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 (%) 
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Pair Volatility

Assuming 30 trading days horizon, Fidelity Contrafund is expected to generate 1.0 times less return on investment than Fidelity Contrafund. In addition to that, Fidelity Contrafund is 1.0 times more volatile than Fidelity Contrafund K. It trades about 0.34 of its total potential returns per unit of risk. Fidelity Contrafund K is currently generating about 0.34 per unit of volatility. If you would invest  9,450  in Fidelity Contrafund K on June 24, 2016 and sell it today you would earn a total of  608.00  from holding Fidelity Contrafund K or generate 6.43% return on investment 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
Mean
Deviation
Jensen
Alpha
Sortino
Ratio
Treynor
Ratio
Semi
Deviation
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
 0.83  0.04  0.02  0.19  1.45  0.02 (0.88) 1.75 (2.01) 4.95 
 0.82  0.04  0.02  0.19  1.45  0.02 (0.88) 1.75 (2.01) 4.95 

Comparative Volatility

 Predicted Return Density 
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Fidelity Contrafund

  

Risk-adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Fidelity Contrafund are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

Pair trading matchups for Fidelity Contrafund

  

Fidelity Contrafund K

  

Risk-adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Fidelity Contrafund K are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

Pair trading matchups for Fidelity Contrafund