Buffalo Discovery Correlations

BUFTX Fund

USD 26.83 0.06 0.22%

The current 90-days correlation between Buffalo Discovery and Buffalo Small Cap is 0.91 (i.e., Almost no diversification). The correlation of Buffalo Discovery is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Buffalo Discovery Correlation With Market

Very poor diversification

The correlation between Buffalo Discovery Fund and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Buffalo Discovery Fund and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Buffalo Discovery Fund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Buffalo Mutual Fund

0.94	BUFSX	Buffalo Small Cap	Pair Corr
0.95	BUFOX	Buffalo Emerging Opp	Pair Corr
0.98	BUFMX	Buffalo Mid Cap	Pair Corr
0.94	BUFGX	Buffalo Growth	Pair Corr
0.87	BUFHX	Buffalo High Yield	Pair Corr
0.94	BUFEX	Buffalo Large Cap	Pair Corr
0.97	BUFDX	Buffalo Dividend Focus	Pair Corr
0.69	BUFBX	Buffalo Flexible Income	Pair Corr
1.0	BUITX	Buffalo Discovery	Pair Corr
0.94	BUISX	Buffalo Small Cap	Pair Corr
0.98	BUIMX	Buffalo Mid Cap	Pair Corr
0.95	BUIOX	Buffalo Early Stage	Pair Corr
0.86	BUIHX	Buffalo High Yield	Pair Corr
0.94	BUIEX	Buffalo Large Cap	Pair Corr
0.96	BUIDX	Buffalo Dividend Focus	Pair Corr
0.69	BUIBX	Buffalo Flexible Income	Pair Corr
0.94	BIIGX	Buffalo Growth	Pair Corr
0.98	PAMCX	T Rowe Price	Pair Corr
0.98	RRMGX	T Rowe Price	Pair Corr
0.98	TRQZX	T Rowe Price	Pair Corr
0.98	RPMGX	T Rowe Price	Pair Corr
0.94	PRJIX	T Rowe Price	Pair Corr
0.94	PRNHX	T Rowe Price	Pair Corr
0.94	TRUZX	T Rowe Price	Pair Corr
0.97	PCBIX	Midcap Fund Institutional	Pair Corr
0.97	PEMGX	Midcap Fund Class	Pair Corr
0.97	PMBCX	Midcap Fund Class	Pair Corr
0.97	VSTSX	Vanguard Total Stock	Pair Corr
0.97	VSMPX	Vanguard Total Stock	Pair Corr
0.97	VITSX	Vanguard Total Stock	Pair Corr
0.96	VFFSX	Vanguard 500 Index	Pair Corr
0.96	VFIAX	Vanguard 500 Index	Pair Corr
0.96	VINIX	Vanguard Institutional	Pair Corr
0.97	VTSAX	Vanguard Total Stock	Pair Corr

Moving against Buffalo Mutual Fund

0.53	BUFIX	Buffalo International	Pair Corr
0.53	BUIIX	Buffalo International	Pair Corr

Related Correlations Analysis

	BUFSX	BUFOX	BUFIX	BUFGX	BUFHX	BUFEX	BUFDX	BUFBX
BUFSX		0.99	-0.37	0.84	0.79	0.83	0.87	0.74	BUFSX
BUFOX	0.99		-0.39	0.86	0.81	0.85	0.88	0.7	BUFOX
BUFIX	-0.37	-0.39		-0.62	-0.67	-0.53	-0.68	0.03	BUFIX
BUFGX	0.84	0.86	-0.62		0.94	0.99	0.95	0.48	BUFGX
BUFHX	0.79	0.81	-0.67	0.94		0.91	0.91	0.38	BUFHX
BUFEX	0.83	0.85	-0.53	0.99	0.91		0.94	0.55	BUFEX
BUFDX	0.87	0.88	-0.68	0.95	0.91	0.94		0.6	BUFDX
BUFBX	0.74	0.7	0.03	0.48	0.38	0.55	0.6		BUFBX
	BUFSX	BUFOX	BUFIX	BUFGX	BUFHX	BUFEX	BUFDX	BUFBX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BUFOX	+ 0.99	BUFSX
BUFEX	+ 0.99	BUFGX
BUFDX	+ 0.95	BUFGX
BUFHX	+ 0.94	BUFGX
BUFDX	+ 0.94	BUFEX
BUFEX	+ 0.91	BUFHX

High negative correlations

BUFDX	- 0.68	BUFIX
BUFHX	- 0.67	BUFIX
BUFGX	- 0.62	BUFIX
BUFEX	- 0.53	BUFIX
BUFIX	- 0.39	BUFOX
BUFIX	- 0.37	BUFSX

Risk-Adjusted Indicators

There is a big difference between Buffalo Mutual Fund performing well and Buffalo Discovery Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Buffalo Discovery's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BUFSX	0.94	(0.08)	(0.02)	0.07	1.20	(0.97)	1.78	(1.76)	7.38
BUFOX	0.90	(0.07)	(0.02)	0.07	1.03	(1.01)	1.75	(1.74)	6.70
BUFIX	0.66	(0.18)	0.00	(0.17)	0.00	0.00	0.99	(1.49)	3.87
BUFGX	0.63	0.01	(0.01)	0.14	0.91	(0.60)	1.47	(1.96)	4.61
BUFHX	0.09	0.01	(0.59)	0.26	0.00	(0.13)	0.19	(0.09)	0.83
BUFEX	0.66	0.00	(0.02)	0.12	0.96	(0.67)	1.54	(1.95)	4.67
BUFDX	0.46	0.04	0.01	0.18	0.38	(0.54)	1.01	(0.70)	3.29
BUFBX	0.42	(0.03)	(0.18)	0.06	0.43	(0.47)	0.88	(0.90)	2.21

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