PENNX vs. BUFSX
PENNX (Royce Pennsylvania Mutual Fund) and BUFSX (Buffalo Small Cap Fund) are both mutual funds - PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while BUFSX is a Small Cap Growth Equities fund managed by Buffalo. Over the past 10 years, PENNX returned 12.26%/yr vs 11.29%/yr for BUFSX. Their correlation of 0.88 suggests significant overlap in exposure. PENNX charges 0.92%/yr vs 1.01%/yr for BUFSX.
Performance
PENNX vs. BUFSX - Performance Comparison
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Returns By Period
In the year-to-date period, PENNX achieves a 21.43% return, which is significantly higher than BUFSX's 16.55% return. Over the past 10 years, PENNX has outperformed BUFSX with an annualized return of 12.26%, while BUFSX has yielded a comparatively lower 11.29% annualized return.
PENNX
- 1D
- 1.72%
- 1M
- 5.25%
- YTD
- 21.43%
- 6M
- 18.73%
- 1Y
- 38.35%
- 3Y*
- 16.58%
- 5Y*
- 9.88%
- 10Y*
- 12.26%
BUFSX
- 1D
- 2.61%
- 1M
- 4.78%
- YTD
- 16.55%
- 6M
- 13.28%
- 1Y
- 23.98%
- 3Y*
- 6.67%
- 5Y*
- -3.10%
- 10Y*
- 11.29%
PENNX vs. BUFSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 21.43% | 9.02% | 7.02% | 26.82% | -17.18% | 21.49% | 14.11% | 26.61% | -9.94% | 16.00% |
BUFSX Buffalo Small Cap Fund | 16.55% | -0.13% | 5.38% | 5.45% | -30.01% | 4.44% | 66.49% | 40.97% | -5.73% | 26.96% |
Correlation
The correlation between PENNX and BUFSX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 1998 | 0.88 |
The correlation between PENNX and BUFSX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
PENNX vs. BUFSX — Risk / Return Rank
PENNX
BUFSX
PENNX vs. BUFSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Buffalo Small Cap Fund (BUFSX). 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.
| PENNX | BUFSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.21 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 1.57 | +2.17 |
| Martin ratioReturn relative to average drawdown | 13.05 | 5.77 | +7.28 |
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Drawdowns
PENNX vs. BUFSX - Drawdown Comparison
The maximum PENNX drawdown since its inception was -57.00%, which is greater than BUFSX's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for PENNX and BUFSX.
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Drawdown Indicators
| PENNX | BUFSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.00% | -53.24% | -3.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -14.92% | +4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -26.39% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -46.57% | +18.99% |
Max Drawdown (10Y)Largest decline over 10 years | -41.10% | -46.74% | +5.64% |
Current DrawdownCurrent decline from peak | 0.00% | -20.61% | +20.61% |
Average DrawdownAverage peak-to-trough decline | -9.39% | -12.93% | +3.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 4.06% | -1.14% |
Volatility
PENNX vs. BUFSX - Volatility Comparison
The current volatility for Royce Pennsylvania Mutual Fund (PENNX) is 5.61%, while Buffalo Small Cap Fund (BUFSX) has a volatility of 6.94%. This indicates that PENNX experiences smaller price fluctuations and is considered to be less risky than BUFSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PENNX | BUFSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.61% | 6.94% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 13.54% | 14.59% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.29% | 19.68% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.79% | 24.60% | -3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.60% | 24.63% | -3.03% |
PENNX vs. BUFSX - Expense Ratio Comparison
PENNX has a 0.92% expense ratio, which is lower than BUFSX's 1.01% expense ratio.
Dividends
PENNX vs. BUFSX - Dividend Comparison
PENNX's dividend yield for the trailing twelve months is around 5.52%, while BUFSX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BUFSX Buffalo Small Cap Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 13.53% | 9.01% | 9.14% | 31.02% | 30.30% | 25.19% | 70.18% |
PENNX Royce Pennsylvania Mutual Fund | 5.52% | 6.70% | 9.35% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% |
Frequently Asked Questions
With a correlation of 0.91, PENNX and BUFSX 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.
BUFSX has higher volatility (6.94%) compared to PENNX (5.61%). In terms of maximum drawdown, PENNX dropped -57.00% vs BUFSX's -53.24%.
PENNX currently has the higher Sharpe Ratio (2.09 vs 1.19), 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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