Buffalo Discovery Correlations

Mutual Funds . USA . 
Fund . Buffalo Discovery Fund
BUFTX Fund  USD 26.43  0.27  1.01%   
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

Significant diversification

The correlation between Buffalo Discovery Fund and DJI is 0.08 (i.e., Significant 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

  0.9BUFSX Buffalo Small CapPairCorr
  0.93BUFOX Buffalo Emerging OppPairCorr
  0.97BUFMX Buffalo Mid CapPairCorr
  0.95BUFGX Buffalo GrowthPairCorr
  0.84BUFHX Buffalo High YieldPairCorr
  0.95BUFEX Buffalo Large CapPairCorr
  0.95BUFDX Buffalo Dividend FocusPairCorr
  0.92BUITX Buffalo DiscoveryPairCorr
  0.79BUISX Buffalo Small CapPairCorr
  0.9BUIMX Buffalo Mid CapPairCorr
  0.83BUIOX Buffalo Early StagePairCorr
  0.84BUIHX Buffalo High YieldPairCorr
  0.91BUIEX Buffalo Large CapPairCorr
  0.92BUIDX Buffalo Dividend FocusPairCorr
  0.9BIIGX Buffalo GrowthPairCorr
  0.89PAMCX T Rowe PricePairCorr
  0.97RRMGX T Rowe PricePairCorr
  0.97TRQZX T Rowe PricePairCorr
  0.97RPMGX T Rowe PricePairCorr
  0.92PRJIX T Rowe PricePairCorr
  0.85PRNHX T Rowe PricePairCorr
  0.92TRUZX T Rowe PricePairCorr
  0.91PCBIX Midcap Fund InstitutionalPairCorr
  0.96PEMGX Midcap Fund ClassPairCorr
  0.96PMBCX Midcap Fund ClassPairCorr
  0.81SMAPX Salient Mlp EnergyPairCorr
  0.9HFMIX Hartford MidcapPairCorr

Moving against Buffalo Mutual Fund

  0.49BUIIX Buffalo InternationalPairCorr
  0.42BUFIX Buffalo InternationalPairCorr
  0.62PFHCX Pacific Funds SmallPairCorr

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
+ 0.84
BUFMX
BUFSX
+ 0.84
FMIHX
AKREX
+ 0.8
BUFMX
AKREX
+ 0.8
FMIHX
FMIHX
+ 0.77
BUFMX
AKREX
+ 0.71
BUFSX
  
High negative correlations   
SWHFX
- 0.72
BUFMX
AKREX
- 0.52
SWHFX
SWHFX
- 0.4
FMIHX
SWHFX
- 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.

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