline over 5 years	-46.57%	-32.54%	-14.03%
Max Drawdown (10Y) Largest decline over 10 years	-46.74%	-32.54%	-14.20%
Current Drawdown Current decline from peak	-23.13%	-0.18%	-22.95%
Average Drawdown Average peak-to-trough decline	-12.91%	-9.23%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	3.86%	+0.19%

Volatility

BUFSX vs. BUFEX - Volatility Comparison

Buffalo Small Cap Fund (BUFSX) has a higher volatility of 5.20% compared to Buffalo Large Cap Fund (BUFEX) at 3.34%. This indicates that BUFSX's price experiences larger fluctuations and is considered to be riskier than BUFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFSX	BUFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	3.34%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	10.68%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.96%	13.98%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.50%	19.75%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.57%	19.49%	+5.08%

BUFSX vs. BUFEX - Expense Ratio Comparison

BUFSX has a 1.01% expense ratio, which is higher than BUFEX's 0.93% expense ratio.

Dividends

BUFSX vs. BUFEX - Dividend Comparison

BUFSX has not paid dividends to shareholders, while BUFEX's dividend yield for the trailing twelve months is around 6.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFEX Buffalo Large Cap Fund	6.12%	6.75%	3.65%	0.03%	3.07%	25.69%	0.14%	1.42%	6.00%	5.33%	0.00%	6.83%
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 BUFEX in my portfolio?

BUFSX and BUFEX have a correlation of 0.65, 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 BUFEX?

BUFSX has higher volatility (5.20%) compared to BUFEX (3.34%). In terms of maximum drawdown, BUFSX dropped -53.24% vs BUFEX's -54.12%.

Which has better risk-adjusted returns?

BUFEX currently has the higher Sharpe Ratio (1.97 vs 1.15), 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.