BUFSX vs. PENNX
BUFSX (Buffalo Small Cap Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both mutual funds - BUFSX is a Small Cap Growth Equities fund managed by Buffalo, while PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners. Over the past 10 years, BUFSX returned 11.29%/yr vs 12.26%/yr for PENNX. Their correlation of 0.88 suggests significant overlap in exposure. BUFSX charges 1.01%/yr vs 0.92%/yr for PENNX.
Performance
BUFSX vs. PENNX - Performance Comparison
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Returns By Period
In the year-to-date period, BUFSX achieves a 16.55% return, which is significantly lower than PENNX's 21.43% return. Over the past 10 years, BUFSX has underperformed PENNX with an annualized return of 11.29%, while PENNX has yielded a comparatively higher 12.26% annualized return.
BUFSX
- 1D
- 2.61%
- 1M
- 4.78%
- YTD
- 16.55%
- 6M
- 13.28%
- 1Y
- 23.98%
- 3Y*
- 6.67%
- 5Y*
- -3.10%
- 10Y*
- 11.29%
PENNX
- 1D
- 1.72%
- 1M
- 5.25%
- YTD
- 21.43%
- 6M
- 18.73%
- 1Y
- 38.35%
- 3Y*
- 16.58%
- 5Y*
- 9.88%
- 10Y*
- 12.26%
BUFSX vs. PENNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BUFSX Buffalo Small Cap Fund | 16.55% | -0.13% | 5.38% | 5.45% | -30.01% | 4.44% | 66.49% | 40.97% | -5.73% | 26.96% |
PENNX Royce Pennsylvania Mutual Fund | 21.43% | 9.02% | 7.02% | 26.82% | -17.18% | 21.49% | 14.11% | 26.61% | -9.94% | 16.00% |
Correlation
The correlation between BUFSX and PENNX 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 | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 1998 | 0.88 |
The correlation between BUFSX and PENNX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
BUFSX vs. PENNX — Risk / Return Rank
BUFSX
PENNX
BUFSX vs. PENNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Buffalo Small Cap Fund (BUFSX) and Royce Pennsylvania Mutual Fund (PENNX). 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 | PENNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.35 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 3.74 | -2.17 |
| Martin ratioReturn relative to average drawdown | 5.77 | 13.05 | -7.28 |
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Drawdowns
BUFSX vs. PENNX - Drawdown Comparison
The maximum BUFSX drawdown since its inception was -53.24%, smaller than the maximum PENNX drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for BUFSX and PENNX.
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Drawdown Indicators
| BUFSX | PENNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.24% | -57.00% | +3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -14.92% | -10.21% | -4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -26.39% | -26.42% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -46.57% | -27.58% | -18.99% |
Max Drawdown (10Y)Largest decline over 10 years | -46.74% | -41.10% | -5.64% |
Current DrawdownCurrent decline from peak | -20.61% | 0.00% | -20.61% |
Average DrawdownAverage peak-to-trough decline | -12.93% | -9.39% | -3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 2.92% | +1.14% |
Volatility
BUFSX vs. PENNX - Volatility Comparison
Buffalo Small Cap Fund (BUFSX) has a higher volatility of 6.94% compared to Royce Pennsylvania Mutual Fund (PENNX) at 5.61%. This indicates that BUFSX's price experiences larger fluctuations and is considered to be riskier than PENNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUFSX | PENNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.94% | 5.61% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 13.54% | +1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.68% | 18.29% | +1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.60% | 20.79% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.63% | 21.60% | +3.03% |
BUFSX vs. PENNX - Expense Ratio Comparison
BUFSX has a 1.01% expense ratio, which is higher than PENNX's 0.92% expense ratio.
Dividends
BUFSX vs. PENNX - Dividend Comparison
BUFSX has not paid dividends to shareholders, while PENNX's dividend yield for the trailing twelve months is around 5.52%.
| 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% |
PENNX Royce Pennsylvania Mutual Fund | 5.52% | 6.70% | 9.35% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% |
Frequently Asked Questions
With a correlation of 0.91, BUFSX and PENNX 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.
BUFSX has higher volatility (6.94%) compared to PENNX (5.61%). In terms of maximum drawdown, BUFSX dropped -53.24% vs PENNX's -57.00%.
PENNX currently has the higher Sharpe Ratio (2.09 vs 1.19), 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.
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