BUFTX vs. KMKAX
BUFTX (Buffalo Discovery Fund) and KMKAX (Kinetics Market Opportunities Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, BUFTX returned 7.17%/yr vs 19.55%/yr for KMKAX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. BUFTX charges 1.00%/yr vs 1.65%/yr for KMKAX.
Performance
BUFTX vs. KMKAX - 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 KMKAX's 14.63% return. Over the past 10 years, BUFTX has underperformed KMKAX with an annualized return of 7.17%, while KMKAX has yielded a comparatively higher 19.55% annualized 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%
KMKAX
- 1D
- 0.33%
- 1M
- 1.04%
- 6M
- 7.49%
- YTD
- 14.63%
- 1Y
- 7.38%
- 3Y*
- 28.45%
- 5Y*
- 15.72%
- 10Y*
- 19.55%
- ALL TIME*
- 12.06%
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. KMKAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BUFTX Buffalo Discovery Fund | -2.93% | -1.83% | 5.31% | 24.30% | -28.78% | 11.55% | 33.90% | 31.62% | -6.52% | 25.43% |
KMKAX Kinetics Market Opportunities Fund | 14.63% | -3.31% | 83.58% | -7.57% | 14.69% | 27.69% | 19.31% | 22.42% | -10.92% | 46.89% |
Correlation
The correlation between BUFTX and KMKAX is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006 | 0.61 |
Over the past year, the correlation between BUFTX and KMKAX has dropped to 0.37 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
BUFTX vs. KMKAX — Risk / Return Rank
BUFTX
KMKAX
BUFTX vs. KMKAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Buffalo Discovery Fund (BUFTX) and Kinetics Market Opportunities Fund (KMKAX). 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 | KMKAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.08 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 0.44 | -0.83 |
| Martin ratioReturn relative to average drawdown | -0.85 | 0.96 | -1.82 |
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Drawdowns
BUFTX vs. KMKAX - Drawdown Comparison
The maximum BUFTX drawdown since its inception was -60.45%, smaller than the maximum KMKAX drawdown of -65.57%. Use the drawdown chart below to compare losses from any high point for BUFTX and KMKAX.
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Drawdown Indicators
| BUFTX | KMKAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.45% | -65.57% | +5.12% |
Max Drawdown (1Y)Largest decline over 1 year | -17.96% | -20.20% | +2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -28.45% | +6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -36.36% | -31.56% | -4.80% |
Max Drawdown (10Y)Largest decline over 10 years | -36.36% | -31.56% | -4.80% |
Current DrawdownCurrent decline from peak | -13.91% | -16.16% | +2.25% |
Average DrawdownAverage peak-to-trough decline | -11.34% | -15.53% | +4.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.32% | 9.17% | -0.85% |
Volatility
BUFTX vs. KMKAX - Volatility Comparison
Buffalo Discovery Fund (BUFTX) has a higher volatility of 6.19% compared to Kinetics Market Opportunities Fund (KMKAX) at 5.28%. This indicates that BUFTX's price experiences larger fluctuations and is considered to be riskier than KMKAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUFTX | KMKAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 5.28% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 13.71% | 19.42% | -5.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.96% | 24.39% | -7.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.32% | 26.51% | -5.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.47% | 23.79% | -3.32% |
BUFTX vs. KMKAX - Expense Ratio Comparison
BUFTX has a 1.00% expense ratio, which is lower than KMKAX's 1.65% expense ratio.
Dividends
BUFTX vs. KMKAX - Dividend Comparison
BUFTX's dividend yield for the trailing twelve months is around 21.78%, more than KMKAX's 0.53% 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% |
KMKAX Kinetics Market Opportunities Fund | 0.53% | 0.61% | 0.66% | 0.69% | 1.19% | 1.29% | 0.02% | 0.07% | 9.28% | 0.51% | 0.00% | 0.00% |
Frequently Asked Questions
BUFTX and KMKAX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BUFTX has higher volatility (6.19%) compared to KMKAX (5.28%). In terms of maximum drawdown, BUFTX dropped -60.45% vs KMKAX's -65.57%.
KMKAX currently has the higher Sharpe Ratio (0.36 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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