BUFTX vs. FMDGX
BUFTX (Buffalo Discovery Fund) and FMDGX (Fidelity Mid Cap Growth Index Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, BUFTX returned -2.05%/yr vs 4.66%/yr for FMDGX. Their 0.96 correlation means they have historically moved very closely together. BUFTX charges 1.00%/yr vs 0.05%/yr for FMDGX.
Performance
BUFTX vs. FMDGX - Performance Comparison
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Returns By Period
In the year-to-date period, BUFTX achieves a -2.93% return, which is significantly lower than FMDGX's 2.42% return.
BUFTX
- 1D
- 2.42%
- 1M
- -0.87%
- 6M
- 1.00%
- YTD
- -2.93%
- 1Y
- -8.70%
- 3Y*
- 2.96%
- 5Y*
- -2.05%
- 10Y*
- 7.17%
- ALL TIME*
- 8.08%
FMDGX
- 1D
- 2.10%
- 1M
- -2.13%
- 6M
- 4.42%
- YTD
- 2.42%
- 1Y
- -1.05%
- 3Y*
- 13.91%
- 5Y*
- 4.66%
- 10Y*
- —
- ALL TIME*
- 10.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
BUFTX vs. FMDGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BUFTX Buffalo Discovery Fund | -2.93% | -1.83% | 5.31% | 24.30% | -28.78% | 11.55% | 33.90% | 1.69% |
FMDGX Fidelity Mid Cap Growth Index Fund | 2.42% | 8.60% | 22.03% | 25.79% | -26.67% | 12.67% | 34.84% | 4.63% |
Correlation
The correlation between BUFTX and FMDGX 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. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019 | 0.96 |
The correlation between BUFTX and FMDGX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
BUFTX vs. FMDGX — Risk / Return Rank
BUFTX
FMDGX
BUFTX vs. FMDGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Buffalo Discovery Fund (BUFTX) and Fidelity Mid Cap Growth Index Fund (FMDGX). 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.
| BUFTX | FMDGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.02 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 0.07 | -0.46 |
| Martin ratioReturn relative to average drawdown | -0.85 | 0.19 | -1.05 |
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Drawdowns
BUFTX vs. FMDGX - Drawdown Comparison
The maximum BUFTX drawdown since its inception was -60.45%, which is greater than FMDGX's maximum drawdown of -38.59%. Use the drawdown chart below to compare losses from any high point for BUFTX and FMDGX.
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Drawdown Indicators
| BUFTX | FMDGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.45% | -38.59% | -21.86% |
Max Drawdown (1Y)Largest decline over 1 year | -17.96% | -14.75% | -3.21% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -25.30% | +3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -36.36% | -38.59% | +2.23% |
Max Drawdown (10Y)Largest decline over 10 years | -36.36% | — | — |
Current DrawdownCurrent decline from peak | -13.91% | -4.49% | -9.42% |
Average DrawdownAverage peak-to-trough decline | -11.34% | -11.02% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.32% | 5.31% | +3.01% |
Volatility
BUFTX vs. FMDGX - Volatility Comparison
Buffalo Discovery Fund (BUFTX) has a higher volatility of 6.19% compared to Fidelity Mid Cap Growth Index Fund (FMDGX) at 5.45%. This indicates that BUFTX's price experiences larger fluctuations and is considered to be riskier than FMDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUFTX | FMDGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 5.45% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 13.71% | 14.03% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.96% | 17.67% | -0.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.32% | 22.55% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.47% | 24.22% | -3.75% |
BUFTX vs. FMDGX - Expense Ratio Comparison
BUFTX has a 1.00% expense ratio, which is higher than FMDGX's 0.05% expense ratio.
Dividends
BUFTX vs. FMDGX - Dividend Comparison
BUFTX's dividend yield for the trailing twelve months is around 21.78%, more than FMDGX's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BUFTX Buffalo Discovery Fund | 21.78% | 21.15% | 10.00% | 0.00% | 7.08% | 15.11% | 7.98% | 14.81% | 7.01% | 4.64% | 0.00% | 7.56% |
FMDGX Fidelity Mid Cap Growth Index Fund | 1.81% | 1.85% | 0.47% | 0.63% | 0.81% | 6.43% | 0.36% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, BUFTX and FMDGX 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.
BUFTX has higher volatility (6.19%) compared to FMDGX (5.45%). In terms of maximum drawdown, BUFTX dropped -60.45% vs FMDGX's -38.59%.
FMDGX currently has the higher Sharpe Ratio (0.06 vs -0.42), 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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