IMANX vs. BUFEX

Last updated Jun 26, 2026

IMANX (Iman Fund) and BUFEX (Buffalo Large Cap Fund) are both Large Cap Growth Equities funds. Over the past 10 years, IMANX returned 14.42%/yr vs 15.89%/yr for BUFEX. Their correlation of 0.91 suggests significant overlap in exposure. IMANX charges 1.28%/yr vs 0.93%/yr for BUFEX.

Performance

IMANX vs. BUFEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Iman Fund (IMANX) and Buffalo Large Cap Fund (BUFEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMANX achieves a 17.25% return, which is significantly higher than BUFEX's 4.56% return. Over the past 10 years, IMANX has underperformed BUFEX with an annualized return of 14.42%, while BUFEX has yielded a comparatively higher 15.89% annualized return.

IMANX

• 1D: -0.09%
• 1M: -2.20%
• YTD: 17.25%
• 6M: 15.78%
• 1Y: 36.47%
• 3Y*: 21.76%
• 5Y*: 10.43%
• 10Y*: 14.42%

BUFEX

• 1D: -0.13%
• 1M: -3.56%
• YTD: 4.56%
• 6M: 3.40%
• 1Y: 17.24%
• 3Y*: 20.57%
• 5Y*: 11.65%
• 10Y*: 15.89%

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

IMANX vs. BUFEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMANX Iman Fund	17.25%	17.91%	20.60%	29.36%	-29.79%	17.07%	19.88%	34.69%	-6.17%	28.52%
BUFEX Buffalo Large Cap Fund	4.56%	16.27%	28.86%	40.39%	-28.64%	25.55%	28.08%	31.76%	-1.60%	24.86%

Correlation

The correlation between IMANX and BUFEX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000	0.91

The correlation between IMANX and BUFEX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

IMANX vs. BUFEX — Risk / Return Rank

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

IMANX

IMANX Risk / Return Rank: 80
IMANX Sharpe Ratio Rank: 80
IMANX Sortino Ratio Rank: 73
IMANX Omega Ratio Rank: 73
IMANX Calmar Ratio Rank: 84
IMANX Martin Ratio Rank: 89

BUFEX

BUFEX Risk / Return Rank: 23
BUFEX Sharpe Ratio Rank: 26
BUFEX Sortino Ratio Rank: 24
BUFEX Omega Ratio Rank: 24
BUFEX Calmar Ratio Rank: 19
BUFEX Martin Ratio Rank: 22

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.

IMANX vs. BUFEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Iman Fund (IMANX) and Buffalo Large Cap Fund (BUFEX). 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.

	IMANX	BUFEX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.20	+1.06
Sortino ratio: Return per unit of downside risk	2.98	1.68	+1.30
Omega ratio: Gain probability vs. loss probability	1.39	1.21	+0.18
Calmar ratio: Return relative to maximum drawdown	3.48	1.30	+2.18
Martin ratio: Return relative to average drawdown	14.70	4.48	+10.22

IMANX vs. BUFEX - Sharpe Ratio Comparison

The current IMANX Sharpe Ratio is 2.25, which is higher than the BUFEX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of IMANX and BUFEX, 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

IMANX vs. BUFEX - Drawdown Comparison

The maximum IMANX drawdown since its inception was -56.64%, roughly equal to the maximum BUFEX drawdown of -54.12%. Use the drawdown chart below to compare losses from any high point for IMANX and BUFEX.

Drawdown Indicators

	IMANX	BUFEX	Difference
Max Drawdown Largest peak-to-trough decline	-56.64%	-54.12%	-2.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-13.76%	+3.18%
Max Drawdown (3Y) Largest decline over 3 years	-21.54%	-21.46%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-36.32%	-32.54%	-3.78%
Max Drawdown (10Y) Largest decline over 10 years	-36.32%	-32.54%	-3.78%
Current Drawdown Current decline from peak	-3.89%	-5.33%	+1.44%
Average Drawdown Average peak-to-trough decline	-16.68%	-9.22%	-7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.97%	-1.47%

Volatility

IMANX vs. BUFEX - Volatility Comparison

Iman Fund (IMANX) has a higher volatility of 7.30% compared to Buffalo Large Cap Fund (BUFEX) at 6.12%. This indicates that IMANX's price experiences larger fluctuations and is considered to be riskier than BUFEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMANX	BUFEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	6.12%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	11.89%	+1.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	14.97%	+1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.59%	19.90%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.80%	19.53%	+1.27%

IMANX vs. BUFEX - Expense Ratio Comparison

IMANX has a 1.28% expense ratio, which is higher than BUFEX's 0.93% expense ratio.

Dividends

IMANX vs. BUFEX - Dividend Comparison

IMANX's dividend yield for the trailing twelve months is around 0.10%, less than BUFEX's 6.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFEX Buffalo Large Cap Fund	6.45%	6.75%	3.65%	0.03%	3.07%	25.69%	0.14%	1.42%	6.00%	5.33%	0.00%	6.83%
IMANX Iman Fund	0.10%	0.12%	0.00%	0.00%	1.43%	20.20%	2.72%	12.50%	12.25%	8.71%	7.93%	4.32%

Frequently Asked Questions

Can I hold both IMANX and BUFEX in my portfolio?

With a correlation of 0.90, IMANX and BUFEX 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.

Which is riskier, IMANX or BUFEX?

IMANX has higher volatility (7.30%) compared to BUFEX (6.12%). In terms of maximum drawdown, IMANX dropped -56.64% vs BUFEX's -54.12%.

Which has better risk-adjusted returns?

IMANX currently has the higher Sharpe Ratio (2.25 vs 1.20), 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.