Benchmark  United States  NYSE  11,065   


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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, Fidelity is expected to generate 1.05 times less return on investment than Fidelity. But when comparing it to its historical volatility, Fidelity Contrafund is 1.0 times less risky than Fidelity. It trades about 0.01 of its potential returns per unit of risk. Fidelity Contrafund K is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  10,191  in Fidelity Contrafund K on April 27, 2015 and sell it today you would earn a total of  18.00  from holding Fidelity Contrafund K or generate 0.18% return on investment 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

American Funds Growth Fund of Amer F1 vs. Fidelity Contrafund
American Funds Growth Fund of Amer R3 vs. Fidelity Contrafund
American Funds Growth Fund of Amer R2 vs. Fidelity Contrafund
American Funds Growth Fund of Amer R6 vs. Fidelity Contrafund
American Funds Growth Fund of Amer R1 vs. Fidelity Contrafund
American Funds Growth Fund of Amer C vs. Fidelity Contrafund
American Funds Growth Fund of Amer B vs. Fidelity Contrafund
American Funds Growth Fund of Amer 529B vs. Fidelity Contrafund
American Funds Growth Fund of Amer F2 vs. Fidelity Contrafund
American Funds Growth Fund of Amer R5 vs. 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

American Funds Growth Fund of Amer F1 vs. Fidelity Contrafund K
American Funds Growth Fund of Amer R3 vs. Fidelity Contrafund K
American Funds Growth Fund of Amer R2 vs. Fidelity Contrafund K
American Funds Growth Fund of Amer R6 vs. Fidelity Contrafund K
American Funds Growth Fund of Amer R1 vs. Fidelity Contrafund K
American Funds Growth Fund of Amer C vs. Fidelity Contrafund K
American Funds Growth Fund of Amer B vs. Fidelity Contrafund K
American Funds Growth Fund of Amer 529B vs. Fidelity Contrafund K
American Funds Growth Fund of Amer F2 vs. Fidelity Contrafund K
American Funds Growth Fund of Amer R5 vs. Fidelity Contrafund K