Buffalo Discovery Correlations

Mutual Funds . USA . 
Fund . Buffalo Discovery Fund
BUFTX Fund  USD 22.64  0.41  1.84%   
The current 90-days correlation between Buffalo Discovery and Buffalo Mid Cap is 0.97 (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

Poor diversification

The correlation between Buffalo Discovery Fund and DJI is 0.71 (i.e., 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

  0.94BUFSX Buffalo Small CapPairCorr
  0.94BUFOX Buffalo Emerging OppPairCorr
  0.99BUFMX Buffalo Mid CapPairCorr
  0.94BUFGX Buffalo GrowthPairCorr
  0.94BUFEX Buffalo Large CapPairCorr
  0.95BUFDX Buffalo Dividend FocusPairCorr
  1.0BUITX Buffalo DiscoveryPairCorr
  0.9BUISX Buffalo Small CapPairCorr
  0.93BUIMX Buffalo Mid CapPairCorr
  0.94BUIOX Buffalo Early StagePairCorr
  0.9BUIEX Buffalo Large CapPairCorr
  0.89BUIDX Buffalo Dividend FocusPairCorr
  0.94BIIGX Buffalo GrowthPairCorr
  0.96PAMCX T Rowe PricePairCorr
  0.96RRMGX T Rowe PricePairCorr
  0.96TRQZX T Rowe PricePairCorr
  0.96RPMGX T Rowe PricePairCorr
  0.95PRJIX T Rowe PricePairCorr
  0.95PRNHX T Rowe PricePairCorr
  0.95TRUZX T Rowe PricePairCorr
  0.81PCBIX Midcap Fund InstitutionalPairCorr
  0.89PEMGX Midcap Fund ClassPairCorr
  0.9PMBCX Midcap Fund ClassPairCorr
  0.9ASG Liberty All StarPairCorr
  0.95CII Blackrock EnhancedPairCorr
  0.91ETV Eaton Vance TaxPairCorr
  0.9CLM Cornerstone StrategicPairCorr
  0.88CRF Cornerstone StrategicPairCorr
  0.96USA Liberty All StarPairCorr
  0.87ETY Eaton Vance TaxPairCorr
  0.85NFJ Virtus Dividend InterestPairCorr

Moving against Buffalo Mutual Fund

  0.59DFIGX Dfa Intermediate GovPairCorr
  0.51LWSTX Western Asset ShortPairCorr
  0.37GLOIX Gamco Global OpportunityPairCorr

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
+ 0.92
BUFMX
AKREX
+ 0.72
BUFMX
AKREX
+ 0.57
SWHFX
FMIHX
+ 0.42
BUFMX
BUFSX
+ 0.4
FMIHX
AKREX
+ 0.4
BUFSX
  
High negative correlations   
SWHFX
- 0.38
BUFSX
SWHFX
- 0.05
BUFMX

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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