BUFTX vs. FSMAX

Last updated Jun 25, 2026

BUFTX (Buffalo Discovery Fund) and FSMAX (Fidelity Extended Market Index Fund) are both mutual funds - BUFTX is a Mid Cap Growth Equities fund managed by Buffalo, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Over the past 10 years, BUFTX returned 7.84%/yr vs 12.51%/yr for FSMAX. Their correlation of 0.92 suggests significant overlap in exposure. BUFTX charges 1.00%/yr vs 0.04%/yr for FSMAX.

Performance

BUFTX vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Buffalo Discovery Fund (BUFTX) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFTX achieves a -4.47% return, which is significantly lower than FSMAX's 14.48% return. Over the past 10 years, BUFTX has underperformed FSMAX with an annualized return of 7.84%, while FSMAX has yielded a comparatively higher 12.51% annualized return.

BUFTX

• 1D: -1.59%
• 1M: 0.84%
• YTD: -4.47%
• 6M: -5.93%
• 1Y: -8.86%
• 3Y*: 3.21%
• 5Y*: -2.13%
• 10Y*: 7.84%

FSMAX

• 1D: -0.82%
• 1M: 3.35%
• YTD: 14.48%
• 6M: 11.93%
• 1Y: 26.30%
• 3Y*: 19.91%
• 5Y*: 5.98%
• 10Y*: 12.51%

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

BUFTX vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BUFTX Buffalo Discovery Fund	-4.47%	-1.83%	5.31%	24.30%	-28.78%	11.55%	33.90%	31.62%	-6.52%	25.43%
FSMAX Fidelity Extended Market Index Fund	14.48%	11.40%	16.99%	25.36%	-26.44%	12.41%	32.28%	28.01%	-9.44%	18.04%

Correlation

The correlation between BUFTX and FSMAX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 8, 2011	0.92

The correlation between BUFTX and FSMAX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

BUFTX vs. FSMAX — Risk / Return Rank

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

BUFTX

BUFTX Risk / Return Rank: 1
BUFTX Sharpe Ratio Rank: 1
BUFTX Sortino Ratio Rank: 1
BUFTX Omega Ratio Rank: 1
BUFTX Calmar Ratio Rank: 1
BUFTX Martin Ratio Rank: 1

FSMAX

FSMAX Risk / Return Rank: 41
FSMAX Sharpe Ratio Rank: 35
FSMAX Sortino Ratio Rank: 34
FSMAX Omega Ratio Rank: 32
FSMAX Calmar Ratio Rank: 57
FSMAX Martin Ratio Rank: 49

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.

BUFTX vs. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Buffalo Discovery Fund (BUFTX) and Fidelity Extended Market Index Fund (FSMAX). 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	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	1.59	-2.05
Sortino ratio: Return per unit of downside risk	-0.55	2.24	-2.80
Omega ratio: Gain probability vs. loss probability	0.94	1.27	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.39	2.76	-3.15
Martin ratio: Return relative to average drawdown	-0.88	9.68	-10.56

BUFTX vs. FSMAX - Sharpe Ratio Comparison

The current BUFTX Sharpe Ratio is -0.46, which is lower than the FSMAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of BUFTX and FSMAX, 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

BUFTX vs. FSMAX - Drawdown Comparison

The maximum BUFTX drawdown since its inception was -60.45%, which is greater than FSMAX's maximum drawdown of -50.55%. Use the drawdown chart below to compare losses from any high point for BUFTX and FSMAX.

Drawdown Indicators

	BUFTX	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.45%	-50.55%	-9.90%
Max Drawdown (1Y) Largest decline over 1 year	-19.03%	-10.26%	-8.77%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	-26.82%	+4.72%
Max Drawdown (5Y) Largest decline over 5 years	-36.36%	-36.31%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-36.36%	-50.55%	+14.19%
Current Drawdown Current decline from peak	-15.28%	-1.04%	-14.24%
Average Drawdown Average peak-to-trough decline	-11.32%	-12.12%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	2.92%	+5.54%

Volatility

BUFTX vs. FSMAX - Volatility Comparison

Buffalo Discovery Fund (BUFTX) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 6.42% and 6.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFTX	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	6.15%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	13.30%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	17.82%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	22.44%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	30.25%	-9.83%

BUFTX vs. FSMAX - Expense Ratio Comparison

BUFTX has a 1.00% expense ratio, which is higher than FSMAX's 0.04% expense ratio.

Dividends

BUFTX vs. FSMAX - Dividend Comparison

BUFTX's dividend yield for the trailing twelve months is around 22.14%, more than FSMAX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFTX Buffalo Discovery Fund	22.14%	21.15%	10.00%	0.00%	7.08%	15.11%	7.98%	14.81%	7.01%	4.64%	0.00%	7.56%
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%

Frequently Asked Questions

Can I hold both BUFTX and FSMAX in my portfolio?

BUFTX and FSMAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFTX or FSMAX?

BUFTX has higher volatility (6.42%) compared to FSMAX (6.15%). In terms of maximum drawdown, BUFTX dropped -60.45% vs FSMAX's -50.55%.

Which has better risk-adjusted returns?

FSMAX currently has the higher Sharpe Ratio (1.59 vs -0.46), 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.