LLPFX vs. BUFBX

Last updated Jun 25, 2026

LLPFX (Longleaf Partners Fund) and BUFBX (Buffalo Flexible Income Fund) are both Large Cap Value Equities funds. Over the past 10 years, LLPFX returned 5.90%/yr vs 9.73%/yr for BUFBX. A 0.73 correlation means they provide meaningful diversification when combined. LLPFX charges 0.79%/yr vs 1.01%/yr for BUFBX.

Performance

LLPFX vs. BUFBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Longleaf Partners Fund (LLPFX) and Buffalo Flexible Income Fund (BUFBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LLPFX achieves a -4.59% return, which is significantly lower than BUFBX's 9.13% return. Over the past 10 years, LLPFX has underperformed BUFBX with an annualized return of 5.90%, while BUFBX has yielded a comparatively higher 9.73% annualized return.

LLPFX

• 1D: -0.09%
• 1M: -1.58%
• YTD: -4.59%
• 6M: -5.40%
• 1Y: -1.19%
• 3Y*: 5.93%
• 5Y*: 0.21%
• 10Y*: 5.90%

BUFBX

• 1D: 0.87%
• 1M: -3.49%
• YTD: 9.13%
• 6M: 8.70%
• 1Y: 14.89%
• 3Y*: 12.74%
• 5Y*: 10.44%
• 10Y*: 9.73%

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

LLPFX vs. BUFBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LLPFX Longleaf Partners Fund	-4.59%	2.88%	8.82%	24.50%	-23.20%	23.42%	10.27%	16.81%	-17.94%	15.55%
BUFBX Buffalo Flexible Income Fund	9.13%	10.37%	10.26%	7.42%	3.97%	29.97%	-2.27%	18.76%	-7.01%	13.20%

Correlation

The correlation between LLPFX and BUFBX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 12, 1994	0.73

Over the past year, the correlation between LLPFX and BUFBX has dropped to 0.48 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

LLPFX vs. BUFBX — Risk / Return Rank

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

LLPFX

LLPFX Risk / Return Rank: 3
LLPFX Sharpe Ratio Rank: 3
LLPFX Sortino Ratio Rank: 3
LLPFX Omega Ratio Rank: 3
LLPFX Calmar Ratio Rank: 3
LLPFX Martin Ratio Rank: 3

BUFBX

BUFBX Risk / Return Rank: 52
BUFBX Sharpe Ratio Rank: 39
BUFBX Sortino Ratio Rank: 37
BUFBX Omega Ratio Rank: 35
BUFBX Calmar Ratio Rank: 80
BUFBX Martin Ratio Rank: 66

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.

LLPFX vs. BUFBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Longleaf Partners Fund (LLPFX) and Buffalo Flexible Income Fund (BUFBX). 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.

	LLPFX	BUFBX	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	1.64	-1.66
Sortino ratio: Return per unit of downside risk	0.08	2.31	-2.23
Omega ratio: Gain probability vs. loss probability	1.01	1.28	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.02	3.40	-3.42
Martin ratio: Return relative to average drawdown	-0.04	11.79	-11.83

LLPFX vs. BUFBX - Sharpe Ratio Comparison

The current LLPFX Sharpe Ratio is -0.01, which is lower than the BUFBX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of LLPFX and BUFBX, 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

LLPFX vs. BUFBX - Drawdown Comparison

The maximum LLPFX drawdown since its inception was -65.74%, which is greater than BUFBX's maximum drawdown of -39.78%. Use the drawdown chart below to compare losses from any high point for LLPFX and BUFBX.

Drawdown Indicators

	LLPFX	BUFBX	Difference
Max Drawdown Largest peak-to-trough decline	-65.74%	-39.78%	-25.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-4.45%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	-19.52%	-12.85%	-6.67%
Max Drawdown (5Y) Largest decline over 5 years	-32.06%	-14.67%	-17.39%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-35.51%	-8.06%
Current Drawdown Current decline from peak	-8.03%	-3.49%	-4.54%
Average Drawdown Average peak-to-trough decline	-9.44%	-4.72%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	1.28%	+3.37%

Volatility

LLPFX vs. BUFBX - Volatility Comparison

Longleaf Partners Fund (LLPFX) has a higher volatility of 3.76% compared to Buffalo Flexible Income Fund (BUFBX) at 3.47%. This indicates that LLPFX's price experiences larger fluctuations and is considered to be riskier than BUFBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LLPFX	BUFBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.47%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	6.96%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	9.21%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	13.40%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	15.59%	+3.63%

LLPFX vs. BUFBX - Expense Ratio Comparison

LLPFX has a 0.79% expense ratio, which is lower than BUFBX's 1.01% expense ratio.

Dividends

LLPFX vs. BUFBX - Dividend Comparison

LLPFX's dividend yield for the trailing twelve months is around 13.49%, more than BUFBX's 8.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFBX Buffalo Flexible Income Fund	8.35%	9.10%	3.77%	3.48%	4.16%	5.57%	3.33%	2.73%	6.01%	5.49%	2.39%	3.67%
LLPFX Longleaf Partners Fund	13.49%	12.87%	1.02%	0.67%	4.49%	7.79%	2.95%	5.44%	22.49%	8.85%	2.10%	18.65%

Frequently Asked Questions

Can I hold both LLPFX and BUFBX in my portfolio?

LLPFX and BUFBX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLPFX or BUFBX?

LLPFX has higher volatility (3.76%) compared to BUFBX (3.47%). In terms of maximum drawdown, LLPFX dropped -65.74% vs BUFBX's -39.78%.

Which has better risk-adjusted returns?

BUFBX currently has the higher Sharpe Ratio (1.64 vs -0.01), 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.