Buffalo Discovery Correlations

Mutual Funds . USA . 
Fund . Buffalo Discovery Fund
BUFTX Fund  USD 23.76  0.06  0.25%   
The current 90-days correlation between Buffalo Discovery and Buffalo Mid Cap is 0.98 (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 0.89 (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

  0.98BUFSX Buffalo Small CapPairCorr
  0.87BUFOX Buffalo Emerging OppPairCorr
  0.99BUFMX Buffalo Mid CapPairCorr
  0.97BUFIX Buffalo InternationalPairCorr
  0.97BUFGX Buffalo GrowthPairCorr
  0.94BUFHX Buffalo High YieldPairCorr
  0.97BUFEX Buffalo Large CapPairCorr
  0.97BUFDX Buffalo Dividend FocusPairCorr
  0.94BUFBX Buffalo Flexible IncomePairCorr
  1.0BUITX Buffalo DiscoveryPairCorr
  0.98BUISX Buffalo Small CapPairCorr
  0.99BUIMX Buffalo Mid CapPairCorr
  0.87BUIOX Buffalo Early StagePairCorr
  0.97BUIIX Buffalo InternationalPairCorr
  0.94BUIHX Buffalo High YieldPairCorr
  0.97BUIEX Buffalo Large CapPairCorr
  0.97BUIDX Buffalo Dividend FocusPairCorr
  0.94BUIBX Buffalo Flexible IncomePairCorr
  0.97BIIGX Buffalo GrowthPairCorr
  0.99PAMCX T Rowe PricePairCorr
  0.99RRMGX T Rowe PricePairCorr
  0.99TRQZX T Rowe PricePairCorr
  0.99RPMGX T Rowe PricePairCorr
  0.97PRJIX T Rowe PricePairCorr
  0.97PRNHX T Rowe PricePairCorr
  0.97TRUZX T Rowe PricePairCorr
  0.96PCBIX Midcap Fund InstitutionalPairCorr
  0.96PEMGX Midcap Fund ClassPairCorr
  0.96PMBCX Midcap Fund ClassPairCorr
  0.97VSTSX Vanguard Total StockPairCorr
  0.97VSMPX Vanguard Total StockPairCorr
  0.97VITSX Vanguard Total StockPairCorr
  0.96VFFSX Vanguard 500 IndexPairCorr
  0.96VFIAX Vanguard 500 IndexPairCorr
  0.96VTISX Vanguard Total InterPairCorr
  0.96VTSNX Vanguard Total InterPairCorr
  0.96VTPSX Vanguard Total InterPairCorr
  0.96VINIX Vanguard InstitutionalPairCorr
  0.96VTSAX Vanguard Total StockPairCorr

Related Correlations Analysis

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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   
BUFSX
+ 0.99
BUFMX
BUFSX
+ 0.99
FMIHX
FMIHX
+ 0.98
BUFMX
AKREX
+ 0.96
BUFSX
AKREX
+ 0.95
FMIHX
AKREX
+ 0.94
BUFMX
  
High negative correlations   
SWHFX
- 0.04
BUFMX
AKREX
- 0.02
SWHFX
SWHFX
- 0.01
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.

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