Correlation Analysis Between Fidelity and Fidelity

       
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 and Fidelity 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 with a short position of Fidelity. Please also check ongoing floating volatility patterns of Fidelity and Fidelity.
 Fidelity Contrafund  vs   Fidelity Contrafund K
Daily Returns (%)
FCNKX   FCNTX   
Benchmark  Embed   Timeline 
Assuming 30 trading days horizon, If you would invest  10,536  in Fidelity Contrafund K on August 1, 2015 and sell it today you would lose (499.00) from holding Fidelity Contrafund K or give up 4.74% of portfolio value over 30 days.

Correlation Coefficient

1.0

Parameters

Time Period1 Month [change]
DirectionPositive FCNKX Moved Up vs FCNTX
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

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

  

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