BUFSX vs. FSSNX

Last updated Aug 1, 2026

BUFSX (Buffalo Small Cap Fund) and FSSNX (Fidelity Small Cap Index Fund) are both mutual funds - BUFSX is a Small Cap Growth Equities fund managed by Buffalo, while FSSNX is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, BUFSX returned 10.02%/yr vs 10.75%/yr for FSSNX. Their correlation of 0.92 means they have usually moved in the same direction. BUFSX charges 1.01%/yr vs 0.03%/yr for FSSNX.

Performance

BUFSX vs. FSSNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Buffalo Small Cap Fund (BUFSX) and Fidelity Small Cap Index Fund (FSSNX). 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 FSSNX's 19.50% return. Over the past 10 years, BUFSX has underperformed FSSNX with an annualized return of 10.02%, while FSSNX has yielded a comparatively higher 10.75% annualized return.

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%

FSSNX

• 1D: 1.37%
• 1M: -1.63%
• 6M: 13.42%
• YTD: 19.50%
• 1Y: 37.75%
• 3Y*: 15.41%
• 5Y*: 7.34%
• 10Y*: 10.75%
• ALL TIME*: 11.80%

*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)
BUFSX Buffalo Small Cap Fund	$0.00	$0.00	$0.00
FSSNX Fidelity Small Cap Index Fund	$0.00	$0.00	$0.00

BUFSX vs. FSSNX - 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%
FSSNX Fidelity Small Cap Index Fund	19.50%	12.94%	11.71%	17.11%	-20.28%	14.70%	19.99%	25.70%	-11.24%	14.54%

Correlation

The correlation between BUFSX and FSSNX is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.92

The correlation between BUFSX and FSSNX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

BUFSX vs. FSSNX — 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

FSSNX

FSSNX Risk / Return Rank: 79
FSSNX Sharpe Ratio Rank: 77
FSSNX Sortino Ratio Rank: 75
FSSNX Omega Ratio Rank: 69
FSSNX Calmar Ratio Rank: 88
FSSNX Martin Ratio Rank: 87

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. FSSNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Small Cap Fund (BUFSX) and Fidelity Small Cap Index Fund (FSSNX). 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	FSSNX	Difference
Sharpe ratio: Return per unit of total volatility	0.60	1.74	-1.14
Sortino ratio: Return per unit of downside risk	1.01	2.49	-1.48
Omega ratio: Gain probability vs. loss probability	1.11	1.29	-0.18
Calmar ratio: Return relative to maximum drawdown	0.81	3.08	-2.26
Martin ratio: Return relative to average drawdown	2.78	10.93	-8.15

BUFSX vs. FSSNX - Sharpe Ratio Comparison

The current BUFSX Sharpe Ratio is 0.60, which is lower than the FSSNX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of BUFSX and FSSNX, 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. FSSNX - Drawdown Comparison

The maximum BUFSX drawdown since its inception was -53.24%, which is greater than FSSNX's maximum drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for BUFSX and FSSNX.

Drawdown Indicators

	BUFSX	FSSNX	Difference
Max Drawdown Largest peak-to-trough decline	-53.24%	-41.72%	-11.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.92%	-11.00%	-3.92%
Max Drawdown (3Y) Largest decline over 3 years	-26.39%	-27.45%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-46.57%	-31.87%	-14.70%
Max Drawdown (10Y) Largest decline over 10 years	-46.74%	-41.72%	-5.02%
Current Drawdown Current decline from peak	-24.46%	-2.53%	-21.93%
Average Drawdown Average peak-to-trough decline	-12.96%	-8.22%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	3.10%	+1.28%

Volatility

BUFSX vs. FSSNX - Volatility Comparison

Buffalo Small Cap Fund (BUFSX) has a higher volatility of 6.01% compared to Fidelity Small Cap Index Fund (FSSNX) at 3.81%. This indicates that BUFSX's price experiences larger fluctuations and is considered to be riskier than FSSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFSX	FSSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	3.81%	+2.20%
Volatility (6M) Calculated over the trailing 6-month period	15.33%	14.14%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.27%	19.42%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	22.55%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.59%	23.42%	+1.17%

BUFSX vs. FSSNX - Expense Ratio Comparison

BUFSX has a 1.01% expense ratio, which is higher than FSSNX's 0.03% expense ratio.

Dividends

BUFSX vs. FSSNX - Dividend Comparison

BUFSX has not paid dividends to shareholders, while FSSNX's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FSSNX Fidelity Small Cap Index Fund	1.05%	1.08%	1.04%	1.43%	1.26%	3.92%	0.94%	2.96%	4.94%	3.37%	2.27%	2.66%

Frequently Asked Questions

Can I hold both BUFSX and FSSNX in my portfolio?

With a correlation of 0.93, BUFSX and FSSNX 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 FSSNX?

BUFSX has higher volatility (6.01%) compared to FSSNX (3.81%). In terms of maximum drawdown, BUFSX dropped -53.24% vs FSSNX's -41.72%.

Which has better risk-adjusted returns?

FSSNX currently has the higher Sharpe Ratio (1.74 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.