Pair Correlation Between Fidelity Contrafund and Fidelity Contrafund

  
Investment Horizon     30 Days    Login   to change
This module allows you to analyze existing cross correlation between Fidelity Contrafund and Fidelity Contrafund K. You can compare the effects of market volatilities on Fidelity Contrafund and Fidelity Contrafund and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fidelity Contrafund with a short position of Fidelity Contrafund. Please also check ongoing floating volatility patterns of Fidelity Contrafund and Fidelity Contrafund.
 Fidelity Contrafund  vs   Fidelity Contrafund K
Daily Returns (%)
FCNKX   FCNTX   
Benchmark  Embed   Timeline 
Assuming 30 trading days horizon, Fidelity Contrafund is expected to generate 1.0 times more return on investment than Fidelity Contrafund. However, Fidelity Contrafund is as risky as Fidelity Contrafund. It trades about -0.1 of its potential returns per unit of risk. Fidelity Contrafund K is currently generating about -0.1 per unit of risk. If you would invest  9,789  in Fidelity Contrafund on April 24, 2016 and sell it today you would lose (133.00) from holding Fidelity Contrafund or give up 1.36% of portfolio value over 30 days.

Correlation Coefficient

1.0

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns
  

Diversification

No risk reduction

Overlapping area represents amount of risk that can be diversified away by holding Fidelity Contrafund and Fidelity Contrafund K in the same portfolio assuming nothing else is changed

Historical Performance Chart

Mean
Deviation
Jensen
Alpha
Sortino
Ratio
Treynor
Ratio
Semi
Deviation
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
 0.50 (0.03) 0.00 (0.14) 0.00 (0.01) 0.00  0.94 (0.95) 2.05 
 0.50 (0.03) 0.00 (0.14) 0.00 (0.01) 0.00  0.94 (0.94) 2.04 

Comparative Volatility

Predicted Return Density  
Benchmark  Embed   Returns 

Fidelity Contrafund

  

Risk-adjusted Performance

Over the last 30 days Fidelity Contrafund has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for Fidelity Contrafund

  

Fidelity Contrafund K

  

Risk-adjusted Performance

Over the last 30 days Fidelity Contrafund K has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for Fidelity Contrafund