BUFTX vs. LSHAX
BUFTX (Buffalo Discovery Fund) and LSHAX (Kinetics Spin-Off and Corporate Restructuring Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, BUFTX returned 7.17%/yr vs 17.51%/yr for LSHAX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. BUFTX charges 1.00%/yr vs 1.68%/yr for LSHAX.
Performance
BUFTX vs. LSHAX - 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 LSHAX's 35.00% return. Over the past 10 years, BUFTX has underperformed LSHAX with an annualized return of 7.17%, while LSHAX has yielded a comparatively higher 17.51% 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%
LSHAX
- 1D
- 0.32%
- 1M
- -0.35%
- 6M
- 17.66%
- YTD
- 35.00%
- 1Y
- 24.58%
- 3Y*
- 23.52%
- 5Y*
- 15.39%
- 10Y*
- 17.51%
- ALL TIME*
- 8.56%
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. LSHAX - 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% |
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund | 35.00% | -19.53% | 82.16% | -19.74% | 39.45% | 42.75% | 5.23% | 31.30% | -8.18% | 15.65% |
Correlation
The correlation between BUFTX and LSHAX is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.64 |
Over the past year, the correlation between BUFTX and LSHAX has dropped to 0.25 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
BUFTX vs. LSHAX — Risk / Return Rank
BUFTX
LSHAX
BUFTX vs. LSHAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Buffalo Discovery Fund (BUFTX) and Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX). 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 | LSHAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.15 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 0.94 | -1.33 |
| Martin ratioReturn relative to average drawdown | -0.85 | 2.06 | -2.91 |
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Drawdowns
BUFTX vs. LSHAX - Drawdown Comparison
The maximum BUFTX drawdown since its inception was -60.45%, smaller than the maximum LSHAX drawdown of -69.03%. Use the drawdown chart below to compare losses from any high point for BUFTX and LSHAX.
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Drawdown Indicators
| BUFTX | LSHAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.45% | -69.03% | +8.58% |
Max Drawdown (1Y)Largest decline over 1 year | -17.96% | -28.39% | +10.43% |
Max Drawdown (3Y)Largest decline over 3 years | -22.10% | -45.79% | +23.69% |
Max Drawdown (5Y)Largest decline over 5 years | -36.36% | -45.79% | +9.43% |
Max Drawdown (10Y)Largest decline over 10 years | -36.36% | -50.78% | +14.42% |
Current DrawdownCurrent decline from peak | -13.91% | -24.08% | +10.17% |
Average DrawdownAverage peak-to-trough decline | -11.34% | -21.97% | +10.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.32% | 12.97% | -4.65% |
Volatility
BUFTX vs. LSHAX - Volatility Comparison
The current volatility for Buffalo Discovery Fund (BUFTX) is 6.19%, while Kinetics Spin-Off and Corporate Restructuring Fund (LSHAX) has a volatility of 7.44%. This indicates that BUFTX experiences smaller price fluctuations and is considered to be less risky than LSHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUFTX | LSHAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 7.44% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 13.71% | 30.04% | -16.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.96% | 38.89% | -21.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.32% | 34.59% | -13.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.47% | 30.99% | -10.52% |
BUFTX vs. LSHAX - Expense Ratio Comparison
BUFTX has a 1.00% expense ratio, which is lower than LSHAX's 1.68% expense ratio.
Dividends
BUFTX vs. LSHAX - Dividend Comparison
BUFTX's dividend yield for the trailing twelve months is around 21.78%, more than LSHAX's 8.58% 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% |
LSHAX Kinetics Spin-Off and Corporate Restructuring Fund | 8.58% | 11.59% | 4.66% | 9.40% | 1.76% | 0.11% | 0.53% | 0.00% | 4.85% | 3.94% | 1.84% | 0.00% |
Frequently Asked Questions
BUFTX and LSHAX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSHAX has higher volatility (7.44%) compared to BUFTX (6.19%). In terms of maximum drawdown, BUFTX dropped -60.45% vs LSHAX's -69.03%.
LSHAX currently has the higher Sharpe Ratio (0.69 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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