Fidelity Contrafund Correlations

Mutual Funds . USA . 
Fund . Fidelity Contrafund
FCNTX Fund  USD 20.46  0.06  0.29%   
The current 90-days correlation between Fidelity Contrafund and Fidelity Low Priced Stock is 0.74 (i.e., Poor diversification). The correlation of Fidelity Contrafund is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Contrafund Correlation With Market

Poor diversification

The correlation between Fidelity Contrafund and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Contrafund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Contrafund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Fidelity Mutual Fund

  0.94FPURX Fidelity PuritanPairCorr
  0.94FPUKX Fidelity PuritanPairCorr
  0.77FQLSX Fidelity Flex FreedomPairCorr
  0.76FRBDX Fidelity Freedom 2070PairCorr
  0.76FRBHX Fidelity Freedom 2070PairCorr
  0.75FRBLX Fidelity Advisor FreedomPairCorr
  0.72FRBOX Fidelity Advisor FreedomPairCorr
  0.76FRBUX Fidelity Freedom IndexPairCorr
  0.78FRBYX Fidelity Freedom BlendPairCorr
  0.9FRAGX Aggressive GrowthPairCorr
  0.77FRCFX Fidelity Freedom BlendPairCorr
  0.78FRCLX Fidelity Freedom BlendPairCorr
  0.82FRCWX Fidelity SustainablePairCorr
  0.84FRGAX Growth Allocation IndexPairCorr
  0.76FRLPX Fidelity Freedom IndexPairCorr
  0.71FAASX Fidelity Asset ManagerPairCorr
  0.71FAAIX Fidelity Asset ManagerPairCorr
  0.76FACVX Fidelity ConvertiblePairCorr
  0.82FACPX Fidelity Advisor SumerPairCorr
  0.68FACNX Fidelity CanadaPairCorr
  0.94FACGX Fidelity Advisor GrowthPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
FBGRX
+ 0.94
FMAGX
FBGRX
+ 0.89
FDGRX
FMAGX
+ 0.85
FLPSX
FMAGX
+ 0.77
FDGRX
FBGRX
+ 0.69
FLPSX
FDGRX
+ 0.48
FLPSX
  
High negative correlations   
FDIVX
- 0.56
FDGRX
FBGRX
- 0.47
FDIVX
FDIVX
- 0.2
FMAGX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Contrafund Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity Contrafund's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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