VXF vs. BUFSX

Last updated Jun 5, 2026

VXF (Vanguard Extended Market ETF) and BUFSX (Buffalo Small Cap Fund) are both funds - VXF is a Mid Cap Blend Equities fund tracking the S&P Completion Index, while BUFSX is a Small Cap Growth Equities fund managed by Buffalo. Over the past 10 years, VXF returned 12.10%/yr vs 10.76%/yr for BUFSX. Their correlation of 0.92 suggests significant overlap in exposure. VXF charges 0.05%/yr vs 1.01%/yr for BUFSX.

Performance

VXF vs. BUFSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Extended Market ETF (VXF) and Buffalo Small Cap Fund (BUFSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VXF achieves a 15.07% return, which is significantly higher than BUFSX's 12.18% return. Over the past 10 years, VXF has outperformed BUFSX with an annualized return of 12.10%, while BUFSX has yielded a comparatively lower 10.76% annualized return.

VXF

• 1D: 1.13%
• 1M: 4.62%
• YTD: 15.07%
• 6M: 13.20%
• 1Y: 30.22%
• 3Y*: 20.51%
• 5Y*: 6.77%
• 10Y*: 12.10%

BUFSX

• 1D: -0.60%
• 1M: 2.02%
• YTD: 12.18%
• 6M: 10.40%
• 1Y: 18.31%
• 3Y*: 6.12%
• 5Y*: -3.59%
• 10Y*: 10.76%

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

VXF vs. BUFSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VXF Vanguard Extended Market ETF	15.07%	11.40%	16.89%	25.51%	-26.52%	12.31%	32.45%	27.96%	-9.34%	18.06%
BUFSX Buffalo Small Cap Fund	12.18%	-0.13%	5.38%	5.45%	-30.01%	4.44%	66.49%	40.97%	-5.73%	26.96%

Correlation

The correlation between VXF and BUFSX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 7, 2002	0.92

The correlation between VXF and BUFSX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

VXF vs. BUFSX — Risk / Return Rank

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

VXF

VXF Risk / Return Rank: 55
VXF Sharpe Ratio Rank: 52
VXF Sortino Ratio Rank: 51
VXF Omega Ratio Rank: 49
VXF Calmar Ratio Rank: 61
VXF Martin Ratio Rank: 60

BUFSX

BUFSX Risk / Return Rank: 14
BUFSX Sharpe Ratio Rank: 14
BUFSX Sortino Ratio Rank: 14
BUFSX Omega Ratio Rank: 13
BUFSX Calmar Ratio Rank: 14
BUFSX Martin Ratio Rank: 17

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.

VXF vs. BUFSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market ETF (VXF) 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.

	VXF	BUFSX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.00	+0.77
Sortino ratio: Return per unit of downside risk	2.47	1.53	+0.94
Omega ratio: Gain probability vs. loss probability	1.30	1.18	+0.12
Calmar ratio: Return relative to maximum drawdown	2.97	1.26	+1.71
Martin ratio: Return relative to average drawdown	10.54	4.64	+5.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VXF vs. BUFSX - Sharpe Ratio Comparison

The current VXF Sharpe Ratio is 1.77, which is higher than the BUFSX Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of VXF and BUFSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VXF	BUFSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.00	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	-0.15	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.44	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.46	-0.01

Drawdowns

VXF vs. BUFSX - Drawdown Comparison

The maximum VXF drawdown since its inception was -58.03%, which is greater than BUFSX's maximum drawdown of -53.24%. Use the drawdown chart below to compare losses from any high point for VXF and BUFSX.

Drawdown Indicators

	VXF	BUFSX	Difference
Max Drawdown Largest peak-to-trough decline	-58.03%	-53.24%	-4.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-14.92%	+4.71%
Max Drawdown (3Y) Largest decline over 3 years	-26.92%	-26.39%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-46.57%	+10.18%
Max Drawdown (10Y) Largest decline over 10 years	-41.72%	-46.74%	+5.02%
Current Drawdown Current decline from peak	0.00%	-23.59%	+23.59%
Average Drawdown Average peak-to-trough decline	-9.55%	-12.91%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	4.05%	-1.18%

Volatility

VXF vs. BUFSX - Volatility Comparison

The current volatility for Vanguard Extended Market ETF (VXF) is 4.84%, while Buffalo Small Cap Fund (BUFSX) has a volatility of 5.23%. This indicates that VXF 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.

Volatility by Period

	VXF	BUFSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	5.23%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.48%	13.60%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.20%	18.98%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.33%	24.50%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.29%	24.57%	-2.28%

VXF vs. BUFSX - Expense Ratio Comparison

VXF has a 0.05% expense ratio, which is lower than BUFSX's 1.01% expense ratio.

Dividends

VXF vs. BUFSX - Dividend Comparison

VXF's dividend yield for the trailing twelve months is around 1.01%, 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%
VXF Vanguard Extended Market ETF	1.01%	1.14%	1.09%	1.27%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%

Frequently Asked Questions

Can I hold both VXF and BUFSX in my portfolio?

With a correlation of 0.94, VXF 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.

Which is riskier, VXF or BUFSX?

BUFSX has higher volatility (5.23%) compared to VXF (4.84%). In terms of maximum drawdown, VXF dropped -58.03% vs BUFSX's -53.24%.

Which has better risk-adjusted returns?

VXF currently has the higher Sharpe Ratio (1.77 vs 1.00), 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.