Fidelity Contrafund Correlations

Mutual Funds . USA . 
Fund . Fidelity Contrafund
FCNTX Fund  USD 21.81  0.02  0.09%   
The current 90-days correlation between Fidelity Contrafund and Fidelity Low Priced Stock is 0.06 (i.e., Significant diversification). The correlation of Fidelity Contrafund 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.

Fidelity Contrafund Correlation With Market

Poor diversification

The correlation between Fidelity Contrafund and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Contrafund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Contrafund. 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 Fidelity Mutual Fund

  0.98FPURX Fidelity PuritanPairCorr
  0.81FABLX Fidelity Advisor BalancedPairCorr
  0.8FABCX Fidelity Advisor BalancedPairCorr
  0.92FACVX Fidelity ConvertiblePairCorr
  0.88FACGX Fidelity Advisor GrowthPairCorr
  0.8FAGKX Fidelity Growth StraPairCorr
  0.96FAGIX Fidelity Capital IncomePairCorr
  0.85FAHYX Fidelity Advisor HighPairCorr
  0.81FAIOX Fidelity Advisor BalancedPairCorr
  0.74FSAWX Fidelity Sai ConvertiblePairCorr
  0.69FSCSX Software And ItPairCorr
  0.75FSEHX Fidelity Short DurationPairCorr
  0.81FSELX Fidelity Select SemiPairCorr
  0.75FSEAX Fidelity Emerging AsiaPairCorr
  0.67FSLEX Environment And AltePairCorr
  0.73FSLSX Fidelity Advisor ValuePairCorr
  0.84FSKAX Fidelity Total MarketPairCorr
  0.64FSNUX Fidelity Freedom 2035PairCorr
  0.74FSNVX Fidelity Freedom 2040PairCorr
  0.78FSLVX Fidelity Stock SelectorPairCorr
  0.74FSMAX Fidelity Extended MarketPairCorr
  0.77FSMDX Fidelity Mid CapPairCorr

Moving against Fidelity Mutual Fund

  0.71FSIGX Fidelity Series InvePairCorr
  0.35FRESX Fidelity Real EstatePairCorr
  0.42FSPSX Fidelity InternationalPairCorr

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   
FMAGX
+ 0.97
FDGRX
FBGRX
+ 0.9
FDGRX
FBGRX
+ 0.87
FMAGX
FMAGX
+ 0.71
FLPSX
FDGRX
+ 0.59
FLPSX
FBGRX
+ 0.52
FLPSX
  
High negative correlations   
FBGRX
- 0.29
FDIVX
FDIVX
- 0.26
FDGRX
FDIVX
- 0.09
FMAGX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Contrafund 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 Fidelity Contrafund'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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