Pair Correlation Between Fidelity Contrafund and Fidelity Contrafund

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. See also your portfolio center.Please also check ongoing floating volatility patterns of Fidelity Contrafund and Fidelity Contrafund.
Investment Horizon     30 Days    Login   to change
 Fidelity Contrafund  vs   Fidelity Contrafund K
 Daily Returns (%) 
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Pair Volatility

Assuming 30 trading days horizon, Fidelity Contrafund is expected to under-perform the Fidelity Contrafund. In addition to that, Fidelity Contrafund is 1.0 times more volatile than Fidelity Contrafund K. It trades about -0.01 of its total potential returns per unit of risk. Fidelity Contrafund K is currently generating about -0.01 per unit of volatility. If you would invest  10,210  in Fidelity Contrafund K on August 27, 2016 and sell it today you would lose (25.00) from holding Fidelity Contrafund K or give up 0.24% of portfolio value over 30 days.
Correlation Coefficient
Pair Corralation between Fidelity Contrafund and Fidelity Contrafund
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. The correlation between historical prices or returns on Fidelity Contrafund K and Fidelity Contrafund is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fidelity Contrafund are associated (or correlated) with Fidelity Contrafund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Contrafund K has no effect on the direction of Fidelity Contrafund i.e. Fidelity Contrafund and Fidelity Contrafund go up and down completely randomly.

Pair indicators

Mean
Deviation
Jensen
Alpha
Sortino
Ratio
Treynor
Ratio
Semi
Deviation
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
 0.52  0.03  0.04  0.00  0.89  0.05 (0.53) 1.09 (1.31) 2.88 
 0.51  0.03  0.04  0.00  0.88  0.05 (0.52) 1.10 (1.30) 2.88 

Comparative Volatility

 Predicted Return Density 
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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.

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.